- Business and Employment
Ebay A Great Place To Make Money
First A Little History About eBay
eBay is a popular online auction company that was founded back in 1995.
It's an American based company that now owns several other popular internet services, many of which, including eBay itself, operate in countries all over the world.
What likely started out as a service meant for the convenient selling of auctionable items quickly grew into a key virtual business location for many people worldwide.
eBay Is A Cash Cow In Its Own Right
Before even considering what individuals have been able to make by using eBay's web auction service, as well as their other services, it should be noted just how much money eBay generates over all for itself.
The corporation itself pulls in revenues in excess of eight billion dollars annually.
This money isn't just earned through eBay's flagship site of course as much of it comes from eBay inc's other endeavors such as PayPal and Skype.
From its earliest days people had discovered that making money on eBay was in fact an easy thing to do.
The concept was simple. They would find an item they wanted to get rid of and they would then post photos and descriptions of it on the site. Soon enough people would start bidding on that item.
All eBay takes from the deal is what's usually a relatively small fee and the rest of the money goes to the seller.
The idea of bidding for items meant prices people were willing to pay would go up, but the bidding process still discouraged many and also meant sellers had to experience a little risk with everything they sold. eBay soon introduced a way around this that they call 'Buy it Now' which is now one of the most popular ways to buy and make money from the site. The feature simply turns eBay into a store where sellers set the price and buyers pay the price that's marked.
To capitalize on the popularization of the site, there was a highly visible phenomenon going on in which people took to their basements and attics in search anything and everything that they could sell. The funny thing is that people were buying it all up. Evidence of this can be seen in the first item that was every sold on eBay: a broken laser pointer.
There were always more serious things being sold on the site but the concept of buying non second hand goods on there is one that grew more over time. At the present, it's hard to find stores that operate on the internet that don't make at least some of their money through eBay auctions or Buy it Now options.
Clearly there is a lot of money to be made in the land of eBay. Sellers big and small are now successfully using it to supplement their incomes or even make a large income all on its own. With the money that individuals and businesses manage to pull out of their eBay items it's no wonder why so many are turning in that direction.
Still, with the profits that eBay inc makes for itself, it's probably clear that the best way to make money off eBay will always be to own eBay.
The Reason Why eBay Is A Great Place To Make Money
There are a lot of reasons why eBay is such a great place for people to make money.
Some of it's to do with the site's popularity in general and some of it is to do with the way the whole thing is set up.
However you look at it, eBay is worth checking out if you're looking for some extra income or even a place to help springboard you into the online marketplace.
Brand Recognition Is One Reason
The biggest reason why eBay is a great place to turn for making money is that it has a lot of brand recognition.
It's become synonymous with the idea of saving money when making online purchases. Everyday you hear in conversation someone giving the advice "Why don't you check eBay first?" People just know that if you want to buy something cheap, it's the place to look. That popularity trickles down upon everyone who has something for sale on the site.
eBay Has Great Navigation For Site Visitors
The way the website is setup makes things great for everyone as well. For sellers, eBay makes it easy to make listings, post pictures and even add external links so that you can place demo videos and other things. Then, a lot of the things that would take a lot of time and effort if you tried to do them on a site of your own are done for you. Those things include accepting payments and calculating shipping costs.
Whatever product you are selling and trying to make money off of, eBay makes it simple for their visitors to find it. The categories and search features are simple to use and understand. The more you as a seller learn to take advantage of those features, the more traffic and therefore money you are liable to make.
Large Companies Promote Products On eBay
Some of the strongest evidence that points towards eBay as being such a money making power house is the way that large and established companies post their products there. The largest of companies know that eBay gets exposure and they figure there's no point in letting the little guys get all the benefits from it.
The beauty of it though is that eBay is a level playing field and you have just as much chance for making a sale their as any of the big guys.
It's Not As Easy As It Sounds
Remember, eBay only makes money if you and other sellers continue to make money. That means that they are going to continue to work hard to find ways to keep every website visitor happy. Their efforts will translate into more traffic for every one of your listings, so long as you keep up the strong work on your end. The bottom line is eBay is a good bet if you are ready to make some cash.
Using eBay To Supplement Your Income
eBay is the world's largest auction site and it's now branched off into having what's pretty much a straight retail option as well.
There are now millions of people who have discovered the benefits of the site, both as buyers and sellers.
As a result, eBay is responsible for billions of dollars of transactions and that is always a tempting number for outsiders.
With all of that money out there, it's hard to ignore it as being a great way to make money.
The fact is though, while many people turn to eBay as being a launching point for their entrepreneurial ideas, it's also a good place for people to supplement their incomes. That means that if you already have a successful business you can use eBay to make yourself even more money on the side.
It's surprisingly easy to do, and though it will take you some time to start things up it can often be done without costing you anything extra.
List Products From Your Own Retail Store
For example, imagine if you already have a retail store that you own or operate. You therefore have all sorts of products that you sell out of that store. On one hand you can be satisfied with the sales that you are already getting but on the other hand you can consider using the money making powers of eBay to make even more money off the products you already have. The benefits of this are countless.
What people in this position do is make a list of all the products they have on hand that lend themselves best to the eBay atmosphere. Things that are small and easily shipped are the ones you'll be looking at, as well as those that allow for the most profit margin. Ideally you'll also have products that aren't high demand items that are already saturating the eBay market place.
The reason why this concept alone is so appealing is that you are already making good money off those products in your store. That means that any money you earn off of eBay is a bonus.
That's what the term "Supplement your income" means. You can therefore aim to make less money off each item on the site and still know that all of those sales are just a bonus that will basically be icing on the cake.
This Gives You The Opportunity To Market Products To A Different Audience
Also, you don't have to worry about this hurting your in store sales because eBay isn't marketing to those customers, it's marketing to people worldwide. As you get more successful you'll likely find that you can charge more and expand your online product line. It will hopefully turn into more than just icing!
There Are Endless Options To Sell On eBay
There are other ways to take advantage of eBay for making extra income as well, of course. If you are willing to start off slow and are happy seeing the results build over time, then by all means do that.
Sell whatever you have on hand that you want to get rid of today, and in a few weeks do it again. The money you make will be minimal but as you get more used to it, and as your rating on eBay goes up, you'll be able to dive in a bit more.
Wherever you are coming from, there is money to be made on eBay. So consider your position and give it a try. It never hurts to pad those pockets a little more!
5 Tips To Help You Make Money on eBay
If you are trying to make money on eBay you aren't alone.
The following tips will help you make your product postings better so that you can compete properly in the eBay marketplace.
1. Post Several GOOD Pictures
Good pictures are one of the keys to setting up a good eBay posting. Potential buyers want to see the product they are buying ahead of time, not only so they can visually confirm that it looks to be of quality but also so they can see for their own eyes that it really is the thing they were after. It's also smart to take the pictures yourself.
Make sure you take quality photos but do so in such a way that people can see that they are looking at a recent photo of the product and not a copy of an ad that was run on the original product website. This help build trust.
2. Set Up Clear And Detailed Product Descriptions
Setting up a clear description is important. It needs to contain all of the information that you think a buyer will want to know. For help on this, check out successful postings on eBay for similar products. The idea is to grab their attention from the top by having a clear and detailed first paragraph.
Then use bullet points and further descriptive paragraphs to elaborate. Many people are too lazy to bother with emailing questions, and that also takes the impulsive factor out of their purchases. Good descriptions help keep those people around.
3. Spell Check Your Work And Take Advantage Of Keywords
Spell Checking is very important on eBay. First of all, misspelled descriptions and titles tell people that you aren't an experienced seller and that they shouldn't take you seriously. Along with bad grammar, it also suggests that you may in fact not be a local seller as claimed, and that sets off alarm bells in regards to scams.
More than that, eBay's search feature looks for words as you write them, so if people look for keywords that are spelled correctly and they don't appear that way in your ad, there's no way they'll be directed to your listing.
4. Use PayPal. Definitely Use PayPal
PayPal isn't the only payment method of its kind but it is one of the most popular and recognizable. Seeing as it's owned by the same corporation, it's also the easiest to use as an eBay seller. Without using PayPal, customers will have to trust you with other forms of payment that involve the sending of checks or the exchanging of credit information.
Many people don't want to do that, which is, after all, why PayPal was created.
5. Do Your Research
Research everything that is relevant to your sale. Not only will you have to know about the product itself so that your descriptions sound like they have some authority behind them, but you will also need to research things like shipping costs.
The last thing you want is to upset people or cost yourself profit margin by understating the shipping costs. On the flip-side, you don't want to scare people off with unrealistically high costs either.
Six Tips For Finding Things To Sell On eBay
eBay is a great place for anyone to make money.
If you have thought about getting in on the game but don't know where to start, consider the following ideas and suggestions.
They'll help point you in the right direction so you can find things to start selling on the world's biggest auction site.
Sell Consumable Goods
Consumable doesn't mean food that you can eat. It means products that are purchased but then used up over time. One good example of this is screen protectors. Those are the types of things that people will use for a while and then need to buy again once it's worn out. Selling this type of item means you can gain repeat business from happy customers.
Start With What You Already Have
If you are starting out on eBay and don't have a business already in place to get a product line from, then start your money making endeavor by getting rid of things you already own. That's what eBay was created for anyway.
Sell the things you want to get rid of by being honest and clear about their condition. You'll pocket a little money and at the same time you'll hopefully start building up a good rating.
Search Garage Sales For Bargains
As in the prior example where you might not have access to a product line already, or aren't willing to invest in something major just yet, then this is another good way of starting off. In fact, if you have a keen eye you'll find that you can make a lot of money just by doing this.
People sell their products for too little at garage sales because there is a limited market. On eBay you'll find millions of people to sell to, and can therefore get a better price.
Avoid Products That Are In High Demand
If you are going to invest in keeping a certain type of product in stock that you can sell on eBay, avoid starting off with the high demand items. By being in high demand they are also likely in high supply. That means there will be a lot of competition and that will likely come from people who are already making money and can undercut you without hurting their margin.
Try Your Hand At Collectibles
Collectibles of all kinds do well on eBay. If you have knowledge about a certain type of collectible item then use that to your benefit and try your hand at selling those things online. Finding the right niche market for yourself can prove to be very profitable.
Sell On Behalf Of Others
Once you have established a good rating on eBay with good feedback, you can use that to your advantage.
You can advertise locally to get people to give you the items they want to sell which you will in turn put on eBay for a commission. This is a common practice and comes with very little risk to you, the seller. It's worth it for the other person as well because if they aren't used to eBay, they likely won't get as much money for the product as you will anyway.