Whether you’re new to selling, or you’re a seasoned pro, take a look at our top tips on perfecting your sales techniques to ensure your goods are reaching their full money-making potential!
Unsure of what you should be selling? Think about what you already have knowledge of, are passionate about or are keen to learn more on. If you take time to really learn about your products, you’ll have a better understanding of the market they’re in, their value and the interest they hold with buyers.
The more you know about the sector you’re selling in, the more accurately you’ll be able to hone your selling techniques such as deciding on a sensible opening price, accurate description and the audience the items appeal to.
If you know what you’re selling then hopefully you know your way around the item if it needs any refurbishment. An excellent way to make a profit is to buy products that require work and use your skills, for nothing but a bit of your time, to maximise your profits. This could range from simply giving the items a clean through to doing a full repair job. YouTube ‘how-tos’ are a great tool to use here.
Once you’ve figured out your budget and the items you’re looking for, take a look at our auctions to see if the stock is available to buy in bulk.
We sell a lot of stock that comes by the pallet load at a great price, which means if you were to unpack and sell separately, you’re standing yourself in good stead to turn a profit. If you have storage space, even just a garage, this could be perfect for you to start a nice little side hustle.
Selling antiques/historical pieces is definitely an area that works really well in our auctions. You can’t put a price on passion, right?! The sky can be the limit if the right collector sees something they have been hankering after, and our marketing team will make sure that they do. Royal memorabilia, Harry Potter 1st editions and fine jewellery are just a few that always drive excitement. Get listing if you have the goods here!
Do some research on VAT. Selling items with little or without VAT could be easier for your books and more attractive to buyers.
There are three different VAT categories:
Standard rate: 20% this applies to most goods and services
Reduced rate: 5% this applies to some goods and services. As an example, children’s car seats.
No VAT: 0% this applies to zero rated goods, most foods, some antiques, books and children’s goods.
There’s no point in doing all this work to maximise profits to then pay an auction house to list the items for you. Do your research and find out how to list for free! Here at William George, we will discuss the best route to auction with you and put your priorities first. To prioritise profits, we always let you list for free and on top of that, we will not take a penny in seller’s commission!
Delivery is often an afterthought due to it being on the other side of the selling process, however, it can cost a lot if not done properly. There’s a couple of ways you can use the delivery process to your advantage:
- Offer free delivery to buyers and factor it into your opening price.
Seems bizarre offering free delivery, right? Actually, you’ll be surprised how many more bidders this would entice. Everyone loves free delivery! You could maximise your profits by selling more stock after attracting a wider audience to your free delivery items.
- Offer discounted delivery if more than one item won in auction.
Offering a discount to larger orders will encourage more bids and in turn, sell more items with a higher hammer price with the idea that the bidders want more than one item.
- Figure out how to get yourself a discount with multiple deliveries.
Some courier companies provide a 5/10% discount the more you use them. If you do your research and find out who offers the best incentive, you could save yourself a lot of money!
To benefit from your profits, you should consider the cheapest way to pick and pack your order. Spending out on wrapping, packaging or even someone to do this for you can be costly.
If you want to make as much money from auctions, you should do as much as you can for yourself and look for the most cost-effective way to safely package your items.
Stating the obvious but the more people you attract to your auctions, the bigger the likely profits. Our optional marketing packages start from just £250! Get in touch if you want to find out how we could market your auctions.
Auctions are a market like no other meaning the rewards can be fantastic. You can earn, learn, and join a fantastic community but if you want to succeed, you must invest.
This can take the form of your time, your thoughts, your energy, your stock and your money. Not all are necessary but planning on how you are going to run an effective auction with maximum profit includes some form of investment.
Ready to make some money? Click here to get started!