It could be easily argued that Jamaica is a nation of traders. Whether it’s a classy uptown establishment or itinerant downtown vendor, in virtually every nook and cranny you can find persons buying and selling all types of merchandise.

When faced with job loss or the need to supplement their income, many people immediately think of retail trading. If you’re looking for some ideas to make extra money, think first of consumer needs that are currently unmet in your area — what goods do people want to buy which are not in adequate supply?

Expand your horizon and examine new marketplaces for innovative commodities and methods of selling products. Here are some options for earning additional income from trading:

Garage Sales

Many of us have accumulated too many household items, clothes and other belongings that are just taking up valuable space. Having a garage sale can be a profitable way to dispose of usable goods that you don’t want anymore. Look for more products by visiting your neighbours and offering to market their sale-worthy possessions for a small charge. You can also visit other persons’ yard sales to find inexpensive treasures that can be resold for more money.

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Auctions

If you have a knack for discovering antiques and collectible items, you can search the classified advertisements for auctions or estate sales to find great deals. Another way to locate discount price products is through business fire-sales or company liquidations. Make sure to consider the likely resale value for the items you wish to buy, so that you don’t overbid on them. You can actually establish a full-time business from reselling valuable merchandise that you obtained at bargain rates.

Vinyl Record Trading

One particular niche area that has tremendous profit potential is the market for old vinyl records. Despite developments in the digital capturing of music, aficionados and collectors will pay top dollar for vintage quality vinyl records. In particularly high demand are local reggae and rock steady records from the 1950-60s, the golden era of Jamaican music. You will need some knowledge of overseas buyers and relevant re-sales prices, so search online for more details.

Trading on Alibaba.com

If you are searching for a brand new product to unleash on the Jamaican market, you should take a look at the world’s largest online source for suppliers of products, Alibaba.com. This Chinese-based site connects buyers with suppliers from India, Taiwan, and Brazil in addition to China. If you can dream up a product to solve a problem, it probably already exists on Alibaba.com. Do your homework on the listed suppliers to avoid possible scams; ask for references, check the forums for complaints, and liaise with other buyers to understand the rules of the Alibaba trading game.

Trading on eBay.com

While Alibaba.com caters to the wholesale distribution of new merchandise, you can trade in smaller product quantities as well as used items on eBay.com. Surf the millions of products to find items that you can resell in Jamaica, or check for opportunities to sell local products that may be in demand. Ensure that you determine export requirements before trying to sell items on eBay. It’s best to read a comprehensive online tutorial on eBay trading before committing any funds to this option.

Drop shipping

If upfront capital to invest in online trading is a problem, you can consider becoming a middle man for wholesalers and end users by using a technique called drop shipping. With a physical catalogue or website, you can sell products that you don’t have in inventory and ship orders direct from the wholesalers whenever they are placed. In fact, it’s possible to order items in bulk on Alibaba.com, pay a deposit, and then re-sell these same products on eBay.com at a higher price, without ever having to keep anything in stock.

Referral Marketing

Even if you have no product to offer, or you’re more interested in buying other people’s wares than reselling them, it may still be possible to make money from trading. How about convincing your favourite stores to offer you a commission on the purchases of new customers that you recommend to their establishment? Word-of-mouth marketing can be a cost-effective medium for small businesses to drive sales, and you can increase your earnings by becoming a referral agent.

Affiliate Marketing

With a little internet know-how and your own website, you can take the referral concept to a high-tech level by becoming an affiliate marketer. Affiliate marketing is an online promotion medium in which a business allows individuals to become independent affiliates. The company will pay the affiliate for each sale achieved on its website by the affiliate’s marketing efforts. Some options include the mega online mall Amazon.com and Clickbank.com for digital products. Look for products that you use and like so that you can recommend them highly to others.

If you’re excited by the possibility of buying and selling your way into extra income, use your imagination and various online resources to find even more opportunities.

Copyright © 2010 Cherryl Hanson Simpson. No reproduction without written consent.

Originally published in The Daily Observer, October 21, 2010

Cherryl is a financial consultant and coach, founder of Financially S.M.A.R.T. Services. See more of her work at www.financiallyfreenetwork.com and www.financiallysmartonline.com. Contact Cherryl