Top 5 Easy Ways to Make Extra Cash Reselling Stuff on the Side!
Need Some Extra Cash?
When times get tough, it's time to buckle down and hustle to get some extra cash! A great way to earn a few bucks on the side (and possibly start your own business) is by reselling unwanted goods and other merchandise on the world wide web!
Reselling online has become a popular trend for earning some extra cash and many people have been able to quit their day jobs to do it full time! There are many platforms available online to get started and they offer a great way to sell your stuff, aside from your typical spring and summer yard sale.
There are a few things to be aware of and there is no guarantee that you will be able to sell your goods for the price you desire (or sell them at all) but here are a few great ways to hustle for extra cash flow anytime of year!
Resell Items on Ebay!
Ebay is the world's most popular platform for selling new and used items on the internet. You can find just about anything your little heart desires on the site, whether it's Nike Air Jordan's, comic books, home health & beauty products, or a new Ferrari, you can find it, buy it and even sell it on Ebay!
The trick is knowing what is trending and doing research into the products you plan on selling. A good description of the product's condition as well as multiple high quality photos are a must. This goes for all resale sites.
Type in Ebay's search bar the product you want to sell and click on the option that says "Sold Items". This will bring up the search results for all items that have already sold. That information will give you a good idea into what you should charge for an item. Take a look at the shipping costs for the item as well, for you will want to include the cost of shipping and supplies in your listing price! There are also fees for listing and selling an item on Ebay, as well as PayPal fees for accepting payment from buyers if that is the route you choose.
Tips for Opening an Ebay Business
Reselling Items on Craigslist!
Listing items for sale on Craigslist can be a great way to resell some goods in your area. It is simple to sign up for an account with Craigslist and just as easy to post items for sale here as well!
There are no fees involved for selling things on this site but there are a few things you want to keep in mind!
Do not disclose your personal information in your ad, and do not accept offers for payment by Western Union or direct deposit of funds. There are a lot of scammers on Craigslist and this will give them ample opportunity and your account information which could leave you as a victim of fraud or even identity theft.
Make plans to meet the buyer in a public place that is convenient for both of you and never meet after dark. This can lower the risk of being robbed or injured and can help both buyer and seller feel secure in the transaction.
Some downfalls of using this site can also be the dreaded "No Show" and having to incurring travel costs such as fuel expenses and wear on your vehicle.
As well all sites to resell goods, make sure you take lots of pictures and describe the items condition in detail, especially any defects that it may have.
Tips for Avoiding Scams on Craigslist
Facebook Marketplace and Sale Groups
Facebook is the world's most popular social media site and now it even has its own marketplace designed to help you buy and sell goods. This is a good way to earn some extra cash from selling unwanted stuff laying around your house or even antiques and collectibles. It is set up with different categories of items like Household, Collectibles, Vehicles, and more! You can even post and find jobs in the Facebook Marketplace.
Another option you have on Facebook is joining "For Sale" groups in your area. Some are called Online Yard Sales. Just type it in the search bar for "Groups" and join one or more!
Remember to take lots of photos and describe your items properly. If you post the same item in multiple groups, make sure you note in the description that the item is cross-posted.
Also use the same rules of safety when you meet up with a buyer and do so in a public place. Keep in mind your fuel costs as well. If you are planning multiple sales, schedule them all for the same day and same place to keep your travel time and expenses minimal.
A Guide to Listing on Facebook
Take your stuff to Auction!
When I was a kid, my parents struggled to get me to clean my room. They told me if I didn't they would take everything and sell it auction. Well, needless to say, I didn't clean my room. I came home and my room was bare except for my clothes, bed, and furniture. What I did get was stack of cash like I have never seen! To this day, Auction hunting is one of my favorite past times---and I keep a pretty tidy house too. Bonus!
Auctions can be tricky though as you may think your items will sell at a decent price, but they end up being sold for way less! Then the auction company takes a cut too (usually 25%-30%)!
On the upside, something you may think will not sell well or at all, actually may bring in really big bucks! It all depends on who is searching for what, how much they are willing to pay and how bad they want it!
Auctions are a really good place to get items for cheap to resell on places like Ebay, Craigslist, Facebook and Etsy!
How to Score Items to Resell from the Auction
Etsy is a popular site used by crafters and artists to sell their creations online to customers all over the world. You will even find vintage and antique items on Etsy's website and may be able to find an original "one-of-a-kind" masterpiece to add to your collection.
If you want to make a little extra side cash selling your arts & crafts or vintage items, Etsy is probably your go-to platform. Keep in mind when you price your goods to include material costs, time and energy and shipping materials and costs. Research how to ship something as well so that it arrives safely. Prints and paintings can be damaged very easily in shipping so make sure you know how to ship it properly or you may end up losing money from returns.
Just like Ebay, there are fees involved for using their platform and if you get paid through PayPal, they will take a cut as well (2.9% + $0.30 per transaction).
How to Open an Etsy Shop!
Research...and research again!
If you plan on selling your items on any platform online, always do your research! Always research the item you are planning on selling, the rules and regulations of the platform you choose to list your item, laws and regulations pertaining to resale of goods in your location, and whether you are legally allowed to sell that kind of item, whether it be online or even at a yard sale.
Keep in mind, as always, that if you earn money doing this you may be liable to pay taxes to the State or Federal Government! The Tax Man always wants his share, so it is important to know what you will be liable for. Do your research!
Planning on quitting your day job? You may need to obtain a Resale License and a Tax I.D number. There are many things to consider when opening up a business for reselling goods. Always research everything first!
I'm not advising quitting your day job and nothing about this article is professional legal advice. I'm not a lawyer or tax professional. I'm just a guy who loves to sell things and make a little extra cash on the side! These are the ways I have found work best for me.