If you have already ransacked your house for items to sell online, what do you do now? There are basically three choices: quit online selling, spend countless hours scouring local garage sales, or buy cheap and sell high online. The most logical choice of these three is to begin buying and selling online.
With an already established online auction account, it won’t be a problem to purchase from other sellers. Set aside around $50 as an initial investment, more if desired. This will be exclusively for the purchase of your inventory.
Do Your Research
The biggest mistake some people new to buying and selling online make is to jump in and refuse to do any research. Individuals who have done this often end up with stock that simply does not sell or they end up losing money. Don’t let this be you!
Rather, go to your favorite online auction website and search for “wholesale.” If you have an idea of what you would like to sell, such as jewelry, add this to the search. Browse the options to get a general idea of what is available to purchase, and jot down the items that are of interest to you.
The next step is to see what items actually are selling. Most online auction websites offer a method to search completed listings. Using the list of wholesale lots, search for similar items in completed listings to find out if these types of items are actually selling. This will also provide an idea of how much may be made from each item. (Record this information as well.)
Returning back to the wholesale lots available for purchase, calculate exactly how much may be made from each item by purchasing it wholesale and selling it individually. Also take into consideration the cost of packaging, as this can be minimal or expensive depending on the item. At this point, simply select the item which offers the highest profit margin, and look for a package in the mail.
Once you have received your items, be sure to count them all to ensure that every item has been sent. At this point a specific area should be available to store your stock in an organized manner, as much time may be wasted on searching for an item. A simple shelving unit with clearly labeled boxes will often suffice.
Take a picture of every type of item you are now going to sell. Make the picture look as professional as possible. If you do not have an advanced digital camera that is capable of picking up the tiny details of an item such as jewelry, consider using a scanner to do so, with a complementary piece of paper of fabric behind the item. List the item as you have anything else in the past.
With a small investment, a bit of space, and a commitment to organization, you too can make some money from buying items wholesale online. Many sellers have become so efficient at this method of making money that they do this full time- could this be you in the future?