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.
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.
The
Best Selling eBay eBook Ever...
