Have you been thinking about getting into the world of eBay reselling for a while? Are you not sure where to start? Maybe you just want to run through the potential journey and see what it's about? Perhaps you want to see what money you could make from a venture like this. You've come to the right place. eBay reselling can be fantastic if you put the time in, keep on top of orders and ensure you are selling what is in demand. In this article we're going to look at eBay reselling, what you need to do to start and whether or not it's for you.
Get To Know The Platform By Selling Your Own Stuff
Firstly, you need to get to know the platform that is eBay. Maybe you know a little bit about it having bought some items from it in the past. Perhaps you have already sold a couple of things on it way back in the day or have been asked by an elderly parent to list something on their behalf.
A great way to get to know the platform, especially the selling side of things, is to sell your own stuff. This will also get you to declutter your home and list any items you no longer want. This could be books, DVDs, antiques and even clothing that you have no desire to wear again.
The great thing about eBay reselling is that there is an audience already there, looking for things to buy. If you can get your products in front of them, sales can happen. You also need to know the selling fees involved, as this will eat into your potential profits.
Smart Simple & Keep Low Risk
Once you have sold some of your own things, you might think about taking your eBay reselling to the next step. This could be buying specific items at a discount, maybe in bulk at a wholesaler, so you can flog them at a higher price individually on the platform. You need to look at what you want to sell and check the prices that these items are currently being sold at by other sellers.
When you look at the price you will pay for these yourself, you'll be able to figure out the potential profit. If there isn't any profit when you do the maths, this isn't going to be worthwhile product to try and sell. It's worth starting with something you maybe know about or isn't too specific. You also want to ensure that you can afford this as you dip your toe in the water of eBay reselling. You don't want to be spending money that you need for other things.
In demand items are a fantastic way of keeping your risk low. However the price needs to be right, especially if there are plenty of other sellers out there. Keep things simple to begin with as you start this eBay reselling journey.
Stay Organised & Simplify The Process
If you are looking at eBay reselling you need to start the process properly. Starting as you mean to carry on, in terms of being organised, is important. Finding a process that works within your other commitments is a must too. If you simplify the process and make everything smooth to operate, life will be much easier. Yes, you'll still have to list products, wrap parcels and organise couriers, however if you figure out a work flow, this will be much simpler. You will also need to register as an eBay business. Figure out the fees involved to help you price your products and earn that profit.
Find Your Niche & Smell What Sells
Smelling what sells is a sentence pretty much directly from The Apprentice pun book. It is true though. You need to see what sells and direct your funds and resources in that direction. If things are selling and in demand, you could find yourself buying more, maybe at a cheaper price so you can maximise those profits. You might also find yourself in a niche part of the platform. Focusing on things you can buy at a good price and give you good profits is a great way to fulfil orders.
Find Multiple Places To Source From
One thing you don't want to do is start an eBay reselling business, get success and then have your supply chain grind to a halt. One way to avoid this is by sourcing your products from multiple places. You might find that some wholesalers run out of stock quicker than others. Maybe find it's cheaper to buy secondary items in a bundle from a different place because of shipping fees. Whatever the reasons, it is a plus point to have more than one supplier.
This means, should the supplier have supply chain problems, they aren't passed onto you. So your business can continue to operate. Make notes of where you buy what from and get a contact at these places too. Someone who can help you out should you need it. Having a range of suppliers on your radar will mean you can save money by getting the best prices and when you scale up, receive discounts on bulk orders.
Maximise Those Profits & Reinvest
When you start making profits, celebrate! It is a reason to. You're doing it right and achieving what you wanted to. However, don't see all that profit as money in your pocket. You need to reinvest some of that cash into your eBay reselling business. This means you can buy more products at a higher price, pushing your profits up with ever sale you make. Once you get selling a great product for a great price, with fantastic reviewers from customers, you can maximise those profits and reinvest the money you make.
eBay reselling isn't for everyone. However if you spot a gap in the market, you can utilise the platform to get your products out to an audience looking to buy. What items are you looking to start selling? Wat will be the best way for you to work as an eBay reseller? Get those listing in place and turn a test into a hobby into a career. You never know where eBay reselling could take you.