How To Start An Online Auction Business
It might be surprising to learn that thousands of people are making money at home through online auction businesses
. An auction business is more than just a way to get rid of extra "junk" lying around the house. It's a great way for those with a little bit of business savvy to turn a profit without leaving home.
What is an auction business? There are a number of public auction websites on the Internet, such as eBay, Free Auctions and others. Anyone can register to sell items on these websites simply by setting up an account.
Setting up an account can take anywhere from five to fifteen minutes, depending on the site. These business accounts usually take a bit longer than setting up a personal account.
To set up an online auction business account, you'll have to provide your basic information (name, address, etc.). Next, you'll typically be asked to choose from a list of service options. The more options you choose, the more you'll have to pay.
If you intend to run a successful auction business, it's best to pay for a higher-level of membership. The small cost involved is usually worth it and will help you make a profit. Once you've opted in to an appropriate membership level, you'll be able to start selling online.
Next, decide what you want to sell. You'll find the most success if you focus on one particular niche of product(s). Some examples of "niche" products might include books, hand-made baby accessories, vintage toys, antiques, CD's and/or DVD's, etc.
Now you'll need to find products to sell. If you choose a "niche" that you already have an interest in then you'll probably have lots of items around the house already that you can sell. Otherwise, you can find products by scouring garage sales and second-hand stores.
You can also sell items that you make yourself. Another way to find products to sell is through wholesalers or wholesale liquidators.
You don't need a huge inventory to start. However, it's best if you have at least ten to twenty items on hand before you begin listing. The bigger your inventory, the more likely you will be to make a profit. This also helps to "brand" your business (achieve a high level of recognition in the marketplace for your line of products).
List your items according the rules of the auction site you are working with. Make sure that you understand all their terms thoroughly. This includes how much of your final selling price will end up going to "overhead." That overhead includes listing fees and any others associated with your online auction business account.
By dealing in a niche product(s) you'll eventually build up a reputation in the online auction community. Soon, bidders will begin seeking you out specifically because they know your reputation.
You'll also build a reputation for your business by providing quality customer service. This means representing your products honestly and accurately, answering email inquiries promptly, and sending out orders quickly and efficiently. You'll build repeat business this way, and customers will recommend you to other bidders.
by: Scott Lindsay
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