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eBay is one of the few
businesses where you can just wake up one morning, decide
you want to sell something and be in business an hour or so
later.
Yet that is exactly what you can do with global internet
auction phenomenon eBay. As anyone who has ever sold a DVD
they did not want any more knows, eBay is quick, simple,
reliable and easy.
But does selling on eBay count as a real business? Many
people around the world seem to think so. There are hundreds
of thousands of professional sellers whose main income
relies on eBay.
When you look closer at the website, you realise that it is
only a selling platform. The company itself does not buy or
sell anything. It is simply acting as a way for sellers and
buyers to find each other easily.
And when you know that, it becomes clear that selling on
eBay is in fact no different to selling through a
traditional High Street retail store.
The difference is that set-up costs are minimal. And while
you have the option of using advanced selling tools such as
an eBay store, you can simply list multiple items and hope
they sell.
What really makes selling on eBay a genuine business is that
you must take into account many of the things that all other
small companies do:
Market Research
There is no point setting out
to sell an item at £10.99 if thirty other sellers offer it
for £10.50 - unless you can offer something else other
cannot or do not. Before you pick the kind of items you want
to sell, search for them on eBay and determine who your
competitors are likely to be. If the item is not sold on
eBay, is that because buyers do not look for it there?
Good Supply
If you decide to set up an
eBay store specialising in model railways, do you have a
good wholesaler who can keep you well stocked? Running out
of stock is a threat to your business, especially if you
build a reputation for trading in one particular type of
goods. Smart businesses use multiple suppliers.
Pricing
This could be one of the most
difficult issues with your eBay business. The way the eBay
platform works makes it very simple to compare prices of
similar products from different sellers. They have even
tackled the way some sellers were loading extra profit onto
the postage & packing cost, by showing the P&P price in
searches.
Your pricing strategy should take into account the different
types of buyers that use the site. People who use Buy It Now
just want to get the goods and will pay your fixed price,
whereas people who bid on auctions are more likely to invest
time bidding in return for a bargain.
Your market research should tell you whether you can make a
good profit. Do the costs of purchasing the item, paying
postage costs and eBay fees still leave you with a profit?
Don’t forget to look at the time cost of buying an item,
transporting it to your home, storing it, photographing it,
listing it, and sending it.
Marketing
eBay makes this easy by
sending a supply of traffic to your goods. If someone wants
what you sell, they will find it. But you can still apply
basic marketing rules to your listings. Take great photos,
give lots of information, and spend time getting your
listings perfect. You can also think what kind of words
people might type in to find your products, and ensure they
are in your item headline.
Reputation
The eBay feedback system is
the perfect way of developing a great reputation. and of
seeing it quickly destroyed. Sellers are always happier
buying from people with a high percentage of positive
feedback. On eBay, your feedback is your reputation. Develop
it then guard it jealously.
Customer Service
The key to great feedback is
great customer service. Send items quickly, package them
well and communicate frequently with your buyers.
If you are looking to start
your own business, the internet will open up a door to a
world of customers - literally. In starting your own
internet business, you will be able to market your product
or service to customers worldwide. If you were to own a
store, how many people would you anticipate stopping in each
day?
Several hundred or more? Now,
how many potential customers have the potential to browse
your internet store? Millions or, perhaps, more? It is
entrepreneurs just like you who have made the world of
internet shopping the powerhouse that it is today. In
addition to the large customer base, there are a number of
other reasons that you should consider starting your own
internet business.
Financial Freedom
Operating your own business
doesn’t have to be expensive. In fact, it can be quite
affordable and, at the same time, offer a huge profit
potential. If you own an actual store, you will have to pay
for water, electricity, rent, insurance, etc. On the
internet, all you have to pay for is a website and, if you
are so inclined, auction fees. Internet auctions, such as
eBay, are one of the largest income producers for
entrepreneurs. Operating your own business allows you the
freedom to make as much money as you want. Forget about
earning a set amount of money for each workday. With the
internet, you can earn money 24/7 - even when you are
sleeping.
Flexible Hours
Don’t feel like going in to
work early? Hate to drive home after dark? Thanks to the
internet, and working at home, you will have flexible hours
to work when you want, how often you want and whatever hours
you want. The only schedule that you will have to abide by
is your own.
Excitement
By working for yourself, you
will have control over every aspect of the business. To be
honest, it’s a lot of fun! If you are selling products, you
get to enjoy the selection process. If you love jewelry, and
choose to sell
it online, just think of the beautiful products that you
will get to see in person. If you like clothes, you will
have buying access to a ton of wholesale outlets!
Pride
Let us be honest. When
someone asks what you do for a living, wouldn’t you love to
tell them that you have your own business? More importantly,
wouldn’t you love getting up and going to work every day in
your comfy clothes and slippers? Well, you can if you
operate your own home-based internet business. Everyone
would love to operate their own business, but few actually
take the plunge. It’s fun, it’s exciting and it’s time to
get out there and start your own internet business.
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