Finding easy ways to make money online can be like hopping through an active mine field on a pogo stick. There are so many “make money now”, “work from home”, “earn $$$$ working part time” ads and emails circulating that finding one that isn’t a total scam is difficult. One option that is NOT a get-rich-quick scheme and has made a lot of people a lot of money is the business of selling on eBay. And there are several resources out there that take you through the process. Should you consider investing time and money on these resources? What are the basics that most of these resources assume that you already know? Is selling on Ebay the right option for you? This guide aims to provide you with enough information to determine just that.
What Does it Take?
Some people think that in order to sell anything on eBay they have to have experience in advertising or marketing or running a retail business. That isn’t the case. In order to sell on eBay, you have to know how to read, have the ability to form words into understandable sentences, and know how to enter information into the appropriate box. Yeah, it really is that easy.
How Much Does it Take?
Assuming that you already have procured the product that you plan to sell, the main cost related specifically to selling on eBay is the listing fees. eBay is a business, and like any business it needs to make money, but it doesn’t charge outrageous sums in order for you to list an item for sell. The listing fees for normal auction style listings can be as low as nothing to as high as $2.00 per listing. If the item sells, the seller is required to pay a 9% final price fee, which cannot exceed $50. If you want to open your own eBay storefront you can pay as little at $16 to as much as $300 per month depending on the features you’d like your store to have. There are other fees for “Buy it Now” items, for hosting pictures etc. Check out the full up-to-date information here. While these numbers are not necessarily “peanuts”, compare that to the cost of running a real brick-and-mortar store, and you will begin to appreciate why eBay has become as popular and successful as it is today.
How Much Can You Make?
Honestly, the earning potential on eBay varies as much as the many listed items. Depending on what you sell, how you sell it, and how many people want what you have, you could make nothing or you could make thousands a month. Practically speaking, not many people make thousands of dollars on eBay until they have been an established seller for a while.
One of the first things you need to do when listing an item is to see what similar items are selling for. If you have something that is exactly the same as something else listed, you should consider setting the starting price lower so you can snag the sale. If you have something that is newer or slightly better than something that is already listed, you can list the starting price at the same price or slightly higher. The math (art?) of setting starting bids is something that can take many more days and much more information, but if selling on eBay is an option you are considering, you should certainly consider doing a lot of research on pricing an item before listing it. This could easily be one of the main criteria that determines your earning potential.
Another area to research thoroughly, which could directly impact your earning potential, is to understand what actually sells and what doesn’t on eBay. Some items are so hard to sell, that listing them would actually cost you more than you would make.
What are the Advantages?
Making money by selling on eBay has many advantages, some of which are:
- You can make money working from home
- You can clean out your basement or attic
- You can create an entire business without having to worry about lease agreements etc.
- You don’t have to worry about investing in an online scam- eBay is legitimate.
- It takes relatively little time to list an item
- The auctions run themselves. You can list an item, walk away, and come back a few days later to a sale.
- There is a massive collection of information that can help motivated newbies come to speed very quickly.
What are the Disadvantages?
Much like everything else online, there are disadvantages with trying to make an income through selling on eBay. Here are a few:
- Some people will bid on and win an item and not pay. This means you’ll have to relist the item later.
- In some cases unhappy buyers will complain and cause issues with your ability to sell effectively. They can cause your account to be suspended, or you can be issued a chargeback for the items.
- You can lose money on eBay when you spend money to list an item and it doesn’t sell.
What Types of Things Can You Sell?
Basically, you can sell pretty much anything. When it comes to listing items for sale on eBay, there are very few things you’d have a problem listing. Below is a list of things you cannot sell on eBay:
- Body parts
- Human Fluids (blood, urine, sweat, reproductive fluids)
- Services, such as: sex, term paper writing, contract writing, online game character leveling, etc…
- Credit cards
- Human remains or other grave related items
- Live animals
- Any used personal hygiene items
- Drugs and drug paraphernalia
Selling on eBay can be one of the lucrative and exciting money making ideas, but you have to know the ropes in order to start raking in the big bucks. With the information included in this short guide, you should be at least able to determine if this is the right option for you. And if you think it is, do some research and you should be on your way to eBay success soon enough.