Reinvent Yourself as a Seller on eBay.
In 1995, Pierre Omidyar created the online auction site, eBay to help his girl friend buy and sell Pez dispensers. Since then eBay has become a cultural marvel. The online auction site has a worldwide customer base of nearly 100 million active customers. If you have access to a computer with an internet connection, you too can join the action by starting your own eBay business.
There are a number of ways to make money on eBay. The traditional way is to decide what type of business you plan to run, and what type of inventory you’ll sell. Basically, you list an item for auction and sell to the winning bidder.
To get started, log onto eBay and create a registered account (it’s free). If you haven’t used eBay before, take time to fully explore the site. In particular, search the auction listings to see how other sellers posted their product. Place a bid on an item of interest to get the hang of how the auction works.
What should I sell is the million dollar question.
How will I source and acquire products to sell on eBay? Here are a few ideas:
Visit the local thrift stores (Goodwill, Salvation Army, etc.) to look for bargains. You will sometimes uncover treasures to sell and other times you’ll find only junk. Check the stores on a regular basis to find those special items worth listing on eBay.
Get up early on weekends and cruise the local garage sales. Keep an eye peeled for old toys, collectibles, designer vintage clothes and jewelry.
Scour the classifieds for estate sales. Estate auctions normally have better quality items for sale than you will find at garage sales. Keep your eye out for rare books, collectibles, art, antiques and fine jewelry.
Visit dollar stores. They can be filled with junk or treasure. Seek out the treasure items selling for one dollar or less. List for sale individually or in lots.
Buy job lots and list and sell the items individually. Manufacturers and distributors often have seasonal overstocks, returned merchandise and damaged product available for sale. Go online and search for “liquidators” and “salvage closeouts”. Buy a lot or pallet of product and list for sale individually on eBay.
Go to your local wholesale clubs (Costco, Sam’s Club, etc). Their shelves are over loaded with current bulk merchandise ripe for picking. Look for two-for-one sales and discounts on dated and close out products.
Once you’ve decided what to sell select the best category on eBay. For help, just list your item’s name and eBay will suggest a suitable category for you. Then write a snazzy title and description for your product. Make sure that you include the name of your product in the title as buyers use keywords when searching for an item to purchase.
You will also need a digital camera and tripod to take professional photos of the items autographs, a low cost flatbed scanner will be a necessity. Boxed and 3D items can be scanned as well. Just set them on top of the glass and scan away.
Next, establish your auction starting price. Set this to the lowest price that you could ever see selling your item for. Low starting bids attract more bidders and may result in your item selling for more. Don’t forget to take into account the listing fees eBay charges. It is possible to lose money on an item if you put a starting price that is too low for you to at least break even.
Next set the length of your auction. The longer the auction (seven days is the max) the more bids you are likely to receive. Finally, post good, clear photos of your item. Post as many pics as you think your buyer will need to place a bid. Double check everything then save and submit your listing.
Then decide how you want to collect money from your online auctions. To facilitate payments, eBay purchased PayPal in 2002 and this has become the standard payment option for eBay auctions. Auction payments are deposited to your PayPal account. From there you may have your funds wired directly to your bank account or receive payment by check.
When the auction is over and you have received payment, you must package and ship the product to your buyer promptly and securely. Depending on the weight and size of the product, your best bet is to ship via FedEx Ground, UPS Ground or USPS Priority Mail or USPS Parcel Post. Ideally, the shipping fees listed in your auction will cover the actual cost of mailing through the Post Office or shipping via ground through FedEx or UPS. A note of caution here – Don’t treat shipping as a profit center. Customers will see this and resent it. You will lose future business as a result.
The traditional auction method works exceedingly well but there are also other methods to explore:
1) Assist others in selling their items. As an independent consultant, you list their items for them (with photos) for a set fee or a percentage of what you sell them for on eBay. You collect your fee when the item has been sold and shipped.
A tip -- Did you know that eBay has become the largest site on the internet for selling cars and motorcycles. There is a huge market in used auto parts as well. Consider listing and selling used cars on a consignment basis.
2) Bid on and buy lots or collections on eBay and relist and sell them individually. For example, you might find an eBay listing for a lot of 25 men’s watches. Research what they might sell for individually and if the auction selling price is right, place your bid. When you win the auction, list and sell the watches individually.
3) Find quality items for sale that are listed poorly, and/or do not include photos, and bid and buy them. Then take eye-popping photos, write winning sales copy and list the item for sale at a higher price.
4) Teach others how to buy and sell on eBay. Once you become an expert eBayer, publish articles and ezines or hold seminars on how to get started on eBay.
Now for a few don’ts:
Don’t bid on your own auctions. This is called shill bidding and is a huge no-no.
Don’t try to list a prohibited item. Items banned for sale at eBay include alcohol, firearms, stocks and securities and fireworks. Check on eBay for a complete list of prohibited and questionable items.
Do not try to sell your listed items off system. If a user emails you offering to buy an item you’re currently auctioning do not accept their offer. Tell them your auction must run its course and they should feel free to bid online.
Do think twice before leaving negative feedback. Negative remarks left for a buyer or seller cannot be removed or taken back. Try to work out any misunderstandings or problems with the buyer instead.
As your business grows, you may want to invest in auction management software to track your transactions. There are many software packages available online to help you manage your inventory, set up photo galleries, launch your auctions, print shipping labels and track your income and expenses. The more your business grows, the more confusing things can become. The automated tools offered by auction management software can help you keep it all straight.
Remember, eBay is a person-to-person marketplace. Providing excellent customer service will go a long way in building a successful eBay business. Prospective buyers will often send you questions about your items. Respond promptly, clearly and politely. Go a step further than most sellers and include a friendly reply that includes a thank you for writing and pointing out other auctions you have that may be of interest to them.
www.passagespress.com
by: john fluent
email: info@passagespress.com
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