Why Can’t I Make Money on eBay? The 10 Most Common Mistakes Made by Newbies
This often amounts to classic errors and misconceptions. eBay with its cleaver advertising and it’s high media profile has lead too many people to believe (incorrectly) that all you have to do is to list an item on eBay to make money from it. Well I don’t want to burst any bubbles but this is simply not true, it does not work like that.
To give an example a shop opened very close to me over a year ago, part of the eBay partner network; it was approved by eBay, and proudly displayed the eBay logo as the partners had gained sanction from eBay and had done the training and gained the accreditation required.
I dropped in to the shop incognito to suss out the competition so to speak. The way it works is this; the company list your item for you and take a percentage of the selling price. As a customer you agree not to sell the item in the interim. Does it work as a business model? Again it depends on what is being sold. If it is an auction, unless you have set a reserve price the item may well sell at the starting price no matter how low this may be.
The simple formula put it on eBay, sell it, make money, does not work unless you have a desirable item. I am sorry to report that the business did not succeed it closed within 3 months, due to the low quality of items presented for resale and the ability to sell the item on eBay yourself. This should be a warning about buying into the eBay myths. So what are the 10 classic errors about eBay selling and how can we avoid them. Well they are:
1. Making money instantly: Not everything will sell remember that. Now that’s OK when you are selling your own possessions to make a few dollars here and there. We are often just recouping money we have already spent and would otherwise be money that would have remained dormant. My own eBay business took 8 month before it showed a clear profit. So do not expect instant results from each product you try to sell.
2. Thinking any old rubbish will sell: Think of the example earlier, or this example. I visited an open market recently; one of the stalls was selling old fashioned second hand watches at $40-$50. As I looked at them the seller told me that they sold on eBay at $75-$100 each. Now why was he selling these at the market?
3. Poor titles: The point of the title is to grab the attention of a prospective buyer. Have a look at on eBay in any category, how many of the titles fail to do this? Answer lots, use keywords in your title, look at the other seller’s titles who are selling the same or similar items to yourself. Use the same keywords, but do not, repeat do not copy the title. Rewrite the title of a particularly successful listing.
4. Poor picture: Your pictures are the second big opportunity to sell your item (some would say the first). So make the picture as good as it can be. Digital cameras are very affordable these days and most cell phone have an excellent camera as standard so getting a good picture should not be a problem. There are a number of free image manipulation packages to crop your photo and improve its presentation. Make sure that the item is in focus and that the lighting is good, the whole purpose of the picture is to show off the item for sale to its best advantage. Would you buy an item from a listing in which you could not see the item clearly?
5. Poor description: The length of your description will vary depending on the item you are selling. Look for similar items that have sold using the eBay completed listings function and adapt the description for successful for successful listings.
6. Expecting items to sell the first time: This is again part of the eBay myths, put it up, it will sell. If you use the advanced search facility for your item you may well be shocked at how many similar items you are listing fail to sell. This could be down to a number of factors, such as the as the starting price, the time it was listed, the type of listing used and the category it was listed in. You may have to list it several times before it sells. Always use the relist facility on eBay.
7. Choosing the best time to list: This is a bit nebulous as it depends on what it is that is selling. If you are selling into a big market with lots of sellers, then listing several times a day with the auction ending at different times is probably the correct strategy. If you are working in much smaller niche areas (which I recommend) then having you listing finishing at 8-9 in the evening may well be the key to success. Choosing the best time to list is crucial to you auction success but it can only be gained by experience.
8. Research: If you want to make a business from eBay then the most important thing is to research what you intend to sell, this may seem obvious but its great to have a fantastic idea of what it is you want to sell and then go about trying to sell it. The three most important tasks are RESEARCH, RESEARCH and RESEACH. It is only through research that we can find out what is truly selling. From that we can work out if our idea is worth a punt, so research your ideas first, second and third.
9. Obtain your stock at the right price: If you wish to make a business of your eBaying then you will need to obtain stock on a consistent basis at the right price to make a profit. You need to sell the same stock at the right price in order to make a profit. Local wholesalers are a good start for finding stock to make a start, they are very good for sourcing non branded stock. You can also find stock that is similar to branded stock, your buy in should be quite modest but your margins should be excellent.
10. Lack of persistence: This is the biggest killer bar none. How often have your heard “I tried it once but it didn’t work”. It took me nearly a year for my business to kick in; it was 8 months before I gained Powerseller status and make real profits. Only 5% of eBayers obtain Powerseller status. The ones that have persistence will find the rewards.
Rob Corrigan is an eBay Powerseller selling in several niche market, he also sells through Amazon and through simple single product websites. On his blog at http://robert-corrigan.com he posts advice and tips on making money online. [http://www.pluginauctionprofits.com] gives details of the blueprint he has used to build his business on eBay, Amazon and beyond.
Article Source: http://EzineArticles.com/expert/Robert_Corrigan/458803
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