1: Don't buy anything...
The object here is to make money on eBay. So
don’t spend any. It often very tempting to
surf eBay and buy something that you think you
need.
Start out by having a "garage sale"
or clean out the basement. In other words sell
what you got.
On eBay especially, one man’s junk is another
man’s treasure. Old books, toys, tools, souvenirs,
office supplies, electronics, etc. Anything you
can find, you can sell. You will just have to
set reasonable expectations on price.
2: Research pricing...
The biggest mistake made is setting an opening
bid too high. It works against you in two ways.
First, a prospective bidder may not even open
your item. The opening price is listed on the
summary. Second, it costs more to list it at a
higher price.
3: Lose the sentimental value...
This is the toughest part. When we are selling
mementos, memorabilia or other items, we tend
to remember the circumstances upon which we got
them. "Remember how long we had to stand
in line for those concert tickets?" or "That
was from my first car."
If you can’t stand to part with it... don’t.
Other people will not have the same attachment
to it that you do. Price it as if you were going
to go to the mall and buy it today.
Antiques and ephemera generate their own "sentimental
value" by the provenance or history of the
object. But it is unlikely that your ownership
has added much to that.
| A Personal Message from
eBay Powerseller Avril Harper... |
"I
make good money tearing up old books
and magazines and selling them on eBay.
I'll
show You how to do exactly the same!"
|
4: Set a low starting price...
The best opening bid is one that is high enough
to indicate some value. Bids starting at a penny
or a dollar are often thought of as junk and a
waste of time. But a hundred dollar item opening
at ten dollars is a real bargain.
To determine the best starting bid, surf eBay
and the rest of the Internet for similar items.
Look at both the new retail cost and the resale
value then set your price low enough to generate
some excitement. It will rise to its proper value...
5: Place it for 7 days...
This is the standard listing. Listing it for a
shorter period may seem to generate a bid sooner.
In reality, it is missing out on a lot of potential
buyers who will return when it’s close to
closing time - not the best way to make money
on eBay.
6: Make it pretty...
At the very least use a photo. No matter how well
you describe you will ALWAYS benefit from the
extra "thousand words". It will result
in more bids and higher bids (important to make
money on eBay). Even if it looks like junk, the
buyer knows exactly what they are getting.
Even better, use ad builder software to dress
up your presentation.
7: Don’t buy any extras...
BOLD listings, slide show, gift tags, etc. all
add up to increase the fees associated with your
listing. This only serves to reduce your profit.
8: Cover your costs...
Do not estimate the shipping costs. Use actual
costs. Be sure to include charges for the shipping
materials, as well as postage. The best way is
to use free materials supplied for Priority Mail.
Using Stamps.com or a postage meter is convenient,
but be sure your scale is accurate. More than
once I’ve had to add postage at the post
office.
9: Do use Paypal...
The quicker you get paid, the quicker you make
money on eBay. Paypal is instantaneous. No waiting
for the "check is in the mail" and no
waiting for the check to clear.
10: Do it often...
The more you sell, the more money you make on
eBay. Don’t worry that you only getting a
few dollars at a time. Ten dollars a day, every
day for a year will get you $3,650. Not a killing,
but quite a nice vacation.
Jim DeLillo, is president of Pleiades Group,
Inc. Pleiades Group, Inc. implements improvements
in efficiency by automating processes. Mr. DeLillo
holds a BS in Industrial Engineering from NJIT.
