The state of the Nigerian economy has reportedly made it natural for people to become broke even before the end of the month, especially as many find it difficult to meet their needs (not wants) with the little/meagre income earned.
To make more money, you may want to consider selling some of your unwanted things or items. They should be such that you have not really used for months or years. This is a great way to raise money to meet other needs your salary cannot cover.
A financial manager, Mr. Peter Adebayo, explains that it is better for you 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.
it is better for you 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
Also, an accountant and finance manager, based in Ibadan, Oyo State, Mr. Segun Owolabi, 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.
RECALL
• Unused items can be a waste of resources
• Sell at 25 per cent less 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
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 ways to sell such items at the best price, which include choosing the right venue for selling your items. Consider the following options:
Advertise on social media
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.
A yard sale will do
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 houseware 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.
Build a resale store
You can consider 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 neighbourhood 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.
