Every day there’s more bad news…
VAT has risen, petrol prices are continually going up, and your electricity bill seems to get bigger every time you receive one. There are redundancies and repossessions announced every day… it’s really quite depressing isn’t it?
Doom, gloom and more doom. In fact, I think it’s safe to say that our ‘unofficial’ recession has affected us all in one way or another. Some poor souls have been unfortunate enough to actually lose their jobs; others are struggling to get a decent interest rate on their savings and new cars and foreign holidays are being put on the back burner until more buoyant times…
How to achieve a recession-proof business selling on eBay
I want to talk to you about selling on eBay. In fact, about how your online buying and selling business (whether it’s on eBay, Amazon or if you have your own niche website or ecommerce site) can provide you with a stable income in a very difficult economic climate. You could actually see a drastic increase in profits when the rest of the country is struggling to make ends meet.
Sounds a bit backward that doesn’t it. But I can assure you it’s absolutely true and I’ll tell you why.
What’s the first thing people do when they have got less money to spend or they are trying to budget?
That’s right – they go looking for a bargain. They become ‘frugal shoppers’. And where do they do that. Yes, online. So, if you offer value for money then you are on to a winner.
Is there really such a thing as a recession proof income? Absolutely! Establishing an online buying and selling business using eBay or Amazon will certainly take a little effort, as will any job, but the assurance that your income could be safe against hardship will certainly make it worth the while.
I’ll talk a little more about why you personally should consider the online selling route in moment, but first I want to share with you some of the reasons why your online income will flourish while the rest of the economy is suffering.
First thing’s first. As I’ve said, you should be aware that people all around the world will strive to get their hands on the cheapest possible goods during a recession than at any other time. eBay is a website where buyers know they can head to, to bag a bargain on anything from food products to electrical items, Christmas presents to everyday essentials. Hopefully you are putting two and two together now and realise that this is the key! More and more people will head to online sites such as eBay or websites where there are offers of discounts, free shipping and special ‘online only’ offers when they are trying to stretch their budgets more thinly.
Then of course there is the advantage that the worldwide web is just that – it’s worldwide! Think of those internationally reaching fingers. The Internet exists all over the globe, and there is nothing stopping you from establishing a successful global website or selling internationally on eBay and Amazon.
Ok, so are you now thinking, if this is such a great idea, won’t everyone start to make a living buying and reselling online? And perhaps you are thinking about eBay in particular – will it just become too saturated to compete?
Well, it is true that more listings may appear as individuals try to make a bit of extra income selling the odds and ends around their homes, or job lots of items that they may have picked up for a cheap price, but instead of thinking of this as a negative in that there may be more competition, think of the positive aspects.
The majority of these extra sellers will probably be inexperienced because they are just looking to have a dabble and make a bit of extra income to help them through the tough times. Why is this a positive? Because they are also likely to make obvious mistakes in their listings that may reduce the final price. And you can seek out these listings, buy cheap and resell for a significant profit.
What you need to do, unlike the sellers who are just dabbling is to really make a go of your business and make a proper income from it. This means buying at trade prices, listing carefully, building an inventory of quality, competitively priced products that sell over and over and becoming an expert in your field.
Your very own eBay income
So, it’s all very well knowing that you could have an income that will keep you safe and secure through economic hardships, but it’s quite a different thing taking that first step and doing it. Trust me, I know because I’ve been there!
It can be especially difficult if you find yourself working all hours of the day in your current job just to pay the bills. But it can be done because I’ve done it myself. I’ve spent many an hour juggling home, work, eBay, children and the dog and I can honestly say that it’s all worth it in the end.
If you haven’t got started yet, I recommend that you go with eBay first because it can provide you with an excellent and lasting income both in and out of a recession, but you could also find that the following advantages will also help set your mind at ease if you find yourself in that horrible recession driven vicious circle and on a limited budget:
Advantage Number One – Minimal Starting Costs
One of the great things about eBay is that you don’t have to pay to register, nor do you have to fork out any cash to sign up to PayPal. It will only take you 10 minutes to set up your initial account which isn’t long even if time is an issue. You can easily start up with fifty quid’s worth of stock to get you going.
Advantage Number Two – Practice without Risk
How many industries do you know of who provide you with the chance to practice a skill with no real risk? I always recommend that you start your online business on eBay first, followed by Amazon and then expand into having your own website once you know exactly what you need to continue selling to make the profits. Find a few bits and bobs around your house that you no longer need and sell them first. Both this and selling on cheap items that you may find in charity shops or car boot sales will give you some practice at selling and help you to realise if an online career is the best choice for you.
Advantage Number Three – a Self Funding Industry
Stock costs money, there’s no denying that. As you start out in the world of reselling though you should use the profit that you make from your initial sales to fund the purchase of your next stock lot and so on and so forth. This will remove the risk of investing any of your own savings into products that you aren’t sure you can sell successfully.
Advantage Number Four – the Name of eBay
Anyone struggling for money in a recession is likely to be on the lookout for bargains and although sometimes it’s disadvantageous that eBay is still viewed by many as a ‘bargain basement’, in a recession it’s definitely an advantage. That’s why it’s good to sell on eBay; it’s one of the first places consumers look when they are scouting for a good deal and this is absolutely, without doubt what you can capitalise on to earn serious money, no matter what the economists say!
5 products that will make all the difference in a recession
Now have a serious think about what you could sell during a recession…
Think about improvements, repairs and saving money in general – look, here are three examples for you to ponder on that I found during a quick search on eBay:
* No money to go to the pub? Brew your own! This Home Brewing Kit is big business. eBay Item number: 320574383778.
* Pranged the car? No need to pay £50 plus to call out a professional. This Car Dent Puller is selling in multiple quantities every day. eBay Item number: 310294839434.
* Creative types will set to work customising and/or making their own clothes to save money. These Dressmaking Pinking Shears are very popular: eBay Item number: 300506013266.
In fact, any goods that you market as a means of saving money will see increased demand during a recession:
* Rechargeable Batteries are an excellent money saver. Look at the sales on this product: eBay Item number: 150540892784.
* And here’s a final one for you: Fitness and Exercise items! No-one wants to pay those extortionate gym membership fees at the best of times. Let alone when money is tight. The solution: Workout DVD’s and home exercise equipment. Kerry Katona’s DVD is popular right now, but there are plenty of others all selling in multiple quantities: eBay Item number: 150585615891.
So you see, people still spend money, even in tough times. To take advantage of this you just need to have the right product. Then you’ll be recession proof!