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Do I need to explain what eBay is?
If ‘Yes’, where have you been living for the past 5 years? On Mars?
eBay is the world’s largest Internet auction site. There are a reported 30,000,000 users, but that number has probably increased in the time delay between me writing this article and you reading it.
There is no doubt that eBay is a fantastic place to find bargains. There really doesn’t seem to be any limit to what you can find and buy there. I’ve seen websites sold for 8 million and real estate going for $12,000,000.
That’s some hefty stuff!
But did you know you can get a cut of that action? eBay has created more home businesses than any other event in human history, and to think, only a short while ago the Internet as we know it didn’t even exist.
To become an eBay seller all you need to do is register as a seller and then put up your product for sale.
However, that is an over-simplified summary, here are a few considerations you must ..err..consider:
- What products will I sell?
- Where will I find my products?
- How much will it cost me to sell each product (price of product + eBay listing fees)?
- Where in eBay will I list my products?
- What will I say in my ad?
- What starting bid should I choose?
- How will I process payments?
- How will I get the product to the buyer?
Let’s look at each of these questions a little closer..
- What products will I sell? à Choose products that are in abundant supply (because you can sell more and not waste time searching for them) but not readily available in your local Walmart (unless you can sell them a lot cheaper).
- Where will I find my products? à Find a supplier that can provide the products you want at a good price. Not as difficult as it sounds, read http://www.007workfromhome.com/drop-shipping-course.htm to learn more.
- How much will it cost me to sell each product (price of product + eBay listing fees)? àWhen creating your ads (eBay listings) you will notice there are different listing options that have different fees. But you must be sure that at the end of the day, you are left with a profit after listing fees and product cost.
- Where in eBay will I list my products? àThe only way to know what will work best for your product is testing. I tend to list my products in several different categories, with different listing options to test which works best for that product.
- What will I say in my ad? àMost importantly, use keywords in your title that people looking for your product will use when searching, combine keyword phrases where possible. Always include photos and be very descriptive in the content of your listing. If there is a problem with the product, say so.
- What starting bid should I choose? àSome people say the starting bid should be the zero point, that is, the price at which you break even. That way you can’t lose money (unless no one bids). Other people say you should set the starting bid low to stimulate bidding. Experience and testing will provide the answer.
- How will I process payments? àMost payments are processed by Paypal. Unless you have specific requirements, just use Paypal until you get the hang of things.
- How will I get the product to the buyer? àIf you use a drop-shipper, they will send the product. If you stock the product, go to the post office or use your preferred shipping method and send ASAP.
Some additional points:
- Always follow eBay rules or you’ll just create problems for yourself.
- Always ask the winning bidder for POSITIVE feedback.
- Always keep learning how to improve your eBay business.
I’m by no means an expert at eBay, having only recently begun using it as an extra revenue source.
The 2 best resources I know of are:
http://www.auctionsecrets.com/ and
http://theautomaticmoneymachine.com/
..notice neither of those links are affiliate links. I’m recommending them because they are good, not because I’ll make money.
In the next issue we will be taking a closer look at resell rights and how you can sell someone else’s product and still collect 100% of the profit… yes it’s possible and I’ll show you how.
Until next time,
Remember, persistence pays off - BIG TIME
Murray G. Hughes
Murray Hughes
Read another article I wrote on drop shipping
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Murray Hughes
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