Many people make money on eBay, and you could too, but first you need to know how to start. Some people use it as a way to retire early and make money from home, and that is a possibility. However, if you’re trying to figure out how to make money fast, then this probably isn’t the business for you.
These tips and tricks will help you figure out if you have what it takes to make money with eBay.
In order to get started, you have to choose a niche. Choose something you care about because if you don’t care, you won’t put forth your best effort. Some good examples of things that sell fairly well on eBay are local sports team items like jerseys. Fans of your local teams may live in other parts of the country and might not be able to buy these things in a store near them.
Electronics and toys also do well on eBay. Find out what the hot things are going to be for any particular time of year and then stock up on them throughout the year. Start listing those things up for sale when the time comes. They could become difficult to find depending on the season.
Items that are being discontinued also do well, as do collectibles, especially the ones that are hard to find.
You can get started making money on eBay with as little as $100 or even just an item around the house that you think someone would buy. All you really need is one item that you’re sure you can make a profit on. The amount of time you spend will be entirely up to you. Some people spend hours shopping for items to list, even getting up in the wee hours of the morning to get those limited items that will be hard to find in stores later.
Others just outsource this type of task to a freelancer or an online supplier they find on sites like Elance.com. Delegating such tasks is really helpful if you’re limited on time and also have some cash on the side to use towards building your new online business - selling on eBay. The cost of hiring a freelancer to do this type of online research (looking for items to list) is minimal, and should not take more than a few hours per week.
Of course just like any other business, trying to make money on eBay does come with risks. There’s the risk that you won’t sell what you purchased or that you will have to sell it at a loss. If you haven’t done your homework carefully then you could end up paying more fees than what you paid for the item.
On the other hand, deciding to make money on eBay is a good way to make extra money online. It can be a good side business, especially if you enjoy buying hard to find items and selling them for a premium.
EBay has four different fees that you will have to pay: a fee for listing the item, upgrades for better listings, a fee after you sell the item, and PayPal fees for accepting payment. Add all of these fees up to determine your selling price.
Over time you could easily scale the business by adding more items for sale. You can grow the business as quickly and as big as you want to. Some very serious eBay “entrepreneurs” achieve sales’ revenues of more than $1 million per year.
You can even automate your eBay stores by drop-shipping or having a third party handle warehousing and shipping your items. And if you’re looking for an eBay alternative to spread out your business even further, consider using Bonanza.
EBay has plenty of “seller success stories” about people who make money on eBay, although the exact amount they earn isn’t published.