For regular readers of my blog, you will be familiar with my current series on making extra-money from your hobbies. The first examples I gave included money-making ideas using extra space in your home (like your garden) and buying and selling house furnitures among others.
Surprisingly, I got a ton of emails on buying and selling antique furniture, and quite a lot of you are asking if I can share other ideas on what to buy and sell. So for the benefit of you lot who sent me emails, I decided to explain how buy and sell works more thoroughly.
Aside from antiques, other entrepreneurs also buy and sell rare books, golf clubs, cosmetics, as wells as computer parts and have made quite a handsome amount of money from it. So those are items you may want to consider.
The Pros of Buy and Sell
After dabbling into buy and sell, I learned that there are 7 big advantages when starting a buy and sell business:
First and foremost, buy and sell businesses are not capital intensive. This means that you can get your business started even with just a couple of pounds in your bank account. An average entrepreneur usually uses the minimum amount of £1500-£2000 as start-up capital.
This business model also poses minimal financial risk to its owners, because majority of the capital you put in just goes into your inventory. So if you don’t want to continue the business anymore, you can just sell off the rest of your stock and recoup all of the money you invested.
The third advantage of buying and selling is its high chances of turning a profit. I know a high school student who started a buy and sell shop for t-shirts and she’s now earning £5,000 a month!
If the 9 to 5 lifestyle isn’t your cup of tea, then starting a buy and sell business might be a nice alternative to pursue! You don’t have to report to the office every day, since you can operate the business in the comfort of your home, and it won’t take 9 hours a day to complete your tasks for the day.
A Pro’s tips for successful Buy and Sells
Create a definite business strategy. Successful businesses, whether they are online or not, all have a concrete business strategy which includes the business’ purpose, marketing strategy, and every stage of the transaction process from advertisement to delivery.
Build, maintain, and update your online shop. Many people who get into buy-and-sell do most of their marketing and advertising online, because it is much easier to set up an online shop than a real one. Keep in mind that an online shop is your first point of contact with your potential customers, that’s why it’s important to update its look and contents from time to time.
Updating your shop with what’s on trend, however, doesn’t mean that you have to forget the basics. Never forget essentials such as security, customers’ contracts, and arrangements that make sure your customer sees all the items you have on offer before applying any changes to your shop.
Deliver the goods. Fast, safe, and cheap delivery creates a good impression on your business, but unfortunately this is a problem most online shops encounter. Hire tried and tested delivery companies to eliminate the chances of your goods failing to reach its buyer. You can also implement an express delivery service, this way your customers can track their order.
Last tip – before looking to buy items outside to sell for profit, make sure to go through your items at home. Most people don’t realise just how many things they end up accumulating. Old items like clothes, mugs, or other things that you no longer use can be redesigned and repackaged for selling. So rather than having old stuff eat up the space in your house collecting dust or throwing them away for nothing, perhaps, you may want to earn something extra from them. Moreover, some of the things you uncover may be valuable, so you definitely want to make sure you are aware of these hidden gems!