10 Steps to Starting an eBay Business
Thought I'd share this with other TWF members and hope it can give some the kick start they need to get the ball rolling.
1. Rather than sitting at home/work thinking about what to purchase to sell on eBay and make ££££ simply start by gathering things you already own that you know longer want. For example an old pair of Levi 501 jeans that you can no longer fit in due to the new healthy life style you have taken or you can no longer squeeze into them due to the BOGOF Big Mac offers !! Anyway what ever the reason set them aside ready to list on eBay. Try and gather around 10 items to start off with just to get you used to the process and gain some selling momentum.
Why start with something used that I already own?
a) You know the product, you have it infront of you so will be easy to describe in your listing.
b) As you have them with you you'll be able to start your business immediately without having to wait for a supplier to deliver you goods. Why wait ?
c) They are now worthless to you so if you make a mistake it won't be costly if things don't go to plan to start with.
Spend a week or maybe a month learning the tricks of the trade before investing money and time into your eBay business.
2. You don't have anything used that you want to sell but your still unsure wether to invest in a bundle of products incase things don't go to plan. We'll most towns have one so use a second hand shop. You will be amazed at some of the products people giveaway and how cheap you can buy them for.
For instance I once purchased a very vintage Lacoste Cardigan for £5. I didn't buy it for personal use my intention was to sell it on eBay. I set up the listing in full detail and managed to sell it for an amazing £34.99.
Now not every week you'll pick up a product like that but you get the picture, also don't be afraid of bootfairs ect.. another place to gather products without breaking the bank.
3. If you don't have a full day/evening spare then just set aside a certain part of the day to package up ending auctions and be ready to list your next lot of items.
The main key in listing a product is choosing the correct time for the auction to start so that it ends during a peak time. For an example of this you have a Stone Island jumper used or new you want to sell, You know that this product is very popular with football supporters up and down the country so you wouldn't really want to be ending the item at 4.00pm on a Saturday because a fair percentage of possible buyers would be at a football match during this time and would miss the auction ending.
Set 4 folders asside different colours Red, Green, Blue and Black for example.
Red Folder - List and keep everything to do with the purchasing of stock, even from a bootfair list everything. Include all ebay and paypal,postage fees ect..
Green Folder - This is where every item you have sold is listed including net profit of each sale ect..
Blue Folder - Keep every single receipt in this wether it's for an item, Postage Supplies, Postage receipts..anything thats cost you an outlay keep.
Black Folder - I keep this for my own research. When an item sells and sells for a decent profit I list the day and time that the auction ended I also do this for an item that fails to sell, after you have around 20 items listed in this folder you should start to see a clear pattern of when and when not a good time to have an auction ending is. This is displayed in a few places on TWF already which are well worth a read and making note of it.
Also don't be afraid to keep watch on your main rivals. If 4 other sellers have the same item look at the above to try and combat them. Picking the right time and day is so often key to making a sale.
4. Good Photography is a must. So often you'll search through eBay and see the most shocking pictures ever. A picture is worth " a thousand words" though also a good description is also key. In the description state everything about the item so that the buyer could almost close there eyes and know what they are buying.
Clear crisp pictures is key, there is a brilliant tip on TWF that instead of purchasing a box light for pictures simply place your item a vase for example inside a clean white bath it'll give you the same effect.
Your selling a polo shirt, simply clear your whole desk area so there is no clutter, fold the polo shirt up and take a number of images, front on, side on, take a picture of the labels and crest if it has one.
Tip: Easy way to get a clean crisp fold on a polo shirt is to use a piece of card A4 size place on the back of the garment and fold, then pull the cardboard out.
5. Good Feedback. It's important to have a good feedback score and before you start a full-time business try to get this to atleast a 100% positive and atleast 10. You can achieve this quickly by following my step 1. This will then give you a star next to your name which seems little but can mean so much.
6. Specialising in a product. Once you have decide what you want to sell try and stick to specialising in that category. This way not only will you look more professional but you'll also build a good knowledge of the area and put you ahead of other sellers.
Personally I don't tend to buy designer clothing off a seller thats also selling, candles, remote controlled planes ect..
7. Be Flexible, even though you specialise in a particular group don't ignore other oppertunites if you think they could become profitable. I have a friend that during end Jan-Feb he will have Valentine's gifts, March-Sept he will concentrate on summer products, Sept-October Halloween, Oct-Dec Christmas decorations. All this is done with a seperate account with a business partner. All year round he will sell clothing on the other account.
In the build up to Summer 2010 he will be offering a huge range of England Products ready for the World Cup.
8. Build your brand and image.With competition on eBay stronger than ever, finding a way to distinguish your business is important. If you look like every other seller, why would someone buy from you? Invest in having your own eBay shop and developing your own website. Try and give your listings a professional look and feel.
There are members on the TWF that can offer you a logo and a eBay template that will give you that professional look.
9. Mailing services. Shop around, if you have to send a large item there are plenty of couriers out there that are half the price of others. All this adds to your profit.
10. A good Customer/Supplier relationship is key, Once you find one try and keep them. There maybe someone that can offer you 50p less per item but weigh up wether that's worth breaking 2 years of trust you have with your current supplier.
Remember the saying if ain't broke don't fix it.
Thanks and happy selling
Last edited by fashion uk; 01-09-2009 at 03:33 PM..
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November 2009
