Top 5 Tips for Making Money on Ebay
A lot of people are using eBay as a means to start their business.
Ebay is a great place to start because your products can get a lot of exposure plus you will be able to learn the basics of running a business with only a minimum start-up investment. Here are the top 5 ways for making money on eBay.
- Do not believe that you will get rich quick. Ebay is not a scheme. It is a legitimate online business. If you believe that you will get rich in a weekâ??s time in eBay then you better set your sights on something else. Ebay selling takes a lot of time and hard work for you to be able to get rich.
- Determine the right product at the right price with the right keywords. There are a million products competing for a buyerâ??s attention in eBay. What makes your product unique? Also, if youâ??re running an auction, donâ??t price it too high. Ebay buyers are always looking for a bargain. Sometimes they donâ??t even mind the shipping fees as long as they get a good rate on the product theyâ??re shopping for. Have a â??Buy Nowâ?? option for people who canâ??t wait for an auction. The price that you get may be lower than an auction but at least you get instant cash.
Your product and price may be flawless but do you have the right combination of keywords? If you make dresses and just put â??Dressesâ?? on the title then you are missing out on a lot of customers. Try putting â??Hand-Sewn, One-of-a-Kind Yellow Summer Dressâ??. This way, your title can be matched with a lot of queries. Another example is the iPhone. You can put â??iPhone 4Sâ?? in the title but â??Brand New White iPhone 4S in Boxâ?? is better.
- Determine the best days to start or end an auction. Monday is a bad day to start an auction because itâ??s the first day of the week and people are busy starting work or preparing the kids for school, etc. Monday is a busy day and no one will sit down in front of a computer and bid on eBay.
Friday is a bad time to end an auction because, well, who stays in on Friday nights? Itâ??s the end of the work week and people just want to relax, have a beer or go out and watch a movie. No one wants to be stuck in front of a computer after 4 days of being in front of it already.
Sunday is a good day because almost everyone is at home, chilling. They can find the time to bid on an item that they like. Sunday is a good day to end an auction.
- Do some grunt work. If you think taking a photo of your product, getting the prices and the keywords right is enough, think again. To be truly successful and make money on eBay, you have to do some research. Check out how your competitors are selling their products. Think about how you will handle customer service. What if a client is not satisfied with your product? What will you do?
If youâ??re taking photos, take good quality photos. Invest in a good camera if you have to. You will be able to get a return on your investment anyway if your products sell because they are presented well.
Also, since eBay is a legitimate platform, itâ??s best to start your business in the same manner. Apply for your necessary permits and taxes so in case your business booms, you wonâ??t have any trouble with the government.
- Lastly, investment. eBay is not only an investment of money. Itâ??s also an investment of time, knowledge and people. To make money, you need to invest money. How much money you choose to invest on letâ??s say, marketing, will directly affect the way you make sales. You need to keep your eyes open and keep up with changing trends. You need to connect to your customers to encourage them to return. You need to invest on staff when you can no longer pack the dayâ??s orders by yourself.
If you get a combination of these 5 tips right, you are sure to be a success on eBay.
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Great tips and I especially liked the tips on when to start and end an auction. The franking machine idea is very interesting consideration too.
Probably one of the best eBay moneymaking article on the internet. I can attest to all of these tips. The one thing you missed is customer satisfaction. Writing a handwritten note thanking your buyers can go a long way with customer satisfaction. I wouldn’t “ask” for feed back in the note. Just say thanks for buying, hope you enjoy your new _____. Leave feedback a couple of days after the product arrives. That way they see you left feedback and will most likely leave feedback for you as well.
I’m new to ebay and these tips would definitely help me a lot. I agree with using right combination of keywords. Using the right keywords is very important especially when buyers search for your product. I sell customized bracelets and friendship bracelets so I don’t usually auction my items. But I might do it for old items. I really appreciate the great tips here. Thanks!