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Is this a money making strategy???

Discussion in 'Making Money' started by moneyseeker1, May 19, 2014.

  1. moneyseeker1

    moneyseeker1 Newbie

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    I was thinking of selling stuff online that I do not yet own. My plan was to sell the item at a marked up price online and get the customer to pay me then use that money to purchase the item and keep the rest as profit. Is this already a strategy? Will it work? What are your thoughts on it?

    Thanks
     
  2. Trepanated

    Trepanated Supreme Member

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    It's a legitimate strategy used by many people.

    As long as you can deliver as promised then there's no problem.
     
  3. Aty

    Aty Jr. VIP Jr. VIP

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  4. sturose

    sturose Power Member

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    I've used this method many times to make some extra cash.

    It does work but has it's downsides. If you sell an item and when you go to buy from your supplier, what if they have sold out?

    I used to sell stuff from the local bargain shops but only stuff that I knew was regular stock, still ran into occasional problems like when I received an order for 60 of a particular item but they only had 12 in stock at the store I bought them from!! Not much profit left after I had driven about 40 miles trying to source the extra stock I needed.

    If you're certain you can always buy the goods once sold go for it.
     
  5. moneyseeker1

    moneyseeker1 Newbie

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    What if I wanted to do this, what type of product would be most profitable to sell?

    Thanks
     
  6. Aluminium

    Aluminium Jr. VIP Jr. VIP Premium Member

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    It's called dropshipping. Also, what are you going to ask next?

    "Will you guys buy my product? Please?"

    - A
     
  7. Ming the Merciless

    Ming the Merciless Jr. VIP Jr. VIP Premium Member

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    Buy from Amazon sell on eBay or vice versa.
     
  8. mickyfu

    mickyfu Jr. VIP Jr. VIP Premium Member

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    Yes it does work till PayPal start c**ting around with your money. Works far better if you have money to invest indtead of relying on money from customers.
     
  9. sturose

    sturose Power Member

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    Well I did always make sure I had the funds available to pay for stuff just in case paypal started being dicks with my money. Fortunately I never had a problem. Like I said, there are pitfalls with this method.

    That's where you will have to do your own research I'm afraid, I'm from the UK, I don't know where you are from so what is hot over here may not be so popular where you are. Also markets do change with seasonal variations etc.
     
    Last edited: May 19, 2014
  10. srb888

    srb888 Elite Member

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    I have 2 suppliers producing similar (but with distinct designs) items. One of those almost killed my business! I buy and sell the item after I get the order... so I had this product from the 2nd supplier and had put up the images of it, which was purchased by a customer. I had to buy the item from the 2nd supplier who is a new supplier for me btw, and dispatch the item to the buyer --simple task which was done successfully with the 1st supplier many times in the immediate past).

    NO! The manufacturer/supplier told me on phone that the item is in stock and I can take it away... I went to him and he told that the item just was sold to another retailer... he said I can get it the day after... again I inquired the next day, he said it is ready, but when I went there the item was not the exact design and color as shown on my ebay sales page... it happened the next day too after getting a promise that he will manufacture the exact same item as displayed, immediately. I had to cancel the order and it almost got me a negative feedback in the process -- it would have been my first! So beware, and get a trusted supplier first.

    Such serious mixups are bound to happen if you don't stock the item, or if you don't have a trusted supplier, or you're plainly unlucky. Think of a few plans of what to do to get out of a nasty situation in such eventualities! I was caught up unexpectedly...
     
  11. gray123

    gray123 Jr. VIP Jr. VIP Premium Member

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    This is simply dropshipping