As I mentioned in my post about the Most Common Multiple Income Streams, creating a side business is a great way to create a secondary income stream. And the easiest side business of all to create is an online sales business.
Most people start selling online to get rid of their old “junk”. I quote “junk” because what may be junk to you could be treasure to someone else. Just look at the old ugly light fixture to the right! Who would buy this ugly thing!?!? Well, I put this bad boy online, and within 24 hours had sold it for $75!
Now $75 doesn’t really represent considerable income, but if you consistently have a mindset to resell your junk versus throwing it away, I guarantee that you will create a considerable side income. Last year, before I kept detailed track, I easily pocketed over $3,000 by selling junk online. I would sell my junk, other junk, and even buy junk for cheap to resell! Who knows, maybe the person who bought my old lamp flipped it and made a profit for themselves!
Here are some easy ways to get started selling online!
eBay
This is one of the most tried and true way to sell your stuff online. You can sell stuff in either an auction format or “Buy it Now!”. eBay is great because there are millions of users. It is best for selling collectibles and other niche market items, since the scope of the marketplace is so large. eBay is also because it is so structured. You can view feedback and generate your own feedback. You essentially can see the “trust” in the marketplace.
A drawback to eBay is the fees. You have to pay a listing fee, then a final value fee, there are a lot of fees to add items to the auction such as reserves and extra pictures, and finally you usually have to pay a PayPal fee. On average, you would give 20-30% of the selling price to eBay in fees.
If you were selling a collectible, the higher price fetched by using eBay usually outweighs the fees. However, with commodity items, this may not be the case.
Amazon
When it comes to selling stuff online, Amazon isn’t usually the first that comes to mind. However, it is the market leader for selling books, music, and movies online, so why not take advantage of this if this is the market you are interested in! Have you ever noticed on Amazon the “New and Used From…” box. Well, those are all listing from private sellers for the item you are looking for. An Amazon also selling millions of other things besides books, which is great.
Amazon is best for commodity items and items you want to sell for a fixed price. You can easily see what sellers are charging, and then know if you can compete. Amazon also usually has the latest products in stock, which you can also resell. Amazon does charge fees as well, but they usually average 15-20%, so it is a little cheaper than eBay.
Also, if you Sell on Amazon in California, You’d Better Collect Sales Tax.
Craigslist
Craigslist rounds out the top 3 easy ways to sell online. Craigslist is essentially a giant online classified ad. As a result, it is best suited for your local area, since that is how most people browse Craigslist. Also, Craigslist is best suited for selling large items, such as furniture and decor, that cannot be easily shipped across country for cheap. For example, I sold the lamp I mentioned above on Craiglist.
The great thing about Craigslist is that its free! No fees at all, so list away! You can also post pictures of the item you are selling, which buyers appreciate. The biggest drawback of Craigslist is that you have to meet the buyer in person. Since you don’t know the individual and have only communicated online, this can be a dangerous proposition. Make sure that all arrangements are made with safety in mind, such as meeting at a public place like a mall.
Side Business – Side Income
The great thing about utilizing the sites listed above is that it is a cheap way to make a little side income. It may not be much, but it is some income diversification. Plus, what’s not to like about an extra bit of cash in hand today!?! An aquaintence of mine recently did this. He utilized the skills he had in his niche to outsource some needed work. He found it to be so successful, he has made a full business out of it. He started a CAD services company, and now is of on the only CAD outsourcing companies in the United States. As a result, he gets a ton of interest.
Each of the examples above can help you reach you side income goals. Start in your garage, and then go from there!
Robert
Related posts:
[...] Robert presents An Easy Side Business: Selling Online for Income posted at My Multiple Incomes. A good overview of places to sell your stuff [...]
[...] will see a difference.”INCOME AND INVESTINGPhoto credit: theabundancemachine Robert presents An Easy Side Business: Selling Online for Income posted at My Multiple Incomes saying, “A look at the easiest side business for making extra [...]
[...] My Multiple Incomes–Selling Online for Income [...]