When your in eBay business startup phase and trying to build an real solid ecommerce store that will earn you a solid residual income you will realize that it is no different than any other type of business out there. You will need to have a solid eBay business plan to follow and apply day after day.
In this article I am going to share with you some of the key elements to consider when starting up your eBay business which will hopefully help you grow faster.
#1 – You need to acquire experience as a seller.
One factor that many people forget when starting out is to acquire experience as a seller. EBay has a feedback system on their website for other users to see and will indicate whether or not you are a good member. If your just starting out I highly recommend you start building this feedback score as quickly as possible by simply selling valuable products lying around the house.
#2 – Picking your market- What to sell?
Many people fail miserable here and they really shouldn’t! Market research is key here and the better you do it the more rewarding it will be in the future. One of the best ways to do market research is by simply checking what other successful eBay members are selling and seeing how much are they selling of it. Another great way is by using “Google keyword tool” or “Google trends” and seeing how many people are searching for a specific product. I also highly recommend you get yourself in a “evergreen” product/market. A product/market that will not suddenly vanish or will stop selling.
#3 – Making a connection with a wholesaler(s) or a manufacture – What is a wholesaler?
If you do not know what is a wholesaler, in most cases they are independent companies that buy a lot of inventory from the manufacturers and will store them in their facility, or “warehouse” and will sell the units for a higher price than they initially bought it for, they make all their money by doing this arbitrage. (Which you can do as well one you start gaining skills and connections in the marketplace).
You can usually find manufactures or the wholesalers name on the bottom label of any specific product. You can also find many wholesalers in online membership sites such as “SaleHoo”, or “World Wide Brands”.
A great tip when buying from wholesalers is to always use “Ecrow” payment processor. Similar to “PayPal” but does not quite work the same way, do a little research on Google to find out more about it. What I can say about it is that it is one of the safest ways to transact with foreign companies that you sometimes do not have any type of relationship with and that you do not have too much trust in.
#4 – Begin pricing and listing your products on eBay.
This is sometimes the funnest part because after this step it is all autopilot.
I hope you enjoyed this article and have found it to be a valuable eBay business startup plan.