1. Sell On Ebay
During my pre-teen and early teenage years I went
from playing with Transformers, GI-Joe and LEGO, to
playing Nintendo, Sega and Gameboy. Eventually I
added the card game Magic: The Gathering to the
mix at about 16 years of age. All of these things were
passions for me at various stages of growing up, but
one thing remained consistent throughout each
stage; I traded and sold toys and games I no longer
wanted to make extra cash.
In Brisbane where I live, before the Internet there
was a newspaper called the Trading Post that was
published every two weeks. It was an aftermarket for
pretty much everything. Whenever I grew tired of a
game or a toy I’d sell it via the Trading Post, usually in
an effort to make enough money to buy the new toy
or game I had in my sights.
Eventually the Internet came along and the Trading
Post no longer commanded the secondhand market
like it once did (though it did successfully transition
online). It quickly became clear that eBay was the
winner when it came to secondhand commerce
online. As a result my first experience making any
money from the Internet was selling old games, toys
and electronics on eBay.
EBay is still I believe the best way to gain experience
making money from the Internet for two reasons –
1. You are pretty much guaranteed to make some kind
of sale and thus experience a transaction
2. EBay has the traffic, so you don’t have to worry
about marketing your product beyond creating a
good listing, the eye-balls are already there
These two reasons make eBay a great first stop
because you will learn how to list something for sale
online, how to take money (possibly your first
experience with PayPal) and about the importance of
things like titles and copywriting, if you spend the
time to study how to make your eBay listings convert
better.
The best thing about eBay – the abundant traffic –
is also the worst thing. Barriers to entry are low on
eBay, meaning competition is fierce. When
competition is fierce, profit margin is slim. Unless
you can find some form of competitive advantage
through your supply chain, how you create listings,
or you have a means to increase volume, you’re not
going retire rich thanks to eBay.
I spent quite a bit of time studying eBay, both as a
business model and as a means to capture new
customers because of how much buying traffic is
there. There is no doubt that eBay is a fantastic
website that represents a huge potential to make
money, but in my case I wasn’t keen to build my
business there, it didn’t match enough of my criteria.
However eBay is a fantastic way to make quick
money, even just as a way to turn your old items into
cash to start a new online venture. If you’re brand
new to Internet marketing and you don’t know your
PayPal’s from your Clickbanks, or your PPC from your
SEO, eBay is definitely a great place to learn some
basics.
2. Sell products in forums, bulletin
boards, classifieds and other
community type sites
The card game Magic: The Gathering was a big part
of my life from the end of highschool to the
beginning of university. Although initially I was just a
casual player and then tournament player, I quickly
became a card trader and really enjoyed the
wheeling and dealing. Although my interest in playing
the game wained, most of my early projects online
were connected with the game.
Before having my own website, I spent time reading
websites, newsgroups, bulletin boards and forums
about the game, and eventually started trading
online. Back before search engines were any good
most of my time was spent in particular Magic
newsgroups, some that talked strategy, and some
that were focused specifically on trading and/or
buying and selling cards.
I managed to make spare change selling my cards
through these sites. The main reason I could make
any money was because I would win cards in
tournaments, hence I had a supply source that would
result in a good profit margin. Of course this wasn’t
sustainable unless I kept placing well in tournaments,
nor was it really scalable unless I started buying in
cards from other sources.
I stopped using this method once I started my own
card game site (more on this below), however I still
believe niche collectables, particularly in a market
that you really love, is a fantastic starting point to
gain experience making money online. Like eBay you
can make money selling secondhand items in
community sites if you can find a way to source
product at cost or below. It’s not a model that has
much margin so again the challenge is to scale if you
want to make significant profit.
3. Sell products from your own
website
My first successful website was about the card game
Magic: The Gathering. At first the site was just a
hobby with articles written by me and a few friends.
Eventually as traffic grew I began making some
money with the site.
Since I was already a card trader it made sense that
my Magic site have a Magic card store. At first I
stocked the website with my own cards, and
eventually added retail “sealed” (unopened packs of
cards) by buying product at wholesale from a
company in Sydney.
It was a very simple card shop made up of text
listings of the cards I had for sale, the quantity
available and the cost per card or per pack. I
maintained the inventory myself from my room,
sorting and listing cards online by hand using plain
text. I didn’t use any software and most of the
payments I received back then was via check or
money order in the mail. Some kids would even send
money and even coins (!) in the mail to pay for their
purchase.
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