There are many people that sell things online and make good money out of it. If this is something that feel that you would like to do, then it is worth making sure that you know a bit more about it before you start and know how it can work.
Some people make money from selling things that they own but no longer want. This is a great way to raise some extra cash if you have items that maybe no longer fit, you no longer like or you just need to reduce the things you have. There are different places that you can sell online and it is good to do some research when picking which you think will be best for you. Think about the cost of selling, how many people are likely to see the item, whether it needs to be collected or can be posted and how quickly you want it to sell. You can choose between sites such as auction sites, online marketplaces, online classifieds or social media pages. You do not have to declare any money you make from these items because they were once yours.
Alternatively people will buy things to sell online. This can be a good way to make money as long as you choose the right items. You need to be able to source items cheaply enough so that you can resell them and make a profit. You may decide to group things together, add different items together or break up bulk items so that you can sell them in a slightly different way in order to attract customers. Often buying in bulk can be cheaper so if you do this, you can then sell things singly or in smaller amounts and charge enough to make a profit on them.
The possible problems with doing this are the cost of the stock, the storage of the stock, knowing what will sell, pricing high enough to profit without making things too expensive, dealing with unsold stock and finding cheap stock. It is worth thinking about all of these things before starting. Consider how you will afford the stock and if you keep putting your profits into buying new stock will you manage without being paid yourself. Think about whether you have room to store the stock or whether you will need to find warehousing; the cost of which you will need to cover when you sell it. Pricing is tricky and you will need to look at what other people are charging for the same or similar things to make sure that you can be competitive. Unsold stock can be a nuisance, money tied up in it and taking up space. You could run competitions to give it away, have a sale or donate it to charity. Finding cheap stock is tricky as you want good value for money. There are wholesalers you could go to as well as auction websites selling job lots, but it is worth looking constantly to see if you can find cheaper suppliers.