7 TIPS TO MASTER TRADING

BEFORE you try to make buying and selling second-hand goods a lucrative hobby, here are some key pieces of advice:

Buy items you love: One of the best ways to minimise risk is to focus on items and genres you enjoy, from sports to fashion. Carve a niche: If you know a specific market inside out, you’re far more likely to make money. Jesse, for example, became an accidental expert in cameras. He can now spot undervalued ones and feel almost sure he’ll make a profit. Art of the haggle: Don’t be too British! Always offer a lower price. Worst-case scenario? The seller says no; you walk away. Start small: Get small wins under your belt before committing more money. The aim is to achieve plenty of little wins, as opposed to trying to unearth a huge rare find.

Rinse and repeat: Reinvest and sell, rinse, repeat and go on as far as you can. The key is keeping a separate pot of cash solely for your resale hobby, and keeping on top of the items you’re selling by having an inventory list.

Building contacts: Having a contacts book is key — it’ll help you get expert advice quickly and sell your item on, pronto. The easiest sale is to a repeat customer.

Marketing tricks: Find the right place to market and sell your item. Take your time to establish where this should be — and ensure that if you list it online, the photographs are great and the description is accurate, tapping into what sellers are looking for.