How To Make Money Reselling Online
So you want to make a little extra money reselling a few items you previously purchased? Or are you looking to make a profit by reselling to people who want an item?
You can just about sell any item online as long as you have the right platform for the right item.
Selling Hard To Source Items
You may have the source to hard to acquire designer items that are hard to obtain and spot an opportunity to make some money. The item is in excellent condition, unused and you are looking to make a profit from the resale. A great place platform for resale is Shopify. It allows you to be very professional when reselling products and being professional is crucial when expecting your customers to shell out big bucks for an item from a secondary source.
If you have a source of authentic items of high quality and price margin, then this type of online resale will be perfect for you. This kind of online business is usually for items such as jewelry, clothing, other apparel, and certain high-quality products.
Reselling Used Items
When you are reselling used items, you are trying to get a return on the item that you have already purchased. The item is used a little but is still in good condition. A bidding website such as eBay would be the best place to do business as it targets persons that either can’t get the item easily or those who don’t have the money to purchase the item at its full price.
If you enjoy using an item only a short time after purchasing and quickly move on to the latest item, then a bidding platform such as eBay is perfect for you. The items that are best sold this way are usually gadgets and handhelds such as Smartphones, monitors, laptops, tablets, e.t.c.
Concerns When Reselling Online
You should know that it is not illegal to buy and resell items online. You have the right to ownership of the product you previously purchased. However, you need to be aware of warranties, sales tax and the use of trademarks.
If you are planning to do it as a business, then you will void the warranty for the first consumer but not those that you’ve resold. Also if your business does well, and you come from under the radar, you may face issues if you use their trademarks in your advertising. Finally, there is the issue of tax, as an official business may mean you will need to start filing taxes. So keep aware of these three things when doing online resale.