What
is online auctioning?
Online
auctioning is an online marketplace for buyers and sellers. The goods
can be used or new. The basic system works by a seller (you) auctioning
an item, setting a starting price and schedule, and then waiting for
bids to come through from potential buyers. The person who places the
highest bid at the end of the auction wins the item - it's as simple
as that. You can sell anything at online auctions, from clothes to DVD's,
Mobile Phones to toys, Electrical products to ornaments, the list is
endless. The good thing about online auctions
is that it gives you a platform to sell your items without all the hassle
of running your own e-commerce website. They do all the promoting and
advertising so all you have to do is place your items on sites such
as ebay
What
you need to get started
Once
you have established the item/s you want to sell you can get started.
Firstly, you will need a tape measure to give the potential buyer accurate
details of the item you wish to sell, remember he or she can't see the
product so you will have to give them as much information as possible.
A good photograph is an excellent selling tool because it gives your
buyers the opportunity to view what you have on offer. A digital camera
is ideal. If you don't already have one you can get a basic, inexpensive
one from many retail outlets or grab yourself a bargain at ebay
or on Amazon.
If you plan on selling on a regular basis a digital camera is an excellent
investment and should pay itself off in no time at all.
You
will also need packaging materials such as brown wrapping paper, sellotape
and bubble wrap (for delicate items). Finally you will need a measuring
device to weigh your items for postal costs. A good set of digital kitchen
scales is adequate enough. If you take a trip to your local post office
you can obtain a size guide that lists all UK prices according to size
and weight. When posting your items at the end of the auction, always
be sure to ask the post office for a proof of postage receipt in case
the goods go missing. You can claim compensation for lost items when
using first or second class post if you have proof of postage. You can
claim compensation of up to £46 for an item that is lost or damaged
in transit. You must have a certificate of posting to make a claim.
You can also claim for delayed items. If
your item is worth more than this then send by
Secure
Delivery.
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Buying
and Selling
Selling
at online auctions has become a great medium for home workers. Whether
it's selling items that you no longer need or unwanted gifts, it's a
great way to earn some money from the comfort of your own home. Unlike
some of the other home working options, which may just give you a bit
of extra cash, selling at online auctions really can earn you a good
income. So study the market and choose your items well. Vintage items
and used designer brands that are in good condition are high in demand,
so a trip to your local charity shop and/or car boot sale is well worth
a visit. Or you can even buy from online auctions and resell those same
items, either at a later date on the same platform or via a different
auction and make a profit!
Serious Sellers - Online Wholesalers
If
you're really serious about selling at online auctions you can buy and
sell from dropshippers and wholesalers.
Many people have boasted great profits from online selling by starting
up small home-based businesses selling goods bought from wholesalers
and dropshippers.
Want
to find out more? Read our article Buy
and Sell Online
Special Offers for e-bay sellers
Wholesale Pages have introduced a Special Offers
section, which is ideal for ebayers. These are real suppliers offering
great products at dirt-cheap prices with excellent markup rates. They
actually list each product that's available with purchase price, e-bay
and amazon comparison price, RRP and the 'mark-up'. Wholesale deals
and special offers listed in this section are regularly updated. To
purchase any of the products you will have to first buy credits from
Wholesale Pages - Prices are as follows: 1 credit £3.00, 3 credits
£7.50 and 5 credits for £10.00. You can also buy an unlimited
credit plan at £14.99 for one month, £39.99 for six months
and £49.99 for one year. Interested? Go to Wholesale
Pages and take a look at the options
and prices.
How much can you make?
That
depends on what you are selling and how often you sell. You can make
anything from a few pounds to hundreds or even thousands of pounds if
you are completely dedicated. One thing you must remember is that people
who buy from auctions are either after a bargain or a collectable item.
The objective here is to make a profit so you should set your item at
a price you are happy to settle with. Make sure that your starting price
is reasonable and expect to sell for less than the RRP. Marketing your
item is very important at online auctions because remember there is
a lot of competition out there. Make sure your title is eye-catching
and your description accurate. You must make your item desirable so
don't cut corners or you may lose a sale. And remember feedback is king.
If you get yourself a good reputation by showing you are a sincere and
dependable seller your sales will increase in no time.
Online
Auctioneers to join
Why
not sign up with an online auctioneer today and give it a go? Registration
is free. Some selected online auctions below:
ebay:
the most popular online auction system. Buy and sell practically anything.
Also allows you to open your own shop too- great if you're using drop
shipping. Free sign-up. You will have to pay Insersion Fees, Final Value
Fees and Feature Fees (if used). All fees are based on % of sale, insertion.
Preloved
Buying or selling second hand? Preloved is packed with nearly
new and really old bargains in over 500 categories so there’s something
for everyone. It’s free to sell on Preloved so why not start turning
your clutter into cash today.
Amazon
is still associated by many people as a retailer but you can
in fact sell your stuff on Amazon too! Many business sellers and personal
users sell on Amazon at a handsome profit.
Play.com
is another great podium for sellers and buyers. Give them a try
- you might pick up a bargain or get a great price for your item.
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Buy
Secondhand Music CD's and Games to resell at a profit
Another
way of earning cash from auctions is to buy music CD's or Games at rock
bottom prices and them resell them at online auctions. Okay, so why
would someone want to buy secondhand CD's when they can download them
now for free or at very cheap rates? A few reasons - some people don't
like to join shareware sites to get their music for free, firstly for
some of the legal restrictions involved and secondly for fear of downloading
from an unscrupulous website and risk having their computers hacked.
Another reason is because some people prefer to have the original hard
copy of their favourite artist's CD, either to display on their CD rack
or because they like to own the original disc - haven't you got some
CD's that you'd never part with? That has sentimental value, perhaps?
And how many people tire of the Games and want to buy new ones at affordable
prices?
So
where can you buy secondhand CD's and Games from? Charity shops often
have a good and varied selection as do car-boot sales. You can also
buy from online auctions and resell them at a profit. But our favourite
is
Music Magpie (buy cheap music CD's and Games This site has an array
of secondhand music CD's and Games that you can buy at rock bottom prices
- they are in good condition and play perfectly. You can also sell all
your unwanted music CD's and Games here, but because of the nature of
the site, don't expect to get very much for them. Finally, our tip if
you are buying music CD's or Games to sell, is to visit the online auction
sites, such as e-bay, and find out what sells and what doesn't. Watch
them for a while to see what price they go for, then act accordingly.
Otherwise you may find yourself stuck with CD's and Games that you don't
really want.
Help
with Tax and registration
If
you are an online trader buying goods for resell on e-bay, e-bid, preloved
or any other auction site and making a profit from these sales then
then you will have to register as self-employed and pay tax and national
insurance contributions if you earn over the current threshold. If you're
only selling unwanted personal items then this won't apply to you. However,
to be safe, please follow this link
to find out if you need to register with the Inland Revenue. For more
details on tax and national insurance, read our Tax
article.
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