How to Save and Make Money on eBay

How to Save and Make Money on eBay Table of Contents I. Introduction............................................................................................................................ 1 a. Before you begin.. b. eBay applications c. Ideas!

II. eBay – Sell it Now................................................................................................................. 4 a. The experts say... b. Making money on eBay c. Tricks of the trade d. Buy first!?

III. eBay and Taxes.................................................................................................................... 8 a. Be cautious with your descriptions b. Reputation is everything IV. Final tips for eBay success (and the pitfalls to avoid)................................................ 12 a. Time to grow your business b. Crucial selling tips c. The 4 pitfalls of eBay

Introduction The money making potential for eBay is extraordinarily promising. The volume for online retail sales is increasing. Experts expect it to continue to grow. It only makes sense.

Consumers are attracted to online auctions for very simple reasons – a wide selection of products, convenience, competitive pricing, round-the-clock ability to buy, and of course, great deals. As eBay continues to offer more online marketing and customization in their offers to attract both seller and buyer a like, their reputation will only strengthen.

Getting started is super easy. Many eBay sellers sell a small collection of items that they find around the home. Some use eBay to slowly build a retail empire. Nowadays, there are eBay users who decide to expand a brick-and-mortar business online.

Finding something to sell is simple. There are eBay sellers who offer items they have even made. Paintings, patented items, machinery or even arts and crafts are among some of the items you will find on eBay. Start small if you want, with clay pots or holiday ornaments. You could go bigger on a larger scale with an inventory of hand tools for example.

That's the beauty of eBay. It's all up to you to explore with little at risk.

Before you begin...

Before selling items on eBay, it's an excellent idea to get familiar with the entire site. Even if you have already used it, there are definitely some features on the site that are probably foreign to you. So, take a couple hours to really navigate every area to understand it all.

One thing to keep your eyes on, is the plethora of features available to sellers, especially the ability to design your own store. If you're going to be offering several items for sell, designing a store is a solid idea. Visibility for one piece of merchandise can potentially lead to sales of other products.

Also, become familiar with other features eBay offers, like the ability to print labels for shipping your merchandise. The site also has a “returns system.� You will have the option to create your own returns and exchanges policy. Offering returns and exchanges on items might give potential bidders more incentive to purchase from you. Take the time to develop a returns and exchanges policy for your eBay store that will protect you and also be fair to your customers.

ebay Applications Many people actually don't know about the large number of applications available to sellers.

These apps help boost their efficiency as well as analyze how well their sales are doing. One of the more important applications is eBay's listing analytics application. This application allows you to see the efficiency of each of your listings in sales and registered user attention.

This application is very useful in determining the effectiveness of your listings. You might decide to test out different titles, headlines or a better photograph.

Find more applications and use them to your advantage. Some apps will actually help you craft better keywords for titles, which could in turn draw in more users.

Ideas!

When you become familiar with eBay in its entirety, including all of the options and features, then you will know for sure if it's the right platform for you. If you think that you're ready, the first order of business is coming up with an idea for an item that you want to sell.

One of the great things about eBay is that, essentially, anything can be sold from its system.

It's not just high-end items being sold either, many buyers actually buy grocery items and goods for their families.

Maybe you have something in mind, or perhaps you already own your own business and are looking to supplement your income and grow your reach. Having your own business would

make things easier. However if you are like most of us, you'll need to consider a few things before you decide on some merchandise to sell.

Do you have expertise in something? Do you have collectibles around the house that you are knowledgeable about? Is there a collectible that you are interested in finding out about to sell? Try brainstorming to see which direction (or directions) you might want to go in.

One last thing to keep in mind, is that you don't have to sell only one thing. You can sell vintage clothes and old sports memorabilia. It's just important not to spread yourself thin, particularly if you are new to selling.

ebay – Sell it Now We ask the experts In order of significance, this is how the experts optimize their eBay sales.

1. Photos •

Really great pictures is crucial. They don't need to be perfect, but they should display not just the item, but also that the item comes from a nice environment. You wouldn't want to buy a designer sweater that's been photographed in a coal mine.

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Take several great pictures. If you're purchasing something from an unknown eBay seller, the confidence in the seller rises once you see a lot of quality photos.

2. Description •

Fill out every single field in your description. Be certain your description gives a LOT of information about the particular item. For some reason, some sellers don't do this.

Don't be lazy. Step in the shoes of the buyer. If someone is dropping a large sum of money on a product, they'll want as much information about it as possible.

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Use keywords in your item and title and description. What would a potential bidder type into the search bar to find your item? Use those words to describe it.

3. Research •

What's the market for you item? Take some time out of your day to research its market value. This will assist you in selling it more competitively among the other buyers.

4. Timing plus Reserves •

Weekends normally have the highest traffic. Use the 10 day listing on Thursday. This will give you two weekends.

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There is contention about this, but many expert buyers say that they never use a

reserve price. If your goal is to make as much money as you can, reduce the amount of upfront money you have to pay. Do this by using a low starting price. This will keep people competitive.

5. What to Sell •

It's more simple than you realize. Find a niche market and go deep!

Making Money on eBay A lot of us dream about quitting our day jobs to begin our own business. But, we just aren't sure where to start. With some research and an eye for bargains, you can make some real coin in your spare time.

Many successful eBay users have cornered a particular niche such as first edition books and vintage toys. However, you don't need exclusive or rare products to make your money. The majority of eBay sales are actually things found around the house.

Sell products that people will feel the need to upgrade every once in a while. For example, these items could include mobile phones, kettles and handbags.

Listing things on eBay Pictures – make sure your photos are really good quality.

Description – You have a certain amount of characters for each listing. Make every word count!

SEO (search engine optimization) – It's imperative to use words that a potential user would type in 'search' to find your item.

Manage your account Research – Research your market before you invest. Is there a market for the potential product that you want to sell. Who are you competing against? Know the benchmark prices.

Consider taking advantage of eBay's free listing periods.

Timing – List the best items on a Thursday. This will maximize weekend viewing time.

Always choose the longest period, unless your item is time sensitive for some reason. Sunday is the busiest time on eBay.

Tricks of the Trade You're going to need to know the shortcuts. We're going to get into how to cut fees, the best time to end auctions and those strange items you didn't know you could sell.

Know where to start An occasional cleaning of your home could yield some unsuspecting cash. The money could quickly pile up if you continue to sell items you might not need over the years. It will probably become addicting watching those bids come in.

Here's a quick list of some items that sell: •

Branded goods. Selling a “Black and Decker” drill will most likely be easier than selling just a “drill.”

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Items with search-able keywords.

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Bundles. Sell expensive branded goods individually, but consider what could be sold in a bundle.

Buy First!?

A really important tip that many new sellers forgo on eBay is to buy something on eBay first.

In fact, buy a few things. This will help you step inside the mind of a potential buyer. What annoys you when searching for an item? What things pop out to you? What entices you? If you answer these questions as a buyer first, it will only strengthen your skills as a seller.

eBay and Taxes If you're selling old items that nobody wants, like second-hand stereos or old clothing, there is no tax to pay. However, if you begin making or selling items bought with the intention to resale later, then it is taxable.

Descriptions Buyers' only rights under the law is that the product is described correctly and the owner has the right to sell it. By eBay's own rules, buyers are likewise eligible for a refund if the item does not match the description.

Business traders' sales are protected by the Consumer Rights Act. This is in effect whether or not 'buy-it-now� is used. All this means is that you have to be more cautious when writing your descriptions than private sellers.

Reputation is Everything Good feedback is really important and it's easy to maintain. All you have to do is deliver your goods fast and in the condition you advertised it in. Essentially, do everything you said you were going to do in your description.

Describe the product as accurately as possible, be prompt with your replies and try to send within 48 hours. Be sure to let the buyer know that you've sent the item, you can include an invoice as well and email them the postal tracking number.

If you want to add one more sweet touch, you can always send a message that tells them it was a pleasure working with them.

Final Tips for eBay Success (and the pitfalls to avoid) Time to Grow Your Business Communication – Auctions can move rather quickly. Buyers and sellers must rely only on email as a way of communication. So, being responsive is important in any sales position, but even more on eBay. You might want to download the eBay app for you phone to manage communication more efficiently. Either way, check you email frequently and be sure to be overly friendly in your exchanges.

Feedback – After all your transactions, you're given the opportunity to give feedback about your buyer. You should do it and do it in a quick manner. Unless the experience was terrible, you can always come up with something good to say about your buyer.

Wholesale – You can buy small wholesale products that many people use daily and make that the basis of your eBay business. Kitchen items, beauty supplies, home decoration or clothing. Do some homework on your market and figure out how to close-in on buyers and meet their needs.

Niche – One of the more common reasons prospective buyers go to eBay is to find items they can't get anywhere else. Look through eBay's community boards and groups and find people who share common interests (baseball card hobbyists, old geeks and gamers, knitters, stamp collectors, gym rats, etc.) and sell items that appeal to them.

Power Seller – These kinds of sellers represent a special 4% of eBay. This designation signifies to buyers that you are a trustworthy seller. Power Sellers have several advantages and benefits once they have been given the designation. You could eventually obtain discounts from UPS, health insurance, technical support and some other nifty offers.

Here are the requirements: •

Be a member for 90 days

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Make an average of $1000 in sales per month for three consecutive months

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Have a minimum of four average monthly listings for three straight months

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Have a feedback rating of 100

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Have an account with good financial standing

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Maintain the eBay community values – mutual respect, being on time and being honest

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Comply with eBay's listing and marketplace rules

Crucial Selling Tips •

Decide what you want to sell. This is the first order of business. If you want to dive into a certain market, be sure you know a lot about it beforehand, or be ready to do some solid research on the topic. This way, you'll be able to spot the things with the most potential to be sold. With that said, a good variety never hurt anything.

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Set up your account and username. You're going to be stuck with your username, so be sure it's a good one. The best order of advice for this is to make sure it sounds professional. You could make it a variant of your name, or you could make your username relevant to the things you plan on selling.

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Supplies. Before you do anything, you should purchase some supplies for your eBay business. This includes packing equipment like boxes, tape, bags, packing material, a camera and a notebook or computer to keep track of your records.

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Figure out your pricing and costs. You need to figure out how much your item is truly worth and then work out how much you intend to sell it for. One way to do this is by using eBay advanced search. Search for similar items and see how much they're going for.

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Write the listing. Write the text that will actually sell your product. Go ahead and take your time with this. A good description is very important. The website lets you use up to 55 characters in your title, so make the most of it. Make your descriptions clear, concise, terse and accurate. Be honest about any imperfections about your product.

You don't want your feedback damaged. It's also a good idea to highlight any key features and deals. Also, if you're selling similar items or an item that compliments the current one, you can use your description to link to other sales.

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Payment. PayPal is hands-down the most popular form of payment on eBay. If you have PayPal, you will attract more bidders. With Paypal, your funds appear in the bank immediately.

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During the actual sale. Promote yourself! Use social networks and go on to internet message boards. Stay active when promoting your product. If prospective buyers email you about the product, reply ASAP. Speedy replies make you appear more professional.

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After the sale. It's not over! Send a confirmation email to your buyer and invoice them the full amount. Send them another email when you've received payment and when you've sent the item. Once everything is done, give them some great feedback.

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Last tip. A good reputation is extremely important. You can never emphasize it enough. Be sure you handle each item with care, be accurate about its descriptions and timely with its delivery.

The 4 Pitfalls of eBay There are over 162 million users on eBay. Therefore, there are destined to be some complaints about the site. It's undeniably an amazing place, but it is not without its problems. This section will discuss eBay's biggest pitfalls, so you can avoid them while creating your own business.

The Buyer Protection Scheme One of the most complained about issues is the “Money Back Guarantee� scheme. This policy guarantees that if the item does not arrive or does not fit the description, then the buyer will be refunded with the cost of the item. There have been reported incidents of buyers receiving an item and then claiming they never received it, or simply changed their minds about even wanting the product. Unfortunately, eBay has been notorious about favoring the buyer. This is something to watch out for, but difficult to avoid at times. Just as buyers look at seller's feedback, be sure to check the feedback left on a buyer's page.

Customer Service There are many users who complain about eBay's customer service. Even eBay's user forum describes some frustrating experiences customers face. With that said, eBay is mostly able to intervene and successfully resolve nearly all of the cases. The site strives to improve the overall user experience by spending millions of dollars a year to refund buyers and sellers.

Fraudulent Goods Fraud is an industry problem that is not exclusive to eBay. There are thousands of staff and millions of dollars being spent by eBay to invest in the latest technology to prevent scams.

The site is clearly proactive in fighting scams. In recent years, eBay has cut fraud down by 50%.

Taxes Customers who buy or sell items professionally could be liable to pay taxes on profits made.

If you're just selling unwanted items for little cash, then it's unlikely you will have to pay tax.

The easiest way to find out if your eBay business requires tax payments, is by contacting the IRS.

Despite these problems, eBay is clearly doing something right. If you follow all of the rules listed above, you will be well on your way to creating your own eBay empire. The two most important things to remember is this: Find your niche. Maintain good feedback.

Now get out there and make some cash!