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Your eBay Business - 8 Ways To Insure Its Success
I don't know if you've ever noticed, but it seems like every
week or two we read about another Powerseller going out of
business.
If you want your auction business to be a long-term success,
then it's important that you plan now for it's continued
growth.
According to some people the world economy may be moving
toward a 1930's like depression. Others say there is no chance of
that happening.
Even without something as catastrophic as a world-wide
depression, there are still plenty of little things that can put
a damper on your success. But, whatever the situation, it's a
good idea to hedge your bets.
Here's eight tips for preparing your eBay auction business for
whatever the future may hold:
1. Keep your overhead low
One of the biggest advantages that you, as an independent
businessperson, have in today's marketplace is that you can
control your own overhead. You don't need big offices, lots of
employees, and a lot of the expensive trappings of traditional
businesses.
By always keeping a close eye on your overhead, you will be in
position to weather the slow times on eBay and/or slow economic
times.
In this business you can't always control how many sales you
make, but you can control your overhead. Keep it low.
2. Invest in tools and training
Successful eBay sellers survive and prosper because they are
willing to invest in new skills and tools; and to take the time
to learn how to use them to make themselves more productive.
The key to long- term growth is to continually learn new
skills and acquire new tools that will save you both time and
money.
The more skills you develop, the more flexible you can be with
the types of products you sell and how you sell them.
At the same time, it's important to invest your time and money
wisely. Many people that want to build a full time eBay business
willingly spend $200 - $300 over a period of time on several $20
- $30 products, but are reluctant to spend $100 or more on one
product. While there are certainly some expensive products that
are of little or no value, many times the best products are
priced at an amount that belies their value.
3. Have multiple income streams
We've all heard the old saying "Don't put all your eggs in one
basket." Nowhere is it truer than on eBay.
Try to set up at least three or four different niches, each of
which produces it's own stream of income. There are a couple of
advantages to this.
First, while the income you make from each niche might not be
enough to survive on, the combined income can provide a
comfortable living.
Secondly, should one or more of the niches suddenly slow down,
you will still have income from the others to tide you over until
new income streams can be created.
4. Have a Plan B & Plan C in place
It's a fact of life that very few lucrative niches on eBay
last forever. What will you do if you most productive niche
suddenly takes a dive into the dumpster?
And, what if another of your niches takes a dive also?
Knowing the answers to these questions will help prevent you
from having to make decisions out of desperation. You should
always have a backup plan in place.
You should be continually looking for and developing new
niches that you can move into if others become unproductive.
5. Be flexible and be ready to react quickly to changing
conditions or developments
Always be on the lookout for the occasional, short term, hot
item that pops up on eBay.
Within the last year it was Dragonball Z, Beyblades and
Furreal Friends. Would you have seen them coming and been in a
position to take advantage of the craze for one of more of
them?
Many so called auction experts talk about utilities such as
Hotbids.com or Andale's Research tool to help you determine
what's hot. But the secret isn't to find out what is hot; it's
determining what is going to be hot.
There are several web sites and tools you can use to do this.
One of the best is Lycos 50, a daily report on Lycos.com by Chris
Schatz. He talks about the top 50 keyword searches on Lycos and
makes predictions.
If you had been a regular reader, you would have read his
predictions for how hot each of these items would have been
enough ahead of time to position yourself on eBay to take
advantage of the craze when it really hit.
The point is that, many times, the real research tools you
should be using aren't in any way connected with eBay. Neither
are they being touted by the so called experts.
But they're there to be used by you if you are imaginative
enough to see how what they offer can fit into your business.
Whenever there is change, there is always opportunity. But
only if you can see the change coming and are flexible enough and
have the skills and tools needed to take advantage of it.
6. Don't make decisions out of desperation
Never let any situation get so out of control that you have to
make hasty decisions out of desperation. In nearly all cases,
doing so will only cause more problems.
It is far better to take the long-term view - constantly
monitor your business so that you can take any necessary steps
and make any necessary changes before the problems become
critical.
7. Always keep your priorities straight
Never let your business take over your life. Your priorities
should be family, health, morality, and then business. It's never
worth destroying your family, health, or reputation trying to
build your business.
If your business gets in the way of family responsibilities,
change your business. If your business is destroying your health,
change your business. If your business is causing you to make
decisions you know are immoral or illegal, change your
business.
Always remember what your long-term goals are and don't
sacrifice them for a quick, short surge in business.
8. Suck it up and hang in there
If you are in business for any length of time you are going to
run into rough spots and tough times. Often with that happens you
will see a lot of people bail out and quit.
In many cases, those few players that remain in the game are
the ones who survive the tough times and go on to become
extremely successful.
If you are selling good products, have low overhead, and
multiple streams of income from several niches, you can afford to
hang in there a lot longer than your competition. And sometimes,
just by sucking it up and hanging in there, you become the winner
of customers by default - because they have nowhere else to
go.
Gary Hendrickson has been making his living selling on eBay
for more than six years. He's the author of two eBay related
ebooks, has a blog for eBay sellers, and is the owner of
ColdItems.Com.
AUCTION NEWS 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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