Does Anyone run an eBay business?
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My_First
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I havent got an ebay business, but remember if you do start doing it 'professionally' and you make over x a year, you will have to start paying tax. You will have to register yourself as self employed with HMRC, and start filling in a tax return each year. If it really takes off you will have to register as a Ltd company and pay VAT (but this isnt until you make over 70k, I think, a year).
My_First
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You can try local auctions, charity shops. Look at what sells well first, and see if you can compete.
bambinoccino
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Not yet but i'm thinking about it.
Just testing a few products out on eBay on the moment I would think about selling if they go well then I may register as a business seller but not pay for a shop straight away. As they are quite expensive.
You've got to work out what you are going to sell first and how diluted the market is, what are you passionate about?
I love little vintage style nik naks, gifts and gadgety things so I would probably sell those, then its just about finding suppilers and pricing.
Times are getting tougher and people are more gaurded with their money and eBay fee's are constantly going up.
Just testing a few products out on eBay on the moment I would think about selling if they go well then I may register as a business seller but not pay for a shop straight away. As they are quite expensive.
You've got to work out what you are going to sell first and how diluted the market is, what are you passionate about?
I love little vintage style nik naks, gifts and gadgety things so I would probably sell those, then its just about finding suppilers and pricing.
Times are getting tougher and people are more gaurded with their money and eBay fee's are constantly going up.
- Your profits will count as 'earned income'. And be taxed a such. A bit like wages are 'earned income' and taxed.
- You don't ever have to register as a Ltd company unless you want to.
- VAT kicks in at about £70k yes, but once you register for VAT, you can also reclaim VAT on your purchases. You would have to be selling a LOT of stuff to get up to £70k a year.
If I were you, I would just keep a list of all your expenses and a list of all your 'sales'. One minus the other is your income that will get taxed. That's about all you'll need initially.
If you can buy stuff from China then it will be dirt cheap. Problem is though, you tend to have to buy it by the container which means you will have TONS of stuff
You could always start with a look round your nearest Costco!!
Dinah93
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When I was 17 I used to buy bundles of vintage dresses from the states for about $60-$70 for 10 dresses plus $30 postage, break them, then sell them on again in the UK for an average of around £25 a dress. A few made over £200 because these things had no upper limit, it wasn't like that dress could be found anywhere else. My ex was a computer geek who used to buy old console's at car boots for £5-£10, clean them up, get them working if needed, then sell on ebay for £45 or so. Again, something that was of limited quantity due to the age and condition. Even my mum used to buy random hats and dresses on ebay, pair them up then sell them as wedding outfits for 3 or 4 times what she bought them for. This was more about people getting a perceived bargain, as a dress and hat rental in a shop might cost £250+, but a used set was costing £100 and they knew they could sell it on again afterwards.
Don't forget if you are buying specifically to resell then this is taxable income, and legally needs to be declared to inland revenue. If you have no other job you may well find you are under the income threshold, you still need to declare you are doing it, but you won't pay tax.
It really isn't easy to make money on ebay now, I had my ebay seller account blocked, with 100% positive feedback, because my dispatch star rating dropped from 5 to 4 stars (all my listings state I post once a week, but people marked me down for this anyway). This month my mum has had a clearout and has made just over £400 on ebay, but owes £48 in fees so this has to be factored in. You need to find a real niche that will sell consistently with a comfortable profit margin to allow for the people who say it got lost in the post (proof of postage means nothing to paypal), or that the item was damaged on arrival, and still make it worth your time doing.
Don't forget if you are buying specifically to resell then this is taxable income, and legally needs to be declared to inland revenue. If you have no other job you may well find you are under the income threshold, you still need to declare you are doing it, but you won't pay tax.
It really isn't easy to make money on ebay now, I had my ebay seller account blocked, with 100% positive feedback, because my dispatch star rating dropped from 5 to 4 stars (all my listings state I post once a week, but people marked me down for this anyway). This month my mum has had a clearout and has made just over £400 on ebay, but owes £48 in fees so this has to be factored in. You need to find a real niche that will sell consistently with a comfortable profit margin to allow for the people who say it got lost in the post (proof of postage means nothing to paypal), or that the item was damaged on arrival, and still make it worth your time doing.
