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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. ˇ Smart sellers research the marketplace and the competition to determine the salability and profitability of the product. ˇ 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. ˇ 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: ˇ You can start up quickly and don't need special skills. ˇ There is very little risk and investment required to get started. ˇ 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. ˇ 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. ˇ 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: ˇ 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. ˇ 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. ˇ 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. ˇ 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. ˇ You will have little or no competition from other sellers, so you can corner your niche market. ˇ 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. ˇ 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. ˇ 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: ˇ What are you passionate about? ˇ What do you collect? ˇ What do you like to read about? ˇ What do you do in your spare time? ˇ So you have a favorite pastime? ˇ What was your major in college? ˇ What jobs have you had? ˇ Are there any other fields in which you have a great amount of knowledge? ˇ 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. ˇ How can you turn your expertise into a product? ˇ How can you add value to current products related to your interest? ˇ What product can you sell that may be one of a kind and have little or no competition? ˇ Can you think of novel ideas that people who share your passion would love? ˇ 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: Vineyard Property With âField of Dreamsâ-Like Baseball Diamond Heads to Auction - Mansion Global Peer into Lynne Rosetto Kasperâs splendid collection, as she auctions off a cookâs greatest treasures Star Tribune Google Ads Different Auctions Locations May Impact CTR & Impression Rates - Search Engine Roundtable Google Ads Different Auctions Locations May Impact CTR & Impression Rates Search Engine Roundtable $12 Sketch Bought at Auction Might Be Artwork by French 'Genius' Renoir, Says Antique Store Owner PEOPLE Significant race cars confirmed for Broad Arrow Auctionsâ debut Villa dâEste auction Magneto magazine News Flash ⢠Shop County Auctions on PublicSurplus.com Nevada County (.gov) John Bonham stage-played drum head, Grateful Dead posters among Heritage Auctions sale The Music Universe. Unity Fest set for May 3 with Crowder in concert; pig races, auctions also part of event White River Now State Treasury firearms auctions raise money for WV law enforcement agencies Huntington Herald Dispatch âStar Wars' and âGhostbusters' props among top-selling items at entertainment auction NBC Los Angeles Cup of Excellence partners with V-Auction Global Coffee Report Silent auction, live music to highlight Historical Societyâs Spring showcase Mountain Home Observer Gold Dynamiq superyacht Stefania sold at auction for âŹ10M Boat International 5 Rivers Delta Resource Center up for auction NBC 15 WPMI Six-Pack of Porsche 911s Is up for Auction Car and Driver The Magnificent Mediterranean Blue Diamond Heads to Auction The Court Jeweller Coffee auctions have changed for the long term Perfect Daily Grind Las Vegas judge orders some items to be pulled from O.J. Simpson auction Las Vegas Review-Journal Hubzu Expands into Commercial Real Estate Auctions, GlobeNewswire Is Japanese whisky losing its auction lustre? The Drinks Business Ghibli Treasures & Anime Icons Fuel Record-Setting Heritage Auction Event Animation Magazine Barbies, Kens & Friends exhibit and auction starts April 3 Sonoma Index-Tribune State Treasury firearms auctions raise money for WV law enforcement agencies Charleston Gazette Here's Why 2025 Is The Time To Buy High-Horsepower Tractors, Auction Pricing Is Staying Strong Agweb Powered by Farm Journal Support Conservation Efforts: Winneshiek County Pheasants Forever Hosts Annual Banquet and Auction decorahnews.com Hubzu Enters the Commercial Real Estate Auction Market, Leveraging Its Success in Residential Auctions GlobeNewswire Cruz says Pentagon staff lobbied against spectrum auctions Punchbowl News Running a storied auction in Russell Country Montana Free Press 300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction National Jeweler 2025 Mecum Houston Auction To Begin April 3 duPont REGISTRY Online Auction underway for 135 Madison Street in Wellsville, see GALLERY THE WELLSVILLE SUN Independence hotel is heading to auction â again Crain's Cleveland Business Sealed Ghostbusters VHS Sells for $3,800 in Goodwill Auction Ghostbusters News Apollo Art Auctions Presents: Fine Ancient Art & Antiquities â The Prince Collection Yahoo Finance RESULT OF RIKSBANK AUCTIONS GOVERNMENT BONDS The Manila Times Trump signed impeachment report could fetch thousands at auction Washington Examiner DoubleACS to feature 'Rotary Auction' The Sun Chronicle The sixth edition of The Collection Auction: Your next champion awaits! World of Showjumping Over 1,300 Acres of Minnesota Farmland Will Be Up for Auction in April 2025 Successful Farming Wind power developers stay away from Italian tender as sector awaits new auction system Windpower Monthly W. Bridgewater man lands 'Shark Tank' deal; Brockton auctions off properties: Top stories Enterprise News Is This the Coolest Michael Jordan Jersey Ever Sold At Auction? Bleacher Nation $100 million coin collection up for auction News8000.com - WKBT This 1965 Ford GT Prototype Roadster Raced at Le Mans. Now It Could Fetch $10 Million at Auction. Robb Report A Jackson Township hotel will be auctioned after defaulting on loan and foreclosure Canton Repository ACV auctions chief sales officer sells $1.87 million in stock Investing.com India "Mob's Accountant' Meyer Lansky's Letter Archive to Auction Fine Books & Collections Magazine Jardine Auctioneers Becomes Part of Euro Auctions Group, Joins Forces With Michener Allen Auctioneering : CEG Construction Equipment Guide Woman pays $12 at auction for artwork she believes is a real Renoir ActionNewsJax.com Jason Winter, With West Central Auction Co, Recognized Among Top Real Estate Leaders StreetInsider.com Former YWCA campus in Huber Heights headed for new use after auction Dayton Daily News 2025 fantasy baseball draft sheet: Downloadable stats, auction values and ranks for 500+ players - The Athletic The New York Times Storage Auction April 12 Siuslaw News Professor Tong Liâs paper âIdentification and Inference in First-Price Auctions with Risk Averse Bidders and Selective Entryâ has been accepted by the Review of Economic Studies Vanderbilt University Screen-Matched Ghost Trap Sells for $327K as Ghostbusters Props Fetch Top Dollar at Propstore Auction Ghostbusters News Michael Jordanâs First NBA Jersey Sold for Huge Amount Sports Illustrated Luminaries of Color Field Painting Star in Artnet Auctionsâs GEMS Post-War Abstraction Sale artnet News |
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