If you want to make some extra money then a great way to do so could be to sell things. Many people make money by either selling things that they own already or buy buying things and selling them on. There are different ways that you can do this, which are worth thinking about.
Sell your old items
When you sell items that you previously owned then you do not need to declare your sales to the taxman. This means that you do not need to worry about keeping accounts or adding up how much you make, although you might want to do this out of interest.
There are all sorts of things that you could sell. You might have clothing that no longer fits you or that you just no longer wear as well as accessories and jewellery. You may have household items that you no longer want or need or kitchen and dining room items. You may even have pieces of furniture that you would like to get rid of. There is probably a market for everything that you might have.
There are different places to sell things and it is good to make sure that you sell in the right one. You will want to auction valuable items, for example or sell them directly to a dealer so that you can get a fair price for it. However, if you have small cheap things then it might be better to go to a car boot sale or table top sale to sell them. You might want to sell items online, using an auction website or similar. If you do sell online you will have to post the items out and this could take time and effort and you will need packaging, so you may rather just sell locally.
Buy items to sell on
Another option is to buy stock and then sell it on. This has to be declared to the tax office. You will also have the expense and risk of buying stock and you will need to find somewhere to store it. Many people who do this on a small scale will pick items which are small so that they can easily store them in their homes. Do consider whether you might need to change your insurance though and if you do not own the home you may need to check with your mortgage company or landlord as to whether you can run a business from the home.
Choosing what to sell can be tricky. You want to pick something which you can afford to buy, which you can sell at a profit and that you know will sell. Staying ahead of the current trends can be difficult and you will need to track this to make sure that you buy the right amount of stock so that it sells and you have nothing left.
You also need to think about where you will sell the items that you buy. Obviously, you will want to sell them where you will be able to make the most money from them but also where there will be a lot of customers. This can be tricky to find. The best thing to do is to start by doing research. Look at online auction, boot sale and other sales sites. Then look at offline sales places such as car boot sales, markets, shops and compare them to see what sorts of things are being sold in them and whether they might be the right places for you to sell the items that you are buying. Some places will be more expensive than others, for example renting a shop will be much more expensive than selling at a car boot sale. However, it depends on the type of things that you are selling as to whether this will be the right way for you to sell. Even if you sell online there will still be costs as you will have to pay the site you sell on a cut of what you make. It is therefore important to make sure that you are confident that your items will sell using the method that you choose and that you will still be able to make a profit when you take the costs into account.
Choosing how much stock to buy can be tricky as well. You will often find that if you buy more items then you will pay less per item. However, if you cannot sell them you will be left with lots of stock and you may not make back the money that you invested in it. You may also be limited by how much money you have to spend on stock. It can be quite a tricky balancing act and so well worth thinking hard about before you get started.