If you are short on cash, and you are looking for a way to save some extra money, you may want to consider selling some of your unwanted things that still have value. This is a great way to raise money for things you want to do, but which you don’t have money for.
An accountant and a financial advisor, Segun Owolabi, says that owing to the precarious economic situation in the country, it is advisable to sell what you don’t need, things that have little or no value to you and also things that add less value to you instead of going for bank loans.
According to him, bank loans are not easily accessible and if accessible the interest rates are beyond one’s control. He says that he personally subscribes to the idea of selling personal items that will not give you value presently because it will enable you to raise capital to finance what you want to do. He adds that since the capital market is in a quagmire, people don’t want to go near the Nigerian equities because of the fall in the value of the Naira and non-availability of Foreign Exchange. This situation, he says, is an opportunity to invest in assets such as land.
“So, if you have a land or building that you are not using and you know you might not use it in a long while, why don’t you sell it to raise money before it gets acquired or grabbed by other parties,” he advises.
Also, an accountant and finance manager based in Onipanu area of Lagos, Adebayo Peter, says it is advisable to imbibe the culture of prudent and careful financial planning, so that every item or asset acquired is budgeted and prioritised. He said that if any unwanted item should be disposed and converted to cash, it would provide opportunity to use the money to acquire or buy some other things that will add value to the owner. He said that such money could also be invested, depending on the amount involved and the business options available.
However, it is important to consider the best way to sell such items at the best price, which includes choosing the right venue for selling your items. Consider the following options:
RECALL
- Keeping belongings not used often can be waste of resources
- You can sell item less 30 per cent cost price depending on current value
- Upload pictures, details and prices of items free on major e-commerce platforms
- Choose a safe location to meet and collect money from buyer
Do a Neighbourhood Yard Sale
A yard sale is a great way of earning much money in one day. All you need to do is to choose a strategic spot in your neighbourhood where there is always human traffic and display your items either on the table or on the floor. You should have many items to sell and they should vary from some bigger ticket items such as furniture and electronics to cheaper items like clothes or house ware utensils. Since most people expect to pay some few Naira at a yard sale, it is a great way to get rid of the stuff you do not think you would be able to sell on e-commerce sites. The key to having a successful yard sale is finding the right price point, advertising and being willing to negotiate with prospective buyers.
Set Up a Resale Store
Another option is to use a store. You may want to visit a few second hand goods stores before you set up your own. This will let you see how things are priced in your area. The prices could vary much by neighborhood not to talk of location from an upscale area to a suburb. If you are new to the area, then you definitely need to scout out a few sales, so that you can price the merchandise you are selling competitively.
Choosing Online Class ified Service
Selling items online is a simple way to unload your items, but no matter how often you are selling items, it is easy to forget the important details that help ensure a quick sale. Worse, if you don’t pay close attention to what you are writing in the description you might include a few words and phrases that make the listing look like a scam. You can sell your items locally through classified service sites. This is a great option, because you can ask for a bit more, and it allows you to sell the items to a wider range of interested buyers. Make sure that you are pricing items competitively, but fair enough that it is worth the time and effort you are putting in. When you list online you should be honest about the condition of the product, and provide pictures. If possible, you should meet in a public location and do the exchange there. This will protect you from being targeted in the future.
Using an online classified service is a great option if you have a large amount of smaller items or specialty items. You may be surprised at how much you can get for an item. Before you post anything online, you should look at the competitive pricing and value of the item, and then price it accordingly. You want your items to sell, so you do not want to post too high of a bidding price so that the sale process won’t be lengthy. Many customers prefer this option anyway.
