So you’ve decided to make your millions selling on the Web. Not a bad idea. Millions of people around the world make their living selling online. eBay, the fastest growing company in history, is an excellent place to sell your products. But, being knowledgeable about how to start an online selling business is essential. Here are six tips on how to make money selling on eBay. sell my business
1. Pick a Great Product – Definitely easier said than done. Without a good, profitable product you’re basically shooting blanks. If you’re at a loss as to what kind of merchandise to sell, begin with your interest and hobbies a good product addresses a good demand. It should also be relatively easy to import if you have an overseas supplier.
2. Use eBay for Market Research – eBay itself is a rich source of information about the current hot-selling products on the Web. Identify products and markets with a healthy selling ratio. Let actual data guide you toward the kind of products that will earn you steady sales and profits. The Internet, as well, has countless resources on how to make money selling on eBay.
3. Choose the Logistics Channel Best Suited for You – You can buy/import directly from a wholesaler or you can take advantage of drop shipping. Importing directly and in bulk can be cost-effective. However, you will have to take into account storage, packaging, and delivery costs. Drop shippers are a bit pricier since they handle all logistic needs, but all you have to do is send them the name and shipping addresses of your customers. Choose the supplier best fitting your type of merchandise and business resources.
4. Focus on Niche Markets – It will be difficult to compete with the big league if you’re starting out small. A niche market (e.g. golf, diving enthusiasts, or antique collectors etc.) may not be as saturated. Selling a great product for a great niche will better ensure the survival and success of your business.
5. Have an Eye for Trends – Being the first to take advantage of a trend can be quite lucrative. This gives you a good position to find the best products to sell to an emerging market. Knowing how to spot trends gives you the competitive edge.
6. Find a Great Online Wholesale Supplier Directory – These directory websites are your virtual “yellow pages”. A good online supplier directory gives access to thousands of wholesalers, suppliers, and distributors around the globe. They give tips on how to make money selling on eBay or selling on your own website. They also take the time to properly authenticate suppliers and weed-out scammers. With 8,000 product categories, to someone starting-out these directories can be lifesavers.