Selling of used books for money is a segment of the thrift business that involves the sales of strictly second hand books.
The business of selling used books for money in Nigeria is another untapped but lucrative business that anyone can venture into.
In this article, “how to make money selling used books” we will unfold all the intricacies that will not only guide your entrepreneurial journey via this business but also how you can make it a profitable venture.
Here is how you can start selling secondhand (used) books to make money:
Table of Contents
1. Sourcing Books:
This crucial step involves finding and acquiring used books that will make up your inventory for resale purposes.
Here is how you can source second hand books for your used books business:
1. Thrift stores and secondhand shops: Thrift stores and secondhand shops are retail stores that sell used items, including books. They often have a wide selection of books available at relatively low prices. You can visit these stores regularly to hunt for books that have resale value. Look for popular titles, rare editions, or books in good condition. There are various options of thrift stores to get second hand books from in Lagos. But if your city is not Lagos, then locate the ones available in your city; as there is at least one thrift store available in most cities in Nigeria.
2. Library book sales: Many libraries hold book sales to make space for new acquisitions or to raise funds. These sales often feature a variety of used books, including fiction, non-fiction, and reference materials. Prices at library book sales are usually very reasonable, making it a cost-effective way to acquire inventory.
3. Estate sales and auctions: Estate sales are held when someone’s personal property is being sold, often after they have passed away or downsized. Books are commonly found at estate sales, and you may come across valuable collections or rare books. Auctions, whether online or in-person, can also be a source of valuable books, but competition can be fierce, and prices can vary widely.
4. Online marketplaces like eBay, Craigslist, or Facebook Marketplace: These online platforms allow individuals to sell used items, including books (both as single books and in Gaylord). You can search for book listings in your city or on a national scale. Be sure to negotiate prices and consider transportation/shipping costs if buying from distant sellers. These platforms also offer the opportunity to sell your secondhand books if you are registered with them as a seller.
5. Book donations from individuals or organizations: Some individuals or organizations may donate books they no longer need or want. Libraries, schools, and nonprofits sometimes receive book donations. Building relationships with such entities can lead to a regular supply of books. Donated books can be a cost-effective way to acquire inventory, but quality and relevance can vary.
2. Book Selection:
When sourcing books, it’s important to have a clear understanding of the types of books you’re looking for, in other to select books that have potential resale value and meet your financial budget.
Not all used books are profitable, so it’s essential to develop an eye for identifying and selecting books that are in demand or have collectible value.
Factors to consider during book selection for purchase include the book’s rarity, condition, author, genre, edition and printing year, and demand in the market.
3. Storage and Organization:
Proper storage is crucial for maintaining the condition of your books. Books should be protected from dust, humidity, pests, and physical damage.
If books are not stored correctly, they will deteriorate quickly over time, which will result in a decrease in their resale value.
Below are ways by which you can protect your used books from losing value:
- Proper shelving
- Storage bins (preferably use; Acid-free or archival-quality boxes)
- Maintain a climate-controlled storage area.
- Protection from sunlight
- Pest control ( particularly rodents)
- Regular Maintenance
In addition to organizing your used bookstore business, these should be implemented; Inventory management via unique identifier or barcode, inventory listing (must include book titles, authors, editions, and conditions), and accessibility
Before determining the prices of your second-hand books, conduct thorough research to understand the current market prices for the specific books you want to sell.
Look for comparable listings on online marketplaces like Amazon, eBay, or specialized book-selling websites.
Take note of the prices at which similar books are currently selling, both in new and used conditions, and use the information from your research to set your prices.
It is advisable that your pricing strategy be “tagged price” as it can add a sense of good reputation to your business.
Factors that can easily influence the prices of your used books are:
- Book Condition
- Rare or Collectible Editions
- Fees and Expenses (such as listing fees, commission fees, and shipping costs)
- Price flexibility for books that stay too long on the shelve without purchase
- Bundle Deals
- Subscription or Membership Pricing
- Seasonal or Promotional Pricing
- Regularly Review and Update Prices
5. Listing and Marketing:
The whole essence of creating an appealing listing and engaging in marketing activities for your used book business is, so that, you can promote your secondhand books to potential buyers.
An appealing book listing must contain the following:
- Book Title and Author
- Detailed Descriptions
- Key Selling Points
- Shipping Information
- Return Policy
This listing must be done both in your physical store and online store (website and Online Marketplace).
While for Marketing, you can effectively and efficiently market and promote your used book business via:
- Use social media
- Online and Offline Paid advertising
- Content marketing
- Collaborations and partnerships
- Attend book fairs and conventions
- Organize a discount sales program
- Organize thrift sales in schools, and in high-footfall places
No matter the marketing strategy you choose to explore, profit should be the endpoint.
6. Customer Service:
Providing excellent customer service ensures that your customers have a positive experience when dealing with your business, which can lead to customer satisfaction, repeat business, and positive reviews.
Here is how you can achieve an effective and efficient customer service for your used books business:
- Prompt Responses to Inquiries
- Accurate Descriptions
- Reliable Shipping (if you are open to selling outside Nigeria)
- Problem Resolution
- Encourage Customer Feedback
If your customer service is indeed excellent, it will be easy to have positive customer reviews from satisfied customers. Which will also affect your business reputation greatly for the better.
7. Legal Considerations:
In the books business (whether new or used books) there are various laws, regulations, and obligations that you must be aware of and adhere to when running this business. Such legal considerations include;
- Business Registration
- Tax Obligations
- Copyright Laws
- Privacy Laws (especially customers’ details)
- International Sales (Export and Import laws)
Knowing and adhering to these legal frameworks helps ensure that your business operates legally and ethically.
Keep in mind that the success of your used book business will depend on your ability to source valuable books, market effectively, and provide excellent customer service.
It’s a business that requires a good understanding of the book market and a passion for books to thrive in this competitive landscape.
Remember to turn on the Bell 🔔 Notification so as to get notified when new business or finance articles are published.
- How to start a small scale business in Nigeria (The Ultimate Guide)
- How to Start a Small Business at Home
- How to Start a Business with No Money Online
- How to Register a Business Name in Nigeria in 7 Easy Steps
- How to Start a thrift business in Nigeria (The Complete Guide)
- How to Start Okrika Business
- 24 most Lucrative Businesses to Start with 500k or a Million Naira in Nigeria
Which used books can I sell for profit?
You can sell used books for profit by focusing on the following categories:
1. Rare and Collectible Books: First editions, limited editions, signed copies, and antiquarian books.
2. Classics and Literary Classics: Timeless classics and collectible editions of classic literature.
3. Genre and Niche Books: Specialized non-fiction, sci-fi, fantasy, mystery, and cookbooks.
4. Out-of-Print Books: Books that are no longer in print but still in demand.
5. Children’s Books: Vintage children’s books and early editions of classic children’s literature.
6. Reference and Educational Books: Specialized reference materials, vintage textbooks, and academic works.
7. Local Interest and History: Books related to regional history, culture, and historical maps.
8. Biographies and Autobiographies: Autobiographies of notable figures and biographies of influential individuals.
What kind of books make the most money?
Books that make the most money are often rare and collectible editions, including first editions, limited editions, signed copies, and antiquarian books. Additionally, classics, genre books like sci-fi and fantasy, and books with historical or cultural significance are also profitable if they are in high demand and in good condition.
How much can I use to Start the Business of Selling Used Books?
You can start the business of selling used (second hand) books with as low as $200 (approximately N200,000) and still make a good profit if you effectively and efficiently implement the non-financial indices discussed in the article.