A PROFESSIONAL eBay seller has revealed how he turned a £1 purchase in Poundland into £513 profit in just seven days – and you can do it too.
Zain Shah specialises in making money online and regularly shares videos on how people can make passive income on his YouTube channel.
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In a recent video he revealed how it is possible to turn a £1 bargain into £500 profit by re-selling Poundland products on eBay.
Before doing anything else, Zain suggests checking the Poundland website to see what products are available and then seeing if the same products are selling on eBay.
He found that a hanging basket with a liner costing £1 in the store, was being sold in packs of two on eBay for £13.10.
Zain says selling in quantities of two is a good idea as the postage costs are similar but you can charge a higher price.
The baskets are clearly in high demand as the seller’s listing shows they have sold 86 units.
Zain then uses an online eBay/ Paypal calculator to work out what the seller’s profit would be after shipping cost and eBay’s commission.
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With every two units sold, the seller makes a profit of £5.97.
He says: “That person has sold 86 of them within one week, he managed to make £513.42 profit, which is a very, very decent profit.”
As long as the products are not branded, you can give a generic description in both the listing title and product description, he says.
If the item is branded then that brand name should be included in the interest of full buyer disclosure.
Zain says this strategy of buying and re-selling can be applied to any number of products.
He adds: “If they don’t sell, keep the receipt, you can always return the item it’s not a big deal.”
Of course, there are risks to bear in mind and it’s important to be aware that just because one seller has had luck with an item, it doesn’t mean you will too.
Be sure to factor in eBay’s fees and postage costs before listing anything, or you could find yourself out of pocket.
There are plenty of eBay success stories out there – like the woman who made up to £30,000 by selling her clothes on the website.
But there are just as many failures – like the seller who made a loss when he sold his new Jane Austen £10 note for less than a tenner.
It’s important to be honest about what you’re selling, or you risk negative reviews, which may mean people are less likely to buy from you in future.
Setting a reserve price can help make sure you don’t end up making a loss.
But if you’re planning on returning unsold items, make sure you check the store’s returns policy – they aren’t always obliged to give you a refund.
And don’t forget, there are more places to sell your stuff online than just eBay – we’ve looked at the best places to sell different items.
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