>> With
E bay being one of the most searched for terms on the
internet today,[ approx 24 million people last month],
it is hardly suprising that more and more everyday
people are turning away from the 9-5 job scene, and
looking at the income opportunities that this hugely
popular forum has to offer.
So just what are the benefits of starting your own E bay
business, as opposed to the more traditional self
employment options, such as buying a business, or
becoming a franchisee?
Well the first and most obvious benefit is the financial
one, you can start an E bay business on a shoestring,
whereas buying a franchise or setting up on your own
will in all probability cost you 10s of thousands of
dollars.
Secondly, the element of risk is fairly negligible with
an E bay business [ as long as you don’t invest hugely
in stock before you have properly researched the market]
Thirdly you can start up in your spare time, without
having to “give up your day job”. This allows you to
test the water, and see if you actually enjoy running
your own business, before you actually take the
plunge.For many people Ebay is simply a profitable and
fun sideline or hobby, and that’s fine, but you need to
make the choice if it’s a hobby you want or a
business.If you make the decision that its to be a
business,then you need to keep professional records, pay
tax etc.
Another beauty of running an online business is that you
can do your business activities when it suits you.You
can organise your auctions at 2 am if you so choose, and
people will still be looking at what you have to offer!
A final benefit,[ and this list is by no means
exhaustive ] is that unlike a traditional business, your
marketplace is unlimited, you can sell your product
anywhere in the world, you have a potential marketplace
of millions upon millions of buyers
The most common question for many people is “ how do I
get started ?”. The first step if you haven’t already
done it, is to get on Ebay and have a look around. Ebay
itself offers great informative resources and tours for
the uninitiated. Have a look at some auctions in
progress, see how people list and display their products,
bid for something you would like [you have to join first,
but Ebay makes this a very user friendly process] Have a
look round your home for unwanted items, run some
auctions of your own, its fun, and you’ve nothing to
loose but your junk. This is a great way of dipping your
toes in the auction pond.
So, after having done this you decide that you would
like to get serious about building an E bay business,
what should you do first? Here is a shortlist of some
basic first steps.
1. Choose your product- Everything from baseball cards
to luxury homes is for sale on Ebay.Research possible
product choices by looking at what your competition is
doing.If you have a particular area of expertise, or a
passion which others share, choose your product
accordingly. TIP- A great research tool is available at
www.overture.com . Its called the keyword selector tool,
and it enables you to check how many times a certain
word or phrase has been searched for on the internet in
the previous month ie rolex watch. If few people have
been looking for what you want to sell, chances are it
will be a non starter on Ebay.[ at the time of writing
this tool can be used by anyone free of charge, though
this may well change] On the other hand if your product
is frequently searched for, you may be onto a winner.
2. Don’t sell poor quality products.There is nothing
more disappointing than receiving a purchase only to
find it is inferior quality junk. Ebay has an excellent
feedback system, which it uses to rate traders.This
feedback is available to both buyers and sellers, so if
you get negative feedback, this can seriously jeopardise
your Ebay reputation permanently
3. Start small. Unless you are utterly confident in your
product, and in a very secure position financially,
start things off on a small scale, and increase your
spending only as your results justify this.
4. Test, Test, Test- Try different products and
combinations of products to see what works best, and
always use photos,as many people buy what they see not
what they read.
5. Commit from the start to offering exceptional service.
Treat others as you would like to be treated, and you
will soon get a reputation as a trader to be trusted,
and from whom you can buy with confidence.
6. Don’t always try to make a large profit. Many of the
powersellers on Ebay make small but consistent
profits,and run a lot of auctions! Always ensure that
you cover shipping costs, and any costs incurred in
running your auction.
7. Many of E bays top sellers sell other peoples
products which they neither stock or in most cases even
see, through a process called ‘dropshipping’. A
dropshipper is a wholesaler, who also takes care of all
the product shipping details on your behalf.There are
many dropship companies who tailor their services around
the Ebay auction scene, and who can provide you with
quality products, at very competitive prices shipped
directly to your buyers [ if you plan to be in Ebay for
the long haul, it is well worth giving this option
serious consideration, as you really need to have a
steady reliable source of cheap quality products.
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