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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.
“The Sell Sider” is a column written by the sell side of the digital media community. Today's column is written by Sara Badler, senior vice president of ...
A piece of star city history is up for auction, to help foster positive relationships between police and at-risk local youth. Roanoke City police chief Tim Jones has ...
Clare County Livestock Auction, LLC. Sale every Monday at 3 p.m.. Jan. 14 results: Choice colored steers, $105 to $120; choice colored heifers, $100 to $117; ...
New England flush with potential generating capacity, regulators told, as hearing continues to decide fate of power plant proposed in Burrillville.
In recent years, buyers have flocked to private marketplaces to avoid the fraud, hidden fees and low-quality ads they saw in the open marketplace. Agencies ...
Woodmere estate in Ligonier, once listed for $7.5 million, sold for under $5.2 million at a no reserve auction held in Chicago.
Have you ever wanted a three-wheeled scooter? How about a used police car? If you want to purchase government equipment, it can be as simple as logging ...
In tough rental markets it is not uncommon for someone to walk into a rental property and offer the agent a higher price.
PORT ANGELES — The Juan de Fuca Foundation will hold its annual Winter Fundraiser at 6:30 p.m. Saturday featuring a performance by singer-songwriter ...
Peter Lynch, one of Forbes Greatest Business Minds, adds $2 million worth of furniture to the upcoming auction for his Scottsdale house.
Two dozen horses in poor condition were rescued from a local auction, and almost half had to be put down.
After 40 years of business in Boston's Back Bay, the recently shuttered L'Espalier auctioned off everything Wednesday — from its industrial dishwasher to its ...
Invaluable said it sold half a million lots on its global marketplace in 2018, which is up 20% over the previous year and is up 130% over 5 years. The number of ...
Seven Coast professionals, including Biloxi businessman Ivan Spinner and inactive real estate agent Kim Foster, will spend four months each in prison for ...
A rare penny that a Pittsfield teenager found in his lunch money more than 70 years ago was auctioned off for more than $200,000 on Thursday to a Concord ...
Visitors formed long lines before daybreak on Tuesday to catch a glimpse of Tokyo's renowned tuna auctions — now at the Toyosu wholesale fish market — as ...
A 30858-square-foot Paradise Valley home that was once listed for $35 million is going up for auction later this month. The Paradise Valley home, called Villa ...
Gooding & Co. will auction off some of the most expensive cars in the Valley on Friday and Saturday. We're talking multimillion dollar.
Intel may be set to expand its ninth-generation extreme CPUs by one more notch, though it's a curious mix and priced oddly. The alleged 9990-XE will drop four ...
In 1864, the Civil War raged on, with severe consequences both on the battlefield and in commerce. The greenback could not hold its value and Confederate.
SHREWSBURY – A portion of the contents of The Shadowbrook will be sold on-site in a public auction on Saturday, Jan. 26 at 10 a.m.. Antique furnishings ...
An 8-foot-tall meiji period vase for decades sat at Spenger's Fish Grotto, for diners to dazzle at. Historians thought it was lost or destroyed -- but no, it was in ...
Meanwhile, works by female and African American artists continue to gain recognition.
Car collectors are gearing up for the most exciting day of bidding at the Barrett-Jackson collector-car auction in Scottsdale. Saturdays draw big crowds, usually ...
India plans 350 GW solar, 140 GW wind power capacity operational by 2030, with share of renewable energy in overall power generation targeted at 40%.
Jeff Gordon is auctioning off a 2016 Corvette C7.R with supercharged 6.2-liter LT4 V8 engine to raise money for cancer research at Barrett-Jackson.
Artsy presents Rago Auctions: Mid-Mod, featuring works by Eero Saarinen, Tommi Parzinger, Paul Evans, and more. In advance of the auction, browse lots and ...
The buyer of the 20-acre property learned about the auction only hours before it was to begin Thursday.
Artsy presents Rago Auctions: Modern Ceramics & Glass, featuring works by Dale Chihuly, Hans Coper, Yoichi Ohira, and more. In advance of the auction, ...
Artsy presents Rago Auctions: Lost City Arts - 36 Years of Collecting, featuring works by George Nakashima, Harry Bertoia, Vladimir Kagan, and more.
Arizona Car Week kicks off this weekend with Barrett-Jackson, Bonhams, Gooding & Company, RM Sotheby's, Russo and Steele, Silver Auctions and ...
The GSA has identified 45 countries that are planning 5G spectrum auctions or have already allocation spectrum for the new services.
The owners are selling homes in Florida, Pennsylvania, New Mexico and Colorado that were previously individually listed for a combined $46 million.
The couple behind the largest for-profit chain of schools in the country is auctioning off four of their luxury homes.
There are plenty of homes for sale in South Florida, but one property offers unbelievable luxury for less. It's an auction where, in theory, the buyer could pay a ...
Chicago's Leslie Hindman Auctioneers has acquired Cowan's Auctions via Hindman LLC, a new entity.
Casa de Memoria, one of the most exciting and engaging auction houses in Manila, opens the doors to its new home, Palacio de Memoria. Here, a tour inside ...
The five coolest cars up for sale at the Gooding & Company auction in Scottsdale, Arizona.
Artsy presents Rago Auctions: Modern Design, featuring works by George Nakashima, Gio Ponti, Harry Bertoia, and more. In advance of the auction, browse lots ...
Cooler January temperatures traditionally debut the prime tourist season and the start of the hot collector car auctions in the Greater Phoenix Valley.
“This is Jim Rockford, leave your name and a message”…if you'd like to buy my car. Or you can head to the Barrett-Jackson auction in Scottsdale, Ariz., on ...
Those who can't make it to the Naples Winter Wine Festival's live auction Jan. 26 will have a chance to bid on a different set of extravagant lots online starting ...
The Federation of European Securities Exchanges has warned that more onerous restrictions on periodic auctions could send volumes to less transparent ...
What the government shutdown could not do father nature has managed--suspend the FCC's 28 GHz spectrum auction. Due to the heavy snows that fell ...
If there's one thing an automaker loves, it's auctioning off the first VIN of a fancy new model for charity. Ford's the latest automaker to hitch its horse to that cart, ...
The Dutch government will need to make a decision this year on whether to restrict Chinese state-owned telecom giant Huawei Technologies Co. from playing a ...
SCOTTSDALE, Ariz. (FOX 10) -- Actor Gary Sinise is perhaps best known for his role as Lieutenant Dan Forrest Gump and astronaut Ken Mattingly in Apollo 13.
The Federal Emergency Management Agency auctioned off 34,496 unused meal kits this week, as their expiration date neared, that had been earmarked for ...
The Peddler Steakhouse was packed Saturday morning not by customers looking for a meal, but by those hoping to go home with a special reminder of their ...
A 1994 Club Car Golf Cart sold for $58,000 at Russo and Steele Collector Automobile Auctions on Thursday, with proceeds benefiting the family of fallen Salt ...
Baseball legend Randy Johnson's 25000-square-foot Paradise Valley mansion will go to the highest bidder on Jan. 31.
U.S. government debt prices continued to edge lower on Friday morning, reversing a recent rally, as investors digest the fourth rate hike this year from the U.S. ...
GLENPOOL, Oklahoma - The first ever medical marijuana auctioned online in Oklahoma sold to a dispensary in Oklahoma City that bid $2,200 for a half-pound.
KAR Auction Services (NYSE:KAR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Thursday.
A legendary Ford Mustang sold for a historic price at the Mecum Auctions event in Kissimmee, Fla., on Friday night when the bidding ended at $2,200,000.
Up to $1 million worth of vintage cars and automobile paraphernalia is going up for auction this weekend following the recent closure of the Dick's Classic ...
Rev your engines, Kissimmee. Mecum Auctions is here. The 11-day car auction and entertainment event kicks off at Osceola Heritage Park today.
French actress Catherine Deneuve shares her YSL items in auction, including the gowns she wore to the Academy Awards in 1993 and 2000.
Can't be at the Barrett-Jackson auction in person? See which vehicles draw the biggest bids on TV.
Forget the record sale price of a piece of Newport Colonial furniture in 1989 for more than $12 million, or the infamous 1988 “two-day auction of English furniture ...
Jan 17 (Reuters) - Sears Holdings Corp Chairman Eddie Lampert won a bankruptcy auction to buy the once iconic U.S. retailer after presenting an improved ...
As ridiculous as it sounds, high-end car auctions can get a bit samey. Year after year, it's a similar bunch of crazy rare Ferraris, Porsches and old Bugattis that ...
Only four of Manitoba's eight major cattle auctions had sales last week, with sales numbers down compared to those before the holiday break. For the week.
Mecum's Kissimmee auction at Silver Spurs Arena features 3500 vehicles for sale and an estimated 100000 visitors. It is the world's largest collector car auction ...
On the Ten-X commercial real estate site the property's starting bid is listed at six and a half million dollars.
Singer Ray J placed the winning bid of $165,000 on a 1967 custom Camaro, all of which goes to benefit Childhelp through SEMA Cares. (Photo: Courtesy of ...
Billionaire Dell Loy Hansen took another step on his Eliasberg quest to assemble a complete set of U.S. coins when he paid $3,960,000 for the finest of five ...
A last wave of Treasuries issuance for 2018 will test the bond market's mettle this week, with a partial government shutdown and questions over the fate of ...
PALM CITY — A 20-acre equestrian estate, part of the Box Ranches development near Indiantown, will be sold at auction Thursday to the highest bidder, ...
MEMPHIS, Tenn. (AP) — Elvis Presley-related memorabilia have been sold at auction in Tennessee. gettyimages 954263976 Graceland Auctions Elvis Clothing ...
The finest-known 1885 Trade dollar – among the rarest and most enigmatic issues in all of American coinage – sold for $3,960,000 through Heritage Auctions ...
The charity auction of a custom golf cart ended with two buyers and $58000 to benefit the family of fallen Salt River Police Officer Clayton Townsend.
Honor the legacy of Martin Luther King Jr., check out an art and wine festival or see what's going on the block at a high-end car auction.
Two Ferrari supercars will star at the next Mecum Auctions event, taking place at Osceola Heritage Park in Kissimmee, Fla., from January 3 through 13.
After a daylong suspension earlier this week due to weather, the FCC's 28 GHz spectrum auction kicked back into gear more than two months after it began.
The late Mary Harrison and her husband, James, work in their P.R. Williamson's Department Store in Lindsay in this 1993 photo. [THE OKLAHOMAN ARCHIVES].
The Mecum Auction's Kissimmee sale features an assemblage that includes rare road rockets from the 1930s through 1960s and beyond.
While the late-rapper was serving time in the mid-90's, he drew an explicit drawing for his then-girlfriend, which is now going up for auction.
Louis Tonsmeire serves as the bid caller during a previous For the Love of Art Gala & Art Auction at the Booth Western Art Museum. LAWSON WHITAKER/ ...
Three classic cars muscled their way to become the top sellers Wednesday at the ongoing auto auction in Scottsdale.
Arizona Cardinals receiver Larry Fitzgerald will auction off three of his cars at Barrett-Jackson in Scottsdale.
Heritage Auctions of Texas conducted its first sale of predominantly Nintendo vintage video games on January 13 – offering 25 collectable console cartridges, ...
There's a guest log cabin for when your mother-in-law comes to visit.
The Stillwater Ag Boosters group will have its fundraiser 6 p.m. Saturday at the Payne County Expo Center. The cost is $5 for smoked ribs, ham, green beans, ...
Among the items for sale Saturday at a southern Wisconsin auction business is a box of World War II German replica pins featuring swastikas.
The 13,000 square foot home that overlooks Roberts Bay will be sold fully furnished. In total, there is more than 20,000 square feet of covered space, both ...
Louisville City FC midfielder Niall McCabe is auctioning off a signed 2018 jersey to support the family of fallen LMPD Detective Deidre Mengedoht.
Petrobras wants to exercise pre-emption rights for three areas ahead of the sixth bidding round of pre-salt offshore oil areas to be held later this year.
Over the past six years, the KCI Auto Auction has donated $1.25 million to three Kansas City-based organizations.
Sellers Auction routinely holds auctions offering memorabilia, collectibles, antiques, tools, household wares and other bric-a-brac. But never before has the ...
A winning bidder paid $58,100 at a charity auction on eBay this week for NBA star Stephen Curry's pair of signed, game-worn “Moon Landing” sneakers.
Pittsfield, Massachusetts resident Don Lutes Jr. struck auction gold with a copper penny that was accidentally created by the U.S. Mint. Lutes Jr. received the ...
U.S. government bond prices fell Tuesday amid signs that risk sentiment is improving while the Treasury Department completed the first of three auctions this ...
Stacy Luoma and her grandmother Arbilla Moore made off with about $515 in personal possessions once belonging to "Little House on the Prairie" star Melissa ...
PHOENIX — This golf cart was sold twice! Russo and Steele waived all of the fees so 100% of the proceeds could assist the family of fallen Salt River PD officer ...
I cannot tell a lie, a lock of George Washington's hair is for sale at auction. For over a century, it has been in the possession of Alexander Hamilton's family.
Hindman LLC announced January 8, 2019 that it has acquired auction houses Leslie Hindman Auctioneers and Cowan's Auctions.
President Donald Trump's administration auctioned 150,000 acres of public land off in December 2018, making that land open to fracking activities.
FALL RIVER – A proposal to build an auto auction site at Weaver's Cove was dealt a serious blow Thursday evening when city zoning officials denied the ...
Sears — the iconic retail chain that was forced into bankruptcy in October — avoided a total shutdown after billionaire Eddie Lampert, the company's chairman ...
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