Lately, I’ve been looking into the idea of starting another business opportunity, however I’ve been hesitant about doing this since I don’t have much time considering I already run two different businesses. However in my last article I covered several money making ideas that people could try. One idea was to start an eBay business.
So over the last few days I’ve been spending my time learning what to sell on eBay to make money, and learn a little more about how this opportunity in general, so in this article I’m going to cover 10 thing I’ve learned so far as a beginner.
Sell Something You Own
When your getting started to make money on eBay you need to know that their will be a learning curve. You may or may not know all the in’s and out’s of selling stuff on eBay yet so this is why I suggest you start by selling something you own first.
The reason for this is simple, if you’re selling wholesale items or selling other peoples stuff for them you will have to sell it and make a profit. However with selling your own stuff first it allows you to learn how the process works before you get in over your head.
Also sell something you don’t need either. Maybe you have a book you don’t want or an old video game. If you sell stuff like this and don’t earn a profit to start it’s OK, because your just looking for some experience.
The next thing I recommend you do if you haven’t already done it is buy something from eBay. Now why in the world would I tell you to buy something from eBay?
The reason for this is because you not only need to learn how the seller thinks but also how the buyer thinks. Knowing how buyers will react to your listings is priceless information. This also may help to point out some things you don’t like about the way other people promote products in their listings as well. Knowing this could give you an edge over competitors.
Start The Bidding Low
Third, know that when your starting an auction it’s better to start bids low. In fact bids that start at a $1 or less tend to get a lot more bids than listings that don’t
To prove that it works do this with the first item you sell. Start the bidding at $1 or less and see what happens. Over pricing items will cause people to over look your listing and in most cases never even looked at it.
To prove this point back several years ago I tried to help a friend sell a ring on eBay and we started bidding out at $5000, way past the average price. In the end we didn’t even get one bid on it, if fact we barely got anyone to look at it. Also don’t put a reserve price on the product you are selling, this will discourage a lot of people as well.
Know The Shipping Options
Next when it comes to ways to make money with eBay you need to know the shipping options. Keeping your shipping prices low is very important otherwise it could take a big bite out of your end profit. With eBay they allow you to buy postage and print out shipping labels right from their website.
Getting started with eBay’s shipping options is easy, all you have to do is go to their website, go under the Sell tab and click on shipping center. There they will give you all the tools and information you need to understand the shipping aspects or your business.
Decide On A Business Model
Next when your learning how to make money on eBay you also need to understand the type of business model you want to have. In this section I’m going to cover three basic types.
- Sell Personal Items. In this option you could just stick to selling things around your home and also going to auctions, garage sales, and any other place you could find potential product listings.
- Be An eBay Broker. The next option it to be an eBay broker. This is a person who sells stuff for others on eBay. Some people just don’t want to take the time to learn how to sell on eBay so they have a broker do it for them. To get started talk to family and friends and offer to help them sell some unwanted stuff around their home for a small fee of course.
- Sell Name Brand. The last option is to sell stuff from wholesalers. Wholesale companies like Doba work with name brand companies like Nike, Apple, and many other companies. They also take care of the shipping so you don’t store and buy products.
Do Your Research
Next once you’ve picked the business model you want to follow or at least base your business on most of the time you will need to do your research on the products you wish to sell. Research is important so you can be competitive with other eBay listings.
When I was first getting started one product I was looking to sell on eBay was netbooks because I owned one myself and felt knowledgeable on the subject, but after I did some serious research I found that the market was far to competitive at that I couldn’t possibly compete on the prices that they were going for. On top of that places like Amazon were also selling netbooks for far less than I could as well. In the end knowing all of this information saved me a lot of time and money.
Next with any make money eBay business you need to be careful of fraud and scams. That’s why I suggest setting up a PayPal account. It will protect you from getting ripped off. Some eBay sellers will except cashier checks and money orders however I do not recommend this since it will leave you to vulnerable to theft.
Instead setup a personal PayPal account that allows you to send and receive money from others. Their will be a small fee every time you receive a payment but it’s not very expensive. Using PayPal will also speed up the sales process as well and get you the payment much faster than if you only excepted checks or money orders.
Set Up Your Workspace
Eighth, when it comes to making money on eBay you will need to set up a work space for your eBay business. I suggest an unused room in your house or basement. This will allow you be more productive as a business.
You will also need to look into a few supplies that will help you run your business a bit more efficiently as well. A few things you will want to look into include a digital camera, a computer, a printer, a back drop for taking pictures of your products, and an internet connection.
If you don’t have all of these things don’t worry, you can start buying these things over time as you build your business. In fact buy them off of eBay if you don’t have them yet, you’ll be gaining experience and getting all of the equipment you need at the same time.
Give Good Descriptions
Next, when it comes to making money selling on eBay, you will want to give a thorough description of your product. By giving a good description it get you more bids and give people more info than if you just put down a few line and a product name.
Also be sure to list any imperfections the product may have as well. In fact if you can include a picture of the imperfection to show them what it exactly wrong. I once bought a book off of eBay and the book was claimed to be in perfect condition but when I got it the book had a few crinkled and torn pages. In the end this can lead to negative feedback, which brings me to my last point.
Finally, for the last tip on how to make money on eBay I want to point out that you need to communicate with others. What I mean by this is that when people email you to know something about the product you are selling make sure you respond quickly.
Also when a sale is complete and the product and funds have been exchanged make sure you leave valuable feedback for that person. This will help them out as well as you in the long run when building your business.
So are you excited to start your eBay business like I am? To get started go to eBay now and sign up for a free sellers account.