Making Money on eBay

This post is a follow-up to the frequently visited article on creating an eBay storefronteBay is a very popular – and potentially rewarding –  business model, inexpensive to start-up, and easy to run.  eBay provides many helpful suggestions, tips, tools, and user forums to help both buyers and sellers.  eBay is also a classic example of a work from home business that even works while you sleep.

eBay may be the most powerful on-line money-making resource.  As mentioned below, 97 million active users use eBay as of early 2011.  Including both buyers and sellers, full and part-time, eBay is the world’s largest online marketplace  Many people dream about working from home; very few are truly successful.  Could an eBay business model offer a way for many to achieve a viable work-at-home goal?

eBay World Wide Stats

With more than 97 million active users globally (as of Q2 2011), eBay is the world’s largest online marketplace, where practically anyone can buy and sell practically anything. Founded in 1995, eBay connects a diverse and passionate community of individual buyers and sellers, as well as small businesses. Their collective impact on ecommerce is staggering: In 2010, the total value of goods sold on eBay was $62 billion — more than $2,000 every second. (1)

Anyone can make money on eBay with a product to sell, a computer, and an Internet connection.  Individuals don’t even need to own a computer or have broadband access; local libraries and community colleges provide these resources for free.  eBay represents the ultimate in business equality:  Sellers are retirees, employed, laid off, college degreed, white-collar or blue-collar persons.

eBay is very attractive from a marketing standpoint.  Buyers are automatically drawn to the site to search for both specific and general products, from printer paper to antique clocks to real estate.  The challenge is finding a product that drives traffic to your listing.  As with any new business, initial challenges exist, but with experience one can become a very good seller.

A good seller views the marketplace from a buyer’s perspective:  What items are popular, needed and/or desired?  What information does the buyer want and what requirements (e.g. free shipping, no reserve) are key to the potential purchaser?  Register initially as a buyer and research the products to better understand the selling process and marketplace.

Here are some tips directly from eBay’s “1-2-3 Start Selling” page:

Get Ready to Sell

> Research similar items

Search or browse through similar items and completed listings on eBay to see how other sellers describe similar items and what categories they typically list similar items in.

> Take a digital photo of your item – make sure it is clear, and upload extra pictures if necessary.

> Calculate postage and packaging costs.  Buyers want to know up-front the total cost of what they’re buying, and you don’t want to end up out of pocket.

Sell, Sell, Sell!

> You’re now ready to list your item.

> Click the Sell button at the top of any eBay page, and this will take you to the Sell page. Enter the name of what you are selling in the yellow search box and click “Sell It”. You will now be guided through the listing process.

> If you are not registered on eBay, you will be asked to register. If you haven’t sold before, you will be asked to create a Seller’s Account.

Complete the Sale

> Make sure you deliver – both in the literal and the figurative sense. Track your sales in My eBay so you know where you are. Send your buyer an invoice by email (PayPal prepares this for you automatically if you use it), and once you have received payment post and pack your item well, and dispatch within the time you committed.

> Make sure you deliver great customer service too – email buyers to let them know you have dispatched their item and include tracking or insurance details, if relevant. Follow up on any questions or concerns they have, and don’t forget to leave fair and accurate feedback.

Congratulations! You’re an eBay Seller. (2)

– By Dion D. Shaw

Dion D Shaw is the founder and owner of Homepreneurs

Homepreneurs.  New Day.  New Opportunity.

References:
1) http://www.ebayinc.com/who
2) http://pages.ebay.co.uk/sell/basics/start.html

eBay is a trademark name with all rights reserved.

Disclaimer

Homepreneurs does not endorse nor have any relationships with any of the services listed.  Homepreneurs receives no compensation or consideration for its suggestions.  Homepreneurs strongly urges all interested parties to conduct research and accepts no responsibility for any losses incurred.

© Homepreneurs 2010 – 2013

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14 Responses to Making Money on eBay

  1. flippingmike says:

    NIce post, and nice blog! Always nice to find other folks who take some of their time and spend it trying to encourage others to go ahead and take a leap. To anyone reading and curious about eBay I can speak form experience that it works. I began selling on eBay in 2001 when I still in high school (against their rules so shhhh).

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