In this chapter of Ebay, I’m going to cover some of my do’s and don’ts when it comes to this business. Ignoring any of these tips can mean serious consequences for you and your business.
Buying Too Much – This is one of the most common mistakes that people make. They are so anxious to get their Ebay business off the ground quickly, and they’re so optimistic about making tons of money, they buy more product than they could possibly sell. And if the product they bought has no market, they are out an awful lot of money. So start conservatively. Once you see that you’re making a few sales, you can always buy more.
Don’t Guess – This is another big problem. Lots of people will see the next new hot item come out and figure that they can sell it on Ebay for X number of dollars. They do no research on this whatsoever. Not only don’t they know if the item will sell for X number of dollars, they don’t even know if the item will sell at all. So don’t guess. Base your game plan on research.
Taking It Seriously – This is actually a problem with all home businesses. Some people treat selling on Ebay as a hobby. Well, if you treat it like a hobby, you’re going to get a hobby income, if you get any income at all. Plus, if you don’t treat this business seriously, you can find yourself in a lot of trouble beyond just the amount of money we make.
Fraud – This is something so many people try to get away with. I can’t even count the number of items selling on Ebay that claim to be an original whatever. There is more fraud going on at Ebay than you can possibly imagine. Do NOT stoop to that level. Make sure everything you sell is authentic, or if it is a knockoff, be up front about it an tell people that it is not an original.
Separate Accounts – Whatever accounts you have right now, get a separate bank and PayPal account specifically for selling on Ebay. The reason is because you’re going to be doing a lot of business and you want to be able to keep accurate records for tax purposes and just for keeping in contact with your customers should there be any problems like disputed charges. Having separate accounts makes doing this a lot easier.
Get A Digital Camera – You are going to be taking a lot of photos so invest in a good digital camera. The better your photos are, the more sales you will make. Yes, they are THAT important.
Set Up A Home Office – You want a place to work where you’re not disturbed. If you live alone, this isn’t as important. But if you have a bunch of screaming kids in the house, a home office is a must.
Get A Partner – This isn’t a must, but it’s a suggestion. If you get a partner, you can divide the work between the two of you. As you do more business, this will become very important.
In our next chapter, we’re going to cover just what to sell and where to get the stuff from. This is where it gets exciting.
See you then.