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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. According to some people the world economy may be moving toward a 1930's like depression. Others say there is no chance of that happening. Even without something as catastrophic as a world-wide depression, there are still plenty of little things that can put a damper on your success. But, whatever the situation, it's a good idea to hedge your bets. Here's eight tips for preparing your eBay auction business for whatever the future may hold: 1. Keep your overhead low One of the biggest advantages that you, as an independent businessperson, have in today's marketplace is that you can control your own overhead. You don't need big offices, lots of employees, and a lot of the expensive trappings of traditional businesses. By always keeping a close eye on your overhead, you will be in position to weather the slow times on eBay and/or slow economic times. In this business you can't always control how many sales you make, but you can control your overhead. Keep it low. 2. Invest in tools and training Successful eBay sellers survive and prosper because they are willing to invest in new skills and tools; and to take the time to learn how to use them to make themselves more productive. The key to long- term growth is to continually learn new skills and acquire new tools that will save you both time and money. The more skills you develop, the more flexible you can be with the types of products you sell and how you sell them. At the same time, it's important to invest your time and money wisely. Many people that want to build a full time eBay business willingly spend $200 - $300 over a period of time on several $20 - $30 products, but are reluctant to spend $100 or more on one product. While there are certainly some expensive products that are of little or no value, many times the best products are priced at an amount that belies their value. 3. Have multiple income streams We've all heard the old saying "Don't put all your eggs in one basket." Nowhere is it truer than on eBay. Try to set up at least three or four different niches, each of which produces it's own stream of income. There are a couple of advantages to this. First, while the income you make from each niche might not be enough to survive on, the combined income can provide a comfortable living. Secondly, should one or more of the niches suddenly slow down, you will still have income from the others to tide you over until new income streams can be created. 4. Have a Plan B & Plan C in place It's a fact of life that very few lucrative niches on eBay last forever. What will you do if you most productive niche suddenly takes a dive into the dumpster? And, what if another of your niches takes a dive also? Knowing the answers to these questions will help prevent you from having to make decisions out of desperation. You should always have a backup plan in place. You should be continually looking for and developing new niches that you can move into if others become unproductive. 5. Be flexible and be ready to react quickly to changing conditions or developments Always be on the lookout for the occasional, short term, hot item that pops up on eBay. Within the last year it was Dragonball Z, Beyblades and Furreal Friends. Would you have seen them coming and been in a position to take advantage of the craze for one of more of them? Many so called auction experts talk about utilities such as Hotbids.com or Andale's Research tool to help you determine what's hot. But the secret isn't to find out what is hot; it's determining what is going to be hot. There are several web sites and tools you can use to do this. One of the best is Lycos 50, a daily report on Lycos.com by Chris Schatz. He talks about the top 50 keyword searches on Lycos and makes predictions. If you had been a regular reader, you would have read his predictions for how hot each of these items would have been enough ahead of time to position yourself on eBay to take advantage of the craze when it really hit. The point is that, many times, the real research tools you should be using aren't in any way connected with eBay. Neither are they being touted by the so called experts. But they're there to be used by you if you are imaginative enough to see how what they offer can fit into your business. Whenever there is change, there is always opportunity. But only if you can see the change coming and are flexible enough and have the skills and tools needed to take advantage of it. 6. Don't make decisions out of desperation Never let any situation get so out of control that you have to make hasty decisions out of desperation. In nearly all cases, doing so will only cause more problems. It is far better to take the long-term view - constantly monitor your business so that you can take any necessary steps and make any necessary changes before the problems become critical. 7. Always keep your priorities straight Never let your business take over your life. Your priorities should be family, health, morality, and then business. It's never worth destroying your family, health, or reputation trying to build your business. If your business gets in the way of family responsibilities, change your business. If your business is destroying your health, change your business. If your business is causing you to make decisions you know are immoral or illegal, change your business. Always remember what your long-term goals are and don't sacrifice them for a quick, short surge in business. 8. Suck it up and hang in there If you are in business for any length of time you are going to run into rough spots and tough times. Often with that happens you will see a lot of people bail out and quit. In many cases, those few players that remain in the game are the ones who survive the tough times and go on to become extremely successful. If you are selling good products, have low overhead, and multiple streams of income from several niches, you can afford to hang in there a lot longer than your competition. And sometimes, just by sucking it up and hanging in there, you become the winner of customers by default - because they have nowhere else to go. Gary Hendrickson has been making his living selling on eBay for more than six years. He's the author of two eBay related ebooks, has a blog for eBay sellers, and is the owner of ColdItems.Com. ColdItems.ComThe Auction Rebel Blog
MORE RESOURCES: Peer into Lynne Rosetto Kasper’s splendid collection, as she auctions off a cook’s greatest treasures Star Tribune Shohei Ohtani 50-50 home run ball auctions at record-shattering $4.4 million after last-minute flurry of bids Yahoo Sports Significant race cars confirmed for Broad Arrow Auctions’ debut Villa d’Este 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 ‘Star Wars' and ‘Ghostbusters' 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 Society’s Spring showcase Mountain Home Observer Gold Dynamiq superyacht Stefania sold at auction for €10M Boat International Six-Pack of Porsche 911s Is up for Auction Car and Driver 5 Rivers Delta Resource Center up for auction NBC 15 WPMI $12 Sketch Bought at Auction Might Be Artwork by French 'Genius' Renoir, Says Antique Store Owner PEOPLE Stable Recovery Gala Silent Auction Now Open Thoroughbred Daily News 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 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 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 Cruz says Pentagon staff lobbied against spectrum auctions Punchbowl News Running a storied auction in Russell Country Montana Free Press 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 2025 Mecum Houston Auction To Begin April 3 duPont REGISTRY 300-Year-Old Ring Linked to Witch Trial Judge Goes Unsold at Auction National Jeweler Online Auction underway for 135 Madison Street in Wellsville, see GALLERY THE WELLSVILLE SUN Independence hotel is heading to auction — again Crain's Cleveland Business The sixth edition of The Collection Auction: Your next champion awaits! World of Showjumping Sealed Ghostbusters VHS Sells for $3,800 in Goodwill Auction Ghostbusters News RESULT OF RIKSBANK AUCTIONS GOVERNMENT BONDS The Manila Times Livermore Valley Wine Auction Diablo Magazine 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 DoubleACS to feature 'Rotary Auction' The Sun Chronicle Trump signed impeachment report could fetch thousands at auction Washington Examiner 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 Is This the Coolest Michael Jordan Jersey Ever Sold At Auction? Bleacher Nation "Mob's Accountant' Meyer Lansky's Letter Archive to Auction Fine Books & Collections Magazine $100 million coin collection up for auction News8000.com - WKBT Jardine Auctioneers Becomes Part of Euro Auctions Group, Joins Forces With Michener Allen Auctioneering : CEG Construction Equipment Guide ACV auctions chief sales officer sells $1.87 million in stock Investing.com India 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 2025 fantasy baseball draft sheet: Downloadable stats, auction values and ranks for 500+ players - The Athletic The New York Times Former YWCA campus in Huber Heights headed for new use after auction Dayton Daily News Professor Tong Li’s paper “Identification and Inference in First-Price Auctions with Risk Averse Bidders and Selective Entry” has been accepted by the Review of Economic Studies Vanderbilt University Storage Auction April 12 Siuslaw News Michael Jordan’s First NBA Jersey Sold for Huge Amount Sports Illustrated Screen-Matched Ghost Trap Sells for $327K as Ghostbusters Props Fetch Top Dollar at Propstore Auction Ghostbusters News |
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