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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. Ask yourself: 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
MORE RESOURCES: Can You Know Princess Diana by Owning Her Things? The New York Times TikTok Adds Countdown Bidding for Livestream Auctions Social Media Today Miracle Mop founder Joy Mangano is auctioning her sprawling ‘Swan Manor’ estate as her life story debuts as a musical New York Post Horse sells for record-breaking $1.7 million at Heber auction The Salt Lake Tribune Michael Jordan Rookie Card Sells for Record $2.5M in Eyebrow-Raising Auction Front Office Sports "eBay for government" helps agencies and schools auction off property, Municibid founder says CBS News Beloved 'sh**boxes' find forever homes as charity rally comes to a close Australian Broadcasting Corporation David Lynch auction LAist Cleveland-centric sports items up for auction Cleveland.com Princess Diana's 'caring dress' fetches over $500,000 in largest auction of late royal's fashion KETV Sheryl L. Wallick Obituary June 24, 2025 tolandherzig.com Rogers Community Auction and Flea Market celebrates 70 years morningjournalnews.com Princess Diana's 'caring' dress sells for over $500K at auction ABC News - Breaking News, Latest News and Videos Can London’s Summer Sales Season Be Revived? Artnet News Crowe's Marine to hold boat auction to support Greene Co. Habitat Morgan County Citizen Late Princess Kawananakoa estate auction to benefit Native Hawaiian culture initiatives Hawaii News Now Inside Princess Diana's unforgettable fashion staples that just went up for auction NBC 5 Dallas-Fort Worth Brazil auctions off several Amazon oil sites despite environmentalists and Indigenous protests AP News The Largest Ever Auction of Princess Diana's Wardrobe Is Happening Today Town & Country Magazine Diana’s “caring” dress makes over $500,000 at LA auction Just Collecting Wannenes auctions off more than 570 luxury items, including jewellery, iconic handbags and exquisite watches Monaco Tribune Empty Detroit hospital building heading to auction Detroit Free Press Original comic book of Spider-Man's debut draws national attention to Jacksonville auction, goes for about $12,000 Jacksonville Journal-Courier David Lynch’s Director’s Chair Sells for $70,000 at Los Angeles Auction The New York Times 4 rare Yemeni artifacts are up for sale at French auctions amid pro-coalition government’s silence ABNA English Iron Horse Hotel Faces Sheriff’s Auction Urban Milwaukee Ferris Bueller’s Iconic Sweater Vest Fetches $279,400 at Auction Galerie Magazine Idaho Department of Lands to Auction Three Payette Lake Lots Big Country News US treasury auctions often $70 billion of five-year notes at a high-yield of 3.879% Forexlive | Forex News, Technical Analysis & Trading Tools BidItUp Auctions Launches Landmark Series of Tier-One EV & Automotive Asset Sales Across the U.S. Yahoo Finance Jeff Smith's Thorn: Tales From the Lantern: Origins of Bone at Auction Bleeding Cool News Brazilian activists vow to fight Amazon oil auction in court, hail ‘partial victory’ over unsold blocks Climate Home News Ferris Bueller vest sells for $279,400 at auction Chicago Sun-Times In The CorvSport Ring: Do No-Reserve Corvette Auctions Really Matter? BaT Head To Head! CorvSport.com Tom Green County holds animal auction soon ConchoValleyHomepage.com Former Timken Stables property in Canton headed for auction after lengthy court battle Canton Repository Just The Cover Of Action Comics #1 Sold For Over $400,000 At Auction Bleeding Cool News RUHTER AUCTION - Ad from 2025-06-28 The Grand Island Independent Artistic bra auction is an uplifting event Whidbey News-Times EU publishes non-price critera for renewables auctions pv magazine International RUHTER AUCTION - Ad from 2025-06-28 Kearney Hub Community gathers for junior fair livestock auction LimaOhio.com Proposed wireless spectrum auction would crush innovation, industry claims in letter to lawmakers StateScoop General Procurement & Auctions Iowa Department of Transportation (.gov) New York’s Spring Auctions Aimed for Trophies. They Got Troubles. The New York Times Rabindranath Tagore’s only known sculpture sells for Rs 1.04 crore in auction; set of 35 handwritten lett Times of India John G. Kraman Obituary January 12, 2025 Fitzgerald Funeral Home & Crematory LTD. |
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