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...
