eBay business: 10 steps to start it properly
If you are going to give a try to selling products online, eBay.com auction is a great starting point. It is a great place to research what people prefer to buy online, at what prices. It is a large market with millions of international buyers and sellers. So, your steps to launch your eBay home business:
1. Register with eBay.com:
2. Create a seller’s account (you will need to enter the details of your valid credit card – it is safe)
3. Define what products to sell. Browse the marketplace, check completed auctions (as a registered user you have access to this information), read ‘What’s Hot’, eBay Pulse, etc
It is the most important step. Probably, you have in mind some suppliers or dropshippers found in our directory. But do not rush to post you auctions – you can lose money with eBay seller fees (see eBay fee chart here), make a proper research of the categories – see who are top sellers of the products you are about to sell, how long are they on the market, check their prices – can you compete with them? See their sales volume. Start slow.
When I started my eBay business I made a mistake with the product selection. I have found a good lingerie supplier with a nice selection of styles. I did not research the market, but started to promote sales through eBay and fully enabled online store. A few months later I started to feel that something was wrong: occasional 3-4 sales per week were not what I expected from my business). I have invested a few thousands dollars into this venture (online store development, eBay fees) that I never recouped.
I made (though it was too late) online lingerie market research and discovered that it is overcrowded. I dropped lingerie sales, found another product after the proper eBay market research and now doing much better than it used to be.
I have made two important conclusions from this story: always properly research market before you start sales of a new product; if you are about to launch an online store – test the waters with eBay that is some sort of indicator helping you to check demand and competition for your product.
4. Find the source for the products you need.
5. Think of the ways to accept payment from buyers. The most common ways are: PayPal, money order and cash. So, open an account with PayPal
6. Prepare a nice auction layout form (many are available for free – Google it)
7. Place test auctions (once you achieve a certain degree of positive feedback – eBay rating system used by both sellers and buyers to make the auction a safe place to shop – you will get access to free auto listing software – TurboLister; for now you have to place auctions online manually).
Do not expect many buyers – you are a new player, with zero feedback. It takes time like with any other business to build your reputation and get regular customers.
8. If you are lucky to make your first sale – invoice the buyer with the instructions how to complete the transaction.
9. When the funds are in your account arrange a prompt shipping of the product. Remember to rate the customer if the transaction was smooth. If it was a pain, do not hurry to leave a negative feedback. Try to resolve the situation peacefully. Negative feedback is a last resort when you have no more choice.
10. Grow your eBay business – Open an eBay store (that will save you some money on the listing fees), add new products, search for more suppliers, start selling internationally.
[tag]ebay business, home business, dropship, drop ship, home work[/tag]
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