We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
Contact Forum Editor

Send an email to our Forum Editor:


PLEASE NOTE: Your name is used only to let the Forum Editor know who sent the message. Both your name and email address will not be used for any other purpose.

Tech Helproom


It's free to register, to post a question or to start / join a discussion


 

New business tips


Legolas

Likes # 0

I have been recently made redundant and although I am looking for another job I am also considering trying my hand at selling on ebay.

Now I am not naive enough to think it is just a matter of buying some stock and selling it for a profit and watch the money roll in. But I do think that with the right approach and strategy coupled with a bit of good old luck I could grow a business.

I have never been involved with sales apart from selling a few items on ebay in the past, so what do others think and does anyone have any tips for a new wet behind the ears entrepreneur.

Like this post
wee eddie

Likes # 0

Chose a product that you are both familiar with and enthusiastic about.

Cost everything before you start. That includes packaging, premises (even if it is just a shed in the garden which must be large enough to store everything and kept secure), trips to the Post Office and postage, returns and suppliers.

Most of all, be prepared for both high and low turnover. No holidays (paid or otherwise)ever again, because you will loose business while you are away, which must be added to the cost of the holiday.

Like this post
Legolas

Likes # 0

Thanks for the advice. The problem about holidays did occur to me. I do like my holidays so I will try and find a way round it. Costing everything is I suppose a must if I am to get a true picture of my profits.

Like this post
wee eddie

Likes # 0

If you don't cost "absolutely everything" and factor it into the Price you charge, you will make a loss. That means "No Home"

Like this post
Legolas

Likes # 0

I do have some capital but I will be starting small just to get the feel for it and a bit of trial and error to see what sells and when. I have already spent the last couple of days on ebay seeing what is sellng and for how much and bought a couple of things to resell, I will see how that goes. Do you know anything about drop selling?

Like this post
wee eddie

Likes # 0

Of everything you buy and everything you sell. Every reel of Sellotape and your fuel costs as well.

All your costs and expenses. Otherwise, one day, "HM Revenue & Customs" will pay you a visit and make an estimate of your profit for purposes of taking it off you. Unless you can prove different ~ Their estimate is what you will have to pay.

Like this post
Legolas

Likes # 0

Good tip thanks. I have already started by keeping a record of the few things I have bought so far for resale, have also began looking into the tax side of things.

Like this post
wee eddie

Likes # 0

of your Cost of Buying.

For example: If you go to a "Car Boot Sale", keep a record of your Mileage, the Cost of Entry and any other expenses that you might incur.

Each of these items is chargeable. In other words, they reduce your Taxable Profit = Less Tax to pay.

Like this post
Legolas

Likes # 0

Very interesting I didn't think these things would be tax deductable, very good to know

Like this post
wee eddie

Likes # 0

to give yourself an income of £200 a week and then whether you could live on a Net Income of £170pw.

That, of course, may mean that you need to have Sales of about £400+ each week.

That's one of the reasons I now drive a Taxi and am not a Net Trader. The other was that I have been unable to find suitable Packaging for my Product.

I was only making 20 to 30 Postal sales when I had the Coffee House. To make a living from it I would have to increase that to 300 or 400 transactions each week.

Like this post
Legolas

Likes # 0

Thanks for all the very valuable info I will think seriously about the whole thing. I will see how things go and try to build a customer base if I can earn enough weekly I would consider going part time work wise, but it is all at a very early stage so far.

Like this post

Reply to this topic

This thread has been locked.



IDG UK Sites

45 Best Android games: top Android games for your smartphone or tablet in 2014 (24 are free!)

IDG UK Sites

How Apple, Adobe, Microsoft and others have let us down over UltraHD and hiDPI screens

IDG UK Sites

Do you have the X-Factor too? Mix Off app puts fans in the frame

IDG UK Sites

iPad Pro release date, rumours and leaked images - 12.9 screen 'coming in 2015'