Buying and Selling Stuff on auction websites is a great idea to kick start your business. eBay is probably the largest auction site on the internet, that helps you make money right from the comfort of your home.
If you are living an internet lifestyle, than unless you have been living under a rock you might already be familiar with the popularity of eBay. The system works as the merchants list their products for an auction and allow the buyers bid on the products to win them.
It’s no secret that you could sell your stuff at a profit on eBay but the key to success is following a proper plan. There are a lot of entrepreneurs touching $1 Million revenue per annum mark exclusively through their eBay sales.
Making Money on eBay is just like a traditional offline business, you need to market your product well to achieve a favorable price. Here is a guide for beginners on how to make money on eBay.
Signup for eBay
The first step is always to get registered for the program. Its quite simple, just fill in the form and verify your email address, you are ready to proceed towards the next step.
Choose Products to Sale
You have to choose the products you want to sell on eBay, almost everybody has something lying around spare to sell and generate profits. You could choose electronic appliances that need replacement, some books you have read etc. The products must be in a good saleable condition,
There are certain entrepreneurs who purchase goods in bulk to sell them on eBay at a profit. This works, but only if you have a good seller reputation. Another idea is to sell brand new products or purchase other profitable products on eBay with the potential to sell easily. Browse the popular products section to figure out what to sell on eBay. Remember only choose products that are highly sold on auction websites.
Once you choose a product let’s stumble towards the next step.
It’s the most integral aspect, before listing your product dig the hell out of internet. Research on Google about the price of similar products, check the rates on other marketplaces and ensure your product has the potential to attract customers. See what others are doing to sell the product and than start formulating a marketing plan.
Once you have gathered sufficient details about the product you are selling start writing compelling descriptions to attract potential buyers. You should keep the customer likes and dislikes in mind, state the condition of the product, color, specifications and set a suitable bid price. The pictures must be attractive to convince the buyers. The well you market the product, higher exist the chances for sale at a suitable price.
It’s the time to list the product for sale. Choose a low bid price for items you think might become popular and engage users. The best part is the wide customer base you could target on eBay. The listing should last at least 5-10 days preferably include weekends to allow buyers choose your product at their convenience. When listing the product be cautious to choose a relevant category to list the product. Once listed continue monitoring to check the user feedback for your products.
Once you have listed the product it might sell at your desirable price, always deliver above the buyer expectations to build a good seller reputation. It is advised to include shipment costs within the price of the product and ensure they do not inflate the selling price to a greater extent. Shipment should be done in an agreed time frame and products must be delivered in the best possible condition to avoid any future disputes.
Some Useful Tips
Although eBay Business is appealing enough to tempt individuals investing their time, money and efforts, but on the other side its risky as this business usually requires some initial investment (the products you sell) and does not guarantee full payback.
If you want to make sale purchase of items on eBay your full time business than you need to follow traditional business practices such as building reputation, goodwill, customer trust etc.
In the beginning don’t expect to make huge profits but rather you will be on a little profit or breakeven basis. You should be wise in choosing the products, don’t sell goods that require high shipment costs. Always research the buyer and seller to avoid getting trapped in a fraud.
eBay is a very good marketplace to auction your products. It’s a good home based business idea but only if you dedicate your time and efforts towards researching the profitable products and marketing those products well.