Unless you have been hiding under a rock for the last decade, you should be aware of how easy it is to make money on Ebay. Ebay is a gigantic site with good brand recognition, and a loyal and ready to buy customer base boasting hundreds of thousands of ready to buy customers every day. Even without the experience of knowing how to build, maintain and promote your own site, Ebay makes it possible for you to start selling and generating cash today. No other business is less expensive, easier or faster to set up and run when you need to generate cash in a hurry.
Things You Will Need
Follow the basic steps outlined below and start collecting your share of the online aution money making bonanza pie.
How to Get Started Listing Your Ebay Auctions
Register for your Ebay Seller's account. This step is easy, free and takes only a few minutes to verify your email and get started.
Register for your Paypal account. You will need a way to collect the monies you are to receive for your sold items. You really do need a Paypal account, which is a necessity for accepting credit and debit cards. Paypal is also the method of choice for payment amongst Ebayers and you will not be able to compete with your competitors if you do not offer Paypal payments. Unfortunately, you will look like a fly by night seller or newbie, so do take the time to register for a free account if you do not already have one.
Select your items to sell. Ideally, your auction items will be unique, difficult to find, or collectible to do well on Ebay. While all of these factors will help your auctions to close with bids, there is one other extremely important factor you must take into consideration when selecting which products you will sell, the profit margin. Higher profit margins are important for two reasons. The first is in allowing enough profit per item sold to offset both your listing and closing fees, and the second is in structuring your business plan to allow you to work smarter rather than harder. Do not make the mistake of choosing a low profit, high volume business or you will work harder than you need to in the long run. Selecting high profit items ensures you will make a good hourly wage for your time and effort.
List your auctions on Ebay. Ebay has high usage during the weekends and evenings when people are home to watch and bid for items they are interested in just before those auctions close. You will generally see that ending your auctions during these times will increase the possibility of bidding wars on your items. Bidding wars are great for your bottom line and will help you to keep your profitability higher than you would realize by listing your auctions to end at less than peak traffic times. It is also a good idea to be very descriptive in your listings. Being very accurate in your descriptions will allow you to let buyers know that they have enough information to trust you and buy from you. Spelling out not only the colors, sizes, styles, condition and price of an item, as well as your shipping and return policies thoroughly will help you to sell more products and maintain your feedback ratings, which is ultimately good for business.
Watch your auctions as they are in progress and be certain to answer questions from buyers in a timely manner. You will lose sales and look less than reputable if you do not communicate quickly, clearly and well to all questions asked of you. Answering quickly builds trust and will allow you to maintain your reputation as a valued Ebay seller.
Once your Ebay auction closes, you should invoice your buyers right away if they do not pay immediately with Paypal. Staying on top of invoices will allow your transactions to run more smoothly and help your feedback ratings to stay high. It will also expedite the transaction so that payment and shipping phase of the sale does not drag on for a long period of time.
Once your payment clears, prepare the item to ship and be certain to get a delivery conformation. Paypal requires delivery conformation for their Seller's Protection plan should your item be lost during shipping.
Ship your items. Make certain that the item is well packaged and protected for the shipping process. Purchase insurance and delivery conformation for items over a $25 threshold to replace.
Email a thank you, your item has shipped message to your buyers and rate your transaction with them. Include tracking information if applicable.
All of the above steps are the crux of any successful Ebay business. One of the most important decisions you will ever make is which products to sell. I have made the mistake of selecting high volume and low profit items in the past, and will tell you from experience that it becomes overwhelming how hard you will work to make much money at all. Do not fall into this trap. I can not stress this enough because it is an easy trap to fall into.
Ideally, the more unique the item, the higher the selling price will be. Choosing uncommon items also has another advantage, namely, you will be less likely to find yourself in a price war with other sellers. Price wars will kill your profit margins on Ebay faster than anything else. Bidding wars, on the other hand, are just what you want to keep your profit margins high.
When just learning how to make money on Ebay, it is important that you get a good feel for the platform and what it can do for you. Ebay offers an exceptionally easy way to get customers to your products or items, much more so that starting an ecommerce site from scratch. They offer quick sales of all types of merchandise, and the ability to build a fledging business into a relatively passive income stream. If you are just getting started selling on Ebay and do not want to carry physical merchandise, or you do not have much time to invest in starting an Ebay business, you may want to consider an autopilot Ebay business plan. Setting up your Ebay selling to run on autopilot is easy, inexpensive to start, and will eventually build you a substantial passive income with very little time.