The internet has made many people rich, and making money on eBay has been very instrumental in helping average people become rich.
There are a few keys to making money on eBay:
- A lot of people start by selling things they are not using around the house. It's kind of like a garage sale only more lucrative. The vintage vacuum cleaner that may only get you $5 at a garage sale may bring in $50 on eBay.
- Because you're selling to the world and not just to your neighborhood things that don't have a local appeal can have huge appeal to someone on the other side of the U.S. or the world. So don't hesitate, get rid of all the stuff that taking up space in your house.
- Obviously what you're trying to sell must have market demand. You may want to give some thought about what's hot right now and also what items are always in demand. Barbie dolls for example will always have a market on eBay.
- You can conduct an eBay search through eBay Pulse to see what is being offered currently. You may not get a very good offer if there is currently a saturated market in the category or product you're selling.
- Once you determine what you will be selling you'll need to determine an asking price. If you're buying things to re-sell than that price may be different than items you just want to get rid of.
- You'll also want to see what the competition is up to. You may want to price at or just below to ensure a sale.
It also depends on how quickly you need to turn around your inventory. If you need a constant infusion of cash, because you are buying items to sell, you might consider dropping your price as long as you are profitable.
A few other things to consider are:
- Do you have a means for storing items until they sell? This can be a problem if your family doesn't want to lose the spare space in the basement or garage in order for you to earn money on eBay.
- What shipment issues to you need to consider, such as costs and size? These are things that will affect your time and prices.
- You'll also need to think about the life cycle of certain items (you don't want to get stuck with stuff) and the season. Selling ice skates during the summer is not a good strategy.