A QUICK SALE: SELLING OLD ITEMS FOR CASH

MULTIPLE STREAMS OF INCOME

Ask any new-age entrepreneur on the street about making money, and he or she will probably give you the same thing: “You need multiple streams of income.”

Now, you’re probably thinking, “I thought that I had a good enough job that I wouldn’t need to have two jobs? Where will I find the time to do to jobs when I barely have the energy to do my one job?” And you may feel slightly helpless and a little bit frustrated, which is fine, because multiple streams of income does, in fact, sound like a hard feat to accomplish.

And honestly, if your idea of two — or more — income streams stems from numerous part-time and odd jobs, like mowing the lawn, raking leaves, or babysitting, then yes, it is a hard feat to accomplish. However, there are easier ways to have multiple streams of income. There are even ways to make multiple passive income streams, which means that you can make money literally anywhere, without ever lifting a finger.

Doesn’t that sound better than a couple of odd jobs now?

ESTABLISHING MULTIPLE INCOME STREAMS

Not every idea is going to be a breakthrough and not every attempt at multiple income streams is going to be successful. And, you know what? That is absolutely okay. As the old adage goes, “Rome wasn’t built in a day!”

Active or passive, there are several different ways to establish many income streams that can add to your current, more elaborate corporate position. Even a stay at home mother or a broke college student can use some of the below tactics in order to generate some side sales and make a quick dollar to help pay for little things, like groceries or the electric bill or that corsage for Homecoming.

A few ideas for passive or active income streams can be:

1. Start a blog! With enough traction, blogs can generate ad sales.
2. Start a YouTube Channel! Just like with blog ads, the same holds true for YouTube (maybe even more so). With enough traction, YouTube will pay to show ads before your videos, which gives you a percent commission.
3. Become a Freelancer! Do you have any great skills that you would like to make profitable? Anything from computer programming and coding, to writing magazine and newspaper articles, to editing said articles, to creating dances, to hosting workshops, or even starting your own door-to-door cleaning service are all profitable business ideas. Some warrant more work than others — generating clients for a door-to-door business or preparing and selling tickets to a workshop is vastly more time consuming than simply writing a document, for example — but the point remains the same. You control your own pay and your own hour, so not only do you get paid the amount that you deserve, but you also get to work your side hustle on your own time.
4. Sell, sell, sell! Do you have anything old sitting around the house that you would not mind parting with? Clothes, electronics, collectable items, even cars are great items to pawn for a quick dollar.

In fact, let’s delve a bit more into the art of selling as a side-hustle, just so you can see how much money can truly be made from a small income stream.

LEARNING HOW TO SELL

Ask that same entrepreneur that you already stopped on the streets how important sales are, and he may answer: “Sales are, by and far, the most important thing.”

You can also argue that no matter what you do, you are always selling yourself. Even something as miniscule as debating that you should order Chinese food instead of Indian, or what color dresses your bridesmaids are going to wear, or whether the lights should be colored or white at Christmas, is sales — because, really, you are standing and trying to convince the other party that your decision is the best decision.

And that, my friend, is sales.

So how does that correlate to you selling old shoes for money? Very easily. Because, especially with used and outdated things, convincing the opposing party that they need what you’re selling is paramount. First, figure out what you are going to sell; second, figure out how to sell it; third, figure out a proper price point; and four, sell!

So let’s go over each point step-by-step.

1. FIGURE OUT WHAT YOU ARE GOING TO SELL

Selling is great, but finding something to sell is always the hard part. Have you ever had the greatest idea ever that you should design a product and sell it to market, making millions in the process? Nearly everyone does at one point or another. But then they stop because they’ve ended up stumping themselves: they have absolutely no idea what to sell. They have all the tools and drive, but no ideas.

Luckily, you have already decided to sell your old things. You’re already on the fast track to success! But which things to pick, you may be wondering?

There a few tricks to picking the best stuff to sell, ones that you will not miss and someone else may want. First, try the Three Month Rule.

The Three Month Rule is simple: if you have not looked at, touched, or thought about something for three months, then it is acceptable to give away or sell. If you have more recently purchased it and are having second thoughts, wait a little longer; if it has been longer than three months, then why haven’t you gotten rid of it yet? That old sweater or pair of running shoes are just burning a hole in your wallet where more money should be!

Here are a few other guidelines for figuring out what to sell:

1. If it looks old, dirty, or cheap, chances are that no one will want it.
2. If it is extremely old, try passing it off as vintage. If that doesn’t work, try it’s probably safe to donate.
3. If it’s damaged, don’t even try to sell it. Selling damaged goods will hurt your credentials and you diminish your potential client base.
4. If it smells, just wash it before sending it.

Other than that, it’s just common sense. You got this!

2. FIGURE OUT HOW TO SELL IT

So now you’ve figured out what to sell. That’s great! You have essentially conquered the hardest step in the whole process.

Now you need to figure out the best way to sell. What is most important here is to choose a method of selling that works best for you! What works for your friend, neighbor, or co-worker may be the exact opposite of what is best for you. If you prefer people, maybe in-person sales is better for you; if you prefer to work behind the scenes, then online sales are probably your best bet.

In-person sales can include door-to-door sales, yard sales, and tag sales. None of these options are very glamorous and require a good amount of work for little pay, but they are a sure-fire way to force you to interact with other people. (They also require a lot of marketing and nearly your entire weekend, so really think this one over.)

Behind the scenes sales are typically completed online, on websites such as eBay or Amazon bookstore, or now-a-days with iPhone or Android apps, such as LetGo, Poshmark Closet, and Mercari. Online sales are a surefire way to generate a passive income, too: simply post whatever you are selling online and wait. However, a few tips:

1. Set a price point that matches the merchandise. Make sure to do your market research before putting the item online, because chances are that used $20 sweater will not sell for $40.
2. Make your product appealing in all photos. Online shopping is literally comprised of glazed-over eyes and quick sales, so make sure your products are eye-catching!
3. Make your descriptions, well, descriptive. Talk about the product’s high and low features and come clean about any minor wear, tears, or damage before a potential customer beats you to it.
4. Give accurate shipping! Free shipping attracts more buyers, but having them pay for shipping gives you better profit margins. Be smart with your sales!

3. FIGURE OUT A PROPER PRICE POINT

We touched a little on this in the previous section, but prices are literally king in the sales game. If prices are too high people contest them, and if they are too low then people start to question the quality of the product. Either way, neither are good for sales. Instead, beat the customer to the punch by doing your research online before posting your own pieces.

That being said, make sure that you don’t short-change yourself, either. Very often times people are not as concerned about price as you think they are going to be. And if your product is worth it — whether you are selling an in-person workshop on how to be extroverted to a T or your old pair of Nike Frees that you grew out of — own it.

Confidence sells, and confidence can be seen through your prices. If you mark your prices down too low in the hopes that its easy point will attract buyers, you may not attract as many as you think. However, if you stamp a price on there that makes sense and that you feel comfortable with, then chances are you are going to do better in the long run. Higher prices also lead to higher margins, which means you get paid more, so there is really nothing wrong with wanting to bump it up a bit.

The other thing to note is that people, especially rich people, as several psychological studies have shown, love to haggle. Just as much as you love your money, other people love theirs. And other people — although let’s always refer to them as potential customers from now on — want to make sure that they are getting the absolute best deal possible before they commit to anything. Therefore, always give yourself a little bit of wiggle room — say, up or down $5-10 from your original price — when setting your original price. Selling for $5 less than you wanted but having a loyal, paying customer is much better than sticking to your guns and having an angry potential with no sales to show for it.

4. SELL, SELL, SELL!

So now you have conquered all the behinds the scenes, and yet necessary, steps to selling your old stuff to make some quick, and hopefully passive, income. You learned how to pick quality merchandise; how to actually sell it, either in person, online, or with your smartphone; and how to set an attractive price. You are basically Superman.

Now, the only thing left to do is, well… Sell.

Selling really is not as hard as people think, however. Especially online, where negotiations can take several minutes, days, or even weeks to finish, it is insanely easy to sell anything you set your mind to.

However, some people have it hardwired into their minds that they, under absolutely no circumstances, can be a good salesman. I’ve heard so many adversities and excuses, from “I’m too quiet, I could never sell that”, to “My product simply isn’t good enough”, to even “I don’t know, I’ve just never been very good at selling things.” Which, really, are pretty weak arguments.

Instead, keep a few key things in mind the next time you try and convince yourself that you aren’t good at sales:

1. It doesn’t matter whether the customer says no. Honest and true, their opinion matters so little that you should not get hung up on it because there are always going to be more customers than the ones you are trying to convince. Besides, if you come across as timid and apprehensive because someone may say no to your product, they are more than likely going to say no. Sorry.
2. Smile, like, a lot. People are more inclined to buy when they feel good. And if you are the one that makes them feel good, they will make a positive association with you and buy more often. It’s science.
3. Show confidence. If you are not sold on your merchandise, how do you expect anyone else to be?

IT’S TIME TO SELL!

Go find your old things and get them up on eBay. It’s time to make some money!