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If you’re thinking of ideas for your own home-based business, you’ve probably wondered how easy it is to make m...
If you’re thinking of ideas for your own home-based business, you’ve probably wondered how easy it is to make money on eBay.
It’s undoubtedly still possible to make money selling items on eBay. After all, thousands of people centre entire businesses on it. However, it’s important to consider the fact that many markets have been fairly well “sown up” by existing sellers.
For this reason it’s essential to do your homework before starting an eBay business, or you could risk draining an awful lot of time for little reward.
This article will provide five essential tips to help you get started on an eBay business:
Selling items on eBay is not a simple question of buying an item for five dollars, selling it for ten, and making an easy five-dollar profit.
You also need to spend time photographing and listing the item, dealing with queries, packaging the item, taking it to the post office, hoping it reaches its destination, and dealing with feedback.
You must consider whether this effort is worth five dollars of your time. Obviously there are economies of scale when you’re dealing with multiple items (i.e. you may only need to visit the post office once with a stack of items), but don’t forget to allow for your time and expenses. Working out some kind of “hourly rate” for your eBay work can help to put things in perspective.
Obviously you can choose to sell anything and everything on eBay, but if you want to become a true expert and make a good profit, you’re better off concentrating on a product niche.
Ideally this will be something you’re interested in and know plenty about. If so, before long you will find yourself able to spot items when you’re out and about, and know straight away whether there’s profit to be made.
One great thing about eBay is that the market for each item tends to regulate itself well, based on the sheer number of products that go through the system. As such, it’s easy to ascertain how much items typically sell for.
A great way to do this is to search “completed listings” on eBay’s “advanced search.” By looking at the last few times a specific item sold and calculating an average value, you can get a pretty good idea of an item’s value on the eBay marketplace.
If you are going to sell items on eBay on a regular basis, you’ll need somewhere to get your stock from. Some people trawl car-boot sales with an expert eye, and buy up items they know will be profitable; others buy from specialist suppliers, or even make products themselves.
Whatever you decide to do, make sure you factor in the time and expense of sourcing supplies when you calculate how profitable your eBay business could be.
Are you planning to sell on eBay full time or do you just wish to use the platform to occasionally clear the clutter from your home? Merely doing the latter a few times per year can prove a great side-income, especially if you work your way through plenty of computer gadgets and video games!
On the other hand, if you are thinking about a significant business based around eBay, you need to consider many other factors, storage for items, taxation and logistics being just three.
There’s no doubt you can make money selling on eBay, but it’s not as easy as some may assume. Following the tips above should at least help you get started, and the more you use eBay, the better you will get at ensuring you always make a worthwhile profit.