Making money is something that many of us strive to do. To have some extra money can be really handy, perhaps to help repay loans, increase our savings or to allow us to buy a few more treats. Selling things can be a way to make more money and there are a lot of people that do it. You do need to be careful though as it is something that many people do and so there is a lot of competition.
Selling things you own
If you have items that you no longer want or need, then selling them can clear out some clutter and raise some money as well. You also do not need to declare any income you make form selling things that you already own, so you do not have to worry about tax. There are many places that you can go to sell things too, which can be useful. You may prefer to sell in person at a local car boot sale, table top sale or even have a garage sale. A garage sale is good because you do not have to pay, whereas you will have to pay entry for a car boot sale or a table top sale which will cut into your profits. However, a garage sale will only attract passing trade, which may be very low if you live in a n isolated area but a car boot sale or table top sale will attract buyers to the venue and so you are more likely to have more people there.
If you have more expensive items then you may rather get in a house clearance company or sell things at a local auction house. These can potentially raise more money, but they will take a cut so it depends on how much you were hoping to make as to whether they will be useful.
Many people sell online. You can often sell on social media groups for free to local people. However, if you want the option of selling more widely, then selling on an auction website, a classifieds page or an online boot sale app or website could be better. It is worth looking at what sorts of things sell in these sorts of places so that you know what will be appropriate for you.
Although selling some of your things will help you to raise a lump sum of money, it will not provide a steady income. It can be worth doing, particularly if you have children that grow out of things, but if you want a serious income you may have to buy things to sell on.
Buying things to sell on
The first thing to note is that if you buy things with the sole purpose of selling them on, whether you buy them second hand or new, you have to declare your income for tax purposes. This is easy to do, but if you forget, then you could be in trouble.
If you are going to invest money, by buying items that you then sell on, you need to be sure that you are going to make back your money. Whether you are buying cheap or expensive items, you will be taking a gamble and so you need to make sure that you can sell the items and that you will be able to make a profit. It is wise to start by doing a lot of research.
You need to consider whether you will be selling things locally and having people collect the items or whether you will be prepared to post items and if so how you will do that and what packaging you will need. You need to consider where you will store the items and how much room you have for that. If you have very little room, then you will only be able to sell a few things or lots of small things. Also think about the type of things that you want to sell. It can be handy if it is something that you already know something about so that you have an idea about what to buy, what sells, how much they should sell for and are able to answer any questions you may be asked about them.
It is important to research the items that you are thinking of buying and seeing whether they are already for sale and how much they are for sale for. Consider whether you could make a profit if you sold at the price or a bit less. Consider all of your costs, not just the cost of the stock but any costs of selling including exchange of funds and selling fees on websites. If there are a lot of people selling then it could mean the market is flooded but it could mean that there is a big market. On some selling sites, such as eBay, you can look at sold and unsold items which can be handy as you can see how much items sold for and how many sold and how many did not which can help you to decide if that is a good item to sell.