How to Make Your First £500 on eBay
eBay has been around for more than 20 years and since then millions of people have bought and sold billions of pounds worth of clothes, electronics, second hand items and even general junk. But is it possible to make money on eBay? And if so, how do you make your first £500?
eBay is a Seller’s Market
If you’ve used eBay before, you’ll know that you can literally buy ANYTHING on there. What’s more you can also sell just about anything. There are people who make their entire living from selling stuff on eBay – I’m not even talking about through stores either.
Some people make a living buying goods and selling them on at a mark-up. Here’s the key: If you can get your hands on cheap, saleable items, you can make a real killing online.
Find Some Products to Sell and Make your first £500
OK, so how do you find something to sell? I’ve sold some weird stuff on eBay (Tuba anyone?). The key is to always be keeping a look out for things that you can sell. You could try:
- Asking friends and family if they have any junk they’re looking to get rid of. You can throw away anything that you can’t sell.
- Keep an eye out for office closures. You can often pick up perfectly good office supplies, computers, electronics that are being thrown out. Don’t be ashamed of going ‘skip-diving’.
- Clear out your attic, wardrobe, cellar and junk drawer. Designer clothes have good resale value as do shoes, bags and sports equipment. I do this once a year – sell anything of value and bin the rest.
You could also go to local auctions, house clearances and car boot or yard sales. People having a clear-out will sell for low prices. That’s your chance to get a great deal!
Write a Good Product Description
This is important. Don’t write something boring like: ’10 year old carriage clock’ and expect big bids. Instead, tell a story about the clock. Focus on the benefits that owning this clock will bring and why people should buy from you.
Always be honest about the condition of items. If they’re broken or damaged, say so. Say where the damage is too. As long as they still work they will sell.
Take several good photos of the items. Use natural light and have specific photos showing damages, scuffs etc.
Remember Postage and Delivery Costs
This is a rookie mistake: underestimating how much the item will cost to post. I’ve done this and lost money. You’ll see any profit melt away. Take a few minutes to get prices from couriers and delivery companies then include the true cost of packaging materials.
Be upfront about delivery costs. If you have a high value item (like a large brass horn!) you could waive delivery on the basis that it will bring you more bids and a higher price.
It’s simple to make your first £500 on eBay. All you need to do is have a good eye for bargains and even free stuff. Clear your clutter regularly. Some of my best sales have come from friends or relatives giving me furniture or broken garden tools that I’ve fixed and sold on for maximum profit.
If you write a detailed description, you’re more likely to sell and if you budget properly for carriage costs, you’re much more likely to make a profit.
So go forth, find bargains and make your first 500 pounds!