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How To Start A Successful eBay Business

Posted last July 27, 2012, 8:59 am in Services report article

 

We’re going to Help You Start and Run a Successful eBay Business!

eBay is the world’s leading online marketplace for new and used products alike. Products range from garage sale items to brand new designer clothing and everything in between. These items are sold by small businesses and individuals who own eBay stores. Some of these store owners/operators are making BIG bucks. Just as with going into any business venture there are challenges and obstacles that may get in the way. You’re not the only person who ever wanted to start an eBay store and therefore most of the markets are overwhelmed and item prices deflating by the second. Everyone is trying to undercut you just to make a few cents.

Time to start your eBay Business!

First things first, you need to decide on a product(s) that you want to sell in your eBay store. When choosing a product(s) you want to ensure that you are passionate about it/them. This will make your eBay journey so much easier and enjoyable. Make sure you know your product and your products market before you dive into selling. Always do your research! I cannot stress this enough. There are numerous tools out there to do market research but the best two are Terrapin and eBay pulse. Though Terrapin requires a membership fee, it is worth every penny. Using these research tools will help you find a product(s) that is profitable and in turn will help you achieve you eBay business goals! When deciding on a product(s) to sell you need to consider many things. Will you be offering a wide range of products? Will you be known for selling discounted merchandise in one category? Will you be selling homemade or very unique goods? How are you going to differentiate yourself from your competition? Do you have any competition? The idea of starting an eBay store may seem effortless, but trust me, it is the furthest thing from. Many think you can just go out there and buy products for next to nothing, upload them to eBay and make thousands of dollars over night. Well, let me tell you something, it doesn’t work that way. Not even close. You really need to think deeply into what your going to sell and do loads of research. Are you buying your products cheap enough for you to mark the price up and still offer an appealing market price? You need to take sales volume into account. Will your profit margin and sales volume allow enough funds for you to run and operate your business and still turn a profit?

Register

You need to register on eBay. This is a very simple process. Simple visit eBay’s website, clicks on the sell link at the top of the page, and follow the on screen step-by-step instructions to create your eBay account! You will need to provide eBay with basic contact information and since you will be selling, a PayPal account. Even if you operate your business part-time or from your home, make sure that you treat it are a business and NOT a hobby. You will want to ensure that you register your business. Most eBayer’s will register their business as an LLC or Limited Liability Company. This is the safest way for new entrepreneurs. You want to make sure that you keep your businesses’ books separate from your personal ones.

Storage and Payments

When warehousing and storing your inventory you want to utilize the cheapest means possible when starting. For most new buyer’s this will be their garage or basement. Doesn’t worry, we all start this way. In the beginning most of, if not all of your money will be tied up in inventory, therefore you should at all cost avoid tying up money in unused warehouse space. If you don’t have the room or don’t want to store your inventory items at your house, storage unit rentals are a very good alternative. They are low cost and provide sufficient space. Now, onto receiving payment for the items you sell. PayPal, an eBay company, is an excellent choice. PayPal is an online payment service that allows buyers to pay with their credit cards or add funds from their bank accounts to make payment. There are many advantages to using PayPal, one being that PayPal helps to protect both the buyer and seller.

Start Selling!

Now that you have everything in order it is time to start listing items! Your listings and item presentation are the most crucial part of your eBay venture. You want to make sure that you take excellent close up pictures of your items (preferably with a white background). Also, if you really want to succeed you’ll need to design an eBay template (using html code) and have one made/purchase one (if you don’t know html code). A good eBay auction template will really help your auctions stand out from the competition. You need to decide whether you will sell your items in auction style of fixed-price format.

Packaging and Shipping

When it comes to packaging and shipping the products to your customers you want to ensure that you take extra special care of the item, just as if it were your own. When purchasing shipping supplies you want to get the best bang for your buck. You also want to assure that you are getting the best shipping rates available. You should even go as far as adding personal notes to your customers, and if you have a webpage, a link to that and even a discount code! Once a customer buys from you and has a positive experience, they are likely to become a repeat customer. Just as in any business venture. Repeat customers is the goal here, they are crucial to your eBay success!

As You Grow

As you grow larger and larger you may need to begin outsourcing some of your everyday tasks like bookkeeping, order fulfillment, warehousing etc. You may also want to consider an automated system which does all of the “easy” work for you. There are several auction management systems out there, such as Auctiva, Inkfrog, and Channel Advisor, to name a few.

Positive Feedback

Finally, and I cannot stress this enough, you need to pay very special attention to your eBay feedback score. This is the basis of your entire eBay store. Your eBay feedback score is how customers viewed your business and how potential incoming customers view your business. Do whatever it takes to receive POSITIVE feedback from your buyers. Make sure that you go that extra mile. Communicate with your buyer, add a personalized message or thank you letter to the package, ship items fast, package them well, etc.

Once you get some positive feedback you’ll be well on your way to eBay success!!! Good luck on your journey!!!