making money??

cazspatch

Hi all

i have known people who have bought designer clothes cheap and then sold them on ebay!!

Can you really make money this way? does anyone no how you go about it or any other ways to make money on ebay??

thanks

caz x

cyberbob

You've summed it up in your own post. You need to find items that people want to buy and sell them at a higher price than you bought them. I'm afraid it's that simple. Sourcing the goods is always the problem. People with a good supplier wont tell you where they source their goods (as why would you tell a possible competitor).

Research is the key research your market and your goods before you commit to anything you can the assess if its worthwhile doing it.

You need to remember you would need to register for Tax with the HMRC so these costs would also need to be taken into account.

Crowqueen

cazspatch wrote: »

Hi all

i have known people who have bought designer clothes cheap and then sold them on ebay!!

Can you really make money this way? does anyone no how you go about it or any other ways to make money on ebay??

thanks

caz x

Yes, you could do. There is nothing stopping you if you know what you would have to do to make sure you were within the law on this.

You would have the obligations of a business - consumer rights compliance, tax payable on the income, record-keeping needed - so I would think carefully about what that entails before starting to trade. eBay also look very closely at clothes-sellers and make you upgrade if they think you are a business.

If you have a PAYE job you will automatically be paying tax on anything that you sell, since you will have your personal tax allowance set against that actual income. If you are on benefits, you would compromise the security of those payments for what might be a seasonal or sporadic income. That said, it's only a bit on the self-assessment form at the end of the year, you can get tax credits to supplement a low income, and you may do well if you have a good supplier (though be warned that some designer labels are a bit iffy about their clothes being sold on eBay and don't sell to people they think will sell their goods on eBay either).

For a bit of extra cash in a pinch, it might not be altogether worth it if you have other used personal goods to liquidate. If you were prepared to build it up into something more cost effective, then yes, it might be a good idea.

MadelinesMum

Hi, I was in a charity shop once and a lady almost cleared all the the dresses off the rails, I assume she was going to sell them on. From experince I have found a few things that sell well. It's a bit of trial and error really.
Have you tried Goofbay? You can search on their to find out how much certain items sell for.
And finally, good luck x

macfly

There you go. Asking for advice and then getting frightened to death. Have a crack at it, see how it goes.

Decluttering

macfly wrote: »

Have a crack at it, see how it goes.

Sounds like good advice to me, personally I think you should dip your toe in the water with a couple of items first before committing yourself to such a big venture. I think the best sellers are the ones who know what they're looking for and how to make the buyer happy.

Good luck

lindseykim13

You just need an eye for it, you wont know if you've got the knack until you try it just don't go for anything too pricey!

Quanz2

If your thinking about buying designer stuff why not buy just a few things you personally like and try selling them on ebay - put a reserve on them and if they sell fyou've made a profit and if not then you'vr got some nice clothes for yourself.

gavjbrown

Quanz2 wrote: »

If your thinking about buying designer stuff why not buy just a few things you personally like and try selling them on ebay - put a reserve on them and if they sell fyou've made a profit and if not then you'vr got some nice clothes for yourself.

I don't suppose you really meant put a reserve on them, more start at a price your willing to sell at.

reserve's on a listing are costly and must be set at a minimum of £50.

Quanz2

gavjbrown wrote: »

I don't suppose you really meant put a reserve on them, more start at a price your willing to sell at.

reserve's on a listing are costly and must be set at a minimum of £50.

Depends on how 'designer' the designer clothes are and how much your willing to risk - ive never put a reserve on something myself but if i was selling something that cost a few hundred pounds i'd want to know it wasnt going to be sold for a few pound.

macfly

You have three months to inform HMRC, so a toe dip will be ok. I wouldn't go through the route of business seller either until I had decided it was going to be permanent. But I would use the same terms and conditions as a business seller. In reality, these can be enforced by a buyer anyway.