My friend Tony makes somewhere in the neighborhood of $6,000 a month selling collectibles.
I remember scoffing when he first went into business.
For him, this started off as a hobby. He collected baseball cards as a kid. In the 90ies he hit a rough patch and out of sheer desperation decided to check out what some of his cards were worth. He did a bit of shopping around, visiting pawn shops and stores that specialize in that sort of thing and eventually he decided to sell.
He sold his entire collection for more than $14,000 dollars. In retrospect, this wasn’t all that much since he did spend a lifetime collecting his cards. However, he learned a valuable thing – there’s money in collectibles.
His success has taught me the same thing.
Today, Tony is an expert in several profitable niches and is able to make enough money to support his family and then some.
Who says you can’t do the same thing?
Just think – Cristies recently sold Star Trek collectibles in excess of 7M dollars! Goes to show that there really is a market out there for everything – and at very good prices!
It seems that geekiness pays off, big time.
Who Can Sell Collectibles Online?
Well, the most obvious answer is people who own something that might be considered a collectible, just like Tony did. However, if you want to turn it into a steady business, you should keep several things in mind:
- Don’t spread yourself thing – focus on 2-3 niches (pocket watches, baseball cards, jewelry, 18-centuray furniture, old Pez dispensers) and learn all you can about them.
- Make sure you have a genuine interest in things that you’re collecting and selling because that way everything you do will be more of a hobby than a job.
- Realize that you’re in this for profit – if you hoard everything you collect you will have a tough time making money.
Why is Selling Collectibles a Great Way to Make Money Online?
First of all, you might already be sitting on something that has substantial value. Your old toys such as action figures, Start Trek and Star Wars collections, cards, and other things can fetch a good price on the market.
Some collectibles can be snatched up for a bargain at yard sales and storage sales so your return on investment can be substantial. Also, there’s a lot more things that people consider collectibles than you might think. In 2010 Josh Luber started a website dedicated to sneaker data. He collected data about sneaker sales on Amazon and eBay and determined that some limited editions such as LeBron’s 10 Nike Air Mag’s fetched 20-30 times their original retail price after just few months. All that just because some people considered them collectibles!
Where to Start
Here are 7 steps you should follow if you want to become a successful seller of collectibles:
- STEP 1 – Know your subject – research the market and make sure that you pick niches that you’re genuinely interested in. Become an expert fast!
- STEP 2 – Know your competition and people in your niche – the best way to study something and keep tabs on your market is to mix with the crowd that does it.
- STEP 3 – Collectible’s platforms – find online platforms that cater to your niche.
- STEP 4 – Be prepared to walk around a lot – you can definitely find a lot of collectibles online but the real profits lie in the ones that you find rummaging through yard and storage sales.
- STEP 4 – Be patient – know when to buy and when to sell. Wait for ‘seller’s market’ and offer your collectibles when they are in high demand
- STEP 5 – Quality over quantity – don’t pile up mediocre stuff. Look for collectibles that have real value and can be resold.
- STEP 6 – Don’t hoard – and you will be tempted, especially if you have an interest in the stuff you collect. Keep only what’s extremely valuable (rainy day fund) and sell the rest.
- STEP 7 – Provide top notch customer service – you will probably have a limited pool of customers – make sure they are returning regularly.
1. Online Marketplaces
Who would have thought that your old toys could one day help you pay your rent? Heck, they could even pay for your kid’s med school! If you ask me, it’s definitely time to go take a look through those old boxes up on the attic. Who knows, you might even find that you have a real flare for this line of work!
How To Sell Collectibles Online