Writing about the financial sector, lean manufacturing, and life in general.
An Extra Income
Hello. In this article, I'll share the quickest way I found to make an extra £500 a month online. I've read a lot of these articles over the years and they are usually high-level suggestions with no actual guide on how to do what they're suggesting you do. It's usually just "fill out an online survey" or "become a mystery shopper". This is great and all but most people don't even know where to start with this. People are looking for specifics.
Several years ago I was looking to develope a few income streams on top of my full-time wage and the one I'll share with you now was the least time-consuming and most profitable. The only thing I needed was around £50 to start with and around 5 hours a week. I worked out that over a year of doing this I averaged £500 a month.
So what was I doing? basically, I was flipping digital cameras on eBay. Most people will stop reading at this point but it works. It doesn't necessarily have to be with digital cameras, but I found this to be the easiest product to flip with decent profits and ample supply on buy and sell sites.
I figured this out when I spotted a Sony digital camera on Shpock that retailed for around £180. I checked eBay and these were going for around £ 70-second hand.
The part that will make you money? Is getting it for as little as you can. I noticed the seller was selling it for £10. I made an offer of £8 and they accepted. When you include £2.50 delivery I had this delivered to my house for a total of £10.50. I listed it on eBay and it sold for £69.99 2 weeks later. You'd think this was a one-off right? but I noticed that digital cameras sold quite freely and cheaply on sites like Shpock and Facebook marketplace (id avoid eBay for buying). I guess people no longer want them as camera phones are just as good and people sell them cheap because they are under the impression people no longer want digital cameras. Which is wrong. Digital Cameras are still hot property on selling sites. Especially in the age of vlogging and game streaming.
So What Do I Do?
So to start, download a few apps like Shpock (Id recommend this app first and foremost) and Facebook for access to the Facebook marketplace. I spent around 30 minutes or so searching for "digital cameras". Now, most days you won't find anything worth buying but keep looking. Even if it's just a quick 5-minute search every day. I can't tell you how many insane deals I lost out on because I didn't check the market places for a few days. Note any camera you see for the £10 or £20 range and then check the average selling prices on eBay. I guarantee you'll pick up at least a few bargains a week.
For me personally, I wouldn't pick up a camera if it wasn't going to get me at least £30-£35 profit.
You want to be looking out for Brands like Sony, Samsung, and Panasonic. Ideally, ones that are in great condition and even better if they are in the original boxes with cables and instructions (although they still sell pretty well without). You also want to be quick as there are plenty of other flippers like you looking for a bargain. And lastly, you need to haggle. Don't pick up items if they are priced too high. You might think you're getting a good deal but by the time you've paid for shipping and fees, you'll often be left with a smaller amount than you thought. The only time I went higher than £20 was when I knew I'd get £120 on eBay (which I did).
I found the most common cameras were middle-end Sony and Samsung cameras. People will quite happily offload these for a fraction of what they're worth just to get them out of the draw. the only thing you need to do after this is taking some great pictures (Id use google to find a good guide on taking pictures for eBay. Good pictures can be the difference between selling and not selling). All in all you'll spend around 5 hours a week (or more if you fancy) doing this and the only time you need to leave your house is to drop off the item at the post office.
What to look out for
The thing Id stresses the most is to read the seller description closely. You'd be surprised at how many people list cameras and don't fully explain that it's not working. I nearly fell foul of this a few times. Look for "spares and repairs" in the title.
Second of all be patient. Some items can take a few weeks to sell (or sometimes more). If you have a great item with great pictures then it'll sell eventually. people often need the money back out of the initial investment and start dropping the price to move. You'll end up with little to no profit if you do this. So my advice is to only buy if you can afford to have the capital tied up in stock.
Check the camera in detail once you have it in your hand. You'll be in for a lot of disappointment if you send someone a camera and they ask for a refund because it doesn't work. You'll probably end up with a bunch of bad feedback doing this aswell
Lastly, don't buy up loads of cameras. Only have a few in your listings at any given time. No matter how tempting it is to buy more. You'll only end up with a "death pile" or a bunch of things you're struggling to sell. You'll fall into the aforementioned trap of dropping prices and losing money. "death piles" are cancer to a business. Keep your stock small. Buy a few more once you're down to your last 1 or 2.
Something worth mentioning
I talk about digital cameras in this article but work with what you know. People make a good living from flipping clothes. Video game consoles are another popular item. You just need to figure out what works best. I'd say if you're testing the waters then just buy one item and don't buy any more until you have sold it.
I've already mentioned this above but finding a good source of cameras is important. I genuinely found Shpock to the the best place with Facebook marketplace a close second. Shpock has built-in buyers and sellers protection making it a safer place to buy.
Good luck and let me know how you get on.