Many of us dream of working from home by selling products on eBay. But what would we sell? And how would we know if a market exists for the items we have? To avoid listing items that nobody wants, or items within an already flooded market, some research is in order. The goal of this research is to find your niche on eBay.
Many eBay sellers provide their goods within one niche. Others have a handful of niches that they specialize in. The key is to find a group of products that you're already familiar with. Perhaps you've been a collector of antiques for many years. If so, you probably know when you come across an item that could potentially sell for a good amount of cash. Likewise, you have a good idea of which items are likely to collect dust on your shelves. You can put this knowledge to work for you on eBay. Your expertise with antiques gives you an edge over many competitors.
Once you have a good idea of the niche you wish to fill, it's time for the second half of your preliminary work. Start a spreadsheet that lists the different types of items you would like to sell. Then add a monetary value to each entry. This reflects how much you can expect to purchase the item for. Be realistic; you want to lay out an accurate portrait of how much money you will be spending to build up your inventory. Optimism won't help in this circumstance.
Expand your spreadsheet to include other niche markets, just in case. These can be items you enjoy working with, have expert knowledge of, or something you've always had an affinity for and think you could be successful with. Remember: no matter what your niche is, someone will buy from it as long as you list quality items at reasonable prices. Estimate the initial cost of each item, including shipping and sales tax. Then prepare to immerse yourself in eBay as your research begins in earnest.
Go to eBay and search through the completed auctions. This allows you to see the actual price that items similar to yours have sold for. Is the average price something you could live with? Remember to factor in shipping costs. Also, pay attention to the quality of the sold items when deciding whether this niche is something you wish to pursue. Items in “mint” or “like new” condition will bring considerably higher prices on eBay than worn, scuffed items.
Now reflect on your findings. Did the completed eBay auctions fetch your target price, or were the closing bids uniformly low? Did any of the items fetch a surprisingly high amount? If you were unimpressed by your findings, go back and consult your spreadsheet; it’s time to start researching another niche.
If your observations were mostly positive, you may have found your eBay niche already. In that case, go out and start building up your supply. Don’t go overboard; you’re still in the testing phase. Purchase a dozen or so items at fair prices. Then list them on eBay.
For many sellers, waiting is the hard part. But you’ll need patience for this phase of your niche-finding project. Monitor your listings and see how they perform. If they do well, you can build up your stock even more and increase your listings. If they don’t quite live up to your expectations, you can go back to square one. Pick another niche from your spreadsheet and start researching it.
The key to finding your niche on eBay, as with many challenges in life, is simply to never quit. If you have a wide variety of interests, you’re more likely to find a profitable niche that you will enjoy filling. Think of all the things you enjoy doing, making, or collecting. Then come up with a list of ten items related to each. This sort of brainstorming is a sure-fire remedy for pushing past your seller’s block. Let your imagination roam, and you’ll carve out your eBay niche in no time.
Be sure to sign up for Item-Alarm.com -- It's FREE! Automate your searches and win more bids.
Saturday, May 29, 2010
Scouting Local Auctions & Classifieds for Products to Sell on Ebay
If you have never sold products on eBay before, I would suggest that you start with your own household items that you are ready to part with. You probably have things in storage, items in the back of your closet, or things you don’t use anymore. You can generally get a lot more for them on eBay than you can by having a yard sale.
Once you get your feet wet with the selling process, and exhaust your personal resources, you can look to local auctions for more products to sell on eBay. Many local auctions specialize in property, personal estates, antiques, Nascar and other collectibles.
Sometimes you can even find large lots of inventory or product types, and purchase the entire lot for a discount or wholesale price. You can then sell the products individually through online auction, and flip your investment into a nice little profit.
How do you choose which products to buy, and how much should you bid?
The goal is to buy low and turn a nice profit. What I have done in the past, and would highly recommend, is that you team up with your spouse or with a friend. One stays at the computer while the other attends the local auctions, and you stay connected by cell phone. You want to keep your method under your hat by the way, so step outside to make the calls or be as inconspicuous about text messaging as you possibly can.
When you find a product that you are interested in, or that you think may do well on eBay, make a note of the model number or any specific product information. Pass this on to your "invisible partner" so that they can research the product for you.
They can look up the product to see how well it has sold on eBay in the past, and the price range that it usually brings as a high bid. This helps you to bid more accurately at the auction, instead of guessing at how well it will do online and bidding in the dark.
Your partner will need to be quick on the keyboard and familiar with eBay. You need to know how many auctions are currently running for that item, and whether the market is already flooded with sellers. They can also search the Completed Auctions to see what the high bids were when the most recent auctions ended. After a few trial runs, you can get your teamwork down to an art.
Without this Invisible Partner you may bid too high for an item that brings a lower price on eBay, or that doesn’t sell well online. Unless you know your product, and know your market (super well), it pays to have someone checking on things behind the scenes.
You can usually find out about Local Auctions by checking the newspapers. There is also a great site called http://AuctionZip.com where you can find live auctions in your area as well. All you have to do is put in your zip code, tell it how far you are willing to travel (within 30 miles, for example) and it will give you a calendar of auctions in your area.
A quick search at AuctionZip.com tells me that there are 9 local Auctions going on in my area this weekend (and I live in a very small town). Some of them are for properties, others are entire personal estates (ie estate auctions), and some of them specialize in antiques & collectibles.
Another great place for bargains is the local classified ads and online classifieds like Craigslist.com. When people are moving or just doing some spring cleaning, they often resort to classified ads to dispose of some of their unwanted or unneeded items at bargain prices. A great tool for finding these bargains on Craigslist.com is a FREE service called Craigs-Alarm.com. Craigs-Alarm allows you to enter search terms or phrases of items of interest to you and as soon as an item that matches your search perimeters is listed, you are notified by email. Getting to these bargains early is the key to making a profit.
When you tap into these resources and get a system down for buying smart, you can flip products from one auction to another for an easy profit!
Once you get your feet wet with the selling process, and exhaust your personal resources, you can look to local auctions for more products to sell on eBay. Many local auctions specialize in property, personal estates, antiques, Nascar and other collectibles.
Sometimes you can even find large lots of inventory or product types, and purchase the entire lot for a discount or wholesale price. You can then sell the products individually through online auction, and flip your investment into a nice little profit.
How do you choose which products to buy, and how much should you bid?
The goal is to buy low and turn a nice profit. What I have done in the past, and would highly recommend, is that you team up with your spouse or with a friend. One stays at the computer while the other attends the local auctions, and you stay connected by cell phone. You want to keep your method under your hat by the way, so step outside to make the calls or be as inconspicuous about text messaging as you possibly can.
When you find a product that you are interested in, or that you think may do well on eBay, make a note of the model number or any specific product information. Pass this on to your "invisible partner" so that they can research the product for you.
They can look up the product to see how well it has sold on eBay in the past, and the price range that it usually brings as a high bid. This helps you to bid more accurately at the auction, instead of guessing at how well it will do online and bidding in the dark.
Your partner will need to be quick on the keyboard and familiar with eBay. You need to know how many auctions are currently running for that item, and whether the market is already flooded with sellers. They can also search the Completed Auctions to see what the high bids were when the most recent auctions ended. After a few trial runs, you can get your teamwork down to an art.
Without this Invisible Partner you may bid too high for an item that brings a lower price on eBay, or that doesn’t sell well online. Unless you know your product, and know your market (super well), it pays to have someone checking on things behind the scenes.
You can usually find out about Local Auctions by checking the newspapers. There is also a great site called http://AuctionZip.com where you can find live auctions in your area as well. All you have to do is put in your zip code, tell it how far you are willing to travel (within 30 miles, for example) and it will give you a calendar of auctions in your area.
A quick search at AuctionZip.com tells me that there are 9 local Auctions going on in my area this weekend (and I live in a very small town). Some of them are for properties, others are entire personal estates (ie estate auctions), and some of them specialize in antiques & collectibles.
Another great place for bargains is the local classified ads and online classifieds like Craigslist.com. When people are moving or just doing some spring cleaning, they often resort to classified ads to dispose of some of their unwanted or unneeded items at bargain prices. A great tool for finding these bargains on Craigslist.com is a FREE service called Craigs-Alarm.com. Craigs-Alarm allows you to enter search terms or phrases of items of interest to you and as soon as an item that matches your search perimeters is listed, you are notified by email. Getting to these bargains early is the key to making a profit.
When you tap into these resources and get a system down for buying smart, you can flip products from one auction to another for an easy profit!
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