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November 30, 2006
C O N T I N U I N G E D U C AT I O N
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Big Tips for Small Entrepreneurs EBay expert Barbara Weltman shares the secrets of successful e-commerce rate job, and was devastated. But she started doing computer consulting, and also began a side business on eBay selling handbags. She makes about $50K a year, and it’s proven to be great security for her, more then if she’d had a job.
By Caroline Jaffe-Pickett Barbara Weltman is one of the nation’s leading authorities on small business. She has written several top-selling books, including “The Complete Idiot’s Guide to Starting an eBay Business,” and is a columnist for Inc.com, Staples.com and the Hudson Valley Business Journal. Weltman has also been featured in The New York Times, The Wall Street Journal and The Washington Post. She is scheduled to teach a Learning Annex class on how to build a thriving eBay business on Dec. 14, and again on Jan. 15, 2007.
: What trends in small business do you foresee in the near future? A: Given rising commuting costs and changing demographics, there is going to be much more interest in home-based businesses. As it stands now, 1.3 million people already make a living on eBay, and over 3 million depend on eBay for income in some way.
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: Describe your background and any early influences that led to your interest in small business. A: I’m an attorney, with a degree from Brooklyn Law School, so I’ve worked with many businesses over the years helping them get started. It was exciting to see businesses grow from the ground up. Deciding on law school was a spur of the moment decision, but it opened up a whole world for me, and led me to writing and teaching, which is what I do now primarily. I run seminars and am also adjunct professor at Manhattanville College in Purchase, where I teach “Principles of Entrepreneurship.” Before all that, my dad had his own business running a machine shop. That was my first exposure to small business growing up, so I would have to say he is my greatest role model.
Small business expert Barbara Weltman is scheduled to teach a Learning Annex seminar on building a thriving eBay business.
: How did you come to be an eBay expert? A: My husband has been a Powerseller [a top eBay seller] since 1998, and I learned by working with him. I started out doing all the packing and shipping.
the tricks and tools to optimize a listing [and] drive traffic to your listing. You want to maximize your web presence by having your own web site, for example, or using some of the eBay tools, such as the eBay stores.
: What do you think are the most prevalent myths about eBay? A: “If you post it, it will sell,” is one of the most common myths. EBay is highly competitive, and you really have to know
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: What’s your best advice for today’s small business entrepreneurs? A: My best tip would be to do your homework first and lay the groundwork. Research all you can about the products. If you are selling shoes and everyone else is too, you have to be able to buy and sell at competitive prices or you won’t make money—so sourcing is huge.
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: What is the most common question your students ask? A: There is none—every situation is so unique. With eBay, there is a broad range of experience, from newcomers to the more established. But in general, everyone wants helps with streamlining procedures and developing systems so they aren’t recreating the wheel, particularly with multiple listings and tracking issues.
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: What are the common pitfalls for small business owners or those starting a home based business, and how can they avoid them? A: People are very casual with their records, and it catches up with them in all
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kinds of ways—problems with inventory, taxes, supplies—every aspect of their business. You must maintain accurate books and records, keep receipts, and develop good business habits. Many small business owners use accountants, and I’m a big believer that if you can spend more time making money, that should be the goal. : Do you have any student success stories you can share? A: A woman was fired from her corpo-
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: What’s the best eBay resource you recommend? A: There’s a free website called “Auction Bites,” (auctionbytes.com), which features eBay news blasts. It’s a great resource.
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For more information, contact the Learning Annex at 212-371-0280 or visit Barbara’s website at www.barbaraweltman.com.
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