Introduction.
Flat broke? Bills piling up? If you’re struggling now, just wait until new taxes hit. With the government’s upcoming budget in October, things are about to get even tougher. This side hustle could save you and help you make fast money. Let me show you how
There is no shame and nothing to be embarrassed about, You may be struggling right now, but you’re not alone. Soon, the whole country will feel the pressure of rising costs. That’s why I’m here to help. My name is Walter O’Neill, author of The Reseller Guide: Everything I Know About Reselling on Amazon, and owner of AntiquesArena.com.
With decades of experience in the reselling world, I’ve helped countless people find financial freedom, and today, I’m going to share my proven strategies, tips, and secrets to help you fight back against being broke. Let’s get started
Choosing what to buy and sell
The truth is, reselling can be as easy or as complicated as you make it. To keep it simple, you could start by checking out eBay or Etsy and looking at sold listings. These platforms can show you what’s already in demand and selling well. But here’s the catch—most items on these platforms require knowledge and skill to source effectively.
You could start off with a subject you already know a little about or have a passion for. However, for me, the category that holds the greatest benefits and rewards and the easiest to learn would be Jewellery.
Why Start with Jewelry
So, if you don’t have that expertise yet, what’s the easiest and cheapest place to start? Jewelry. And here’s why. First off, jewelry is incredibly common. Whether you’re at a car boot sale or a charity shop, you’ll find tables loaded with jewelry pieces. Unlike other items that require niche knowledge, jewelry is accessible to anyone starting from scratch. You have so many options with jewellery from selecting individual items to buying boxes full and filtering through it yourself.
Low Cost, High Profit Potential
Most jewelry at car boot sales or flea markets will cost you between 50p to £1, yet the potential for profit is huge. Take, for example, a simple costume jewelry brooch—something like a vintage insect design could easily fetch £15 or £20 online. And that’s just the beginning. You might come across pieces of antique jewelry, or even stumble upon silver or gold at these sales. I will give you a few options here to demonstrate the potential you have in starting out with jewellery.
Bakelite a form of early plastics, a necklace can be in the high hundreds, yet as its not gold or silver most sellers wouldnt value it.
You make hit on some designer ware such as plastic brooches by Lia Stein that can sell for up to £100
I regularly buy sterling silver bangles and chains for a pound that hold intrinsic value as well as decorative value.
And finally gold is at an all-time high, so a single broken earring can be worth £20 for a single gram of gold. You pull out a necklace from a costume jewllery box and your potential into the hundreds of pounds.
Free Resources to Learn
Now, you might be thinking, ‘How would I even recognize valuable pieces like gold or silver?’ Don’t worry—I’ve got you covered. I have free videos on my YouTube channel that walk you through how to identify these metals. It’s easier than you think, and these small tips could make a huge difference in your profits. But if in doubt just buy the entire box of jewllery if its cheap enough and study it at home. I guarantee you that the costume jewllery alone wll give you a profit. And with brooches etc a simple photograph search on google will help you immensely. Google search image is very good now compared to when it was first introduced and can help you identify a maker / designer in seconds.
Where to Sell Your Jewelry
When it comes to selling your jewelry, you have several options, both online and offline. Each has its own benefits and challenges, so it’s important to choose what works best for you.
- Online Platforms
- Platforms like eBay and Etsy are great for reaching a broad audience. You’ll be selling to buyers all over the world, but keep in mind, these platforms charge fees for listing and selling items. On eBay, you can sell anything from costume jewelry to gold, while Etsy is more focused on vintage or handmade pieces.
- Another option is Facebook Marketplace, which is free to use. The benefit here is that buyers often pay in cash upon collection, meaning no shipping fees. However, the audience may be more localized compared to eBay or Etsy.
- Offline Options
- If online selling isn’t your preference, consider setting up a booth or renting a stall at an antique center or other high-traffic venue. These places often attract people specifically looking for collectibles, vintage, or unique items, making them perfect for jewelry reselling.
- Alternatively, you can sell at flea markets or car boot sales. The advantage here is that customers can inspect the items before buying. However, this can involve setting up and packing down your stock regularly, and there’s always the risk of theft or unpredictable foot traffic.
Whichever route you choose, make sure to research your selling venue. For booths or antique centers, check their foot traffic and reputation to ensure your jewelry will be seen by enough potential buyers.
If You Go Down the Online Route
If you choose to sell online, the first step is to pick your platform—whether it’s eBay, Etsy, or another marketplace—and create an account. Signing up is free, but keep in mind that selling comes with some costs. Most platforms charge listing fees or take a small percentage of the final sale, so factor this into your pricing.
Creating a Strong Listing
Once your account is set up, you’ll need to create your listings. A great listing is key to making sales, and it all starts with sharp, clear images and a detailed description.
1. High-Quality Photos
- Make sure your images are well-lit, sharp, and showcase all aspects of the jewelry. Use a plain, neutral background—even a simple white sheet of A4 paper works well for this.
- Photograph from multiple angles, including close-ups of important details like hallmarks, maker’s marks, or any flaws. Buyers want to see as much as possible before making a decision, and good images can make the difference between a sale or a missed opportunity.
2. Detailed Descriptions
- Write clear, detailed descriptions that give potential buyers all the information they need. Include:
- Size and dimensions (in mm or inches)
- Age of the piece (if known)
- Maker’s name or brand (especially if it’s a designer piece)
- Any markings such as gold or silver hallmarks, and details on material (e.g., sterling silver, 14k gold, etc.)
- The goal is to provide all the information upfront so that the buyer has no need to leave the page to ask questions. If they need to send you an email, there’s a good chance they might not return and complete the purchase.
3. Presentation Matters
- Present your jewelry on a clean, neutral background to make it stand out. Use something as simple as a piece of white A4 paper or a plain backdrop to create a professional look.
- Ensure the lighting is consistent and eliminates shadows, helping to highlight the item’s quality. You don’t need expensive equipment—a well-lit room and your smartphone camera will do the job. However, as you progress, consider using a lightbox or natural light for even better photos.
Pricing Your Items
Pricing your jewelry is easier than it might seem. Here’s how to get the most out of each piece you acquire, whether it’s gold, silver, costume jewelry, or even broken items.
1. Sort and Categorize Your Jewelry
Start by sorting through what you’ve purchased, whether you bought individual pieces or a job lot. Separate your finds into categories:
- Gold and Silver: These items hold intrinsic value.
- Antique or Designer: These pieces may have additional value based on age or brand.
- Unmarked Brooches or Costume Jewelry: Often based on design, collectibility, and aesthetics.
- Broken Jewelry: Don’t throw broken items away! Even costume jewelry that’s broken can still be sold for parts.
2. Pricing Gold
Gold is primarily valued by weight, so if you have broken gold, set it aside and sell it for scrap value. For instance, 9ct gold is currently worth around £22 per gram. But for undamaged, saleable gold pieces like rings or necklaces, you can price these higher than scrap value.
- Example: A plain gold necklace in good condition might be priced at £30 per gram.
- If your gold jewelry has stones, you can either use Google Image Search to help identify them, or be upfront and list the stones as unknown.
3. Pricing Silver
Silver’s melt value is lower—around 65p per gram—but simple silver pieces like bangles or chains can sell for £10 to £30. Use eBay’s sold listings to find examples of similar items to help you set a competitive price for your silver jewelry.
4. Antique and Designer Jewelry
For designer items, use Google Image Search to help identify the brand and check for authenticity. Be sure to research any hallmarks or identifying features to avoid selling fakes.
- Example: Lia Stein brooches are highly collectible, but fakes exist. One way to verify is by checking the backing pin design, as it differs on authentic pieces.
5. Costume Jewelry
Costume jewelry might not contain precious metals, but that doesn’t mean it isn’t valuable. Many pieces sell based on design, age, and uniqueness. Brooches, for example, often sell for around £10 online, but unique or vintage items can go for much more. Always research similar pieces before setting your price.
6. Don’t Discard Broken Jewelry!
Even broken jewelry—whether it’s gold, silver, or costume pieces—has value. Arts and crafts enthusiasts, as well as people who make their own jewelry, often buy job lots of broken pieces for parts or to strip stones. I personally keep all broken jewelry and store it in a box. Once I have enough, I sell it as a job lot, typically earning around £50 for a good-sized box that I might have otherwise thrown away.
Final Tip: Whether it’s gold, silver, or costume jewelry, always use tools like eBay’s sold listings and Google Image Search to get a better idea of current market values. This will help you price competitively and maximize your profits.
Shipping Your Jewelry Safely
Shipping is a crucial step in the reselling process, and doing it right ensures your buyers are satisfied and your items arrive safely. Here are some key tips to keep in mind when shipping jewelry:
1. Safe and Secure Packaging
When shipping jewelry, safety should be your top priority. Whether you’re sending a delicate ring, necklace, or brooch, you don’t want your items to get lost or damaged in transit. Here’s how to protect them:
- If you’re shipping a ring or necklace in its box, remember that it will likely count as a small parcel rather than a letter due to the thickness. This gives you a bit more room to pack it securely.
- Consider using sturdy, second-hand boxes from local supermarkets to save on packaging costs while ensuring the jewelry is protected. Cushion the item inside the box with bubble wrap or tissue paper to prevent movement during transit.
- For smaller items without boxes, you can use padded envelopes, but make sure to wrap them securely in bubble wrap so they don’t get damaged.
2. Always Use Tracking and Proof of Delivery
Never ship jewelry or any valuable item without full tracking information. This gives both you and the buyer peace of mind, knowing the package can be located at any time. Additionally, ensure you use proof of delivery, especially for higher-value items. This can help protect you if there’s a dispute about whether the item was received.
- Many online scammers may try to claim they never received the package, so having proof of delivery will help you avoid costly chargebacks or negative feedback.
3. PayPal Chargeback Protection
If you’re using PayPal as your payment method, consider opting for their chargeback protection tool. This can be a lifesaver in the event of a fraudulent claim from a buyer. Chargeback protection ensures that if the buyer tries to reverse the transaction (whether claiming the item didn’t arrive or for other reasons), you’re covered as long as you followed PayPal’s shipping and tracking guidelines.
4. Why Larger Parcels Are Safer
Larger parcels are not only easier to track, but they are less likely to be lost during transit compared to smaller, letter-sized packages. By shipping your jewelry as a parcel rather than a letter, you’re making it less likely that the package will be misplaced or damaged. Plus, a larger size gives you more room to secure the item properly inside.
Final Tip: Always use quality packaging materials and prioritize safety over convenience. It might cost a bit more to ship with tracking and insurance, but it’s worth it to ensure your items arrive safely and to protect yourself from scams.
Keeping Accounts and Staying Compliant with HMRC
One of the most important aspects of running a side hustle, like reselling jewelry, is keeping accurate records of your sales and expenses. This not only helps you track profits, but also ensures you stay compliant with HMRC regulations.
1. Self-Assessment: It’s Simpler Than It Sounds
In the UK, if you’re making money from buying and selling, you’ll need to declare your income through self-assessment. Although this might sound intimidating, it’s actually quite straightforward. All you need to do is keep track of:
- Sales records: Document the date and amount of every sale.
- Purchase costs: Keep track of what you paid for the items you’re selling.
- Expenses: Any costs related to your business, like packaging materials, shipping, and seller fees, can be recorded as business expenses.
When it comes time to file your taxes, having these records organized will make the process much easier.
2. New HMRC Rules: eBay and Other Platforms Report Sales
Recent changes to HMRC’s powers mean that platforms like eBay are now required to report seller details if you sell more than £1,700 worth of stock in a year or more than 30 items. This means that even if you’re casually reselling, once you cross these thresholds, your sales will be reported to HMRC.
This is why it’s crucial to keep accurate accounts from the very beginning, even if you’re not hitting these limits yet. If you do, you’ll be prepared and can file your taxes without any issues.
3. How to Keep Records
Keeping your accounts organized doesn’t have to be complicated. Here’s what you should do:
- Use a spreadsheet or a simple accounting app to record each sale, the cost of goods sold, and your expenses.
- Save all your receipts and invoices—this includes purchase receipts, shipping costs, packaging expenses, and any fees paid to platforms like eBay or Etsy.
- At the end of the year, these records will help you calculate your profits, which is what you’ll need to report on your self-assessment.
