extra income trading on ebay

geldof84

Hello all,

I have a full time job, but was toying with the idea of boosting my income by trading on ebay. I to be able to buy stock from a reputable place/person and be able to sell on via ebay. I'm unsure if this is a good way of making a reasonable extra income per week/month. Does anyone know of an good and reputable websites where I could purchase cheap stock to sell on? what would be the pros and cons of this?

Also, ideally, I want to be able to sell small items to save space and money. Any recommendations as to what sells well?

Sorry for so many questions....thanks in advance

lincroft1710

These questions crop up almost every month.

No-one is going to encourage more competition into a crowded market place by revealing the name of their supplier. Likewise, someone who has found a niche market on eBay is not going to divulge their secret.

Sorry Sir Bob, but this is one area on MSE where peoples' knowledge isn't usually shared, the advice is to look for the gap in the market yourself and see if you can fill it.

Flyonthewall

As above, no one is likely to share that. Hundreds of thousands of different items sell well. Competition is high for a lot of things and people aren't going to give away niche markets.

You need to do your research. Even if someone tells you an item and supplier no one is going to run the business for you. You need to know what is a good price to buy and sell, among other important things.

Pros - you may make a bit extra
Cons - you may end up with a loss, items may not sell, items may be returned, possible bad buyers, may be time consuming (writing listings, photos, packing, going to PO/courier), if you're working you need to make sure you'll be able to send parcels out asap and you need storage space.

Things to remember - you need to register as self employed, you need to do your research and you'll have to do taxes.

soolin

I echo what has been already said spend time doing research before committing any money into an ebay business. There is real money still to be made on there but you need to choose your products extremely carefully, I usually advise people to start with something you know, do you have a hobby or pastime that you know enough about to source items that can be sold on eBay?

Watch the costs as well, ebay and PayPal both takes fees , make sure you are properly registered as a business seller with a compliant returns policy and full geographic details displayed.

Lastly, if you already have an eBay account in good standing then convert that to your business account so you show history. (You can open another private account for your own sales). If you don't already use ebay then register a basic account now and buy a few things to get the feel for it and to build up a little bit of history. As a new seller ebay will place a Lot of restrictions on you , you may for instance be limited to only 10 listings a month plus have your funds held for 21 days, so build that into your business plan.

Credit-Crunched

geldof84 wrote: »

Hello all,

I have a full time job, but was toying with the idea of boosting my income by trading on ebay. I to be able to buy stock from a reputable place/person and be able to sell on via ebay. I'm unsure if this is a good way of making a reasonable extra income per week/month. Does anyone know of an good and reputable websites where I could purchase cheap stock to sell on? what would be the pros and cons of this?

Also, ideally, I want to be able to sell small items to save space and money. Any recommendations as to what sells well?

Sorry for so many questions....thanks in advance

Too many questions and no substance to your question.

I want to make money, not sure how, or by doing what, or where I am buying it from.

Stick to what you know, but be warned, margins are slim even before you take fees into consideration. I stopped selling household odds and ends due to many unscrupulous buyers and time wasters.

Deru

Try going to car boot sales and getting some ideas. Potentially great margins if you find the right stuff. Not as many during the cold seasons though.

Also search eBay and filter by Sold items. Better to look at items you are familiar or have an interest in

asajj

Selling online takes a considerable amount of time and effort and with a full time job, yours will be limited. This would also mean limited profits.

In addition, once you start buying something to sell on Ebay, you become a business and will be liable for tax.

wkdboi

Tax is 20% on profits under 300,000 year and 21% thereafter and Vat doesn't kick in till £75,000 + it's not a huge dealbreaker

asajj

Not financially perhaps but something most people ignore when thinking about starting a business on Ebay.

Credit-Crunched

wkdboi wrote: »

Tax is 20% on profits under 300,000 year and 21% thereafter and Vat doesn't kick in till £75,000 + it's not a huge dealbreaker

Incorrect.

That is only if the individual incorporates a LTD company.

If they act as a sole trader, then any income is added to their annual PAYE income and taxed at their marginal rate.

< £10,600 taxed at 0%
£10,600 + 20%

Above £42,476 @ 40%

So if someone earns £40k in their main job, and then posts a £3k profit on ebay, they are now a higher rate tax payer.

homebizgal96

I would look into selling on Amazon before selling on ebay, although I've sold products on ebay.

I suggest you find a course on selling on eBay/Amazon, dropshipping, sourcing products, etc...

You can find a lot of videos on YouTube on this subject as well if you want to go that route.

It's better go into this educated about the subject than going in blind.

Also, ebay has a forum where you can learn from as well.

Good luck.