January 16, 2007 :: EBay for Profit
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By: Nicole M Most of us know how EBay works, so I'm not going to give you a lesson in the basics, but there are simple tips you can use to maximize your profits at little risk to yourself, especially if you are starting with very little money to buy saleable items. Here's my step by step overview to building wealth through auctions. 1. Do your research. Many items sell well on EBay, but a few don't. Start by selecting a few items and look them up on EBay and see what they go for and if they are selling. 2. Make sure you know what your item is. You absolutely have to write a clear, full and tempting description. 10 minutes on this, now, will bring in the highest bids. 3. Take a clear photo. Photograph the item in natural light, on a plain background, and if there are particular features make sure you capture those. A good moneysaving tip is to take two pictures, and graft them together so that you only send one (free) image to EBay, saving yourself the fees from another picture. 4. Use the gallery option. Yes, it costs a few extra cents, but you really do get more bids when the picture is visible in a search. 5. Don't pay for any other extras. At this stage, you want a simple, no frills option to maximize your profits. 6. Calculate postage accurately. Don't be tempted to try to make your money on the postage fees. It’s proven that people bid more generously on auctions where it is clear the postage charged is close to the actual stamp value. Round up a little for packaging, but where possible you want to use recycled packaging to save money and the environment. 7. Start the bidding at the lowest amount that will cover your expenses. If that’s all it sells for, you haven’t lost out, but a low start tempts buyers in. 8. Be approachable. State in the auction that you are happy to answer questions and want the buyer to be pleased with the purchase. Leave positive feedback as soon as you get paid, wrap securely, and include a businesslike but friendly note with the parcel. This ensures good ratings, and buyers who will bid with confidence. 9. When this auction is over, put your starting 'stake' away, the profits can now be used to buy and resell as you see fit, but you cannot lose money as you have already reclaimed the starting point. 10. If you are trying to accumulate wealth, get into the habit of banking or saving half the profits from every sale. Your capital to invest in selling more items will still be going up, but your savings will too. Hope this has been of some help. It’s important to take a logical approach to any of the online auction houses, but if you do you will steadily see profits and savings, which you can in turn use, to swell your empire! Good Luck! . |
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