Selling Collectibles for Extra Income
Selling collectibles is an excellent way to make extra money. The problem comes in deciding what to sell. People rack their brains wondering how to make more money. The majority of us can use extra income but how do you do it? How do you come up with side hustle ideas? In this article we’re going to talk about collectibles and how you can get started in selling them.
What is a collectible? It’s anything a person collects. You may think I’m being sarcastic but that is exactly what a collectible is. And the wonderful thing is, people collect all kinds of things. The first thing you are going to need to do is some research. Browse any website you can on collectibles. You don’t have to browse the whole website and you don’t need to read each article. You can start out by doing a Google search on collectibles. Then start scanning the results. What you are looking for is something that catches your attention. It’s a lot easier to stay motivated if you find what you are doing interesting.
Once you find a few things that catch your attention, you need to look at what they are selling for. If you have items that only sell for a few dollars then you will do a lot of work finding the item for very little reward. You need items that will sell for a decent amount. You can always supplement your inventory with lower priced items but you want some items that will make it worthwhile. That means the whole category has to have at least some items that have a higher value. Someone who collects pieces of string (yes, there really are people who do that) isn’t going to be beneficial for you at all.
When pricing items, a lot of people go to places like Ebay and Amazon and think the prices that are listed there are what the item is valued at. That isn’t necessarilly true. That’s the price the person thinks it’s valued at. Someone with a similar item checks and sees it going for X amount of dollars and prices theirs in the same range. Now you have two people with the item priced in the same range. It gives the impression that it is a valid price when it was a guess from the very beginning. Go to websites that are for collectors of the type of item you are selling. What do the collectors say it’s going for? You could lose a lot of money by not doing a some basic research.
Even when you find a category that you find interesting, it probably has sub-categories. These niche categories can be very profitable. Say you like decorative vases. There are some beautiful pieces but there are also categories like majolica, art glass, vaseline glass, Native American pottery, lead crystal and so on. There are also works by various companies that are very collectible such as McCoy, Roseville, Waterford, Belleek, etc.
Pretty much EVERY collectible has niche categories. Don’t forget to think about how your item crosses categories. The picture for this article is of an old toy soldier set. It could appeal to people who collect old toys, collectors of war memorabilia, collectors who specifically collect WWII memorabilia, collectors of toys made for boys and so on. If you market this item as an old toy without touching on the other collectible aspects of it, you are limiting your potential buyers and you could be losing money.
Just remember, even side hustles take work. VERY few things in life just fall in your lap.