Did you happen to watch Dragons Den last weekend? I love that program – I’m constantly amazed at how people turn up without any business knowledge whatsoever and end up red-faced.
Anyway, if you did watch the program, you would have seen a chap who was asking for investment in his business called ‘Zapper’. The business was for ‘trade-ins’ – basically, he explained that people could go online and trade-in products like CDs, DVDs and other electrical items for cash and I was astonished at the sums of money he reckoned he could make by doing this.
So, what does this have to do with you?
Well, perhaps you have noticed that you can trade in similar products on Amazon? I have to say I do take advantage of this from time to time, if I don’t think I can sell the product itself on Amazon for a profit.
Now, on Amazon you do not receive cash, your trade-in is turned into a ‘gift voucher’. This then means you can purchase goods on the Amazon site using the ‘money’ from the gift voucher.
So far I have purchased a netbook, stationary, books, games and household items.
Trade-ins work by identifying and listing items you do not want. Usually you have to scan in/use the barcode/ISBN to verify that the item you are sending is the same as the one you are trading in.
You submit your trade in, print off the paperwork, box up the item and take it to the post office. It’s free to post. Once the items reach the trade in warehouse, they check through them and if they meet their approval, convert the total cash offered for the item into a gift voucher.
However, there are other trade in companies that will give you actual cash either by sending money to your bank account or sending you a cheque. Music Magpie is one I am about to use as I have around 40 CDs that I no longer want. They pay 30p per CD – I know this is not much but every penny counts and it soon mounts up. This company will either arrange a pick up or you can take items to the post office.
IDEA: Why not see if you can trade-in unwanted stock items?