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Selling stuff online can be relatively simple or complex, depending on your business size. But you need to start somewhere. Here’s what to know when you sell stuff online.
How Do I Manage Inventory?
Managing your stock is one of the most challenging things to get right. Supply and demand cover a large part of it. Do you buy products when they are ordered, or do you buy in bulk and shift your inventory? These are both excellent choices when money is tight and could even use small storage units for extra stock. And there are stock management apps like Inventory Now to help you. However, you also need to consider the long-term viability of a product since what’s hot now could be useless tomorrow. Google Trends is an excellent tool for specific analysis.
Do I Need to Pay Taxes?
The big question. The short answer is “it depends.” It’s a myth that you don’t pay online tax. Yet, every country has different laws around online sales. So if your primary income is coming through selling stuff online, then yes, it is taxable. However, selling the odd item here and there doesn’t count towards taxation. For example, the UK has a sales limit of £1,000 per tax year for goods sold online. For the USA, it’s $600. So if you stay below this, you don’t need to declare it, even if it’s business income. However, as an eCommerce business making tens of thousands, you will need to report any income.
Can I Make a Living Selling Stuff Online?
Whether you are a reseller, manufacturer, or artisan crafter, you can definitely make a living selling stuff online. For example, suppose you fix up old electronics. In that case, you can sell them on eBay for a good profit since broken items are cheap, and nostalgia is big business. Or your eCommerce can make a good profit selling candy in America, with an average income of just over $70,000. Finally, you enjoy indulging your passion by making your hobby your job as there’s a growing market for handcrafted or one-of-a-kind items on sites like Etsy.
Bear in mind that if you turn this into your main living, you’ll need to think like a professional ecommerce site. That means doing what the customer needs and wants: knowing how to boost sales with live chat, for instance, as well as making sure you are offering products that will sell well. However, as long as you bear that in mind, you should find that you can make a living this way perhaps a lot more easily than you might assume.
What’s the Best Site to Use?
There are tons of reseller sites you can use. eBay, Amazon, and Facebook Marketplace are great examples. As to which one is the best, it depends on what you are offering. Amazon is excellent for selling products of just about any type, and you can even write eBooks. eBay is great for used stuff, but things like hand-built PCs sell well. And then there are sites like Etsy for handcrafted items. Additionally, you can offer your services as a freelancer on sites like Upwork and Fiverr. These sites are great for writers, programmers, and graphic designers.
How Do I Manage Shipping?
Shipping is always a point of contention in online sales. Charging for shipping is one of the biggest reasons for shopping cart abandonment in eCommerce. And while you can offer free shipping, the expanse does add up. However, you can include shipping costs into the price of your products with the customer unaware. However, this means your products will cost more than competitors. So you see, it’s a delicate balancing act. Provide free shipping if the cost isn’t too much. But remember, shipping costs are based on total weight, packaging included.
Sell Stuff Online Conclusion
It’s easy to sell stuff online, and you can make a good living. But remember, you need to pay taxes for business income, and you can use many sites like Amazon, eBay, and Etsy.
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