“Make money from home and quit your day job!” I love hearing those ads on the radio urging you to quit your day job or diversify your income by working from home, but what would you do? How would you start? Is there a catch?
Well, some of those ads might be legit and in a way they are right, there is a way to work from home and diversify your income, but I wouldn’t quit my day job yet. eBay, Amazon, Alibaba are great avenues to look when thinking about making additional income from home, but what do I sell?
If you’re on eBay, you can sell pretty much anything as long as you fully disclose the product conditions. This is great if you want to sell your old purse or shoes, but that’s not really a long term strategy. Some eBay sellers are coupon clipping, BOGO shopping geniuses with a knack for finding great deals locally and shipping half some place else at a good price. I’m not convinced it’s a lucrative business, but it certainly generates additional revenue.
Amazon is far more restrictive and certainly does not like used products in their portal. When you want to be the store of everything, sometimes, it doesn’t really mean EVERYTHING. It seems like almost everyday Amazon is restricting another category, making agreements directly with the manufacturer, and consolidating profitability into smaller groups. This doesn’t mean that Amazon is going to push out the resellers, quite the contrary.
According to Statista.com, third-party resellers represent over 50% of the units purchased on Amazon and that has maintained since the first quarter of 2017. However, it’s not always easy to sell on Amazon and if there are multiple resellers on the same listing, you’re likely to get into a price war. This is much like what Brick & Mortar establishments experience with loss leaders and BOGOs, but it hurts the reseller wallet and is not a long term strategy. So what does work? Is it worth the risk? How do I find product?
The first thing you want to do is RESEARCH! Don’t just take my word for it, go out there, visit Dr. Google and get educated. Yes, you can make money selling online, anyone can, you just need to find the right products. There are many manufacturers, distributors and wholesalers happy to sell their goods and move inventory out of their warehouses. Stay tuned for updates and advice on entering the e-commerce world. Good luck!