eBay isn't just a hobby anymore, it can be used for a lot of things, including paying off debt such as student loans. Many twenty-somethings are tackling their student loans by learning to sell unwanted junk on eBay. Profitable junk is abundant, easy to find, and becoming more plentiful as Baby Boomers are starting to downsize their homes with a lifetime of accumulated possessions,and those possessions are ending up in thrift stores all over the country. Getting a college education isn't cheap which is why so many students have borrowed to pay for their education. It can take two decades to pay off a student loan, especially if using the extended payment plan.
Many young people have found themselves in a world of trouble and debt now that they have graduated and their first real job may not be paying the bills. They don't want to default on their student loans. Some are turning to drastic measures like selling plasma or working extra part-time jobs at minimum wage just to make the monthly bills. Others are using the world's online marketplace to hold a virtual garage sale 24/7, and making money doing it.
Where do you find things to sell on eBay?
Since they don't have many possessions yet, twenty-somethings have to find inventory to sell on eBay. Gently used items can be easily found at thrift stores, garage sales, flea markets, on Craigslist or even on Facebook Yard Sale Groups. The trick is buying items cheap, and selling them for many times their purchase price. For example, clothing can be purchased at a Goodwill store for $5 a piece, and sold on eBay for sometimes up to $100, depending on the brand and style. Selling on eBay is a skill, but one that Gen Y kids can pick up easily.
Can't afford to buy inventory? Get free stuff to sell.
If you don't have the cash to buy inventory to sell, there are plenty of sources for free inventory if you learn where to look. Again, the trick is to figure out the junk that sells. Repurposing is a huge trend right now, and many DIY and crafters are looking for items to make that special repurposed item. Free stuff can be found on Craigslist under the free section, FreeCycle, by dumpsters, or even on Facebook Yard Sale groups. Seek and ye shall find!
What kind of items sell best on eBay?
You'll get different answers depending on who you ask, but the most common answers are:
- Video games
- Kitchen gadgets
Learn to sell on eBay the right way
Many people have attempted to sell on eBay but failed because they don't understand the marketing or customer service side of selling online. A new virtual school, Unite Commerce, offers online classes taught by eBay experts to help others learn how to successfully tap into the earning potential of an at-home eBay business. One class. "The Profitable World of Selling Pre-Owned Women's Clothing on eBay" gives specific instructions on what items to look for at thrift stores that are good sellers online. Instructors teaching the classes have been selling used clothing on eBay for a decade or more - as their full-time source of income.
eBay reports 86 million registered users, gross merchandise sales in Q3 2013 were 5.8 billion dollars, and 40% of home-based businesses selling online do so without a website of their own, (Factbrowser.) Get started selling on eBay by watching the introductory How to Sell video on the site.
eBay is a great source of fast cash for anybody who takes the time to learn how to use the site.