| |
| |
|
Auction Information |
|
|
|
When It Comes To eBay, Don't Follow The Herd
Q: I want to start an online business. Since I don't know anything about ecommerce and building websites and such, I'm thinking about starting out selling products on eBay, then pay someone to build a website for me once the money starts coming in. The big question is: what is the hot product to sell on eBay to make money fast? -- Bob D. A: While it's true that selling products on eBay can be a quick, low cost way to launch an online business, following the herd by selling the "hot product" of the moment, is not a great idea. To the contrary, chances are you will be stomped in the ground by the herd and left lying in the dust with your unsold inventory in hand. We talked about starting a profitable eBay business in a previous column and the advice I dispensed then still applies today. The most successful eBay sellers are those who understand that success on eBay relies on many of the same factors as success in a brick and mortar business. · Smart sellers research the marketplace and the competition to determine the salability and profitability of the product. · Smart sellers test the market with one or two before committing to a product line and tying up their cash reserves in inventory that may never sell. · Smart sellers adjust their product offerings until they find a product or product line that sells consistently. The last point is perhaps the most important. Long term eBay success does not come from "one off" sales. The key to real eBay success is to find a product that sells well and sell that product over and over and over again. I asked Timothy Mina, author of the new book, The Online Auction Expert's Bible To Selling on eBay, his thoughts on launching a successful eBay business. Why is eBay so attractive to entrepreneurs? "With an eBay business, you set your own hours and set your own goals," Mina said. "You can work as much or as little as you want and whenever you want. Many sellers supplement their income by selling on eBay and many others have turned it into a full time business." Mina cites the following reasons for eBay's growing popularity among entrepreneurs who want to start an online business: · You can start up quickly and don't need special skills. · There is very little risk and investment required to get started. · The marketplace is huge. There are millions of potential customers waiting to buy what you're selling, 24 hours a day, with the click of a button. · No stress, no boss. Yes, there is work involved, but the work can be done at your own pace. You are your own boss and you set your own schedule. · Most importantly, you can follow your passion and do something you love. If you sell something you enjoy selling, online auctions aren't just profitable, they're fun and exciting, too. Why It's Critical To Find Your Niche? Mina recommends creating your eBay business with niche items. According to Mina, the benefits of targeting a specific niche market include: · If you are going to rely on eBay as your primary source of income, it is essential that you find your niche. If the goal of your eBay business is to earn enough money in your spare time to make your car payment every month, it is less important, but still highly recommended. · If you find a profitable niche, you will become a certified guru of the items you sell you will ideally be the only one on eBay offering the products. · Your expertise will make it ten times as easy to spot bargains when you're shopping for products to resell. Bargains might be all around you, but if you don't know anything about what you're selling, you won't know how to spot bargains that are right in front of you. · You will find different ways to add personal value to your products. These low cost add-ons or unique twists to your products will drastically increase your sales and profits by making your items unique and desirable. · You will have little or no competition from other sellers, so you can corner your niche market. · By dealing with the same type of customer over a long period of time you will get to intimately understand the mindset of your target customer and what your customer wants. This will help you sell your products better and allow you to market your products in ways others haven't thought of. · You will be knowledgeable and enthusiastic about what you sell, and you will be attentive to your customer's desires. This results in satisfied customers, name recognition, and a lot of repeat business. · You're going to find something you're passionate about and specialize in it. If you love what you're doing, you have a much greater chance of sticking to it and loving it. So it won't even feel like work - it'll be like you're getting paid to play. How do you find your niche? So how do you find your niche? Mina recommends doing an inventory of your hobbies and interests to help you identify a niche you would enjoy working in. Ask yourself: · What are you passionate about? · What do you collect? · What do you like to read about? · What do you do in your spare time? · So you have a favorite pastime? · What was your major in college? · What jobs have you had? · Are there any other fields in which you have a great amount of knowledge? · What clubs do you belong to? Mina also recommends that you spend time on eBay studying the category listings. This may give you additional ideas for hobbies you can turn into an eBay business. Once you have defined your hobbies or interests, brainstorm how you can turn them into a business. · How can you turn your expertise into a product? · How can you add value to current products related to your interest? · What product can you sell that may be one of a kind and have little or no competition? · Can you think of novel ideas that people who share your passion would love? · Is there anything related to your hobby that you can create yourself? An ebook or a how to, perhaps? Small Business Q&A is written by veteran entrepreneur and syndicated columnist, Tim Knox. Tim's latest books include "Small Business Success Secrets" and "The 30 Day Blueprint For Success!" Related Links: http://www.smallbusinessqa.com http://www.dropshipwholesale.net
MORE RESOURCES:
auctions - Google News |
|
|
|
RELATED ARTICLES
Get Yourself A Piece of The eBay Pie Ebay is without a doubt the greatest internet marketing phenomenon of all time. Millions of people log on every minute and every second there are hundreds of items listed, sold and bought, and of course money is made. 7 Great Reasons Why You Should Start an EBay Business Today EBay is a great part or full time business. An Ebay Business can be used as a way to promote your Online Home Based Business. How To Find Tons of Hot Items Selling On EBay ...In Less Than 10 Minutes There are many ways to start a home business online, and few are easier than eBay - the world's largest online auction site. However, there is one critical condition - you have to know what to sell and how to sell it. Garage Sales, Flea Markets, and Special Events... Oh My! The activity chart is an ingenious way to find, in order, events happening in your community throughout the day. Plug in 'www. 7 Steps to Easier EBay Shipping If you're like me, you probably hate packing and shipping the things you sell on eBay.Don't get me wrong, I love selling on eBay. Starting an eBay Home Business 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. Online Auctions: 5 Ways Your Business Can Benefit From Online Auctions Online auctions are now the new gold rush on the internet.It seems as if everyone is talking about online auctions. Better Than Sliced Bread? Drop Shipping, The New Home Business Craze Many of you will probably remember the days when the only way to start a successful home business was to join some sort of multi-level marketing program or sell makeup at parties. In those days, people would have to buy a membership in the 'program' along with an inventory of sample products that they would then sell to friends and coworkers at 'parties. Start Your Own Business: Sell Things on eBay The popularity of online auction site eBay has been legendary. With millions of transactions completed daily, it is no surprise why many individuals who do not usually shop online regularly purchase items through eBay. When is Wholesale Really Wholesale You've finally found the wholesale source for the high demand widget that is selling like hotcakes on the Internet. Thoughts of watching the money pouring in and celebrating the new found success selling widgets has you so excited that you can't wait to buy 5 widgets at wholesale and double the investment. An eBay Computer Purchase An eBay purchase that turned sour.A story of fraud, deceit, and broken promises. Ten Sure Fire Ways To Lose Bidders The way some auction sellers approach their auctions, it's clear there are as many ways to lose bidders as there are to skin a cat. If you spend enough time in the auctions you'll see a lot of basic mistakes, but the question remains: why do so many people consistently make the same mistakes over and over again. Mistakes to Avoid in your eBay Auctions Online auctions continue to grow in popularity as an easy and efficient way to make money on everything from unwanted household items to rare and expensive collectables and even to bulky items like cars.Log on to eBay and you will see countless auctions on any item you can imagine. Is Selling On eBay Just A Hobby Or A Real Business? Q: I made extra money selling things on eBay last year. These were items I picked up at yardsales mostly. Make Money Online: Learn To Sell On Ebay The online auction site eBay is an excellent tool for making money online. Think of eBay as an online yard sale and shopping mall. How To Sell On Ebay & Keep Your Shirt Have you ever been delighted after a huge sale on Ebay. . How To Make Money Online : Sell On eBay Selling on eBay can be very profitable, and is a great way to make some extra cash, or even turn it into a full-time business.If you're retired, or a stay at home Mom or Dad, or are in the market for a part time job you simply have to consider becoming a seller on eBay. Six Steps Towards Successful Buying at eBay Auctions Buying on eBay can be very rewarding, either in terms of being able to pick up items cheaply or for hunting for hard to find items. Although generally the experience is good, there are instances where things can go badly wrong. How To Sell On Ebay: Pricing Strategy Many new Ebay sellers make one of two mistakes: either they overprice items to an unsellable extreme; or they lose money on every transaction by setting low starting prices with no restrictions.In this lesson, I am going to go over which pricing strategies to use and when if you are using a ten-day auction setup. Police Auctions & Government Auctions Professional Resource Information Police Auctions Information:No, a police auction is not where you go to buy a policeman. Most people do not realize that police agencies, including local police departments, county sheriff departments, as well as state and federal law enforcement agencies end up with a lot of confiscated, lost, or abandoned property.
|
| Article List | Index | Site Map |
|
All logos, trademarks and articles on this site are property and copyright of their respective owner(s).
The comments are property of their posters, all the rest is Copyright © 2006 CanadaSEEK.com - All Rights Reserved. |
