Know your market
What are you going to buy and sell? If you have good knowledge of a market you are going to have a much better idea of what is a real bargain and what is not. Therefore you should be able to spot where there is a profit margin and where there isn't!
Don't get carried away
Statistics show that a significant amount of purchases on eBay are above what they should pay, even though most people use eBay to get a bargain. Don't let the adrenalin of the auction get to you. Set a benchmark and stick to it.
Start small
See how you get on. If you start losing cash you may be doing something wrong. Look in your roof, round your room and see if you have anything you don't need. Start making some money by selling unwanted items and see how you get on
Supply lines
Do you have any LEGAL source of a product at lower than RRP. Can this make a profit
Do your homework
If you see what you think is a bargain, check out where else you can get the product and the recommended retail price. Is it actually cheaper? See what other people are selling on e-bay.
Stay Involved
The wacky world of eBay moves at an amazing rate. If you are buying through an auction, keep an eye on the bids. If you are selling, keep an eye on the e-mails, potential clients may need more information about your product. If you don't reply, you may lose out.
Get the rep
eBay was set up by a guy called Pierre Omidyar back in the 90s and much of the genius of eBay was to use reputation, or trust. This way, you are rated by the buyer. If you get a good reputation by selling exactly what you said, disclosing any faults etc and deliver on time, the chances are you will get a good reputation and people will want to use you again. If you are slow and don't deliver, your reputation will be in tatters and less people will want to use you. Everyone can view everyone else's reputation, there is no place to hide on eBay!
Always use Paypal
It costs a small amount, but it is by far the safest way to complete transactions without getting stung, a must.
It costs a small amount, but it is by far the safest way to complete transactions without getting stung, a must.
If you feel that eBay may be the thing for you and have an entrepreneurial spirit, sign up to eBay. Registration is completely free so click this link and get started...