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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 St. Giles basement is filling up fast with great items for the church's Saturday, Aug. 24 yard sale, silent and live auctions, and homemade pie sale.
Heritage Auctions just had a good week: The auction house broke multiple records with the sale of a science fiction art collection that exceeded its pre-auction ...
Buyers walked along bales of tobacco in the first live auction on the secondary market Wednesday at Horizon Ltd. in Wilson. “This is the first sale of the 2019 ...
Chocolate, a global leader in programmatic video advertising technology, announced the launch of Chocolate Premium, the worlds' first video SSP with 100% ...
There were no more bids after $17 million. Since $17 million was below the reserve price -- or minimum required by the seller — RM Sotheby's pulled the lot.
PRIEST LAKE — Almost all of the 30 state-owned lakefront lots at Priest Lake auctioned by the Idaho Department.
Robert Alexander discusses buying and selling property at auction and relates to his new auction center in Paducah.
While Kruse GWS Auctions hasn't been on my radar as much as other auction houses of late, I was excited to peruse the catalog for its upcoming Royal Artifacts, ...
Generally speaking, my largest and best domain name purchases are private deals. More often than not, I spend quite a bit of time and effort to close a deal.
Oh, hello there. Did you go to Monterey Car Week this year? Did you have an opulent time? Did you drink opulent shooters, listen to opulent music? No? Good ...
These are the 27 ultra-rare, ultra-expensive Ferraris that were auctioned at Monterey this year. They mostly did not fly off the auction block.
Former President Barack Obama's game-worn high school basketball jersey – nearly lost forever in the trash – has sold at auction for $120000.
Memorabilia from some of the most iconic stars and artists of all time are hitting the auction block later this month and we got a sneak peek.
The No. 23 basketball jersey believed to have been worn by President Obama when he was a high school senior sold in an online auction for $120000.
CHATHAM – The Chatham Merchants Association's Art in the Park exhibit ended last Friday, and while the auction of the painted and decorated Cape Cod and ...
Introduces New “In Bond, In London” Initiative. NEW YORK – August 22, 2019 – Acker, 2018's leading global wine auction house, has just launched its first ...
A sale of Apollo-specific items, benefiting the American Space Museum, runs Friday and Saturday — live at the museum in Titusville and online, too.
The final five minutes of trading have become the busiest time of day for stock market traders in Europe.
The auction house achieved $76824740 in total sales and a 77 percent sell-through rate. Gooding & Company, the official auction house of the Pebble Beach ...
JEFFERSON — The St. Giles Episcopal Church will hold its yard sale, silent and live auctions, and homemade pie sale from 10 a.m. to 2 p.m. Saturday, Aug.
During the company's quarterly earnings call this month, executives with KAR Auction Services didn't rule out physical auction expansion in the future.
Class-action lawsuit against Ingham County maintains auction profits should go back to homeowners who lost property.
Turnover on Aquis Exchange Plc's new end-of-day auction has totaled some 208 million euro ($230.8 million) over the past week, a spokeswoman said, the ...
CRA International, Inc. (NASDAQ: CRAI), a worldwide leader in providing economic, financial, and management consulting services, today announced that.
Although Bonhams and RM Sotheby's added an early and extra day to the annual collector car auctions that take place during Monterey Car Week 2019, with ...
In 2017, an anonymous buyer paid $450 million for Leonardo da Vinci's "Salvator Mundi." But it was down to Alex Rotter, on the other end of the telephone, ...
The procurement exercise, which closes tomorrow, will be open to projects larger than 500 kW in size. The results will be announced on September 3.
An incredibly rare dime once owned by late Los Angeles Lakers owner Dr. Jerry Buss sold for $1.32 million in a Chicago auction.
BAR HARBOR — The historic mansion East of Eden will go to auction on Sept. 7, unless sold beforehand. The mansion is currently listed for sale for $12.5.
The auction of Sundale Country Club was again postponed Wednesday, leaving the troubled golf club property — and the neighborhood surrounding it — in ...
If you are one of the many creditors owed money by J Levine Auctions, it may have just become harder to collect anything.
For the wealthy collectors who converge from across the globe on Monterey Car Week, the biggest spectator sport over the weekend is the auctions.
Europe's latest share trading platform debuted with a whimper this week as just 23000 euros ($25460) worth of stock changed hands in Monday's first closing ...
WASHINGTON — A federal auction for offshore oil and gas leases in the Gulf of Mexico on Wednesday drew less than $160 million in wining bids, 10 percent ...
Action Auctioneers is getting ready for their weekly auction.
Some of the artifacts going under the hammer include: the armor Russell Crow wore in "Gladiator" (valued at more than $36000); Jack Nicholson's axe from "The ...
Ferrari aficionados will be excited to learn that a 1972 Ferrari 365 GTB/4 Daytona previously owned by five-time Grammy Award winner Elton John is now up for ...
The Qingdao Intermediate People's Court has put up for sale a significant quantity of aluminium ingots and copper cathodes impounded in 2014 during a ...
The Monterey car auctions are a time of wealth and wheels. Here are the 30 most expensive cars being auctioned off this week.
Rows of damaged cars, slowly being scavenged for parts, sit in the 8-acre junkyard at the LKQ Pick Your Part site in West Humboldt Park. Mechanics shopping ...
These are some of the most expensive cars that sold in Monterey, California.
A Milky Way-themed oil painting by Chinese-French artist Zao Wou-Ki will be a star lot at a Christie's auction in Shanghai this September. The large-format ...
An auction house selling the jersey, which the former president is believed to have worn while playing in high school, says it could fetch that much when bidding ...
Elvis Presley's pal Wink Martindale reveals why he 'broke down' after seeing The King for the last time. Radio personality and game show host Wink Martindale ...
A Sleepy Eye man's lifetime collection of farm equipment and more than 120 collector's vehicles sold Aug. 17 at his estate.
BEVERLY HILLS (CBSLA) — A prime piece of real estate that was initially offered at a whopping $1 billion has been sold for the bargain basement price of ...
The Turkish Treasury borrowed a total of around 4.67 billion Turkish liras ($830.5 million) from domestic markets on Aug. 19, according to an official statement.
DALLAS, Aug. 14, 2019 /PRNewswire/ -- Williams & Williams, a leader in global live and interactive real estate auctions, will offer a portfolio of real estate for the ...
Elvis Presley not only liked peanut-butter-bacon-and-banana sandwiches, he also loved cars. The King owned more than 100 automobiles, including several ...
A complete set of first-edition Pokemon cards from 1999 has sold for $107,010 at auction. The collection, comprising of 103 cards, was sold in mint condition and ...
From a 1939 Porsche to two ferocious Ferraris from the '50s to a 1995 Vector M12, these are the best vehicles up for auction at Monterey Car Week 2019.
The world's first 30-year bond featuring zero income struggled to find buyers, prompting Germany's debt agency to admit the sale may have been “too large.”
Marilyn Monroe costumes from 'Gentlemen Prefer Blondes,' 'There's No Business Like Show Business' and 'River of No Return' are among the 115 items that ...
There's a bumper crop of over 100 classic cars coming up for auction in Minnesota this Saturday. (VanDerBrink Auctions). The vehicles were owned by a farmer ...
A rare pair of Nike sneakers with a storied history has just shattered auction records. Sotheby's auctioned off the Nike "Moon Shoe" for $437,500 Tuesday night, ...
A much-hyped car auction sputtered out in the weirdest way Saturday.
A judge has ordered Collectrium to pay Heritage Auctions close to $1.8 million, bringing to a close the long-running data theft lawsuit filed by the Dallas ...
DALLAS (CBSDFW.COM) – Time is running out for anyone wanting to bid on a high school basketball jersey believed to have been worn by President Barack ...
Calendar parking on streets around 125 Park Ave. will be suspended Sept. 7 to accommodate parking for an auction that day.
The Juneau Police Department will host an online vehicle auction for impounded vehicles beginning at 8 a.m. Monday, Aug. 26. The auction will run until 4:30 ...
Residents of Barkeford Road in the Ponderosa Estates neighborhood in Bel Air made it perfectly clear — again — they do not want pedestrian access between ...
Auctions appearing in the Aug. 23, 2019 Wisconsin State Farmer.
The U.S. bond market's barometer of investors' inflation outlook added to its earlier gains on Thursday following strong demand at a $7 billion auction of 30-year ...
From metal, to siding, to lumber, and bathtubs, a lot is up for auction this weekend in Sapulpa.
Prop Store, one of the world's leading film and TV memorabilia auction houses, is selling over 900 props. Get the details on the Prop Store auction here.
Have you never had the privilege of attending a cruise ship auction? Here's what it's like to buy art on the high seas.
Once listed for $1 billion, a 157-acre parcel of land in Beverly Hills known as The Mountain has sold at a foreclosure auction to its lender for just $100,000.
Designer shoes, Rolex watches, and a Ferrari are among an estimated £2.3 million (US$2.8 million) worth of luxury goods seized from criminals that will be ...
The restaurant is 3100 square feet and the banquet center is 2400. The combined property is appraised at $240000. The auction is Aug. 24.
Patience and awareness are just two skills you'll need if you're going to come out of your Fantasy Football auction looking like a champ.
The Kenya Airports Authority has overseen auctioned planes abandoned at Nairobi's Wilson Airport.
Cattlemen's Livestock Auction, Dalhart, Texas, reported receipts of 715 head of cattle selling on Aug. 15, compared to 1169 head a year ago, according to the ...
To continue their support of the Asset Club at the Family Resource Center, the First Presbyterian Church is holding an auction of pre-owned furniture on Friday, ...
Youth in 4-H will benefit from proceeds of Governor's Blue Ribbon Meat Auction.
The Woodward Livestock Auction, Woodward, Oklahoma, reported receipts of 1983 head of cattle selling on Aug. 15, compared to 4850 head on Aug.
The town has been involved with the military surplus program for over a decade. A date has been set to auction off unused and unwanted equipment.
For more than two decades, Alan Schurman's famous Iron Ranch wowed people of all ages with its extensive collection of historic machinery and relics of a ...
OSWEGO — The annual Oswego County Tax Auction is set to take place Oct. 5, in Mexico, offering bidders a selection of approximately 120 foreclosed ...
A scheduled auction of the former St. Joseph Hospital property in downtown Mishawaka has been postponed.
Estate of Hollywood celebrity Jim Nabors is on auction and bidders can register at oahuauctions.com.
Originally listed for $12500000, 145 Eden St., known as East of Eden, has 28 rooms in 15000 square feet of living space. | realestate.boston.com.
Staff The Surfing Heritage & Culture Center (SHACC) is now holding its summer flash auction sale. The nonprofit organization, based in San Clemente, wo.
Critics of President Obrador have called the auctions a populist measure.
A high school basketball jersey once worn by former President Barack Obama is up for auction.
Hundreds of collector cars are hitting the auction block in Harrisburg starting on July 31. Mecum Auctions Harrisburg is back for another year offering car ...
A super-rare 1994 McLaren F1 LM-Specification hammered for $19.8 million at the RM Sotheby's auction over the weekend in Monterey. Meanwhile, a 1965 ...
WORTHINGTON — The historic Hotel Thompson in downtown Worthington has been opened for auction by Grafe Auction of Spring Valley. The auction follows a ...
Both auctions include a mix of homes, vacant land and commercial property in Lansing, outlying communities. And there are some that stand out.
Come to see the classic cars. Bring your checkbook and you may go home with one or two. Classic Car Week not only offers a number shows and events, ...
Oahu Auctions and Liquidations and Estate Liquidators Hawaii are auctioning off items from the estate of the late actor Jim Nabors in Honolulu. Read more ...
WAMPSVILLE — Madison County will hold a tax foreclosure auction of approximately 45 properties at 10 a.m. Sept. 21, at the Kallet Civic Center at 159 Main St., ...
The El Paso Chihuahuas are having an El Paso Strong Night, a celebration of the El Paso community and a commemoration of those victims of the August 3rd ...
For years, he was one of the biggest, plaidest things at the Minnesota State Fair. Now Paul Bunyan, all 17 feet of him, can be yours. Or mine.
Jack Nicholson's axe from "The Shining," Russell Crowe's armor from "Gladiator" and a lightsaber used by Samuel L. Jackson in "Star Wars" are among 900 ...
For years, he was one of the biggest, plaidest things at the Minnesota State Fair. Now Paul Bunyan, all 17 feet of him, can be yours. Or mine. Depending on ...
Elvis Presley's last motorcycle, a 1976 Harley Davidson 1200 Electra Glide, is going to auction later this month and could smash the world record price for a ...
(RENO, Nev.) — An unopened copy of a 1987 cult-classic video game that a Nevada man found in the attic of his childhood home is expected to sell for up to ...
Understanding the metrics in Google's Auction Insights and visualizing the data can give a clearer view of your account's performance. James Hebdon ...
Global Auction Software Market Research Report comprises holistic business information and changing trends in the market that enables users to spot the ...
A ranch west of Fort Worth is hitting the auction block.The 1463-acre River Bluff Ranch is in Parker County southwest of Weatherford.The property...
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