Approximately 1.3 million people are making money selling on eBay, with individual income ranging from as little as $500 a month to millions per month. If you are thinking about becoming one of those Power Sellers it’s important to determine where you want to start in order to select the vendors that are right for you.
For example, those thinking about working at home part-time will expect a much smaller stream of income and lay out significantly less monies upfront. Full time businesses, on the other hand, will be able to take advantage of buying in bulk but will need to invest more on initial inventory and have sufficient space to buy a huge pallet of closeout merchandise.
Further, the vendors you choose must be substantive enough to keep shipping the quantities of merchandise you need if you are to maintain monthly sales and obtain the best price per unit.
Here are five of the most important questions to ask yourself now. Don't worry if you are not 100% sure about all the answers.
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?
It’s not a problem if you don’t have a lot of money but the amount will be instrumental in determining your budget when selecting which products to sell and what vendors to buy from.
3) How much profit do you want to make in the next 3 months? How much in the next year?
When starting out it is very important to know how much you want to net on eBay so pick a realistic number and remember that realistic is the key word.
Also remember that profit is net income, i.e. what’s left after expenses. Since selecting merchandise to sell can be overwhelming, knowing your financial objectives will help you to select products and vendors who can help you meet those goals.
4) What is your true purpose for selling on eBay?
Are you looking to start on a part time basis while holding onto a current day job or are you ready to take the plunge into making selling online your only income? How much do you need to net now and what is your ultimate goal.
If your true purpose is to make a million dollars a year, then write it down but know that you’ll need to break that down into smaller, more easily attainable goals at the beginning.
5) Are you willing to put in the work to lay the foundation to become a profitable eBay seller?
Financial success = work, especially when you are starting out! So, if you want to make a million, but aren’t willing to do the grunt work up front, go back to Step Four and revise that number. You can always bump it up as you go along!
Once you know where you want to be, you can begin to set your goals to get there. Start an “eBay Business binder” which, as a living business plan, will be the backbone of your business. Save your answers under business objectives.
Congratulations! You are on your way to starting your successful eBay business!
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