Many big online and physical retailers make a lot of money by getting goods at low prices and applying a high markup on them to get massive profits.
Smaller retailers and individual sellers typically cannot compete because they cannot get as many goods as the bigger retailers to qualify for the same low prices.
However, this is only usually the case with new stuff.
Used or old stuff can be bought for cheap and sold at high prices to make good money.
In this guide, I am going to show you exactly how to make a lot of money online selling used stuff.
- Buy good quality used stuff at low prices
This step is very important. The most important parts of it are to ensure the used stuff is good quality and to ensure that you are purchasing them at low prices.
Buy good quality stuff will make it easy for you to resell them and ensuring that you buy them at low prices will enable you to make a good profit for them.
There are many places to buy good quality used stuff online including craigslist.com, reddit.com, ebay.com, and facebook.com. People usually have yard sales on Facebook.com and Twitter.com. So do not fail to check the social media sites for good quality cheap stuff to buy.
- Refurbish, repair, and clean the stuff to increase its price
If the stuff you want to buy can be refurbished completely, get it refurbished. If it is broken or a part of it is broken but can be fixed, make sure it is fixed. And if what you have bought is visibly dirty, make sure you clean it.
Doing these things will make the stuff more decent and will allow you to sell them at higher prices than if you left them the way you bought them.
So cleaning, repairing, and refurbishing definitely adds value.
- Resell the stuff at high markup prices
Once you have prepared your stuff it is time to resell. Go to the very same sites, where you went in the first place, to find the cheap stuff you bought.
Create a profile on each site and put up the stuff for sale.
Remember to apply high but fair markups on each of the used stuff you are selling. This will simultaneously ensure customers are attracted by the prices of the products you are selling, and that at the same time you get a good amount of profit from every product you end up selling.
- Analyze your performance and tweak to improve
If you have been buying old stuff and from your analysis, you note that there are some stuff that people like more, you should focus more on seeking such stuff.
This will help minimize your spending on unwanted stuff and ensure high returns for your used stuff trading business.
The four-step guide detailed above is exactly how to make good money online selling used stuff.
