Starting an Online eBay Business

eBay has increased in popularity dramatically over the past few years. With millions of people searching the site every single day for discounted products, the potential to earn money on there is fantastic. It couldn’t be easier making a profit on eBay and that is why so many people are choosing to set up their own eBay business.

Finding the Best Products to Sell

If you are interested in starting your own eBay business the first step is to find out what to sell. In order to do this you should look on the site and see which products seem to be doing better than others. Is there more of a demand for DVD’s over clothing? Is there a certain games console that is currently selling really well?

While it is important to find a product that is currently selling well, what you also need to consider is that you want a product that will do well in the long term. It is pointless starting a business with a product that may decrease in popularity over the next few months. In order to avoid this it would be worth combining a number of different products in your business. Stick to selling various products within the industry instead of just one and that will give you the best possible chance of success. Typically, electrical items and clothing do tend to do quite. The health and beauty sections are also worth looking into, as there will always be a need for beauty products!

You can find products to sell by looking on wholesale websites. Be careful when trying to find a good wholesale list. Many websites charge a fee for access to their wholesale lists and while generally, you will have to pay a small fee you should not fall for extortionate fees. Try not to pay anything over a few dollars. Of course, there are some free wholesale lists available but they are a lot harder to find.

Starting your Business

Once you know which products you are going to sell and you have found a good wholesaler, the next step is to figure out how much stock you will need. Unless you know that the product is currently selling really well, you should only start off ordering small quantities of stock. So order the lowest amount possible from the wholesaler. Some wholesalers have minimum limits that you have to stick to but they are not always overly high.

When you are setting up your store, it is a fairly easy process. Simply log on to eBay.com and click on “stores”. You should find a link saying, “Open a Store” and from there you log in or sign up as a seller. Once you have a profile you can choose from three different store levels. These are:

o Basic Store – $15.95 each month
o Premium Store – $49.95 each month
o Anchor Store – $299.95 each month

Each comes with a different monthly fee and there are requirements that you have to meet to open them. A basic store would be the best one to opt for when you are first starting out. The other options come with more advanced tools to create better listings.

Overall, starting your own eBay business is fairly easy. If you take the time to research the best selling products then it will increase your chances of making better profits. The best thing about an eBay business is that anybody can open one and potentially make a good income by doing so.

Five Tips to Start Your Own Business

Starting a business is a lot like starting a family. Once you take the plunge, you should be reasonably sure of sustaining it for a good period of time. Hence, before taking the plunge, it will be wise to plan a bit. Here are 5 important tips:

1. Do Your Own Research

Before deciding on the business you want to start, do some research. This should include the size of the market you are targeting, types of customers you will have, their tastes, and the extent and kind of competition.

In addition, a good study should also be done about the costs: rent, cost of raw materials, labour, and best location.

It is better that you do not rely on other agencies or friends for this. It is okay for big corporate organisations to hire research firms to do this, but you are not a big corporate.

Do not trust other people’s assessments before sinking your hard earned dollar on the business. Do your own digging, and planning.

2. Prepare a Business Model

A business model is a statement of your plan on how you intend to generate revenues, and how much profit are you aiming for. There are 5 main ingredients of a good business plan.

a) Size of the targeted market in terms of quantity and value
b) Cost of inputs and production
c) Expected revenues or total sales proceeds,
d) Rent, interest on capital, depreciation for furniture/machinery
e) Expected profits at the end of a quarter, or one year.

It is important that you prepare this business model with utmost honesty and accuracy, because the success of your venture will largely depend on the efficacy of your business model.

3. Stick to Your Plan

Once you have made all the plans and started the business, stick to the plan. Do not change course mid-way, and do not get discouraged by adverse results initially. Every business will initially encounter resistance, but if your plans are well made, your business is bound to succeed.

History is flush with examples of how some of the world’s most successful businessmen built great business empires by continuing to pursue their ventures despite initial setbacks.

4. Have a Plan B Ready

Even the best laid plans may sometimes go awry. Suppose an unexpected event – a natural disaster, a sudden shrinking of the market, a new invention totally replacing your product – happens, and your Business Model becomes unviable.

If such an eventuality happens, it would be foolish to continue the same trade and go on booking losses month after month. Better cut your losses, and put your Plan B into operation.

Plan B should be drawn up such that your losses are minimal, and you are left with enough capital to start afresh.

Do not forget that new circumstances will throw up new opportunities and your business career is by no means at an end. But you should have enough capital left, and your mental framework should not be burdened with the scars of failure, in order to take advantage of the new opportunities.

Therefore, it is crucial to know when to quit and start afresh. For this you should have plan B ready in advance.

5. Don’t Be Too Ambitious Too Early

Initially, it is always imperative to take small steps. The size of your operation should be strictly within your financial and physical capacity. It should be such that you should be able to manage it personally, in the initial stages.

You can’t depend on others to implement your plan carefully. You have to do it yourself.

For this, it is important to know your limits and confine the size of your business within it when you start. In the same vein, if you have to borrow funds to start the business, it must be within your repaying capacity, and the repayment schedule must be built into the Business Model from day one.

Manage Your Online Small Business Better With These 3 Tips

Many people are enthusiastic about starting a online small business. A major impediment in their progress is lack of adequate knowledge in handling the business. The discussion below is designed to help you acquire basic management skills.

1. Time Management

One of the major ingredients of running an online business, particularly home based business is time management. Because you are your own boss, and there is no physical control on your action, there is a tendency to ignore the value of time management. When you miss your schedule today, work accumulates for the next day. A disciplined approach to time management is therefore critical for your success.

2. Persistence

Online business should not be looked upon as a means of overnight riches. Like in physical business, persistent effort and focused work is essential to take your Internet business all the way to your goals. Be prepared to invest time before you can see the first few hundred dollars trickle in. Understand that every successful business person has gone through this phase. Persist with your efforts and you will find them blossom into remunerative results.

3. Focus

After you select your type of online small business, stick with it until your efforts starts to yield results. Jumping from one opportunity to another will not get you anywhere. If you started off with affiliate marketing, stick with it. Enhance your learning when you face obstacles. Remaining focused and adding to your knowledge about your Internet business is the quickest way to succeed.