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The Secret To Real eBay Success
Q. I hear so much about people who started selling on eBay and eventually turned it into their full time business. Is it really possible to build a profitable business just selling junk on eBay? -- Alex K. ANSWER: If Fred Sanford were alive today, Alex, I'm sure he'd be earning his ripple money by selling quality junk on eBay. While it's also true that one man's junk is another man's treasure (I have a garage full of treasure to prove this point), your chances of building a profitable business selling "junk" on eBay (or anywhere else, for that matter) are slim to none. While there is a lot of junk/treasure for sale on eBay, it is typically sold by individuals who have "I break for yardsales!" bumper stickers on their cars and not serious business people. For serious entrepreneurs, however, selling on eBay can be a good way to start a new business if you are willing to put in the time and energy required to make the business a success. eBay is also a good option for existing businesses to expand their reach by selling online. Everyone from small used car dealers to giant companies like Dell Computers have discovered that eBay is an excellent place to hawk their wares simply due to the huge number of folks who visit the eBay site on a daily basis. Nowhere else on earth will you find such a large pool of potential customers. Consider these numbers: ˇ There are nearly 69 million eBay users who spend $59 million every day. ˇ Most eBay sellers are home-based businesses that sell everything from porcelain dolls to locks of Elvis' hair to $100,000 Mercedes convertibles to $5 million dollar vacation homes. ˇ Every minute of every day more than 150 new items are listed for sale, more than 500 bids are placed, and seven new people register to shop on eBay. ˇ At any given moment, eBay is conducting some 12 million auctions, divided into about 18,000 different categories ˇ About two million new items are offered for sale every day, and 62 million registered users scour the site to find them. ˇ One company is grossing more than $5 million dollars a year selling brand new pool tables on eBay. Their eBay store is so profitable that they have closed their retail location and now sell solely online.That's right, $5 million dollars from the sale of pool tables: proof that you can sell just about anything on eBay if you know how to do it. Be aware, however, that eBay is no magic bullet. As any eBay Power Seller (a seller who sells a minimum of $10,000 in goods per month) will tell you, building a profitable eBay business takes hard work and requires long hours, and often the financial rewards do not make it worth the effort spent. When it comes down to the mechanics of it all, running an eBay business is no different than running a brick and mortar business. You still have the same considerations regarding product selection, inventory purchasing, product pricing, inventory management, order processing, fulfillment, customer service, etc. You must also consider the legal and accounting aspects of the business. Just because you're selling online does not mean that Uncle Sam won't expect his piece of the pie. Revenue generated by an eBay business is just as reportable and taxable as revenue generated from a brick and mortar store. And if you sell to customers within your state you may also be responsible for collecting city, county or state sales tax. One of the biggest obstacles to building a successful eBay business may be the stiffness of the competition. Many sellers sell identical items and the price wars often get ugly, but that's to be expected in a free market place, which is exactly what eBay is. You may be the only store in town that's selling that one of a kind, custom made just for you, broke the mold after they made it, Dale Earnhart Memorial Bobble Head Action Figure (Earnhart fans would string me up if I called it a Doll), but do a quick search on eBay and you'll probably find a hundred others just like it. So, can you build a profitable business selling on eBay? Certainly, thousands of people have done it and so can you. Here are a few tips to help get you started. Sell Quality Products Don't sell junk! Leave the knick-knacks and fake leather jackets to the less informed. You should offer only quality products at a fair price. Research The Competition Once you have your product in mind, don't invest a dime on inventory until you have spent some time on eBay to see what the competition is doing. If you want to sell motorcycle helmets, for example, you should look at current auctions to see how many others are selling similar helmets and what prices they are charging. This step is vital since you may discover that you can't compete with current sellers on price or there is simply no market for what you have to offer. Start Slowly Many people believe that the more items they have for sale on eBay the better. They will invest thousands in inventory and spent hundreds on listing fees (yes, eBay charges you to list items for sale and collects a final fee if the item sells). Those are the folks that usually end up with ten thousand Ginsu knives forever in their garage. Test, Test, Test A fair portion of eBay auctions result in no sales, so it's best to test the waters before jumping in with both feet. List a few items and see how they sell. If an item doesn't sell, list it at least twice more. Some items might not sell the first time, but may the second or third, then sell steadily from then on. If an item gets no bids the first time, consider adjusting your price or your terms. If an item sells well, keep it in stock and then experiment with another item. Do Your Homework eBay is too broad a subject to be covered fully here, but there are a multitude of books available that can help you start an eBay business. In fact, I bet you'll find most of them for sale at this very moment at eBay. What's my bid? 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: Cox Automotive Signs Intent to Acquire Bel Air and Tallahassee Auto Auctions from BSC America Cox Automotive Inc. âBest Property Left in Saratoga Springsâ Heads to Auction Saratoga TODAY newspaper Bend luxury estate sold at auction bendbulletin.com Ben Askren auctions off his Olympic singlet as community raises money for his medical bills TMJ4 News PHOTOS: Bend off-grid ready mega-estate sells at auction for more than $5 million Central Oregon Daily Local auctions of tax-delinquent properties in the River Valley raise more than $1.3 million River Valley Democrat-Gazette Come for the animals â stay for the auction dailypress.net The Original Quarter Auction to Celebrate with Sweet 16 Event RiverBender.com #1-of-40 Bugatti Divo Could Fetch $9 Million At The Quail Auction duPont REGISTRY News Colorado movie car museum to find new home, auction dozens of cars, as apartments replace building CBS News Huron Community Fair's auction sees hogs, steers and goats sold Huron Daily Tribune SWOSU Announces 2025 Athletic Auction Presenting & Hospitality Sponsors Southwestern Oklahoma State University Athletics Milwaukee abandoned boat 'Deep Thought' auction, bids fall short FOX6 News Milwaukee Every car has a story: Here's how people lose vehicles at Crow Tow auctions The Des Moines Register Gemfieldsâ Auction Revenue Drops 50% in H1 nationaljeweler.com Unrivaled Basketball and The Realest Launch Premiere Memorabilia Auction Sports Illustrated Friends of Loma Vista Farm set for annual Pasta Feed and Auction Times Herald Online BidItUp Showcases Premier EV Equipment Auctions The EV Report St. Elizabeth & Nebraska Heart Foundation online auction KOLN | Nebraska Local News, Weather, Sports | Lincoln, NE Ryne Sandberg, Mickey Mantle Baseball Cards On Tap At Treasurer Frerichsâ State Fair I-CASH Auction Preview RiverBender.com Colorado movie car museum to find new home, auction dozens of cars, as apartments replace building CBS News Volo Museum marks 65 years with makeover and rare auction FOX 32 Chicago Bidding in the Auction for âDeep Thoughtâ Has Been Slow Milwaukee Magazine Livestock auction breaks records at Schuylkill County Fair Republican Herald Ohio electric bills likely to keep going up after latest PJM auction Ohio Capital Journal Kirby Center online photo auction open until Monday Scranton Times-Tribune Boro-adjacent Tysons lot entitled for two towers headed to foreclosure auction The Business Journals Honda Is Auctioning the Last V10 Engine Ayrton Senna Ever Raced and It's Peak F1 Memorabilia HiConsumption 3,400-Year-Old Grasshopper Artifact That May Have Been Stolen From King Tut's Tomb Sells at Auction for More Than $450,000 Smithsonian Magazine Wasatch County puts fleet vehicles on the block in August surplus auction - TownLift, Park City News Wasatch County puts fleet vehicles on the block in August surplus auction TownLift, Park City News PJM Auction Procures 134,311 MW of Generation Resources; Supply Responds to Price Signal PJM Inside Lines Friday Harbor mansion once listed for $11M heads to auction at $5M KIRO 7 News Seattle Stormtrooper Helmet From âStar Wars: A New Hopeâ Sells for $256K at Auction The Hollywood Reporter Advocates: Energy auction shows data center influence, grid operatorâs deficits - Maryland Matters Complete Run of 'Action Comics' to Auction Fine Books Magazine Volo Museum celebrates 65 years with wild vehicle auction FOX 32 Chicago Coastal inn sold at auction for whopping price with revamp planned The Business Journals Yacht once owned by late Palm Beach resident Jimmy Buffett heads to auction Palm Beach Daily News 100th Chincoteague Pony Auction cracks the $1 million mark Shore Daily News U.S. Government Property Online Auction (July 2025) U.S. Embassy in Romania (.gov) Horse Auction Belgium: "Very complete and quality horses" Equnews International Jimmy Buffettâs yacht up for auction WPLG Local 10 This 1998 RUF CTR 2 Sport Is One of Four AWD Examples and Could Hit $3.5 Million at Auction HiConsumption Huron Community Fair enters the weekend with redneck truck races, auction Huron Daily Tribune Plymouth County Fair auction brings in $26,850 The N'West Iowa REVIEW A note of thanks for bidding on my animal at the Jr. Livestock Auction | By Adeline Held Washington County Insider Willowickâs Shoregate Towers sells for $9.1 million at auction Crain's Cleveland Business London Auction House to Offer Artifact from âthe Age of Tutankhamunâ, Despite Dubious Origins ARTnews.com Art, Antiques, Jewelry From Prominent Estates Goes to Auction People Newspapers ULM Athletics Partners with Live Source for Online Auctions University of Louisiana Monroe Athletics First Edition of 'The Hobbit' Found in House Clearance to Auction Fine Books Magazine The Pollution Market: An Auction for Better Air Quality in West India Think Global Health Arkansas Commissioner of State Lands to auction more than 700 tax delinquent real estate parcels Thursday Hot Springs Sentinel Record 1995 Ford Bronco Eddie Bauer With 13K Miles Up For Auction Ford Authority Century wins three-way auction for 'landmarkâ book on UFOs The Bookseller |
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