How to Make a Profit on eBay
Use the World's Biggest Marketplace to Give up the Day Job!
Jul 7, 2009
When it comes to having just too much 'stuff' the western world certainly has the monopoly (and Cluedo and Backgammon...). Whether the garage is bursting at the seams and the attic is practically sagging under the weight, everyone seems to be hanging on to things they just don't need. For people wanting less 'stuff' eBay could be the way to get rid of unwanted clutter, while making money online.
Starting an eBay Business
There are three must-haves for all would-be eBay shoppers. An internet enabled computer, a digital camera and eBay membership. To get started go to eBay.com, click on the 'register' link on the top left of the screen and follow the instructions. For serious business start-ups it pays to think of a name that will fit with their business.
Buy Something on eBay for Feedback
eBay operates on a system where buyers and sellers can give feedback on their experience with each other. When you go to the eBay site, you will see that some people are rated 100%, others 92% etc. These ratings are calculated on positive and negative feedback. To stay at 100% sellers must pay promptly and buyers must pack and ship securely and quickly. In essence, the feedback system allows everyone to make an informed choice about who they're dealing with before they place any bids.
Get Second-hand Stock to Sell on eBay
The real secret to making money on auction websites, or indeed a high street shop is to buy items cheaply and sell them on at a huge mark-up. A good place to start is at garage sales, charity shops, jumble sales, car boots, in fact anywhere and everywhere where other people are getting rid of their junk. An interesting vase, a limited edition Transformer or a selection of silver teaspoons, might all be going for pennies at the sale, but could resell on an online auction for megabucks.
Use a Drop-Shipping Company
Not everyone has the space for 3,000 space hoppers or 200 dancing Santa Claus' in their homes, so drop shipping companies could be the answer. They allow sellers to buy in bulk, then will ship each individual item to a third party buyer as they are sold. The drop shipping company sells it wholesale, the third party buyer gets it for less than at their local store, and the eBay seller makes a profit between the two.
Take Account of eBay Fees
eBay charges for listing items and also a final valuation fee at the end of a successful auction. This is only a small percentage but could make the difference between profit and loss. One way to make a few extra pennies is on shipping. When you've calculated how much your item will cost to post, then it's worth adding a few more dollars or pounds on, to cover your costs.
Accept Every Major Credit and Debit Card on Earth
Opening a PayPal account allows sellers to do business with almost everyone on the globe. People no longer need to worry about cheques, bankers drafts or not being paid, as all buyers can pay instantly with MasterCard, Visa, American Express, Delta- whatever card they have- right there and then.
Take Better Photos
Take good, well lit photos on a white background. Enhance the photo to be the best it can be and always use enhanced listings to stand out from the crowd. eBay allows buyers one free photo with each listing and up to five for a few pennies extra each. These photos should be used to show the best bits of the item and any flaws it might have such as stains, chips and cracks.
How to Use Descriptions on eBay
Simply create titles that reflect what people will be searching for to find the item. Putting in as many details such as the name, model number or clothes size will enable the item to be found quickly and easily by buyers. Also make sure everything is spelled correctly so it won’t get missed. It's useful to add a counter to the bottom of every listing to see how much traffic is going to the page. This can help determine what is likely to sell well.
Opening an eBay Business
The truly great thing about eBay use is that individuals can be store owners, with a worldwide shop front, from just £14.99 / $15.95 a month. Sellers can sell just about anything, buyers can buy pretty much everything, and should the item not sell well, it's easy to shut down the store and start again. eBay offers a unique way of making money and recycling good used items for people who want to work from home. To start a business now, go to eBay.com.
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