Having an online store is one way to earn a little extra money, and with success and the right tips, you can potentially earn enough to replace a full-time income. People often think that selling online requires startup funds and is too risky to attempt, but with these steps you can ease into it and not risk your money.
Earning A Reputation And Investment Money
The first step is to create an account on whichever site you want to sell your items on. Most selling websites have ratings for their sellers, which buyers use to gauge whether a seller is reliable or disreputable. Until you develop a rating, sales may be slow, so it's important to sell something that doesn't require any investment while you build up your positive rating.
To do this, focus on selling things you have around the house. Even if they're inexpensive items, every sale you earn is a chance to get a positive rating from your customer, which will increase your likelihood of getting future sales. Try selling books, lightly used or unworn clothes, and home decorations.
As the sales start coming in, make sure to be as courteous as possible with your buyers. Thank them for their business, send their packages promptly, and offer bonuses like free tracking numbers. These niceties will encourage them to leave positive feedback and check your store for more things they might want to buy.
Make sure to hold on to your profits during this step. Once you've sold several items and have positive ratings under your belt, take the money you've earned from selling items around the house and invest it into purchasing thrift store items.
Reselling At A Profit
Thrift stores, especially small ones that aren't part of a big chain tend to have many hidden gems that are sold for cheap and can be resold online for a profit. However, it's important to research what you're buying before you purchase it.
If you find an item that you think might be worth something, research it on the site you sell on. See if other sellers are offering it, and if so, what price they're listed at and what condition they're in.
If the price for the thrift store item is five dollars and it's selling online for fifteen, don't pounce just yet. Look up a seller's calculator for the site you sell on. Many varieties of seller's calculators are available online which allow you to enter the cost of the item and the possible selling price; they then add in taxes, shipping costs and the fees or percentage taken by the site you sell on. If the calculator shows that you can still make a profit, go for it.
As you continue to sell items around your home and from thrift stores, your ratings will grow and your investable income will, too. At this point you should be ready for the next step: drop shipping.
Drop shipping is a low-risk method because you don't have to purchase anything prior to selling. Drop shipping services work by companies and suppliers allowing you access to their catalog of merchandise which you can list for sale on your own site at a markup. Once the listing sells, you send the supplier the requested amount for the item and give them the address of the buyer. They take care of mailing it out and you earn a profit without going through the hassle of purchasing, packaging, and mailing the item yourself.
With these three steps you'll be well on your way to developing an online store that can supply you with a nice additional income. Remember, the trick is to go slowly and to reinvest your profits so you're not paying for products out of your own money.Share