The online auction industry is big business, and people all around the world are making money everyday using many different strategies. The basic idea is simple- buy something for cheap and resell it to make a profit. But where can you find valuable items at cheap prices? And how do you turn around and sell them for more money? This article will cover just that.
So the first step is to find valuable items at discounted prices. And there’s a couple ways to do this online. First, you can check out Craigslist and see what people are selling in your area. Sometimes you can even find people giving away valuable items just because they need to get rid of them. Craigslist is a great place to start.
Another source of finding huge discounts is checking out penny auctions. These are auctions where you pay $1 per bid, and try to be the last bidder on an item before the timer runs out. The last bidder gets to purchase the item at the final price, which is usually very cheap. You’ve probably heard all the hype about people getting iPads for under $10, these were won through penny auctions.
Once you start getting new products at cheap prices, you need to sell them and make a profit. eBay and Craigslist are usually the two best places to start selling online. Craigslist is great because it’s free, but you’ll only be reaching your local area. eBay isn’t expensive to post items for sale on, and you’ll be reaching a global audience. But your best bet would be to post the items on both sites.
Once you have sold a few items, you’ll start to get the hang of it and be able to repeat the process faster and faster. You may even start buying more items and building an inventory. This is how people are doing this full time; they’ve made it into a real business.
One final tip, if you use penny auctions to get merchandise, make sure you study up on some strategies that will give you an advantage. One common misconception about penny auctions is that they’re entirely up to chance. This is not the case, and you can see this if you look at the statistics. The more experienced players are usually the ones who win the most. And thanks to the internet, you can read the tips and strategies these experienced players use every day.