Selling as a business?

edited 30 November -1 at 1:00AM in Ebay, Auctions, Car Boot & Jumble Sales
3 replies 833 views
sarah_25sarah_25 Forumite
59 Posts
Hello,

I've sold a quite a few bits on Ebay that I no longer use. While researching Ebay I have found that some people seem to be making quite a tidy profit from well sought after high street bargains. For example, say a dress is featured in a magazine but it's in short supply in the stores so people who can pick up this bargain buy it and sell it on Ebay to the highest bidder. Now nobody is losing out because these people know how much the 'dress' retails for but are willing to pay above the odds because they want it. What I'd like to know is could you do this as a business? I'm interested in picking up vintage items to sell but also come across lots of bargains in stores such as TK Maxx and wondered could you do this as a business. Thanks

Replies

  • It is possible, I have always trailed around for vintage clothes, especially 70's,80's sports clothing etc and have made some very good profits on ebay. I use tkmaxx although it is not as good as it was around 12 to 16 months ago. I think they have got a little wiser with their pricing.
    I often use ebay itself, try going to different countries by going to the bottom of the home page and accessing the site in german etc. This can be a little tricky sometimes but online translators like worldlingo.com can help. Doing this can sometimes lead to some real cheap bargains that once purchased can be reloaded into the ebay system and sold on for £££'s more.
    I have thought about devoting myself to making money this way as I can get quite happy sat with the laptop trailing ebay for hours on hours (sad!) but I think if you are going to do it full time as a business you will need to find a healthy supplier and not rely on retailers discounted goods.
    Try to find some wholesalers and possibly approach local charitys as buying in bulk from them for unsorted bags, this coud be an option worth looking into.
    I also think that if you did explore this you should try to diversify and not do just soley vintage clothing, look for other products aswell.
    You could quite easily give this whole thing a try without going official and declaring tax, but if you did manage to find suppliers and started trading heavily then it would be advisable to go and see an accountant.
  • B4UgoZzzB4UgoZzz Forumite
    203 Posts
    A good tip for you...

    Whenever you have interest in your sale items ask the viewers / buyers if they'd like you to email them directly when you list new items. Especially if you're selling rare vintage clothes which customers find hard to source.

    Send out weekly newsletters (as Martin does here on MSE) to your "members" and slowly you'll build a contact list of regular customers which can become the life blood of your venture. This is called permission marketing. It's powerful.

    Always give people the reassurance that they can opt out of mailings and give a first class, polite service to everyone.

    Go for it with enthusiasm and commitment and you'll do well.
    Best of luck, Wilf.
    Keep smiling!
  • I think the quote (below) from Chillipepper is a good answer in general.

    Just to confirm the legal side, (I'm not an expert but believe this is correct):-

    Remember the taxman and possible implications.

    If you are a collector and buy for yourself, but then sell on some or all of the items later, you only need to declare for tax purposes if you make capital gains above a set annual limit (£8200 Tax Year 2004/5).

    HOWEVER, if you specifically buy an item intending to resell, the profit, however low, is officially subject to income tax and should be declared on your tax return.

    There is probably a huge black economy operating via eBay along with the many shops and manufacturers who sell their products direct in this way.

    Running your own business is entirely possible - I know many people who do successfully.
    Good luck if you decide to give it a go.



    It is possible, I have always trailed around for vintage clothes, especially 70's,80's sports clothing etc and have made some very good profits on ebay. I use tkmaxx although it is not as good as it was around 12 to 16 months ago. I think they have got a little wiser with their pricing.
    I often use ebay itself, try going to different countries by going to the bottom of the home page and accessing the site in german etc. This can be a little tricky sometimes but online translators like worldlingo.com can help. Doing this can sometimes lead to some real cheap bargains that once purchased can be reloaded into the ebay system and sold on for £££'s more.
    I have thought about devoting myself to making money this way as I can get quite happy sat with the laptop trailing ebay for hours on hours (sad!) but I think if you are going to do it full time as a business you will need to find a healthy supplier and not rely on retailers discounted goods.
    Try to find some wholesalers and possibly approach local charitys as buying in bulk from them for unsorted bags, this coud be an option worth looking into.
    I also think that if you did explore this you should try to diversify and not do just soley vintage clothing, look for other products aswell.
    You could quite easily give this whole thing a try without going official and declaring tax, but if you did manage to find suppliers and started trading heavily then it would be advisable to go and see an accountant.
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