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Q: I hear so much about people who started selling on eBay and eventually turned it into their full time business. ' At any given moment, eBay is conducting some 12 million auctions, divided into about 18,000 different categories. ' About two million new items are offered for sale every day, and 62 million registered users scour the site to find them. ' One company is grossing more than $5 million dollars a year selling brand new pool tables on eBay. 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. 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? Article: Q: I hear so much speaking of people who started selling on eBay and eventually turned it into their full time business. Is it really possible to mature a profitable career building just selling junk on eBay? -- Alex K. A: If Fred Sanford were vigilant 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 no such thing man's treasure (I have a garage full of treasure to prove this point), your chances of cultivation a profitable custom selling 'junk' on eBay (or anywhere else, for that matter) are slim to none. While there is a lot of junk reasure for sale on eBay, it is typically sold by individuals who have 'I develop for yardsales!' bumper stickers on their cars and not serious performance people. For serious entrepreneurs, however, selling on eBay can be a good way to start a new allegiance if you are willing to put in the time and energy required to make the commercial 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 vale of tears will you find such a large pool of potential customers. Consider these numbers: · There are nearly 69 million eBay users who spend $59 million every day. · Most eBay sellers are home-based businesses that sell every- thing from porcelain dolls to locks of Elvis' hair to $100,000 Mercedes convertibles to $5 million dollar vacation homes. · 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. · At any given moment, eBay is conducting some 12 million auctions, divided into in spitting distance 18,000 different categories. · more or less two million new items are offered for sale every day, and 62 million registered users scour the site to find them. · One pack is grossing more than $5 million dollars a year selling impress new pool tables on eBay. Their eBay store is so profitable that they have blank 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 in the neighbourhood aught 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, hut 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 masonry 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 forecasts aspects of the business. Just insofar as you're selling online does not mean that Uncle Sam won't expect his piece of the pie. Revenue generated by an eBay venture is just as reportable and taxable as revenue generated from a granite 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 obstacles to pyramid 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, stone-broke the mold per they made it, Dale Earnhart Memorial pull a boner Head continuity Figure (Earnhart fans would string me up if I titled it a Doll), but do a quick search on eBay and you'll probably find a hundred others just like it. So, can you enlarge a profitable enterprise 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 maintain 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 maturity 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 in the foreground 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 reconciled your price or your terms. If an item sells well, keep it in stock and then experiment with ulterior item. Do Your Homework eBay is too commodious a subject to be covered fully here, but there are a multitude of record book at leisure 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… Here's to your success. Tim Knox tim@dropshipwholesale.net For information on starting your own online or eBay business, visit http://www.dropshipwholesale.net
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