datachannel.org –Got Old Stuff? Start a Side Hustle By Selling It. Peer-to-peer marketplaces make it simpler than ever before for individuals to make a quick buck selling their unwanted goods. If you’re on eBay, Craigslist, Facebook Marketplace or any other platform, you can post and sell nearly any item you own with a press of just a couple of buttons.
For the entrepreneurial-minded, an online resale business can quickly become a lucrative side business, especially if you bargain-hunt at yard sales, thrift stores or flea markets. If you’re thinking of the possibility of becoming an online private reseller there are a few things to consider and tips to help achieve success. Enjoy selling!
1. Be honest and diligent
Building a reputation as a trustworthy, honest seller is crucial for an online business. Even if you’re just trying to build a repeat customer base reviews or user ratings, they can reflect your company in a an approach that can inspire or deter future business.
“Make sure to list the condition of all your items, even if they are excellent with no flaws; buyers want to know that,” said Heidi Ferguson, an old-fashioned seller who makes use of various platforms. “Fill out your shop’s profile and shipping policy fully. This lets buyers get a sense of the person you represent and ensures confidence.”
Additionally, fully describing your product’s condition product you’re selling could avoid returns that quickly take away your profits and require more time and energy.
“Make sure you describe the condition of the items well upfront,” Ariel M. Ruggeri is the seller on eBay for six years said in Business News Daily. “If you don’t describe it well and the buyer would like a refund, it’s a huge hassle and waste of time and money to have them ship it back and resell it again.”
2. Make use of high-quality images
You can also protect your business from complaints and returns buyers by including several quality photos on your listing. In general, the more photos you add the more appealing. Apart from educating potential buyers on what’s wrong with the item and boosting your ranking on search engines.
“Use 7-10 photos on your listing. You’ll gain more exposure and trust from prospective buyers” Ferguson said, insisting that you optimize your storefront’s appearance to work on mobile phones. “Always check your shop from multiple electronic devices to make sure to see what a buyer sees.”
A word of caution to be careful not to copy a picture of the item you’re selling on the web. Upload high-quality images of the exact product you’re selling otherwise, you’ll get into problems with buyers due to any slight difference.
“Take really good photos and never ever right-click and steal photos from Google images,” said Gari Anne Kosanke. She is an online seller who operates Bead Lovers Korner on multiple platforms. “Taking good photos will make listings unique and provide potential customers with a good visual so they won’t be upset or disappointed when they receive the merchandise.”
3. Be aware of your margins of profit
It can seem like a private venture however, keep in mind that you’re running a company. If you’re not convinced that you’ll be able to turn a large income, you might be better to leave that awesome product on the shelf. The formula for selling successful items is “buy low, sell high.”
“I always ask myself one question: Can I double my money?” Ruggeri said. “If you come across [a] great product [to resell] but it’s overpriced, walk away!”
It’s also crucial to keep a record of your company’s operations to monitor what’s flowing into and out. Similar to any other company accounting for the cost of income and expenses is crucial in understanding how you’re performing, and will aid in adjusting your strategies accordingly.
“Create yourself an Excel spreadsheet with revenue, original cost of item, fees and profit for each item you sell,” Ruggeri explained. “This will congregate your data all in one place and keep it simple.”
4. You must market yourself effectively
It’s tough to sell your products with no customers. Social media is an excellent way to get people to your store, which is following the best guidelines for listing on the platform (i.e. lots of high-quality pictures, full listings, descriptions and tags. and a good reputation.) Cross-promoting or even cross-selling can be an excellent method of getting the word out.
“Promote the heck out of yourself on Facebook, Instagram, Twitter and Pinterest, and link all of your accounts back to [your selling platform] to drive traffic,” Ferguson added. “Keep it interesting – engagement is key, not likes.”
If you’ve got an engaged public, you can begin creating. Organic search is an excellent method of locating buyers who have only visited your shop once However, cultivating repeat customers is also extremely successful. For sellers that specialize in a specific area like Ferguson in the vintage market It can be an immense benefit to discover fans or collectors who visit your shop repeatedly.
5. Make sure you have confirmed your payment prior to shipping
It may sound evident, but making sure the your payment is cleared prior to the shipping of your items is vital. Payouts could bounce or the buyer may decide for not paying. However, not all are reliable, so to avoid being scammed, make sure you keep your financial matters at the forefront of your mind.
“Do not ship until you are paid and the money is in your account,” Ruggeri advised. “If you get the cheque … ensure that it is cleared. If you’re selling on Craigslist Try to pay cash only. This will make the process simpler for you.”