Making Money with eBay

If you have dreamed of running your own online business, and basically working for yourself, there is a great resource for you that you probably don't realize can help you. eBay, the globally known auction website, has in its fifteen years of existence grown into one of the most popular eCommerce hubs. Launched in 1995 as basically a one-man operation, eBay now employs over fifteen thousand employees and generates revenues in the billions. One might think these numbers daunting, however, and wonder if they can get a piece of the action while competing for attention among thousands of full-time and casual dealers. The truth is, making money with eBay is possible if you have something worth selling and know how to use the site to your advantage.

To launch a solid eBay presence, here are a few steps to consider:

• Make sure you have a reliable e-mail account that won't filter messages from the site into your junk mail. It's important to connect immediately with prospective buyers.
• Make sure you have a PayPal account, as buyers are more likely to use PayPal to purchase items.
• Use a good quality digital camera, or a scanner for putting pictures of your items in your listings. People want to see what they're getting.
• Supplement your eBay presence with social media. Use blogs, Twitter, and Facebook to promote your sales.
• If you opt for the eBay store option (a monthly fee is charged, but you are permitted a number of features to give your account a professional look) you might consider registering a domain to point to your account. This is helpful for promoting with business cards and flyers to give people an address to remember.
• Lastly, you need quality products to sell!
  

1) Quantity before quality: Having hundreds of listings won't necessarily guarantee big sales every day. You'll have the most success with items that people want, so don't clog your account with worthless junk just to have it visible.

2) Focus on what interests you the most: If you have a passion for books, consider opening your own used bookstore online through eBay. If vintage toys are your thing, you can market good condition Barbies, Happy Meal toys, and die cast cars. Make the rounds at local flea markets and yard sales for gems you think would move online. The options are endless when you sign up - you can create an eBay autographs mini-store or establish yourself as a sports memorabilia dealer.

3) Take charge of your inventory: You might be tempted to invest in wholesalers that provide items for you at cost. Unless you're certain the product will move in retail, it may be wise to avoid such practices. Oftentimes, the only people who make money this way are the wholesalers, and it's your money spent. Build your inventory carefully and avoid high wholesale costs to avoid outrageous markups.

4) Sell for yourself: You might think you can do a good business as a consignor of items; that is, selling other people's items on your account. While some people have actually bought franchise businesses that specialize in this (Snappy Auctions is a popular example), if you are working on your own it might be more trouble than it's worth. Other products may dilute the quality of your own auctions, and unless you want to haggle over consignment fees it's best to refrain from taking other people's items.