|Net Auctions and Auction Information|
When It Comes To eBay, Don't Follow The Herd
Q: I want to start an online business. Since I don't know anything about ecommerce and building websites and such, I'm thinking about starting out selling products on eBay, then pay someone to build a website for me once the money starts coming in. The big question is: what is the hot product to sell on eBay to make money fast?-- Bob D.
A: While it's true that selling products on eBay can be a quick, low cost way to launch an online business, following the herd by selling the "hot product" of the moment, is not a great idea. To the contrary, chances are you will be stomped in the ground by the herd and left lying in the dust with your unsold inventory in hand.
We talked about starting a profitable eBay business in a previous column and the advice I dispensed then still applies today.
The most successful eBay sellers are those who understand that success on eBay relies on many of the same factors as success in a brick and mortar business.
· Smart sellers research the marketplace and the competition to determine the salability and profitability of the product.
· Smart sellers test the market with one or two before committing to a product line and tying up their cash reserves in inventory that may never sell.
· Smart sellers adjust their product offerings until they find a product or product line that sells consistently.
The last point is perhaps the most important. Long term eBay success does not come from "one off" sales. The key to real eBay success is to find a product that sells well and sell that product over and over and over again.
I asked Timothy Mina, author of the new book, The Online Auction Expert's Bible To Selling on eBay, his thoughts on launching a successful eBay business.
Why is eBay so attractive to entrepreneurs?
"With an eBay business, you set your own hours and set your own goals," Mina said. "You can work as much or as little as you want and whenever you want. Many sellers supplement their income by selling on eBay and many others have turned it into a full time business."
Mina cites the following reasons for eBay's growing popularity among entrepreneurs who want to start an online business:
· You can start up quickly and don't need special skills.
· There is very little risk and investment required to get started.
· The marketplace is huge. There are millions of potential customers waiting to buy what you're selling, 24 hours a day, with the click of a button.
· No stress, no boss. Yes, there is work involved, but the work can be done at your own pace. You are your own boss and you set your own schedule.
· Most importantly, you can follow your passion and do something you love. If you sell something you enjoy selling, online auctions aren't just profitable, they're fun and exciting, too.
Why It's Critical To Find Your Niche?
Mina recommends creating your eBay business with niche items. According to Mina, the benefits of targeting a specific niche market include:
· If you are going to rely on eBay as your primary source of income, it is essential that you find your niche. If the goal of your eBay business is to earn enough money in your spare time to make your car payment every month, it is less important, but still highly recommended.
· If you find a profitable niche, you will become a certified guru of the items you sell you will ideally be the only one on eBay offering the products.
· Your expertise will make it ten times as easy to spot bargains when you're shopping for products to resell. Bargains might be all around you, but if you don't know anything about what you're selling, you won't know how to spot bargains that are right in front of you.
· You will find different ways to add personal value to your products. These low cost add-ons or unique twists to your products will drastically increase your sales and profits by making your items unique and desirable.
· You will have little or no competition from other sellers, so you can corner your niche market.
· By dealing with the same type of customer over a long period of time you will get to intimately understand the mindset of your target customer and what your customer wants. This will help you sell your products better and allow you to market your products in ways others haven't thought of.
· You will be knowledgeable and enthusiastic about what you sell, and you will be attentive to your customer's desires. This results in satisfied customers, name recognition, and a lot of repeat business.
· You're going to find something you're passionate about and specialize in it. If you love what you're doing, you have a much greater chance of sticking to it and loving it. So it won't even feel like work - it'll be like you're getting paid to play.
How do you find your niche?
So how do you find your niche? Mina recommends doing an inventory of your hobbies and interests to help you identify a niche you would enjoy working in.
· What are you passionate about?
· What do you collect?
· What do you like to read about?
· What do you do in your spare time?
· So you have a favorite pastime?
· What was your major in college?
· What jobs have you had?
· Are there any other fields in which you have a great amount of knowledge?
· What clubs do you belong to?
Mina also recommends that you spend time on eBay studying the category listings. This may give you additional ideas for hobbies you can turn into an eBay business. Once you have defined your hobbies or interests, brainstorm how you can turn them into a business.
· How can you turn your expertise into a product?
· How can you add value to current products related to your interest?
· What product can you sell that may be one of a kind and have little or no competition?
· Can you think of novel ideas that people who share your passion would love?
· Is there anything related to your hobby that you can create yourself? An ebook or a how to, perhaps?
Small Business Q&A is written by veteran entrepreneurand syndicated columnist, Tim Knox.Tim's latest books include "Small Business Success Secrets"and "The 30 Day Blueprint For Success!"Related Links:http://www.smallbusinessqa.comhttp://www.dropshipwholesale.net
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Concierge Auctions Unveils October/November Real Estate Lineup Including Luxurious Properties Across Multiple ... - PR Newswire (press release)
How A University IT Guy Looks To Outmaneuver Verizon and AT&T In Upcoming Spectrum Auctions - Fortune
Profit through Other Peoples eBay Errors
There are many issues that influence how an eBay auction ends. Timing, Description, Title, Photos, the list could go on and on.
10 Tips to Starting a Financially Successful Ebay Business Startting Right Now
Ebay is Perhaps the easiest and fastest way to start a home based online business. Here are 10 Tips to starting a Successful Ebay Business1 - Become an Ebay ShopperBuy a Few things on Ebay.
Garage Sales, Flea Markets, and Special Events... Oh My!
The activity chart is an ingenious way to find, in order, events happening in your community throughout the day. Plug in 'www.
Nine Simple eBay Selling Hints
Some of these eBay hints will save you money, others will result in higher prices. Either way, these will help you run more profitable eBay auctions.
So What Are YOU Going To Do About eBays Fee Increases?
Unless you have been hiding under a rock, I am sure that by now you have heard that eBay is raising its fees. So what's a small merchant to do? Here are some suggestions.
Fundraising Ideas Using eBay
Have you thought of using the online auction site eBay as your next major fundraiser?I have, and it was a huge success!Like many other businesses the fundraising business has seen an incredible change since the internet. Everyday there are new tools, softwares and websites that are making fundraising not only easier but a lot more fun.
How To Save Franchise Fees and Set Up Your Own Ebay Drop Off Store
There has been a flood of publicity generated regarding the "Small Business Opportunity" being offered to would be internet entrepreneurs.The plan is for you to purchase a franchise operation to sell products on consignment via eBay.
eBay After Sales - as Important as the Listing Itself
Your eBay listing has finished and you have made a sale, now the next important stage starts - the after sales. Again we are aiming to develop the professional image or ourselves in the customers eyes to encourage them to come back to us again and again because it is easier to sell to a current customer than it is to a new customer.
Get More for Your Money Shopping for Designer Shoes on eBay
The worlds online market place.In just a few short years eBay has become a household name and millions of people are registered users benefiting from the enormous variety of auctions listed every day.
Increase your eBay Profits the Easy Way
Sometimes the simplest things can boost the number of visitors and bids to your auction listings and increase your eBay profits.Robert G.
Internet auctions are relatively new having been around since the mid 1990's. There are several Internet auctions including Yahoo Auctions and UBid.
Dont Be A Victim Of Online Auction Fraud
The Internet Fraud Complaint Center (IFCC) reported that last year 7.7 million dollars was lost through online auction scams.
Joint Venture For eBay Success Too!
Whether you're succeeding in your online auction attempts, just getting by, or failing to make money; Joint Ventures Can, and almost certainly will, Multiply Your Income Without Spending A Single Penny!Joint Venture, or JV, is a big general term for setting up creative ways to cross promote or cross market with other people Just Like You.How do I know.
3 Unusual Formats For Auctions on EBay
eBay users are accustomed to only two "standard" formats forsales on eBay: either the 'regular' auction which involvesbidding and waiting; and the Buy It Now, which is an instantpurchase.But there are three other formats that are less well known.
Mail Order: The Original Internet Still Going Strong
While the world continues to go catatonic over the Internet and its endless possibilities, there's another industry quietly going about its business, piling up profitable year after profitable year after profitable year. What industry is that? It's the mail order industry--or as I prefer to call it, "the original Internet!"Yes, long before the birth and explosion of the Internet, mail order shopping was a hugely popular and preferred method of doing business--and still is.
Your eBay Business - 8 Ways To Insure Its Success
I don't know if you've ever noticed, but it seems like every week or two we read about another Powerseller going out of business.If you want your auction business to be a long-term success, then it's important that you plan now for it's continued growth.
Police Auctions & Government Auctions Professional Resource Information
Police Auctions Information:No, a police auction is not where you go to buy a policeman. Most people do not realize that police agencies, including local police departments, county sheriff departments, as well as state and federal law enforcement agencies end up with a lot of confiscated, lost, or abandoned property.
Importing Products to Sell on eBay
The interesting thing about online buyers is they are extremely price sensitive. A survey done by Forrester Research shows that 73 percent of surveyed online buyers expect prices on the Internet to be cheaper than in stores.
Six Steps Towards Successful Buying at eBay Auctions
Buying on eBay can be very rewarding, either in terms of being able to pick up items cheaply or for hunting for hard to find items. Although generally the experience is good, there are instances where things can go badly wrong.
The Drop Shipping Business
You have suddenly found the perfect business and you are all geared up to make lots of money. You have see the ads about Drop shipping and it sounds great.
|home | site map|