Ebay is the King of online revenue making opportunities, so why not start an autopilot Ebay business for a passive revenue stream? Believe it or not, you can get started with only a few bucks and a hundred hours or so writing your initial auction and store listings. If you set your business up to run on autopilot, from there on out you will be making a passive income everyday with only minimal time spent responding and replying to your customers.
Making a killing on Ebay is much easier than you might have thought. In truth the majority of the work comes from manually doing listings and relistings day in and day out, keeping track of inventory, packaging and shipping products and the like. Very little time is actually necessary for customer service, on average under 30 minutes a day or less.
Did you know that you can set up your Ebay sales to run virtually on autopilot, but automating the majority of the grunt work that wastes your time? You can and will be pleasantly surprised at how easy it is to do so. I have to admit, that as a former Ebay Powerseller, the grunt work is definitely the worst part of the job. I can not tell you how many hours of my life I wasted with packaging up items to ship and waiting in line at the post office during the holidays. Eventually, I put the following system in place in order to regain my life while I continued to build my business. It was the best decision I ever made.
What You Need to Get Started with an Automated Ebay Business
First of all, in order to keep your costs down you will need to open an Ebay store. Ebay stores are good for a number of reasons. First, they allow your inventory listings to be renewed on a reoccuing monthly basis. You set up your listings once, and they can automatically be renewed for you at the interval you designate. Second, the price of store listings is very minimal compared to the fees for setting up auctions. Keeping your selling fees low will make your profit margins better in the long run. I did run several auctions at once to get extra traffic to my store and considered those 20 or so listings every week as advertising which ultimately justified the higher cost of the listings.
Next, you will need a good wholesale drop shipper so you will not physically need to handle, or ship merchandise yourself. Which wholesaler you select will depend on what items you are selling in your store and the niche you select. There are several good ones online and from my experience it is best to look for those offering a large selection of merchandise. The more unique and higher the quality of the items they offer the better. I will not make a specific recommendation for a particular company here, because the reputations and business practices in the industry change periodically. Do your research, due diligence and read reviews on the company before you make your selection. Selecting the right drop shipping company for your needs is without a doubt the most important part of your autopilot Ebay business start up. Why? In order to maintain your credibility as an Ebay seller you will need to keep your feedback ratings high. Whichever company you choose as your drop shipper, will be responsible for the timely shipping of goods, appropriate packaging and mailing or your items. Without both fast shipping and high quality merchandise, you will not be able to maintain your feedback ratings.
Third, select your items for your store inventory. Be certain you work on high enough profit margins with your auction items to cover the cost of your listing and closing fees. Many new Ebay sellers forget that not every item will sell every time it is listed. I used to have about a 30% -40% sell through, which means that you will list the same item at auction 2-3 times before it will sell. Take into consideration the cost of multiple auction listings before making a single sale in order to accurately judge the profitability of your Ebay business. A general rule of thumb is that you will need to have somewhere around a 50% or better markup in order to be profitable in the long run when selling on Ebay. The higher the potential profit margins the better your bottom line for most items, however, auctions that close with exceptionally high regularity will do well even with lower profit margins. On Ebay, it is all about the cost to list and sell versus potential profit.
Fourth, write your store and auction listings and set them up on automatic renewals.
For auction listings, keep templates for quick relisting at a later time. This is where the one hundred hours of upfront work comes in to the picture. Most of the time you spend setting up your autopilot Ebay business will be spent writing your store and auction listings. Be certain to accurately describe your products, using lots of descriptive words and pictures. The better able people feel they are able to discern the quality of your products, the more likely you will be to make the sale. In addition, spell out your customer service policies and return policies in great detail. Taking the time to write clear and accurate auction and store listings will save you untold headaches later.
Fifth, set up a Paypal account if you do not already have one. Paypal is the payment collection method of choice for Ebayers. Opening an account is both free and easy and takes only a few minutes. Accepting Paypal for payments is one of the major factors in helping your listings close at a higher conversion rate.
Setting up an autopilot Ebay business is not difficult. In fact, once the initial work of finding a reputable supplier and writing you listings is done you will find that the amount of time you will need to spend your running your Ebay business is minimal. I know of several people who run their Ebay businesses with the autopilot model and both are making a fulltime income with only one to two hours a day of effort. Now, that is what I call passive income at its finest!