Making Money on Ebay: Research, Plan and Strategize
Making money on eBay must be relatively simply because many hundreds of thousands of people across the world are making a fulltime living from it. This article explains some basics on getting started with eBay and rules you need to follow if you are interested in making money on eBay.
Your first step is to decide which product you want to sell. Do your research. Choose one specific product type that you can study. If you learn enough to become an ‘expert’ with them, you’ll be able to advertise and sell them much more effectively. As you become a more effective online marketer, you can then expand your product line. Experiment with different selling and advertising strategies until you discover what works best for your particular product line.
Remember to limit the number of items you put on auctions. The absolute goal for making money on Ebay is to sell products for the maximum possible price. If you are selling too many of the same things simultaneously, you will make it much more difficult for yourself to achieve get a high price.
As Ebay becomes more popular, finding unique, quality items to sell can be a problem. ‘Outside the box’ examples of possible product sources include estate attorneys. They always get requests from families to help dispose of items from deceased relatives.
Placing an ad in the local press offering to accept consignments to sell could also be another good strategy. To make it worthwhile, consider charging a low upfront fee or talking a small percentage of the sale. If using these tactics, remember to research your state and local laws to ensure that an auctioneers’ licence is not necessary.
You may also find items from other Ebay sellers. Some buy items in bulk or by the job lot. There may be products they decide against selling. You can let other sellers know that you could possibly be interested in buying excess items of a certain product. This could be another solid source of unique, quality items.
As with most things, there are rules to follow when you are working to make money on Ebay. If you break them you risk having your account cancelled. Always sell only legitimate items. If you are marketing illegal or counterfeit products, you risk losing your business. You will inevitably be reported by the real manufacturer or another aggrieved Ebay seller or buyer, and Ebay will cancel all your auctions, so play by the rules. The practice of getting friends, relatives, or even bidding yourself against other bidders to boost the price, is called ‘shilling’ and is strictly banned. Ebay’s fraud investigators will likely shut you down and you could even face criminal charges in some US states.
You need to promote your auctions to generate cashflow through Ebay. Check Ebay’s rules, which are clearly outlined on the site. Establishing a personal web page with the sole purpose of promoting your Ebay sales, is one accepted method. Another alternative, is to manage your own online store, linking back to your specific auctions. Having your own online store gives you a better professional look on the Web and lets your customers know more about you, building trust. Building an opt-in mailing list is another very effective strategy to help your efforts to make money on Ebay. Regularly circulate useful email messages to your subscribers and use the opt-in list to promote your auctions.
More than 430,000 users are now earning money on Ebay. Many are making a full-time living. Why? Because this massive auction site is a very efficient and cost effective method to reach 45 million potential buyers.
There are as many ways of making money on Ebay as your imagination can come up with. Be warned, Ebay is not some get rich overnight sensation; it requires work, strategic thinking and planning. Don’t be conned into purchasing any of the thousands of guide books that promise instant success. Too many of these are just rehashed or re-circulated text. Some are even copyright protected articles, possibly plagiarized without the original author’s permission.
As with any business, online or offline, to be successful Ebay requires you to do you research, incur some cash outlay first, establish a business plan, then stick to it. This way will set you on your way to making money on Ebay.
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ABOUT THE AUTHOR
Ross Storey, CEO of StoreyWorks International – http://www.StoreyWorks.net (go here for a great FR**EE eBook on getting started on eBay) - is an experienced public relations consultant, communications strategist, publisher, editor and writer with a career-long fascination with eBay and online marketing. Please feel free to re-publish this article, so long as you include this resource box.