© 2005 Dream Merchant Dream Merchant • 2309 Torrance Blvd. #104, Torrance, CA 90501 (310) 328-1925 email: Jkm316@aol.com IS AN EBAY BUSINESS RIGHT FOR YOU?
Things to Consider Before You Jump Into the Online Auction Game.
By Mike Foley
Those around when eBay launched in 1995 may remember the naysayers who doubted that an online auction site would actually work. Of course, it didn't take long to shut them up.
With a 2004 profit of more than $775 million, the company now registers new users at a rate of about 3,000 per hour, selling about $1,000 worth of products every second of every day, totaling about $7.5 billion per quarter. And eBay's customer base is truly worldwide. Approximately 46 percent eBay goods sold are to buyers outside the U.S.
So is this marketplace, now sporting more than 125 million users, right for you and your products? Fortunately, the website offers an easy process for setting yourself up as a seller and it's a simple matter to offer a few items and test the waters. In doing so, you can determine whether you wish to continue offering online auctions and if so, your level of commitment (full or part-time).
As you prepare to offer your products, be aware that items like weapons, livestock or anything illegal or dangerous are prohibited on eBay. But you can sell just about anything else and that leaves you with plenty of opportunity in a huge market. Once you've decided on a product (or products) to offer online, consider the following steps to get started.
- 1. Set Up an Account--To get you set up, eBay
makes this process simple, very comparable to its buyer
registration process. You will have to verify your identity
and set up a method for paying the eBay seller fees (which
is how eBay, like any auction firm, makes money).
Fortunately, the fees are relatively small, costing you far
less than setting up a traditional retail store.
2. Practice--To get your feet wet and gain confidence, you'll need to practice the selling process. Start by selling small items you have lying around the house or garage, those items you might otherwise sell at a yard sale. Starting small will give you the opportunity to practice taking digital photos, writing descriptions of your product, and communicating with potential buyers.
3. Expand--When you're more comfortable with the process, you can expand your business by opening an eBay store. This gives you a consistent location for your product listings. This inexpensive step also offers you an e-storefront for selling peripheral merchandise.
4. Stay Focused--The eBay site is constantly expanding and upgrading its operations. Be sure to read the eBay feature announcements so you're always operating at optimum level on the eBay site. In addition, be sure to visit the site regularly to watch products that are similar to yours. Monitor the final selling price on these items to stay on top of your competition. A strong focus on your product area can make a big difference in future sales.
The eBay site has now been available on the Internet for 10 years. And its expansion has been nothing short of phenomenal. With no signs of slowing down, eBay can offer you a great showcase for your products, as well as an expanding worldwide market. Give it a try and have fun.
Mike Foley is a freelance writer and has been editor of the Dream Merchant since 1990.
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