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How to Make a Profit in less than a Month on Ebay
Monetize Your House
Ebay has been around now for over twenty years. I’ve heard plenty of stories about selling online and wanted to try it for myself. Setting up an Ebay account is fairly simple and can be done in less than five minutes. Once you have successfully created and set up an account on Ebay to begin selling, you absolutely can make a profit from ebay in less than a month. Here's how. Monetize your house.
What exactly do I mean by the term "Monetize your house"? Look around your house for items you may have forgotten about and are in very good shape. Do your research by going to Ebay to see how much that item has sold for. Sell your item for slightly less based on your research. Why would you do that? It makes you competitive. You can still make a profit since you didn’t go out and buy it just to sell the item on ebay. You already had it lying around your house. In the interest of full disclosure, one of the items I sold was something I bought for 1.00 and sold it on Ebay. The other items were around the house already.
Here is an example of monetizing your house. Great Aunt Sophie stayed with you for a year. She passed away and left her collection of purses with you in your house. Knowing Aunt Sophie, she wouldn't really care what you do with them. You do your research and find out on Ebay what purses like those now in your possession are selling for on Ebay. Let me repeat that last part. You find out what the purses actually SELL for, not what they're listed for. You then begin to carefully photograph each purse and list them based on the research you've already done while taking into account shipping costs.
Here's another example. You have stuff in your house that you aren't necessarily emotionally attached to. Start to categorize those items in ways that make sense to you. For instance, Kitchen appliances, tools, sporting equipment etc. Once you have them categorized and you've decided what you can part with, research what similar items SELL for, not just list for on Ebay as well as what sellers are typically charging for shipping. It's really that simple. It is hard work, but it is pretty straightforward.
Leave Your Ego at The Door
Ebay exists to make money. If you make them money, you get money too. It’s that simple. In a decade not so far away, the popular thing to do for celebrities was to get together and sing for a social cause dujour. One such cause was “We Are The World” The story goes that several singers went to a recording studio after the Grammies. Quincy Jones had a sign at the door which simply read “Leave your ego at the door.” In other words, before anyone gets the wrong idea, the goal here is to sing and not to inflate your own ego. The same is true for Ebay. Ultimately, the items you have to sell are only worth what someone is willing to pay, not what you feel its worth. Typically, online shoppers are very savvy. They are looking for bargains. Therefore, be sure you are pricing your items competitively. You'll find that when you establish your online reputation, customers will spread the word about their experience buying from you so do the very best you can to provide excellent customer service.
5 Factors to Increase Your Profit Margin on Ebay
1. For birthdays, Christmas or any other holiday where you may receive gifts, when someone asks what you‘d like, ask for packing supplies. This comes under the heading of things you may not consider before you need them. If you don't believe this step is important, conduct your own experiment. Go to any store that sells packing supplies and take note of how much they cost. That amount of money would negatively impact your bottom line. Packing tape, bubble wrap or some other packing you can use to place inside the box before you send it and a scale to determine postage would be invaluable. Ebay has a function that gives you an idea of shipping, however you want to be as accurate as possible since miscalculating shipping can affect your bottom line. Your friends and family may think you're just a bit kooky for asking them to buy you packing supplies. They'll think that way right up until the moment you start to make money.
2. Fees: Make sure you fully understand the fees that Ebay charges before you begin to list anything. Once you understand the fees involved, your newly acquired knowledge increases your profit margin. You don't make silly mistakes simply because you didn't understand Ebay's fee structure.The way Ebay is setup, it is fairly easy to make yourself aware of all the fees you would be responsible for. There's also the matter of taxes. Consult a reputable tax advisor to answer any questions regarding taxes.
3. Be prompt: Ebay notifies you when you sell something and when the buyer has paid you. Ship as soon as you can. The more prompt you are about shipping your items, the more likely you will receive positive feedback on Ebay. Feedback matters. Positive feedback is one characteristic buyers look for when they come to Ebay to purchase something. If an issue arises, you may need to work through EBay's built in process to help resolve it.
4. Before you hatch a scheme to corner the market on Beanie Babies, consider this warning. Beware of Fads: Getting carried away buying the latest hot toy for Christmas could mean you end up with items you can't sell. Remember you are in this to make a profit. Buy low. Sell high. Another thing to consider is that aside from chasing the latest fad, if you don’t have a supplier that is willing to sell you the item at a huge discount you could run the risk of having too much inventory on your hands.
5. This step is one that is often overlooked. Ebay and Social Media is a match made to make money. Use it. Marketing your items on Ebay can be as simple as posting the link to the item you have to sell on Ebay on your social media platform of choice. Doing this will help drive traffic to your item. Whichever social media platform you decide to use, be sure to follow the rules of that particular community. While you may be tempted to post a link to your items listed on Ebay, doing so may be in violation of the particular social media platform or group that you are using. With so many choices in social media, you will be able to find an appropriate option to promote your items without breaking any rules of a particular online community. You may also consider asking friends and family to post your links to your items on Ebay on their social media platform.
In summary, here's the bottom line. You make money by buying low and selling high. By using what you already own, you already have an inventory that is at the bargain basement price of free. Once you start selling, you'll notice what items you own are the best sellers and before you know it, you have your own niche that you can concentrate on selling in. The challenge will be to find an inventory source at a low enough price for you to make a profit. That's where it will be important to keep your research up to date. By following this simple method, you can make a profit on Ebay in less than a month.
Sales From My first 30 Days on Ebay
Items Listed: 3
Items Sold: 3
Not Recieved: $0.00
Total Sales: $93.00