So far, we’ve primarily focused on internet-specific business concepts. We’ve been concentrating on selling digital things or generating affiliate commissions — in other words, everything that centres around information and content but doesn’t include any good, old-fashioned real commodities.
That all changes with eBay, which is a fantastic tool for making money and provides a diverse range of options. eBay is the place to go if you want to make money by selling stuff in a more traditional fashion.
Selling the Things You’ve Made
Two of the business strategies we’ve examined so far can truly be combined. There’s nothing stopping you from listing your digital goods on eBay and selling them there.
You can also sell genuine products you’ve made, and if you have any skills in DIY, arts and crafts, or anything else, you can make money by selling those items on eBay. Do you enjoy making jewellery in your spare time? Do you have a knack for crafting beautiful landscapes? Why not list your items on eBay with a smart term and make money from your hobby? Although you can eventually construct your own web store and eCommerce platform, eBay is a great way to get your business started and meet new people.
(You may also use Etsy (www.etsy.com), which is essentially an eBay for homemade things.)
You don’t even need to be an expert craftsperson to make money selling homemade items on eBay. When the lights were out, I went out and got a poster that looked like stars glowing in the dark. I was given a large A3 piece of paper that had been obviously dotted with a glow pen. I was annoyed (it was $15!) I’m not suggesting you trick your customers, but the point is that there are creative methods to add value to everyday items.
Buying and reselling items
Purchasing items and reselling them for a bigger profit, on the other hand, is a great option if you want a more scalable business plan.
Buying the products in bulk or wholesale, ideally directly from the manufacturer, is the best way to do this. You will save a lot of money on your products if you do this, and you can anticipate to pay less than half the price if you order 100 or more. This is referred to as “keystone pricing,” and most wholesalers and resellers adhere to it (by the way, you’re now a reseller!).
So you buy 100 pairs of jeans/blank CDs and then sell them individually on eBay for twice the price. As a result, you’ll be able to sell the entire thing for a profit of 100%. After deducting the costs of selling the things and shipping, you can make an 80 percent or more profit on your initial investment.
Now all you have to do is take some of that money and deposit it as earnings in your bank account, then reinvest 150 percent of it in more stock and products.
The only risk is that you will only make one initial investment, following which you will simply reinvest the profits in more goods. You’ll be making orders for thousands of items and selling them for thousands of dollars before long. You’ll only need an eBay account and adequate storage space for your merchandise to get started.
It’s also worth noting that there are strategies to increase your value in order to earn more money. Two examples of this are hand-painting a phone case or grouping things and placing a nice ribbon on them to create a ‘gift bundle.’
See you in the next post.
Frederick Empaga
Founder, digitalecommerce365.com
Partner, myonlinestartup.com
PS.
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