We earn a commission for products purchased through some links in this article.
From selling on sites like eBay and Etsy to reaching your customers, here’s what you need to know…
With coronavirus having a big economic impact on many of us, you may be thinking about how you can make some extra cash. Making money online, whether that’s by selling clothes on eBay or launching a small business, can be a great way to make extra income or start a new revenue stream altogether.
If you’re looking to start making money online, make sure you know how to reach your customers and the best platforms to use…
There’s a market for the clothes you no longer wear, with eBay announcing that 12 million people in the UK bought a preloved item in 2020.
Sites like eBay, Facebook Marketplace, Depop and Vinted can help you turn your old clothes into cash:
Survey companies like Swagbucks, i-Say and Crowdology offer either cash or vouchers in return for filling out surveys. Simply sign up to start earning.
Just be aware, survey lengths often dictate how much you’ll get paid, so sometimes the payout is low.
If you have academic expertise, why not turn it into a side hustle by becoming an online tutor?
Sites like UK Tutors and My Tutor are good places to start. Your expertise will determine how much you make, depending on whether you’ve received A-Levels or a Degree in the subject that you wish to tutor. Expect to make anywhere from £10 – £30 an hour depending on the site you use and the age of the students that you tutor.
Coronavirus has driven us online to spend our hard-earned cash, with more than half of shoppers worldwide saying they shop online more frequently now than they did pre-pandemic, according to UNCTAD.
If you’re looking to make money online and want to use your entrepreneurial skills, It may be time to consider getting your small business idea off the ground! Coronavirus has caused a huge shift in how we work, inspiring many people to think about changing their career. Research by SME loans found that 64% of the UK workforce wants to set up a business, with 18 – 24 year olds making up the age group most likely to set up their own ventures for financial gain.
To raise a profile with potential customers, you’ll need to make sure your business is visible on the web by creating (and marketing) a website or using online marketplaces. “With so many of us using mobile devices, it has become extremely important for businesses to be seen at the right time by the right person,” says Allen Betchley, creative director at web design agency Progression (part of the UNA-Collective). “There is certainly now more of an expectation from the consumer that business information will be available on the web.”
When you set up a website, you’ll need to buy a domain name from a company such as 123 Reg or Wix. The cost of designing and building a website varies but expect to pay at least £8,000 + VAT for a basic e-commerce site (through which you can sell products directly to the customer). If you just want a site that tells customers about your goods and services with a contact form and a blog, expect to pay around £3,000 + VAT for someone to design and build it for you.
If you’re not ready to pay for your own e-commerce website, an online marketplace has lower start-up costs and gives you access to an existing community of shoppers:
If you have a stash of unloved DVDs, video games, books, an old mobile or laptop, you can sell these online for cash. Webuybooks, Ziffit, MusicMagpie, CeX, GameXhange and SellMyMobile will all pay to take them off your hands but don’t expect to get rich. Most older DVDs, CDs and games will earn you less than 30p each, but with free postage and packaging it can be a quick and easy way to clear the junk and make a bit of cash. Some sites have a minimum value or number of items to trade in. It’s always good to check out 2-3 sites and compare where you can get the best price. If you’re not in a rush and have higher value item such as a limited edition toy or album, you’ll probably get more selling on eBay. But many rate Amazon Marketplace as the best for selling books as you can list up to 35 books a month for free and leave them up until they have sold. You’ll be charged 75p per book and a percentage of the total when the item sells.
If you’d like more great money reads, SIGN UP HERE for our fortnightly Financially Fabulous newsletter!
*Data from two surveys carried out by Prolific on behalf of the University of Nottingham and Stanford University, Jan-Feb 2021.