There are a lot of Kiwis that have tried to make a little extra money and probably failed to do so, or at least consistently.
Maybe that is because they have been chasing the wrong concept … something with large promises, but where very few people really make much money. There are plenty of ways to make money that are promoted online and through social media, but very few of them much money.
It’s not that all of them are scams, as some people do manage to make good money.
But for most of us they are just too complex or will take too much time with no promise of really getting any result.
How Much Money Do You Want To Make?
Okay, you probably want to make heaps of money… don’t we all?
But realistically a side hustle is about making some extra money and so that’s what we should focus on.
When I started a simple Trade Me side hustle the aim was to make some money straight away and then to build up the income over time. I thought if I could get about $100 a week as a starting point that would be great, and ultimately to increase this to $500 a week which is about $25,000 a year.
The two problems that I had were;
- Limited money to invest – I really did not want to invest anything
- Limited time to invest – I really struggle with getting spare time
So I needed to find something that was not going to cost me anything, was simple enough to get started with limited training, and of course was able to start making money straight away.
Most things that you look at require an investment of either money or time, and there are no guarantees that you will make any money.
Selling On Trade Me
I have sold bits and pieces on Trade Me before so know that it works, and also knew that some people make a living selling on these types of market places.
The real benefit of using Trade Me is that they already have the buyers searching for things to buy, and as a seller you generally only pay if you actually make a sale and therefore have earned some money.
The initial problem then is having something to sell.
This is where dropshipping helps. The concept of dropshipping is to source an item at a wholesale price, list it for sale and then once it’s sold and paid for you arrange to get the wholesaler to ship the item directly to the buyer.
This is an example of a product that you can purchase at a wholesale price to sell on Trade Me. It’s a simple and low cost item, but when you sell it on Trade Me you can make $5.42 after the Trade Me fees.
That’s not bad considering that you do not have to buy the product until you have made the sale and received the money into your bank account.
My sales this week (as per the chart below) are $510.57 and after the Trade Me fees and purchasing the products then my profit is $145.90
That’s not going to make me rich, but it is a low cost way to get started.
The only other cost is a monthly subscription to the OMINS software which I use to access and list the wholesale products. This is a monthly subscription of $57.50 so you need to allow about $15.00 a week for that.
Growing Your Income
The aim is to grow your income over time, and my aim is to get to $500 or more a week.
You can of course increase your income simply by selling more products on Trade Me and over time I’m sure this will happen. At this stage I can list 50 products for free, but if I increase my sales then I also increase the amount of products that I can list for free. If I have 10 x sales in a week within the last 6-weeks then I get 50 free listings (5 x no of sales) but if I end up on 12 sales then my free listings increases to 60, or with 15 sales that would be 75 free listings.
You can also qualify for Top Seller status and that gives you discounts on the fees that you get charged. Any discount in fees means an increase in profits, so you make more even if you don’t sell any more.
The other way to grow your income is to invest in your own website.
When you get the OMINS software you can also link this to a website, listing the same products that you would list on Trade Me. I have a website that I am about to start promoting once I have finalised the set up.
Having your own website gives you a few added benefits.
Firstly you can make sales on the website without having to pay the Trade Me fees on each sale but there are other benefits too.
As you own the website, you can collect buyers details and build a client list to market directly to. The way that my website is set up I have a database integration to Mailchimp so I can keep in touch with previous buyers for promotions, special offers and new products.
Also, having a website gives me something to sell in the future. People are always looking for businesses to buy and good websites that can demonstrate regular income have a real value. There are websites for sale on Trade Me and many use a profit multiplier of 2 x therefore a website business that makes $500 profit per week ($25,000pa) could be worth $50,000 or more.
This can easily become more than a simple Trade Me side hustle.
Find Out More – How To Start A Trade Me Side Hustle
In these times of COVID having a side hustle makes sense.
Things are so uncertain, people are more used to buying online and some extra income is helpful too.
If you want to find out more about this simple Trade Me side hustle then schedule a conference call and I will show you how this all works. I will show you what I am doing and step you through the OMNIS software I use, showing you how to access the wholesale products, how to list the products on Trade Me and your own website.
It doesn’t cost you anything to find out how this may work for you, and should you wish to give it a try then the only cost is the monthly OMNIS software monthly subscription of $57.50 which also gives you access to the wholesale products.