Selling second hand goods is a great business idea that has seen many people achieve independent financial success. In fact, the amount of people doing well of the back of second hand items has increased exponentially over the last few years, as public interest in buying vintage, recycling and upcycling has soared.
Nevertheless, simply acquiring lots of second hand goods won’t necessarily result in you turning a profit. To turn second hand selling into a viable business model, you need to have an eye for goods and a good knowledge of what will sell and what will sit on the shelf. If you are planning to start a fashion or clothing business, you may need to conduct a fashion executive search to help you find talented individuals to help you with the creative side of the business.
Your Business Model
It’s important to treat a second hand business just like you would any other. Write up a business plan, work out your finances and decide on what it is that you want to sell. People with an eye for fashion might like to get into selling second hand clothes, whereas others with an interest in DIY might like to explore the endless possibilities of upcycling.
Finding Stock
There are plenty of ways to find second hand stock to sell. Some people buy cheap on eBay then sell on for more elsewhere. Others will comb through charity shops, go to street markets or even comb through junk yards in the hope of finding a bargain. Many people find that they can make money simply by attending house clearance sales. You may find that many lots don’t contain anything of overwhelming value, but if you’re prepared to put in the legwork you can easily turn a profit on the smaller items. For example, a job lot of jewellery can produce a good return on investment if you sell it on to a reputable pawnbroker, such as H & T Pawnbrokers, which purchases gold by weight. Other useful items to look out for at house clearances are old books, vintage clothes are solid furniture that can be upcycled and resold. But keep a watchful eye out for anything that looks as though it may suffer from rot, moths or mould.
Know What You’ve Got
Perhaps the most important thing for a second hand seller is to know the worth of your stock. There are many cases of people selling on what they believe to be junk, only to find out later that the object in question was extremely valuable. Take some time to research your goods, whether they be clothes, paintings, furniture or ornaments. Your bank balance will thank you later.
