Welcome back to Money Making Mondays. Every Monday in August, I’m sharing with you a money making side hustle to try. This week is reselling.
Today is the last instalment of the Money Making Mondays series. How have you got on? Let me know how much you have made this month.
This week I’m talking about reselling.
This is fairly new to me, I’ve only been doing it a little while but have already made a small amount of profit from it. I have watched so many videos of other people making a good income from reselling on eBay and I’m trying to follow all their tips and advice so I can start making a good income myself.
The best place to start with sourcing stock to sell is by going to car boot sales and charity shops. I have found my best selling items from my local charity shop but everyone has different successes with different places. You could also pick up bargains in high street shops that may be in the sale and sell these on for a higher price.
You buy items for as cheap as you can to then resell on to eBay or other selling platforms and make as high a profit as possible.
I’m still learning what the best sellers are, I have had a few things sell very quickly and others have been listed for quite a while.
Things to remember with reselling
- Make sure you check postage costs and include them in your listings, I have made a couple of mistakes with this as I undercharged on postage and ended up losing out. Always check the weight and size of each parcel before listing so you can charge the correct amount of postage.
- eBay and Paypal both have fees, so take this in to account when working out your profit, I use this calculator to work out my profits.
- If you are buying items to sell on and make a profit, you need to register with HMRC, make sure you keep a note of everything, including all your expenses and income.
Have you tried reselling? Have you had much success with it?
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