One of the greatest costs to running a successful online business whether on eBay or Etsy or your own website is the cost of inventory!
I am reminded by this weekly on the hit ABC TV series Shark Tank! Entrepreneurs regularly arrive on the show to ask the sharks for funding for their inventory!
To be a success selling on eBay and Etsy it’s crucial for sellers to watch costs.
Keeping costs under control is always a crucial element for the total health and continual success of your online business.
Sellers ask me “Kathy where can I get free stuff to sell?”
Well sellers, I’m going to tell you!
1- Go in your closets and drawers!
Though technically not “free” unless everything in your closet was given to you, your home is full of potential items to sell. Make a pile of items that are still in great condition but that you and your family no longer use! Now you have plenty of products to sell on eBay. If you also have vintage items in your pile you can also list it on Etsy!
2- Offer to take unwanted items from friends and family.
Many times if you offer to help people clean out their garage or attic you’ll find that they will end up with boxes of items they are ready to get rid of ! Many of these unneeded products are still in great shape, it’s just the owner doesn’t want or need them anymore! Well online sellers volunteer to take the boxes!
Volunteer to take the boxes!
3- Check Craig’s List and Free Cycle papers in your area.
There are great items offered for free for you to pick up from someone downsizing and/or moving.
Some free cycle groups have strict rules against re selling so be sure and check your local free cycle guidelines.
Do a little research online and you’ll quickly know if the free item is something you want to pick up to sell on eBay or Etsy!
4- Be at yard sales, estate sales, auctions at the end of the event!
Yes you heard me right at the end and I’ll tell you why! Often there is still lots of great items as the sales are ending. The people running the events DON’T want to have to rebox and haul the inventory home and or throw it out! Again sellers you are there to help! Volunteer to pack the items and take them off the tired seller’s hands. They are happy to not have another task after along day, and you just scored more inventory!
So sellers volunteer! Volunteer to help friend’s clean out attics, volunteer to take unsold inventory at sales and auctions and keep an eye on you own home for inventory on your shelves!
I need big help with these free items..i have picked up hundreds of items and plan on selling them and keep aquiring them. How do I deal with the dates and sources if it’s unclear because of the volume. Cost of goods is zero. Do I have to report the items themselves as valued income separately? Or can I just sell it and report my 100% taxable income as self employed? It’s not separate from those taxes right? And can I deduct final value fees commissions shipping ect even though they are technically personal items but being sold in business like manner whether it’s free or out of my closet? Sorry I know it’s a lot of questions but it’s very important to me and I’m sure many more people. IRS will not help me! So I’m better off asking someone who does this.
Great question Bill.
I’d contact a local tax professional and ask their advice.
I don’t give tax advice as I’m not a CPA.
I’ve been doing this. In fact, for the last 3 months I’ve been selling things from my home. I’ve also checked Craiglist free items and asked family members for things they didn’t want anymore. If it wasn’t illegal here I’d seriously take up dumpster diving! By the way, I’ve also checked the estate sales and even on the last day where I live, everything is still priced extremely high. My best bet though is garage/yard sales, but there won’t be any until around May, due to the winter season! Health conditions also keep me a bit limited as to what I can and can’t do. Going to hang in there though and do the best I can. By the way, these are very good tips for sure!
I’m so glad my tips are helping you find inventory Janet. Be sure and sign up for my newsletter!
This is exactly what I have been doing. Selling many vintage items I have from my own things and then when my father died, I got a huge amount of things that had belonged to him and my mother since the fifties. They did not throw anything away. It was funny to me that nobody else wanted their stuff. I took it all and sold almost all of it on eBay.
Smart Kathleen!
I go to church, school, and organizations rummage sales at their closing time. Most of the time the volunteers are going to load everything left over in boxes and take them to the nearest thrift store. I ask if I can box up anything I want and take it. They are not interested in getting a tax donation from the store so they almost always say go ahead. The last preschool rummage sale I did that to, I got hundreds of dollars of craft materials, a wedding dress, 4 boxes of sellable books, good kitchen appliances, and great toys! My car was filled to the brim. It will all add up to at least $500.00 in sales or more. Even though I was told I could take them for free, I offered to give a donation. She said $20.00 would be nice, so I handed her a $20.00. It was well worth it.
Mary Beth that is fantastic! Thanks for posting!