Make money with pound shop upselling
Looking for your next money-making project? Buying things from pound shops and upselling them online is a surprisingly efficient way to make some quick cash!
Credit: Pittaya - Flickr
There’s no denying you can pick up a bargain or twelve at the pound shop (but remember: just cause it has a £1 price tag, doesn't mean it's a bargain - some products will cost you less than a quid elsewhere).
In fact, it's even possible to walk out the pound store richer than you were when you walked in - by getting your hawk eyes on, your phone out and your money-making brain in action!
According to money-making guru Gary Vaynerchuk, you should be able to find between 7-15 items on each visit to a pound store that will sell online for upwards of £5-10 a piece. Some might say this is a smidge optimistic, but play it right and there's definitely potential to earn up to the £100 mark selling on your cheapo purchases.
You just need to choose your items carefully, and know how to work the eBay selling game like a pro. Here are some pound shop upselling tips to get you started!
4 steps to upselling pound shop purchases
Choose what to buy
Whilst wandering around the pound shop checking stuff out is perfectly reasonable, there are a few things to know in advance that can make the process quicker and less likely that you'll be approached by a member of staff for spending hours inspecting every item in store.
This might be obvious, but worth pointing out nonetheless: Your bog standard items aren't going to fetch much interest online, so keep an eye out for the more unusual items in store (kids' sections tend to be a gold mine, FYI!).
Focussing on topical, trending, limited or niche products will undoubtedly bring in the most cash. For example, Disney themed items will almost always sell well online, particularly if the products coincide with the release of a new feature.
If you're worried about spending too long wandering around the pound shop aimlessly, remember you can always check websites first - you can't buy from pound shops online, but they're a good place to check out what's on offer before heading in.
Scan the item to see what it's worth
When you come across an item in store that your money-making nose has sniffed out as a potential, look it up on the Amazon app.
Whilst Amazon isn't the place to cash in on your items (they don’t have a bidding system and seller costs are higher than eBay as they include substantial extra charges), the app is great for checking product keywords and market prices quick sharp.
You'll also get a quick idea of how easy it is for shoppers to get their hands on the item. If there are loads of third party sellers listing it at low prices, this is a sure sign the item isn't worth your time.
Checking the item on Amazon couldn't be easier - you can either scan the product barcode to get an instant result, or you can even just take a picture of the item via the app's camera function and you’ll be presented with all the info you need in a jiffy.
Check google shopping too (enter the product name into the search bar then click 'shopping'), as this will give you a good idea of your item’s true market value and will ensure the market isn't totally flooded with this product (in which case, no one will pay good money for it).
Head over to eBay
If you reckon you're onto a winner with the item, the next step is to do a quick search for it on the eBay app (using the product name/ keyword that came up on Amazon) to see if anyone is already punting the item and what it’s recently sold for.
Don’t bother looking at what price sellers have listed the item at - focus only on what it’s already sold for (do this by clicking 'Advanced search' and checking the 'sold listings' box).
This is because sellers will often list items on eBay at ridiculous prices to try and push their luck, but that's no indication of what they’ll actually be sold for. Check out our eBay buying guide for more tricks!
If it's a gem - bag it and resell it!
All that's left now is to part with your pound(s) and head home to upsell those babies on eBay!
If you find an item that seems to be particularly valuable, there's no harm in scooping up a few to sell on, but don't go overboard - you could end up with a box full of Disney pencil cases that nobody wants if you can't flog them quickly enough.
For everything you need to know about getting the most out of selling your items on eBay, check out our ultimate seller's guide.
How much money will I make?
Now on to the money bit! It is worth bearing in mind that you will incur a few charges on eEay with every item you sell. These include postage, packaging, eBay's charge and paypal charge. You can find out the exact details about prices in our eBay seller guide.
Your pound shop upselling could see you making anything from a few quid to enough cash to feed yourself for a week - it all depends on how timely your find is, so do your research!
Pound shops aren't the only places to pick up great fodder for upselling, either. Primark is a great shout, with items like this Beauty and the Beast coin purse and these Aristocats slippers selling for upwards of a tenner on ebay.
Budget supermarkets like our beloved Aldi and Lidl are also particularly effective for this game, as all non-edible products sell for a limited time only, meaning people will pay out if the item is in demand.
A recent example is Aldi's scented candle range that saw shoppers queing out the door for - they cost just £2 but are now selling for just over a tenner a pop!
Looking to seriously cash in? If you've got any of these childhood toys in the attic, you could be sitting on a small fortune!