The Secret to Making Big Money Selling on Ebay
Everybody's talking about their side hustle - what they do in their spare time to earn extra money. Sure, you can drive for Uber or Lyft or shop for groceries via InstaCart, but I think working from home reselling stuff on eBay is even more convenient. The fact is, you can make some serious money selling on eBay. Many people ultimately make it their full-time career because of the flexibility and earning potential.
I sell part-time, but I can see how it could become a full-time business for me. I watch videos of established sellers like Steve Raiken, Nicole State, and Suzanne A. Wells to pick up tips for earning more and want to share the basics of doing well on eBay.
Whether you want to earn a few bucks a week or be able to pay your mortgage, here are some tips for making some decent cash on eBay.
Sell What You Know
I mainly sell women's clothes, but you can sell almost anything on eBay. The key is selling things you know something about, so that you can accurately describe it for buyers and price it appropriately.
So if you love books, start by selling books. If you collect vintage fishing lures, sell those. Have a closet full of shoes, specialize in shoes. You'll make more money because you know what they're worth and you can describe them in a way that will interest fellow shoe lovers.
Sell Your Cast-Offs First
The best way to get started is to sell stuff you have lying around your home, or stored away in the attic. The reason is that your cost for these items is effectively $0. It's stuff you've had and don't need any more, so anything someone pays you for them is profit. Those are the best sales.
If you have clothes your kids have outgrown, clean them and sell them off individually or in lots based on sizes. Have a set of china your aunt gave you that's really not your style? Sell it and earn some cash. This goes for toys, CDs, DVDs, sporting equipment, handbags, small kitchen appliances, and board games. Pull them out, clean them off, and list them for sale.
Where the Six-Figure Sellers Buy their Inventory
Once your closets are clean, the absolute best place to find inexpensive items to sell is at your local Goodwill Clearance Center. Few people know about these, which is why I'm calling it my secret.
Goodwill Clearance Centers, also known as "the bins," sell off the merchandise that wasn't purchased in the chain's retail stores. Everything is presented in big blue plastic bins on wheels that shoppers can paw through. It's not organized at all. But what's so appealing is that you pay by the pound, not by the item. Our local clearance center charges $1.69/lb for clothing and linens but I know others charge as little as $.99/lb.
There is gold at the bins.
Just because something didn't sell at a local store doesn't mean it's junk. I mean, there is plenty of junk, but amongst the torn sweaters, single socks, and paint-stained jeans are brand name items worth big bucks.
I've found Lululemon sweatshirts, North Face down coats, Jimmy Choo shoes, Pottery Barn quilts, and, on a recent trip, I watched another shopper pay about $25 for a huge set of Limoges china that I know was worth at least $1,000.
List Every Day
An inventory is a requirement for making money on eBay - you have to have stuff to sell - but the way to develop a consistent income is to list every day. You don't have to list hundreds of items at a time! One a day will refresh your eBay inventory and attract shoppers daily.
Use Sold Items As a Pricing Guide
Listing daily is important and so is pricing your items appropriately. That doesn't mean giving them away for pennies, but knowing what they're worth and asking the right price.
The best way to find out what eBay buyers are willing to spend on your item is to search eBay for a description of your item and then check the box on the left for "Solds." That will show you what people recently paid for items like yours.
You may find that the vintage Ralph Lauren sweatshirt you have isn't worth $100 like you thought, but, hey, it might be worth $75. Not bad!
Don't Lose Money on Shipping
Once you've listed your items for prices that are the same as or a little below what other sells sold their items for, you want to be sure you don't lose money on shipping it. Some sellers offer free shipping, which buyers love. If you choose to do that, you need to know what your item weighs and then check with your post office to find out what it would cost to send it cross country - the most you could be charged. For example, if you live in Florida, find out what it would cost to ship your Swiss Army knife to Washington state. Then add that number to your asking price on eBay.
If you don't want to take a chance on losing money, just use calculated shipping. With calculated shipping, you enter your zip code, the places you're willing to ship, and then you enter the weight and the dimensions of the packaging. That way, when the buyer sees your item for sale on eBay, they'll also be able to see what shipping will cost to get it to them. With calculated shipping, as long as your weight and package dimensions are accurate, your buyer is covering your shipping costs.
Make Your Customers Happy
You want to give your buyers a reason to give you positive feedback, so that you can qualify as a Top Rated Seller (TRS) as soon as possible. If you have positive feedback, because you shipped items quickly, packaged them well, and delivered what you advertised, and sell on a regular basis, you can earn TRS status, which qualifies you for shipping discounts that will boost your bottom line. The less you pay on shipping, the more profit is left for you.
There's a lot more you can learn about selling on eBay, but if you buy low and sell high, make sure you're not losing money on shipping, and work hard to make your customers thrilled with their purchases, you'll be on the road to a decent income in no time.