We all need to hustle to get some extra money from time to time. Whether you want to buy a new car, save for a vacation, or increase your monthly income to cover the bills, the following are some tips on how you can maximize your earning potential through eBay.
Decide What to Sell
Before you set up an account, you need to make sure that the products you are selling are:
- High quality or in decent condition
- Desired by the community on the marketplace
There is a marketplace research tool that will allow you to figure out whether there is a market for your item. Quality is important, as a couple of bad reviews from buyers will tank your status as a seller.
Buy Cheap, Sell High
While this is great advice for business in general, the way that eBay operates is, as a reseller, you need to find a product that you can buy cheap and sell for a bigger profit per item. One good way of doing this is to buy in bulk, especially if your research reveals that lots of people are buying a product you can easily get from your local Walmart.
If you do not have the cash to buy in bulk, look for creative ways to get some capital so you can invest it in stock. Looking into a personal loan from a private lender will give you more options to choose from in terms of the variety of products you can buy, as the price will not be an issue. Other ways to get capital include taking on a part-time job and doing dog sitting or walking.
Improve Your Profile
The best way to improve your profile is to set yourself up as a buyer first because it becomes obvious which sellers can fulfill large orders and which ones are there to sell on their junk. By browsing as a buyer can also give you insight into things like page design and you can learn quick photography tips based on what does and does not visually appeal to you from the buyer’s perspective.
Small interactions like leaving comments, making sure to review products, and being communicative with sales will do wonders for your reputation as a seller. Also, do not use a username that would make you cringe ten years down the line – make sure you’re using something simple that can be used later to expand into a brand identity if necessary.
Research the Costs
Knowing your numbers is essential. Take time to determine your profit margin by doing the math. What are you paying for one product? How much does eBay take to facilitate the sale? What is the percentage that PayPal takes? Will you have to pay tax or VAT? What is left over as profit? These are all things you need to consider ensuring selling is actually worth your time.
eBay Seller Promo
Every so often eBay will throw a seller promotion like reduced fees or no P&P for listing items for new sellers. Take advantage of these opportunities because it means you can try the platform out on a dummy account or a personal account before launching into eBay reselling as a business model. Since the commitment level is low there also a lower level of risk.
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