We all know that the internet has unlimited possibilities, but many people do not know what it really takes to get a online business off the ground (self included).
I myself have been contemplating the idea of starting an electronics buy-back website (apple products and camera gear), but am a little timid to put a lot of time and money into an unknown investment.
A little background, I sold a large amount of electronics in 2011 and made a little bit of side income. I was buying items from eBay and selling them on Amazon (as I’ve previous written about).
Was I making money? Yes, but the real money is in buy-back websites.
The prices that some of these buyback websites are buying electronics back for are just simply too low. I’ve personally seen items that I was buying for $60-70 that had a sell back price of $20 or sometimes less.
Even with paying shipping, overhead, advertising, etc, I think the margins would have to be at least 500% to 800% larger what I was working with in 2011.
So now comes the question, how serious am I about getting a website of my own up? It’s completely new territory, I would have to hire a programmer, and pray that it actually works out. There are a million questions to be answered, but I believe it could potentially be a very lucrative move, if done properly.
1. How much is the budget?
2. How much demand is there for this service?
3. What’s my break even?
4. What’s my goal ($$ wise)?
5. Who to hire (prefer local hire, but most likely have to outsource)?
6. Where to host?
7. How to make shipping arrangements?
8. Write terms of agreement?
It might be the right move on paper, but it could easily turn into a large waste of money, but what’s investing if not anything but uncertain.
I’ll keep you updated.