How to Earning Money Through Buying and Reselling Affordable Items
Are you searching for your next profitable venture? Discover the untapped potential of purchasing inexpensive items from local high street shops and leveraging online platforms to resell them, generating a substantial stream of income in no time.
It’s undeniable that scoring a great deal at a charity shop or car boot sale can be thrilling. What’s even more exciting is the potential to turn your knack for finding bargains into a profitable venture.
By purchasing items at a low cost and reselling them on eBay, you can embark on a lucrative journey to make money. Allow us to guide you through the process, equipping you with the knowledge to master the art of selling on eBay like a seasoned pro.
To kickstart your upselling endeavors, here are some valuable tips to get you on the right track.
What’s in this guide?
- Things to buy and sell to make money
- Is it legal to buy and resell items?
- Is it ethical to buy and resell items from charity shops?
- How to make money buying and selling
- How much money can you make from reselling?
Best things to buy and sell for profit
While the possibilities for buying and reselling items for profit are endless, here are some of the top categories to consider:
- Books: Selling old books, particularly rare or antique ones, can be highly lucrative. Check out our comprehensive guide on maximizing profits by selling old textbooks.
- Branded Clothes: Charity shops and car boot sales often hide hidden gems of branded clothing. Our detailed guide on reselling clothes can assist you in optimizing your earnings.
- Furniture: Online platforms like Gumtree or Facebook Marketplace are treasure troves for affordable furniture that can be resold for profit. Consider adding value by upcycling the pieces for even higher returns.
- Limited Edition Items: Exclusive and hard-to-find items, especially those no longer available in stores, tend to command high prices on eBay. Keep an eye out for limited edition releases.
- Toys and Board Games: Nostalgia sells, and old toys and board games can fetch a handsome sum online. Explore valuable toys from your childhood to identify potential money-makers.
- Trading Cards and Comics: If you can find the right buyers, trading cards and comics can yield substantial returns. However, thorough knowledge is crucial as some may hold little value. Read about the student who sold her Pokémon cards for ten times their original price for inspiration.
- Video Games and Consoles: Rare video games and gaming consoles can fetch significant sums online, especially among collectors. Keep an eye out for sought-after titles and limited edition releases.
To help you kickstart your upselling endeavours, we’ve compiled a set of invaluable tips to set you on the right path.
Is it legal to buy and resell items?
Reselling items you have purchased from the high street is completely legal. Once you have bought an item, it becomes your property, and you have the freedom to do as you wish with it.
However, it is important to maintain honesty in your transactions by clearly stating that the item is second-hand and disclosing any damages or faults it may have. Additionally, if your reselling endeavors start generating substantial profits, it is essential to fulfill your tax obligations. Familiarize yourself with the rules and regulations of taxation by referring to our user-friendly guide. Make sure you understand how to complete a self-assessment tax return accurately.
Is it ethical to resell items from charity shops?
The online community has engaged in discussions regarding the ethics of reselling items obtained from charity shops for profit. Concerns have been raised about the potential harm caused to these charitable establishments.
However, it is essential to consider that charity shops independently determine the prices of their items. Their staff members are trained to assess the value of donated goods, and if an item appears to hold significant worth, they may choose to auction it or list it on their own eBay stores, such as the British Heart Foundation.
Regardless of whether you purchase an item from a charity shop for personal use or for resale, it does not directly impact the profits of the charity shop. Once you have made a purchase, the item becomes your property, allowing you to utilize it as you see fit. Moreover, buying from charity shops promotes stock rotation, enabling a continuous influx of new items onto the shop floor and helping charity shops avoid the costs associated with disposing of unsold merchandise.
Furthermore, it’s worth noting that reselling items is not an effortless endeavor. It involves extensive efforts such as searching for suitable items, enhancing their value through repairs or cleaning, capturing appealing photographs, creating eBay listings, managing packaging and shipping, and addressing customer inquiries. These activities demand significant dedication and exertion, supporting the argument that resellers are entitled to a fair profit.
How to start buying and reselling items online
Follow these simple steps to kickstart your reselling journey:
- Select Your Products: Look beyond generic items and focus on more unique and niche products. Trending, limited edition, or topical items tend to attract greater interest and higher prices. For instance, Disney-themed products often perform well, especially during the release of new features. Also, compare prices before making a purchase. Just because an item has a £1 price tag doesn’t guarantee it’s a bargain. You might find cheaper alternatives elsewhere.
- Determine Market Value: When you spot a potential money-maker at a charity shop or car boot sale, conduct a quick market assessment on eBay. If you’re using the eBay app, you can scan the item’s barcode using your phone’s camera, which will display similar listings. In the absence of a barcode, you can search for the item by name. This research will reveal the level of competition for the item and provide an estimate of its selling price on eBay. If there are numerous sellers offering the item at low prices, it may not be worth your time. Additionally, consider using the “completed items” filter to see if the item has recently sold and at what price. If there have been no recent sales, it might not be a worthwhile investment. For more tips, refer to our eBay buying guide.
- List Your Item Online: Once you have made your purchases, it’s time to list your items on platforms like eBay or Facebook Marketplace. If you come across a particularly valuable item, you can consider purchasing multiple units for resale. However, be cautious not to go overboard and end up with an excess inventory of unwanted items. For comprehensive guidance on optimizing your selling experience, consult our detailed guides on selling on eBay and Facebook Marketplace.
By following these steps, you’ll be well on your way to successful reselling endeavours.
How much money can you make from reselling?
It has been reported that individuals have been able to make anywhere from £100 to £2,000 per month through online reselling. However, it is important to note that these results may vary for each person. It can take time to discover your niche in the market and experience financial success.
Keep in mind that when selling on eBay, there are certain charges associated with each item sold, such as postage, packaging, and eBay fees. You can find detailed information about these prices in our eBay seller guide.
Furthermore, there is always a risk of losing money if you purchase items that are difficult to resell. Conduct thorough research and carefully consider your purchases before committing.
Initially, expect some trial and error as you navigate the reselling process. Some items may yield a small loss or only break even, while others can generate substantial profits.
If you happen to have any valuable childhood toys stored away in your attic, you might be pleasantly surprised to discover that they could be worth a significant amount of money.
By staying informed, being prepared for some experimentation, and conducting diligent research, you can increase your chances of achieving success in the reselling venture.