How to Earn Money Shopping at Goodwill

It is possible to earn money by shopping at Goodwill! Of course, you have to turn around and resell the items and hope they fetch a higher price than what you paid for them. With a little planning, you too will be earning money, and maybe having a whole lot of fun doing it.

Instructions

1. Understand that you are about to start a business with risks involved.

2. Write a business plan. The plan should include an executive summary, a market analysis, the company description, organization and management, marketing and sales management, service or product line, fund request, and financials. Go to a friend or relative, someone business savvy for assistance as you write the plan.

3. Choose a location. The Internet is a smart choice, since there are no location costs or property taxes. You can post your own Web site, or you may choose to sell on eBay.

4. Choose a business structure. Your business would probably be better run as a sole proprietorship, since your only product line is Goodwill and the business will more than likely be small. As sole proprietor, you are responsible for taxes and liabilities of the business.

5. Find an accountant and bookkeeper to help you keep record of finances. It is better to have someone to go to if questions arise. If this business is a full time job, taxes, benefits and time off is left up to you. For part time employers, it can simply be a way for extra income; however, taxes must still be kept on record.

6. Shop at Goodwill stores and look for anything name brand or collectible. It may be wise to become an expert in two or three fields. This way you know the hottest name brand clothing, the most collectible glassware and anything that will sell well. To become an expert, consider buying collector's books, found in any bookstore.

7. Sell your products by using your business plan as the map. Offer the customer a complete description of the item: size, color, brand, condition of item. Give details about fees, payments accepted and your refund policy.

Tips & Warnings

• Remember to find a mentor who is familiar with business practices.

• Read books and business articles to help your business meet its full potential.

• Don't buy a product if you don't see it selling well at other businesses.