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When It Comes To eBay, Don't Follow The Herd
Q: I want to start an online business. Since I don't know
anything about ecommerce and building websites and such, I'm
thinking about starting out selling products on eBay, then pay
someone to build a website for me once the money starts coming
in. The big question is: what is the hot product to sell on eBay
to make money fast? -- Bob D.
A: While it's true that selling products on eBay can be a
quick, low cost way to launch an online business, following the
herd by selling the "hot product" of the moment, is not a great
idea. To the contrary, chances are you will be stomped in the
ground by the herd and left lying in the dust with your unsold
inventory in hand.
We talked about starting a profitable eBay business in a
previous column and the advice I dispensed then still applies
today.
The most successful eBay sellers are those who understand that
success on eBay relies on many of the same factors as success in
a brick and mortar business.
· Smart sellers research the marketplace and the
competition to determine the salability and profitability of the
product.
· Smart sellers test the market with one or two before
committing to a product line and tying up their cash reserves in
inventory that may never sell.
· Smart sellers adjust their product offerings until they
find a product or product line that sells consistently.
The last point is perhaps the most important. Long term eBay
success does not come from "one off" sales. The key to real eBay
success is to find a product that sells well and sell that
product over and over and over again.
I asked Timothy Mina, author of the new book, The Online
Auction Expert's Bible To Selling on eBay, his thoughts on
launching a successful eBay business.
Why is eBay so attractive to entrepreneurs?
"With an eBay business, you set your own hours and set your
own goals," Mina said. "You can work as much or as little as you
want and whenever you want. Many sellers supplement their income
by selling on eBay and many others have turned it into a full
time business."
Mina cites the following reasons for eBay's growing popularity
among entrepreneurs who want to start an online business:
· You can start up quickly and don't need special
skills.
· There is very little risk and investment required to
get started.
· The marketplace is huge. There are millions of
potential customers waiting to buy what you're selling, 24 hours
a day, with the click of a button.
· No stress, no boss. Yes, there is work involved, but
the work can be done at your own pace. You are your own boss and
you set your own schedule.
· Most importantly, you can follow your passion and do
something you love. If you sell something you enjoy selling,
online auctions aren't just profitable, they're fun and exciting,
too.
Why It's Critical To Find Your Niche?
Mina recommends creating your eBay business with niche items.
According to Mina, the benefits of targeting a specific niche
market include:
· If you are going to rely on eBay as your primary source
of income, it is essential that you find your niche. If the goal
of your eBay business is to earn enough money in your spare time
to make your car payment every month, it is less important, but
still highly recommended.
· If you find a profitable niche, you will become a
certified guru of the items you sell you will ideally be the only
one on eBay offering the products.
· Your expertise will make it ten times as easy to spot
bargains when you're shopping for products to resell. Bargains
might be all around you, but if you don't know anything about
what you're selling, you won't know how to spot bargains that are
right in front of you.
· You will find different ways to add personal value to
your products. These low cost add-ons or unique twists to your
products will drastically increase your sales and profits by
making your items unique and desirable.
· You will have little or no competition from other
sellers, so you can corner your niche market.
· By dealing with the same type of customer over a long
period of time you will get to intimately understand the mindset
of your target customer and what your customer wants. This will
help you sell your products better and allow you to market your
products in ways others haven't thought of.
· You will be knowledgeable and enthusiastic about what
you sell, and you will be attentive to your customer's desires.
This results in satisfied customers, name recognition, and a lot
of repeat business.
· You're going to find something you're passionate about
and specialize in it. If you love what you're doing, you have a
much greater chance of sticking to it and loving it. So it won't
even feel like work - it'll be like you're getting paid to
play.
How do you find your niche?
So how do you find your niche? Mina recommends doing an
inventory of your hobbies and interests to help you identify a
niche you would enjoy working in.
Ask yourself:
· What are you passionate about?
· What do you collect?
· What do you like to read about?
· What do you do in your spare time?
· So you have a favorite pastime?
· What was your major in college?
· What jobs have you had?
· Are there any other fields in which you have a great
amount of knowledge?
· What clubs do you belong to?
Mina also recommends that you spend time on eBay studying the
category listings. This may give you additional ideas for hobbies
you can turn into an eBay business. Once you have defined your
hobbies or interests, brainstorm how you can turn them into a
business.
· How can you turn your expertise into a product?
· How can you add value to current products related to
your interest?
· What product can you sell that may be one of a kind and
have little or no competition?
· Can you think of novel ideas that people who share your
passion would love?
· Is there anything related to your hobby that you can
create yourself? An ebook or a how to, perhaps?
Small Business Q&A is written by veteran entrepreneur and
syndicated columnist, Tim Knox. Tim's latest books include "Small
Business Success Secrets" and "The 30 Day Blueprint For Success!"
Related Links: http://www.smallbusinessqa.com http://www.dropshipwholesale.net
 MORE RESOURCES updated Thu. February / 09 / 2012
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Elizabeth Taylor auctions raise $183 millionCentral Florida News 13Christie's auction house says all of the 1817 lots offered sold at auctions in New York and London, some at 50 times their pre-sale estimates. The top lot was Vincent van Gogh's landscape "Vue de l'asile et de la Chapelle de Remy," which once hung in ...and more » |
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Elizabeth Taylor auctions raise $183 millionMonterey County HeraldChristie's auction house says all of the 1817 lots offered sold at auctions in New York and London, some at 50 times their pre-sale estimates. The top lot was Vincent van Gogh's landscape "Vue de l'asile et de la Chapelle de Remy," which once hung in ...and more » |
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Elizabeth Taylor auctions raise $183 millionAlamogordo Daily NewsChristie's auction house says all of the 1817 lots offered sold at auctions in New York and London, some at 50 times their pre-sale estimates. The top lot was Vincent van Gogh's landscape "Vue de l'asile et de la Chapelle de Remy," which once hung in ...and more » |
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Elizabeth Taylor auctions raise $183 millionAustin 360Christie's auction house says all of the 1817 lots offered sold at auctions in New York and London, some at 50 times their pre-sale estimates. The top lot was Vincent van Gogh's landscape "Vue de l'asile et de la Chapelle de Remy," which once hung in ...and more » |
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Elizabeth Taylor auctions raise $183 millionNewsdayNation Newsday > News > Nation Elizabeth Taylor auctions raise $183 million Published: February 9, 2012 6:31 AM By The Associated Press LONDON - (AP) -- Paintings, jewelry and fashions belonging to the late Elizabeth Taylor have sold for more than $183 ...and more » |
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Elizabeth Taylor auctions raise $183 millionFresno BeeChristie's auction house says all of the 1817 lots offered sold at auctions in New York and London, some at 50 times their pre-sale estimates. The top lot was Vincent van Gogh's landscape "Vue de l'asile et de la Chapelle de Remy," which once hung in ...and more » |
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Elizabeth Taylor auctions raise $183 millionWTOPChristie's auction house says all of the 1817 lots offered sold at auctions in New York and London, some at 50 times their pre-sale estimates. The top lot was Vincent van Gogh's landscape "Vue de l'asile et de la Chapelle de Remy," which once hung in ...and more » |
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Elizabeth Taylor auctions raise $183 millionThe StateChristie's auction house says all of the 1817 lots offered sold at auctions in New York and London, some at 50 times their pre-sale estimates. The top lot was Vincent van Gogh's landscape "Vue de l'asile et de la Chapelle de Remy," which once hung in ...and more » |
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Start Your Own Business:
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The popularity of online auction site eBay has been
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When is Wholesale Really
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You've finally found the wholesale source for the high
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The way some auction sellers approach their auctions, it's
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Mistakes to Avoid in
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Online auctions continue to grow in popularity as an easy
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Q: I made extra money selling things on eBay last year.
These were items I picked up at yardsales mostly.
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The online auction site eBay is an excellent tool for
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