At last count, 1.3 million people are making money by selling on eBay. They represent a wide range of individuals and, in terms of income, include everyone from the million dollar per month Power Seller to the person who simply wants a steady $500 a month to pay for a new car. There is an enormous middle ground with a large financial opportunity so even a part time eBay business can be hugely profitable. That is, if you start off on the right foot and take the correct steps going forward.
For example, sourcing product will be different. A full time business is more likely to have the upfront money and space to buy a huge pallet of closeout merchandise. It will be critical for them to find suppliers that can keep up with demand and provide strong discounts based on quantity.
Conversely, a part timer will look to companies that drop ship or sell in smaller quantities. Although every customer on eBay is looking for a good price, you’ll need to set your shipping and handling, as well as your cost structure, based on what you’re paying per unit yourself. You may want to limit the number of products you offer at start-up and expand only as warranted.
If you aren’t certain exactly how much of a commitment you want to make to your at home business, you’ll find the following five questions exceptionally helpful. Don't worry if you are not 100% sure about all the answers right now. Just answer them the best you can at this time.
1. How much time per week total do you want to spend working on your eBay business?
Set a realistic goal of how much time you can devote to your auctions.
2. How much money do you have to invest up front in buying your inventory?
If you do not have a lot of money that is not a problem. However, determining this will help you to be clear on your budget when selecting vendors to buy from.
3. How much money (profit) do you want to make in the next 3 months? How much in the next year?
It is very important to know how much you want to net on eBay when you are starting out. Most of your other business decisions will be based on achieving your objective. Remember that you’ll be making a mistake if you just take a “wait and see what happens" position.
Pick a realistic number and write it down. Is it $4,000 a month or $1,000? Is $500 sufficient for your needs?
4. What is your true purpose for selling on eBay?
Do you want to start small and grow your business into a full-time living? Is your goal just to make enough money to pay for your child's tuition or that new car? Whatever it is, pick a goal now.
5. Are you willing to put in the work to lay the foundation to become a profitable eBay seller?
Think about this question carefully before you write down your answer. Financial success = work, especially when you are starting out. If you are just selling on eBay for pocket money, then you'll have a lighter workload than someone with higher financial goals but it will still require making time in your schedule to be successful.
After you have completed these 5 questions, you should have a good idea of what kind of business you are ready to start!
Congratulations! You are on your way to starting your successful eBay business!
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