There is NO such thing as a secret formula, there is no mathematical equation and there sure as hell is no tiny fairy sprinkling pixie dust on select individuals – There is NOTHING secret or hidden about making money. If you want to make money you will – If you are trying and it’s not working out, then you ARE doing something wrong.
Making money requires 2 things – Time and Marketing. It takes a hell of a long time to research products, learn new things, and finding out what to sell. Once that phase is complete, marketing takes over. You can have something worth tens of millions of dollars in your possession – but if you don’t have anyone to sell it to, then you are shit out of luck my friend.
I have been buying and selling for about 6 years now and over the years have found a few niches that work perfectly for me. I specialize in vintage hot wheels from the late 60′s and early 70′s. I have easily made anywhere from $5 – $10 thousand over the years in PROFIT. To some that may not seem like much – but to others it can be viewed as an inspiration. I am happy with it because like I said – it is easy money – and who doesnt like easy money?
The very first step to making money is finding out what to sell. Don’t go for items that everyone can purchase – stay away from computers and other electronics that get replaced every 6 months. You wont make money and it does cost a lot to initially start selling. Now there is nothing wrong AT ALL with buying the latest iPhone or any other hot electronic for MSRP and then selling it to some hardcore chump — er, I mean “enthusiast” who didnt get a chance to buy one at cost. No offense to these people but I think its a bit absurd to pay $900 for an item that can cost $400 – well I’m usually the seller
It is also important to stay one step ahead of the game – YOU need to find the trends. I tell people to stay away from trends only because there is a slight room to make a decent profit on something when EVERYONE knows about it. If you spot an item that is hot, and the item has been sold out for months in stores then by all means jump on it, buy it, and sell it for profit.
If you are new to my site, then I suggest you take a look around – I have a section that discusses the hottest products to buy and sell.
Finding something to sell that is profitable is the hardest part of your job – but once that is done,the money will start rolling in.
I like to buy and sell collectibles – I mainly deal with redlines as I already mentioned but I also sell these various items (in case you are stuck) Silver coins, limited edition video games, gaming systems (during the holidays), Kaiju figures, vinyl toys, and I just recently started selling domains and building websites. If you want to learn how to start a collection, then please read THIS POST! That post goes through the step by steps to starting a collection.
After you find out what to sell it is time to RESEARCH – learn everything you can, and MAKE MISTAKES. You will not learn anything unless you make mistakes. I just started buying and selling domain names. The first domain names I bought were terrible! Absolute crap – but after reading forums and tutorials, I know have a better understanding on how to spot a potentially valuable domain. I recently paid low $xx for a domain name and it sold for $xxx.
After you did your homework it is now time to Market. Personally, I like to sell my items on forums – you will find people specifically looking for the items you sell and will generally get a good price on them. I also like to sell on ebay – I think the fees are a JOKE and the rules for sellers SUCK but there is NOTHING better than ebay. Until someone builds a better site, nothing can compare. Ebay allows you to sell worldwide, reaching millions of people that would never think about joining a forum. It is a great way to get more money from your product and build feedback.
I also like to list items on craigslist and kijijij. Both are FREE and both have led me to sell items and avoid fees.
Finally I want to say this: NEVER give up – Just when you think you down on your luck and ready to give up, I strongly encourage you to reconsider and keep going forward. If you want to make money you will. Repeat that and make it your motto. Everyone faces rough times – The best profit is made when people are at their lowest. Use this as motivation.
I also encourage you to keep coming back to my site. I will be posting many potential deals as the year goes on. I am going to post items for you to buy that I think will sell out and be profitable. So if you want to make some extra money on items I ask you to come back!