Buy products cheap and sell high

Buy products cheap and sell high

It is the most basic of businesses, but if done correctly can be a massive money spinner especially if you pick the perfect time.

Firstly you need to find something that people around you want to buy:

  • Soft drinks
  • Ice creams (great at summer, obviously)
  • Memory Cards / Sticks
  • Clothing
  • Technology
  • Stationary
  • Photographic Paper / Ink
  • Beer

If it’s to sell online, make sure you do your research to find the right products

Then you need a reason for them to buy from you instead of going elsewhere

Because you’re going to offer added value, value that makes someone buy from you, rather than a competitor. A few examples of added value:

  • Delivery at a time that suits the customer, i.e. if its sunny, the customer can stay where they’re and buy an ice-cream from you instead of walking 2 minutes to go to the shop.
  • The price, if you can buy in bulk and offer a better price than anyone locally.
  • Help with setup and problems directly with them + probably ‘on call’ support.

So where do I get bulk products from?

Do your research first!

When buying in bulk it’s sometimes easy to think something is good value, when in fact it’s not. Compare the market, have a look at previous prices on eBay/Amazon etc to get a rough idea of what someone is willing to pay.

Remember legal requirements + TAX + VAT

First of all you can’t really go around selling food/drink etc without the appropriate licences etc, best to check with your local council.

Remember you will most likely have to keep a good record of your income and pay tax appropriately at the end of the year
Wholesalers generally sell to companies who don’t pay VAT on purchases, so they may not show the VAT price, this is especially true in Costco & it can easily trick your brain!

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Important things to remember with everything we post:

  • If you earn over your personal allowance (currently £12,570 a year) HMRC need to get their % cut (even if the money is in cash or from another country)
  • If you’re working for yourself / earning an income on the side you need to let HMRC know – There are numerous benefits but also some drawbacks
  • You need to always ensure whatever you’re doing is legal and not hurting anyone else – be careful and always think twice
  • Some income streams may require you to have DBS check, licence, insurance or qualifications before you can start to profit from it, do your research.
  • Be careful that any additional income doesn’t compromise your studies or main income/job
  • If you work for a company check your contract, if you don’t inform them you’re working on other side projects outside of work they may have grounds to ownership on this work

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