Money Making

10 things you need to know about reselling online

 

Reselling is a great way to make some extra cash and with the many online outlets it is so easy to buy and sell, replace items, get spare parts and recycle items very quickly and easily. This blog is a list of important points to follow if you want to sell some of your items or become a reseller to earn some extra cash or have clear out.

 



 

There are many online platforms that you can now buy and sell from

Ebay, Gumtree, Shpock, Preloved, Loot, Ebid, Amazon, CQout, Musicmagpie, Zapper to name but a few

We began selling in January 2017, we watched lots of youtube videos and followed blogs of other sellers which you can read about in my Bone Essentials blogs.

10 things you need to know before you start your reselling

  1. Invest your money and do not touch it!
  2. Have a clear out and sell all the items you have not used in the past 12 months
  3. Price at the higher end
  4. Package you parcels well
  5. Weigh and plan your postage
  6. Check buyers ratings
  7. Check recent sales of your item
  8. Put a regular amount of items on your site
  9. Communicate with your buyer and the site
  10. Ensure all correspondence go through your site


Invest your money and leave it in your reselling business, we started with £250 and we never touched it, we just kept reinvesting it. This helped us to build up a stock of items and concentrate on building up the business.

Sell all your unwanted and unused items, if you have not used the item in the past 12 months you need to let it go. Reselling really makes you put a value on material items and how much you need them in your life. It is also a good way to recycle items, if you are upgrading to a different colour kitchen item, your old one can be sold.

Sell high end, Don’t be impatient to get your money back, check what your item has previously sold for and completed sales, and this is easy to do on EBay, choose the filter for sold items and put your search item in there. We bought some books for £1 each, we found that they had sold at £45 on Amazon, so we have put them on for £40, as they only cost £1 and do not take up much space we can wait for the right buyer to come along.

Packaging, we have lost so much money due to ineffective packaging, the hardest items to wrap are anything made from glass or ceramic, so many of our items have been received broken. Unfortunately, the postal companies do not take care when they are loading parcels onto the vehicles. Remember, it does not help your feedback if items arrive broken due to poor packaging.

Plan your postage, when advertising your item you have to add postage, unless you have calculated this within the cost. Make sure you have weighed your items prior to posting as you could save loads by sending through organisations like Hermes. We have a post office account which is so handy as we can use the drop and go service that they offer. We actually post daily but this is not always possible so ensure you communicate this on your site.



Check your buyers ratings, you need to ensure your buyer has had good feedback, nonpayers can have an impact on your business, sometimes we have had buyers wanting to return items because they have changed their minds, we have also bought items which were not as described. When we purchase an item we always check the sellers feedback and reviews, so its an important habit to follow.

When buying check all selling places, check all the places where your item has sold, how much it sold for and how well the item sells. Think about how long you want to store your item and how quick you need to sell it. We use shpock, Facebook, gumtree, charity shops and carboot sales. We also check out the large supermarket stores and outlet stores as there are always bargains to had there too. End of line and end of season goods are worth a punt.

Put 3 items per day onto EBay to improve your ratings, this is another good habit and it will improve your ratings within your selling platform. We try not to fall below 50 items, I like to ensure there is a variety of things that appeal to ladies and gents. Phil is a gadget king and loves his radios and music.



Communication is key, communicate with your customer and with eBay. If a buyer decides to open a case against you, talk to eBay, get their advice before communicating with a buyer, follow the procedures. Not only will you have the support of eBay but, you will be communicating the correct information to your customer.

Do not give customers the option to settle out of eBay. We almost got into trouble doing this. We had our account suspended when a buyer said he wanted us to take the item off eBay and sell it privately, we didn’t know eBay would take this action and had to agree not to do this again. I’ve also read about buyers saying they have paid through paypal and collecting the item only to find the payment has been cancelled. So be careful.

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