Does anyone have any general tips and advice on buying and selling online?

Safensound_2

I am thinking to start very small for example ( buying wholesale online and then selling online socks or even plastic keyrings to keep down p+p ) I realise that by not taking risks and going for these kind of cheap products the upside is I know a product will sell if I can stay competitive in my pricing but the downside is there is other people selling the same thing so am I likely to crash and burn under the tyre of large company's? Is it a bad idea? Please any stories tips or advice is appreciated as I have never done anything like this before .......I currently have sold some stuff from my attic on eBay and did ok but starting a business is a whole different ball game.....

There must be hidden expenses...tax ,shipping etc etc

EPL

It all depends where you plan on selling the products ? Ebay, Amazon or your own website ? The problem with your own website would be getting enough traffic there and do you have the knowledge to set up a decent user friendly website ? I would suggest ebay or amazon because you know they are the biggest online shopping portals with millions of visitors - but then you have to think of the fees which will effect your margins.

Secondly, is there a demand for your products. I mean from a personal point of view I wouldn't go online to shop for socks.

paddyrg

If you're thinking of shipping as a hidden cost, you're coming from a long way behind. Can you work in retail, on the high street for a while? Get a feel for what's involved then try to work out how you can get in on the action? Socks, for instance, you're trying to undercut bhs so have to be under a quid a pair in your hand for black cotton socks to even stand a fighting chance - so after postage of say £3 you need to be selling low and buying even lower, but without their trusted brand and buying power.

I Suspect you know you're not ready for this yet, and so suggest experience will teach you far better than unrelated business on a web forum!