Making Money pt. 1 - Starting Somewhere

Well, this isn't really a hobby I suppose, but it is something that interests all of us. Making money is likely the most arduous task as there is fierce competition in this field. In truth, there are rarely any working get-rich-quick schemes - most of which are scams. If you're actively seeking out a way to get rich fast the easy way, you mine as well be buying lottery tickets, as both seem to have a payout in the red.

My first lesson in this field would be to prepare yourself for a long and ostentatious journey of sleepless nights and hard work. Just kidding! Sleepless nights might be pushing it, just be prepared for a lot of work!

If you're thinking about starting up a business or just wanting some quick pocket money, consider selling a few of your old items on your local Craigslist.

Just go to: http://craigslist.org and set up your account to start selling. It's free, fast, and easy.

Just some tips as you sell your old stuff:

1. ALWAYS include a picture. An item without a picture is never going to sell well, it's shadey. Would you buy an item that you can't see? A picture is worth a thousand words, trite, but true. With that being said, BE descriptive with your item. Include measurements, damages, and additional info relevant to the buyer, they will appreciate it and will reward you with interest in the item.

2. When taking your picture, take your items to a clean background. Never use flash. Take a picture in a well lit room. Take a couple close up pictures. See photography in this blog.

3. ALWAYS accept cash only. Unless the person is someone you know and can trust, never accept money order, check, best western, etc. CASH only. Reason being: It's common courtesy for the buyer to pay in cash so they should understand. Scams are prevasive on craigslist, and accepting any form of payment other than cash is largely susceptible to those scams. Also, even though the buyer might not be a scammer, the check might bounce, and you're faced with the difficulty of trying to get your money back.

4. Find an appropriate value. Cut all emotional ties with your item. To the buyer, your sentimental value means nothing in terms of price. An item bought right off the shelf, even though unused, might lose 20% of it's value right off the bat. Any scratches, rips, or chips also significantly depreciate the value. So consider the price of your item carefully.

5. Don't sell your item for too low! While you're encouraged not to get greedy, there is a reason someone is interested in your item. That interest is largely porportional to the price at which you can sell it for.

6. Look around, survey the market before placing your item on sale. The price at which you can sell an item is also largely dependent on supply and demand. For example, in areas with a college campus, you can sell a road bike for much higher than you would anywhere else - just because students are more likely to want a cheap used bike. Consider the population of your community and see what they want. A good indication of what is desired is what is already selling on craigslist.

7. CLEAN your items. You don't understand how much more you can sell your items if you just wipe them down. Appearance of the item first-hand makes or breaks the sale. Either that or you'll end up negotiating for a much lower price. Clean your item before you take the picture. If there is anything in your power to make the item more functional, cleaner, and more sellable in a reasonable amount of time: DO IT!

8. Be prepared to negotiate. A little annoying part of selling your stuff on craigslist is that you advertize a price, but that price just seems relative/abstract/intangible. People rarely adhere to the price and will always want to negotiate for a lower one. You're in a losing battle, because you can't negotiate for a higer price than what you listed, but they can always negotiate a lower one. A lot of buyers feel good shaving off a couple dollars. Depending on the price of the item, I don't mind too much. For example $25 dollars off a $450 couch is not too bad, just because $25 relative to $450 is small. But $10 off a $30 water dispenser is not especially good on my end of the transaction considering that's 33% of the price I'm selling it for. So there are a couple things you can do to combat rampant bargaining on the consumer end.

• 1. Explain to them kindly that, you'd rather sell it for the original price. If you have more people interested, don't be afraid to let it go. I will admit...this is the least effective.
• 2. In your advertizement, say you are firm on the price.
• 3. Price your item a little higher, and prepare for bargaining (you have to becareful)

If you are a master at #3, I think it's the most effective. Just because people buying will feel good about shaving the extra dollar and your selling price won't take as hard of a blow. Becareful not to price it too high so that you get no offers.

9. When a buyer is interested, be prepared to give them your number and address. If you can, meet in a neutral location as that is always the safest option. Pinpoint a specific time to meet and encourage the buyer to call you if they cancel.

10. If a buyer is really interested in an item, and they ask you to hold it, DO IT! It would be very rude and on the verge of malpractice if you didn't. If you need to sell it ASAP kindly explain why you can't hold it. If it's a large expensive item, ask them for a down payment. I've had good experences with holding items as people appreciate you and will often buy the item from you in the end.

11. My last advice to you: be organized! Don't consider selling 100% of your items unless you're pretty much giving them away for free, so consider selling large numbers of your old stuff. Clear out your garage, closet, or whatever and sell them all. Catalogue your items, perhaps in an excel sheet or something with potential buyers who contact you about the item. Also be prompt with your e-mail. Responding a whole day later will be too late for many people! They probably would have already bought another item.

That's it guys! Hope you're on your way to making some quick cash! I sure have. My goal was $499 for my bike, but I've sold about $900. Considering these are items I'll never used in the future, it's not too bad. Also I'll be continuing to sell more stuff, like my brother's guitar!