What does the EBay business entail? You will buy undervalued used products from either online or offline seller and sell them at higher prices to ready buyers on EBay who value the products because they need them. Why EBay, and not other websites? Well, the reason is because EBay is a very big online marketplace. Are you interested in starting an EBay business and make money from home?
Get everything you need to get started To start an EBay business, you will need a PC and a high-speed internet connection. You will also need a good digital camera for taking clear shots of products you will be listing for sale. In addition, you will need to register an EBay account as well as a PayPal account for receiving payments. Decide what you will be buying and selling It is highly recommended that you buy and sell only items on eBay that interest you and that you know very much about.
This is because, by selling what you know about, you will be able to answer questions that potential buyers will ask about the product. The planning process is essential, as jumping right in can often lead to negative results. There are a number of factors that need to be considered before opening an eBay business.
By understanding all of these factors, you can typically determine if your venture will be a success. Choose a Niche Finding the right product niche is the most important factor when developing an eBay business plan. A lot of sellers choose to sell items that they are familiar with or are relevant to their interest. However, this strategy has both its benefits and its downfalls. Selecting the Business Model that Works for You There are as many eBay business models as there are sellers, but a few general models are seen again and again on eBay.
The key to success as an eBay seller is to play to your advantages and abilities. Sometimes these advantages are a matter of what you know, sometimes of who you know, sometimes of the resources that you have available to you, and at other times they are a matter of simple things like where you live.
On the next two pages are six common eBay business models, summarized and then broken down into details that you should be aware of, each detail with a rating from low to high: Startup feasibility: The degree to which almost anyone can start this kind of business without having special knowledge, special contacts, lots of money, or other things that might be difficult to come by.
So we have to go back and figure out the costs involved with the sale of each item. The first cost you have to take into account is the actual cost of the merchandise.
But that's not your only expense. You have to pay eBay for every item you list, and for every item you sell. If you accept credit card payments, you'll pay a percentage for all purchases made with plastic. And if you avail yourself of an auction management service, you'll pay for that, too. Now let's do the math. That's not the end of the math, however. Based on additional research, you determine that about only about half of the eBay auctions in this category end in a sale.
So to sell those 46 items, you have to launch 92 auctions every week, half of which will end with no bidders. That's a lot of work. Now is when you start thinking about the options available to you. Assuming you could keep the rest of your costs in line, that would cut in half the number of auctions you have to run every week. That would reduce your financial nut by a third. You see where we're going with this. By working through these types of details ahead of time, you can fine-tune the amount of money you expect to make and the amount of effort you have to expend.
Want to make more money? Then find a higher-priced or lower-cost item to sell, or plan on listing a larger quantity of items every week. It's all related; plan where you want to go, then you can figure out how to get there.
Your eBay business plan needs to consider all of the costs that will come into play during the entire operation. If, on the other hand, your eBay business is only a part-time job, you'll have less time to spend. If you only have a few hours per week to spend, then you might not be cut out to be a high-volume seller. Then find a higher-priced or lower-cost item to sell, or plan on listing a larger quantity of items every week. Perhaps you specialize in acquiring items at estate sales. You should also consider purchasing some of the items that you will need for the business, such as shipping labels, envelopes—all in small quantities to get you going.
List the items and start selling List your items on eBay and state your price. Compare various shipping services and different shipment speeds to find an option that is not only affordable, but will make customers happy as well. The first question to ask is the most important: What type of business do you want to run? Then find a higher-priced or lower-cost item to sell, or plan on listing a larger quantity of items every week.
Taking our previous example, can you physically manage close to a auctions a week?
The easiest way to begin this planning process is to ask yourself a series of questions. This is the real world, and selling anything is a cutthroat business. More to the point, not everyone in the world can be a successful eBay seller. That involves determining the type of item you want to work with smaller and lighter is good, for shipping purposes; cheap to acquire but commands a high price from bidders is also good and then finding a source for those items. Knowing what you want to sell is one thing.
The most obvious is the cost of the products you plan to sell.
Decide what you will be buying and selling It is highly recommended that you buy and sell only items on eBay that interest you and that you know very much about. Build a good reputation on EBay If you are just starting out on EBay and your account has no feedback, you will need to get some feedbacks to build some credibility. Creating item listings can be a time consuming process, so you must determine if you plan to do it yourself or outsource the design to a third party. The first cost you have to take into account is the actual cost of the merchandise. The planning process is essential, as jumping right in can often lead to negative results. Many people who sell items on eBay source for items using both methods.