In a world where technology plays a significant part in our everyday lives, staying connected is easier than ever. Technology also makes it much easier to manage our money and create side hustles. With the rise of platforms like Facebook Marketplace, eBay and other second-hand selling sites, people are making money off old things they have in the house – and they barely need to lift a finger!Â
Here is how you can leverage the power of buy/swap/sell to elevate your finances.Â
What is buy/swap/sell?Â
The buy/swap/sell trend is something rapidly gaining momentum for a number of reasons. Everyone loves a good bargain, so finding a pair of shoes or a vintage teapot secondhand at a fraction of the price is a huge financial win. If you want to save even more, the swapping trend is for you. This trend is gaining popularity – especially amongst friend groups – where people exchange their preloved goods for someone elses preloved goods. Lastly, selling your clothes secondhand instead of throwing them out is not only good for your bank account, but its good for the environment, too. Passing your used clothes on to someone else and keeping them out of landfill helps to reduce the impact fast fashion has on the environment.ÂCan I really make money from it?
If you’re sitting there thinking there’s absolutely no way you could make money from your used things, think again! As the saying goes, one man’s trash is another man’s treasure, so there’s a good chance that items that hold no value to you anymore are worth something to someone else. You can sell almost anything – big or small – as long as they’re in good condition and could be of value to others. Clothes don’t have to be the only thing you sell either – in fact, there’s generally a bit of money in niche or hobby categories (for example, fishing, camping, cycling) as well as other common categories like recent technology, jewellery and furniture.Selling best practices and tips to get started
If you’ve got a bunch of secondhand goods lying around and you’re keen to get started, here are a few tips we’ve put together to assist with the selling process. Â- Humans are visual creatures – especially when it comes to something we’re spending our hard earned cash on. Be sure to add lots of pictures (including any flaws the item might have) and a detailed description of the product.Â
- Make sure you do your research to ensure you set a fair price. You don’t want to set a price so high that no one bites, but you also don’t want to make it so low that you don’t get what you deserve.Â
- When it comes to auction items, avoid setting high reserves. Setting a high reserve price is a quick way to put off legitimate buyers. It’s best to start at a lower price and watch the bids climb!
- We know it’s uncomfortable, but don’t be afraid to negotiate. Make it clear the lowest you’re willing to go so you don’t waste anyone’s time, but be open to offers from legitimate buyers.Â
- Post your listing during peak times, such as evenings or weekends, to reach a wider audience. Â
- It’s ok to cross-promote your listing on multiple platforms, but make sure you’re transparent so people know the item listed elsewhere. Keep in mind that this won’t work for bidding sites as once you’ve sold the item, it’s gone!
- For your own peace of mind, create some terms and conditions of sale in the item listing. For example, cash only, no holds, advertised elsewhere, pick up only, etc.Â
- Grow your presence across platforms by leaving reviews and encouraging buyers to leave you reviews in return. Positive reviews will boost your credibility and entice others to purchase from you in future.Â
- To get the best result, tailor the platform to what you’re selling. Smaller items might sell better in Facebook buy/swap/sell groups, while larger items may be better suited to platforms such as eBay and Gumtree that have a little more security around purchases.Â
Buyer beware Â
On the flip side, hunting for a bargain can sometimes end in tears. Sometimes, if something sounds too good to be true, it probably is. Trust your gut when buying (or selling!) products to avoid unfavourable situations. However, online scammers are becoming increasingly clever at conning you out of your money, meaning it’s not only about looking for things that are too good to be true – there are other scams out there. Some tips for avoiding scams include:- Inspecting the item before purchase (if possible) to ensure it fits the listing description.
- Use secure payment methods such as cash on pick up or PayPal – avoid Pay ID or bank transfers.Â
- If you’re posting an item, don’t send it until you’ve received payment.Â
Using the profit to your advantageÂ
Once you’ve started selling your items, create a strategy for the money you earn. Essentially, this money is additional income and although profits may be small, every cent you make from selling your secondhand goods means more money towards your financial goals (money towards a house deposit, new car, holiday…). Although selling items secondhand (likely) won’t eradicate the need for your regular source of income, it’s extra money in your pocket that you can use to your advantage.ÂHow can the team at Inovayt help?Â
At Inovayt, we’re here to help our clients maximise their finances and achieve their financial goals. Through the power of buy/swap/sell and the rise of technology, it’s easier than ever to earn an additional income, which can significantly contribute to your financial goals. If you’re looking for financial guidance or need help setting financial goals, get in touch with our team today.Â
