What does it take to make money selling on eBay?
Becoming an eBay Power Seller
by Deb Killion
eBay vs. Garage Sales
Selling on eBay
Working at Home with Kids
If you are an eBay seller, or if you just want to be, then you need to read this article. I have sold online for Amazon, eBay, and others in the past, and I have experienced some limited success with this method of working at home. Selling on eBay takes a lot of time, skill, and organization to have a successful business, and like anything else, it is not a "get rich quick scheme." However, with determination and time, one can come into a small fortune selling only things from their home or business on the side, which can lead to a huge full-time income for many people.
eBay calls a "power seller" any seller who sells $20,000 worth of merchandise in a given month. You might be surprised just how many people are managing to do just that. After some studying and attending webinars on this subject, and talking to others who have been successful, I have come to the conclusion that there are perhaps three main characteristics you must possess in order to make a living, or a fortune, from eBay sales.
First, you must be organized. If you plan to sell a large number of goods on eBay or any other sales channel and be a power seller, you have to have an organized method to your madness. You must keep up with inventory, drop shipper information and customers, follow up on emails in a timely manner, and be a very meticulous person. Like any business, this is crucial in making it work. It is also important to keep up with sales records for tax reasons and to tell what items sell the best, so you know what to change and what to keep.
Second, you must be a good sales person. On eBay, you must develop your reputation as a power seller. Part of the way you do this is with good feedback ratings. I have a perfect feedback rating on eBay, but some of this is because I have the policy that I'd rather lose money than lose a customer, because an upset customer tells others about their experience. It is crucial to develop a knack for dealing with people. The old adage, "The customer is always right," applies to eBay in a big way.
Lastly, you must be a "knowledge sponge." Soak up all the information you can on eBay power selling and how to maximize your earnings. It is easy to sell an item or two from your basement, but if you want to be a superstar eBay power seller, there is more to it than uploading pictures and writing a fast description. People who are among eBay's best power sellers know how to sell ice to an Eskimo and keep them coming back.
Mainly, tell the truth on your item listings, build a reputation, and be dynamic. Watch all the webinars you can on the subject. (There are many available on the eBay site.) Watch for trends in popular items. Practice what you learn and always look for ways to increase your earnings.
eBay has been criticized for the increasing sales fees they require, but if you are selling $20,000 per month, you are probably not going to miss it as much.
The best thing about selling online with eBay or any other sales channel is that you set your own hours, decide how to present your merchandise or services, and develop your own presence on the web via eBay's sales site. And you have the potential for unlimited income. If you are a business owner, you can even "build your brand" via eBay, by having your own "store" showing off your merchandise or services.
In addition, you will have your items automatically listed to Google and numerous other search engines when you list on eBay, because of its popularity and relevance in the search directories.
In summary, while eBay does charge fees for listings, they are one of the most popular and most visited sites on the web today, boasting some three million visitors or more every day! So they are a great way to get attention as an individual seller or business, wanting to make lots of extra money or to help build your brand.
Some careful planning can go a long way to increasing your chances of being a success in this very lucrative business. To get started moving toward becoming the next eBay success story, head over to eBay Seller Guide.
Take the Next Step:
- For more on working at home, please visit The Dollar Stretcher Library .
- Check out our library section for more about selling on eBay .
Share your thoughts about this article with the editor: Click Here
More Tips & Tools to Help You
Live Better...For Less
- How to become a millionaire in 7 easy (hah!) steps
- 5 poor ways to save (and how to do better)
- 10 places to look for $500 in savings
- 9 savvy strategies to save for a rainy-day fund
- 5 big bills you can cut fast
- Money-saving secrets of the rich and frugal
- How to stop credit card offers in the mail
- What to do when frugal fatigue sets in Readers' Solutions
- Putting last year's Christmas bills behind you
- Reduce your debt with this free debt course by The Dollar Stretcher
- Reduce your debt payoff time
- Find a better credit card rate
- Get better savings & MMA rates