Everybody is doing it. Everybody knows about it. But is everybody a success at it? At what? Making money on eBay, of course. If you are considering becoming a part of this growing concern, you are in good company.
The growth of eBay has been nothing less than phenomenal. Consider these statistics:
- eBay is the fastest-growing business ever in history. This refers not only to America, but globally as well.
- eBay has over 200 million registered users
- Over 2 million people visit eBay every day
- Over $100,000 worth of sales are made on eBay every single minute
Considering this explosive growth, does that mean that eBay is simply a shooting star that is due to burn out as quickly as it lit up? That fact is that eBay commerce is stronger today than it has ever been before. And there is no sign of it weakening or letting up. What does this mean for you?
Finding Your Place at eBay
Those who have successfully learned how to harness the power of this incredible marketplace have become very wealthy. Others are satisfied to make a few hundred bucks a month in extra cash. Still others only use eBay as a quick and easy place to get rid of the extra stuff around the house – an alternative to having a tiresome garage sale. In which category do you fit?
For those who are seeking to make a good, steady and ever-growing income from buying and selling on eBay the best way to begin is to find a niche. What products are you the most interested in? This should be an area in which you have some basic knowledge. Keep in mind you will be dealing with knowledgeable buyers.
Once you decide on a product niche, are you going to supply the products to sell, or will you wholesale and dropship? Both can make a good living, but they are very different. Some people begin by scouring flea markets and garage sales for items to sell on eBay. For these individuals, it’s the fun of the chase and the excitement of discovery. Others don’t want to leave the comfort of home. They prefer to buy and sell items that they find online as opposed to someone’s basement or garage.
Anyone in any location on the planet can become an eBay dealer for thousands of different products. You can study the product’s price and quality, then assess the demand and competition and offer it on eBay. The merchant then takes care of warehousing, inventory, and shipping. You earn money from the difference between the wholesale price and the retail price – much like a merchant with a brick-and-mortar store.
If you are an affiliate marketer, there are some sellers who offer an “eBay storefront” as part of their available affiliate marketing tools. This also is a great way to get into marketing on eBay with very little marketing knowledge.
How to Begin
eBay itself is a great resource for anyone wanting to become a seller or to increase sales successes. The key here is to learn the fundamental rules of how eBay operates. The more you know the more successful you will be. Learn the rules for both buyers and sellers, details on prohibited items and listings, feedback and identity protection and management. As a seller, be sure you understand all the rules as you list your auctions, because selling violations are serious and could lead to suspension or other action.
Do you understand how the bidding system works? If you don’t you will not make it as an eBay seller.
Do you understand how the fees are calculated? There are tables found online that detail the fees eBay charges sellers for creating listings and selling items. You will find fee tables for ordinary items and also for larger products such as cars and homes. Lack of understanding of the fees can cause you to miscalculate your profit margin.
All of these details and more are taught through the eBay University Learning Center right on the eBay site. In addition to the resources on their site, they’re also offering eBay courses/seminars in various cities around the country. It will be important to avail yourself of these resources to become the best eBay merchant you can possibly be.
A word of caution. Because eBay commerce is so popular there are a lot of so-called gurus out there selling their eBay know-how to newbies. Do your research and don’t fall for the scams. There are good courses and viable software to help in your eBay endeavors, but only buy from the ones who are tried and proven.
Business Ethics
Nothing works in business better than being ethical and aboveboard in all business dealings. Make it a point to under-promise and over-deliver in all that you do. Go the extra mile. Give the appearance of professionalism and then follow through. If you are shipping, make sure your packages have a professional look to them. If you promise to ship in five days, ship in three. Add extra little bonuses that your buyers are not expecting. These things are noticed by consumers; your feedback will be favourable and your trust levels will grow. Hence your business will flourish. That equates into profits.
Summary
Overall, it is relatively simple to get started making money on eBay. You will not need a lot of technical savvy, nor will you have to have a website. Cash outlay will be minimal. The key is to spend quality time learning how the system works, and then harness the power of this incredible online marketplace. You too can make money by using the gargantuan store that we know as eBay.
