So this week I have been exploring various avenues in how to earn extra income online or as I like to call it side hustling. I have been exploring into a few different money making opportunities online in order to get a taste for them. The business model I first was attracted to was one of practicality, buy low sell high. An obvious enough concept but I did not want to get caught up in the idea of “building of brand” without having the practical aspect of making money online under my belt. This method also allows me to reinvest the money I make into other avenues. This brought me to Amazon where I opened a seller’s account.
Amazon offers sellers the extreme practicality of being able to flip goods online for a profit. also known as retail arbitrage. I have been selling used goods I have around the house, items at garage sales, thrift stores, online and then flipping them for a profit over the last week. I have made 100 euro in profit this week from things which I would have thrown out! Here ae some of the things I have learned through the process.
Margins are incredible
Buying goods in charity shops or garage sales can mean truly incredible profit margins. Some of the goods I have purchased include books and video games which I purchased for 1 euro and resold for 15 or 20. Even after fees and shipping the profit margin can be 10X what you originally invested
There is something truly fun about rummaging through items and sometimes discovered something worthwhile which sells for ten times its price online. Additionally there is also something nostalgic about routing through items in the shop, many of which I haven’t since seen since my childhood. Gameboys and video games tend to sell well!
Unlike other business models if you have 10 euro to your name you can literally start tomorrow and if your shrew about what you buy you can see profits coming in almost immediately.
Amazon is a powerful mofo
Amazons website provides the perfect platform to sell on. Millions of customers looking for goods which means you don’t have to market your product (but you still can!) and if you live in Europe you can sell in several different markets including Spain France Germany Italy and the United Kingdom. Opportunities are endless.