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When It Comes To eBay, Don't Follow The Herd


Q: I want to start an online business. Since I don't know anything about ecommerce and building websites and such, I'm thinking about starting out selling products on eBay, then pay someone to build a website for me once the money starts coming in. The big question is: what is the hot product to sell on eBay to make money fast? -- Bob D.

A: While it's true that selling products on eBay can be a quick, low cost way to launch an online business, following the herd by selling the "hot product" of the moment, is not a great idea. To the contrary, chances are you will be stomped in the ground by the herd and left lying in the dust with your unsold inventory in hand.

We talked about starting a profitable eBay business in a previous column and the advice I dispensed then still applies today.

The most successful eBay sellers are those who understand that success on eBay relies on many of the same factors as success in a brick and mortar business.

· Smart sellers research the marketplace and the competition to determine the salability and profitability of the product.

· Smart sellers test the market with one or two before committing to a product line and tying up their cash reserves in inventory that may never sell.

· Smart sellers adjust their product offerings until they find a product or product line that sells consistently.

The last point is perhaps the most important. Long term eBay success does not come from "one off" sales. The key to real eBay success is to find a product that sells well and sell that product over and over and over again.

I asked Timothy Mina, author of the new book, The Online Auction Expert's Bible To Selling on eBay, his thoughts on launching a successful eBay business.

Why is eBay so attractive to entrepreneurs?

"With an eBay business, you set your own hours and set your own goals," Mina said. "You can work as much or as little as you want and whenever you want. Many sellers supplement their income by selling on eBay and many others have turned it into a full time business."

Mina cites the following reasons for eBay's growing popularity among entrepreneurs who want to start an online business:

· You can start up quickly and don't need special skills.

· There is very little risk and investment required to get started.

· The marketplace is huge. There are millions of potential customers waiting to buy what you're selling, 24 hours a day, with the click of a button.

· No stress, no boss. Yes, there is work involved, but the work can be done at your own pace. You are your own boss and you set your own schedule.

· Most importantly, you can follow your passion and do something you love. If you sell something you enjoy selling, online auctions aren't just profitable, they're fun and exciting, too.

Why It's Critical To Find Your Niche?

Mina recommends creating your eBay business with niche items. According to Mina, the benefits of targeting a specific niche market include:

· If you are going to rely on eBay as your primary source of income, it is essential that you find your niche. If the goal of your eBay business is to earn enough money in your spare time to make your car payment every month, it is less important, but still highly recommended.

· If you find a profitable niche, you will become a certified guru of the items you sell you will ideally be the only one on eBay offering the products.

· Your expertise will make it ten times as easy to spot bargains when you're shopping for products to resell. Bargains might be all around you, but if you don't know anything about what you're selling, you won't know how to spot bargains that are right in front of you.

· You will find different ways to add personal value to your products. These low cost add-ons or unique twists to your products will drastically increase your sales and profits by making your items unique and desirable.

· You will have little or no competition from other sellers, so you can corner your niche market.

· By dealing with the same type of customer over a long period of time you will get to intimately understand the mindset of your target customer and what your customer wants. This will help you sell your products better and allow you to market your products in ways others haven't thought of.

· You will be knowledgeable and enthusiastic about what you sell, and you will be attentive to your customer's desires. This results in satisfied customers, name recognition, and a lot of repeat business.

· You're going to find something you're passionate about and specialize in it. If you love what you're doing, you have a much greater chance of sticking to it and loving it. So it won't even feel like work - it'll be like you're getting paid to play.

How do you find your niche?

So how do you find your niche? Mina recommends doing an inventory of your hobbies and interests to help you identify a niche you would enjoy working in.

Ask yourself:

· What are you passionate about?

· What do you collect?

· What do you like to read about?

· What do you do in your spare time?

· So you have a favorite pastime?

· What was your major in college?

· What jobs have you had?

· Are there any other fields in which you have a great amount of knowledge?

· What clubs do you belong to?

Mina also recommends that you spend time on eBay studying the category listings. This may give you additional ideas for hobbies you can turn into an eBay business. Once you have defined your hobbies or interests, brainstorm how you can turn them into a business.

· How can you turn your expertise into a product?

· How can you add value to current products related to your interest?

· What product can you sell that may be one of a kind and have little or no competition?

· Can you think of novel ideas that people who share your passion would love?

· Is there anything related to your hobby that you can create yourself? An ebook or a how to, perhaps?

Small Business Q&A is written by veteran entrepreneur and syndicated columnist, Tim Knox. Tim's latest books include "Small Business Success Secrets" and "The 30 Day Blueprint For Success!" Related Links: http://www.smallbusinessqa.com http://www.dropshipwholesale.net


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Sun. July / 21 / 2019

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Marine Auctions - Forthcoming Online Auctions in August 2019  Sail World

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Female Artists With African Backgrounds Are Winners at Phillips Auction in London  The New York Times

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Fake bids drive up prices on popular site Auction Nation, Republic finds  AZCentral

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Sotheby's Shareholders Attempt to Stop $2.7 Billion Purchase of Auction House by BidFair -  ARTnews

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Rare Books &c. at Auction This Week - Fine Books & Collections Magazine
Rare Books &c. at Auction This Week  Fine Books & Collections Magazine

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The First Internet Whisky Cask Auction Is About To Launch - Forbes
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Classic cars in Lincoln are going fast at this auction - KLKN
Classic cars in Lincoln are going fast at this auction  KLKN

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PHOTO GALLERY: Goodbyes abound at fair's livestock auction - Columbia Missourian
PHOTO GALLERY: Goodbyes abound at fair's livestock auction  Columbia Missourian

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More Items From Elizabeth Taylor’s Personal Collection Head to Auction - Barron's
More Items From Elizabeth Taylor’s Personal Collection Head to Auction  Barron's

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Mexico auctions drug lord's luxury apartments, safe houses to help fund poor communities - Fox News
Mexico auctions drug lord's luxury apartments, safe houses to help fund poor communities  Fox News

It's a buyer's market in Mexico for some high-end properties that come with a grisly past. The Mexican government on Sunday began auctioning off dozens of ...


Ebony magazine’s legendary photo archive is up for auction - Los Angeles Times
Ebony magazine’s legendary photo archive is up for auction  Los Angeles Times

The photo archives of Ebony magazine, which span decades and contain some of the country's most iconic images of African American history, are scheduled to ...


The Burt Reynolds Estate Auction: The Auction Results - KTLA Los Angeles
The Burt Reynolds Estate Auction: The Auction Results  KTLA Los Angeles

RESULTS OF THE AUCTION OF THE PROPERTY OF HOLLYWOOD ICON BURT REYNOLDS: We previewed the auction of items available at the June ...


Sununu Auctions Off Flags, Family Leave Veto at GOP July 4 Fundraiser - indepthnh.org
Sununu Auctions Off Flags, Family Leave Veto at GOP July 4 Fundraiser  indepthnh.org

WMUR's John DiStaso reported Tuesday that Gov. Chris Sununu auctioned off his family leave veto and two flags flying at the State House that day at a July 4 ...


EC's Christie's Guitar Auctions: A Look Back - Where's Eric
EC's Christie's Guitar Auctions: A Look Back  Where's Eric

Twenty years ago - on June 24, 1999 - Eric Clapton sold over 100 of his guitars and other items in a charity auction. The sale smashed records for fretted ...


One-of-Two, Road-Legal McLaren F1 LM-Spec Headed to Auction, Could Fetch $23M - The Drive
One-of-Two, Road-Legal McLaren F1 LM-Spec Headed to Auction, Could Fetch $23M  The Drive

This insanely rare hypercar features a 680-hp V-12 engine and race-proven high downforce kit, making it the king of road-going F1s.


Mexico Auctions State And Crime-Owned Properties - Fronteras: The Changing America Desk
Mexico Auctions State And Crime-Owned Properties  Fronteras: The Changing America Desk

MEXICO CITY - For years, the Mexican government has auctioned properties taken from criminals. The current administration is also auctioning dozens of ...


Auction calendar: June 28, 2019 - Wisconsin State Farmer
Auction calendar: June 28, 2019  Wisconsin State Farmer

... ** Indicates an auction ad appearing in this issue of the Wisconsin State Farmer. FRIDAY, JUNE 28. Online Only. 4:00 PM Commercial Building on 22.66 ...


South Dakota FFA Foundation Auction to be Held August 21 at Dakotafest - Tri-State Livestock News
South Dakota FFA Foundation Auction to be Held August 21 at Dakotafest  Tri-State Livestock News

(Bath, SD) - Titan Tire Corporation, a subsidiary of Titan International, Inc., will be hosting a tire auction for the South Dakota FFA Foundation at Dakotafest on ...


Pistols made from a 4.5 billion-year-old meteorite could fetch $1.5 million at auction - Fox News
Pistols made from a 4.5 billion-year-old meteorite could fetch $1.5 million at auction  Fox News

Two pistols made from a 4.5 billion-year-old meteorite could fetch $1.5 million when they are auctioned later this month.


World’s largest collector-car auction to hold Denver event this weekend - 9News.com KUSA
World’s largest collector-car auction to hold Denver event this weekend  9News.com KUSA

DENVER — Mecum Auctions, the world's largest collector-car auction company, is returning to Denver on Friday, July 12 and Saturday, July 13. The two-day ...


In auction Anderson Ranch Annual Art Auction: Benefit Auction 2019 - Artsy
In auction Anderson Ranch Annual Art Auction: Benefit Auction 2019  Artsy

The 39th Annual Art Auction is Anderson Ranch's largest community fundraiser of the year and a festive highlight of the summer season. Held at the historical ...


Tulsa cattle auction results | Markets - High Plains Journal
Tulsa cattle auction results | Markets  High Plains Journal

Tulsa Livestock Auction, Tulsa, Oklahoma, reported receipts of 1786 head of cattle selling on July 15, compared to 1516 head on July 8 and 2222 head a year ...


Marvel to auction off costumes, props from ‘Daredevil,’ ‘Luke Cage’ and ‘Iron Fist’ - SF Gate
Marvel to auction off costumes, props from ‘Daredevil,’ ‘Luke Cage’ and ‘Iron Fist’  SF Gate

You might not have the reflexes of Matt Murdock or the indestructibility of Luke Cage, but thanks to a collection of costumes about to be auctioned off by Netflix ...


Quilt auction fundraiser at Ashland July 27 | Entertainment - Lincoln Journal Star
Quilt auction fundraiser at Ashland July 27 | Entertainment  Lincoln Journal Star

The 31st annual Carol Joy Holling Camp Quilt Auction will take place Saturday, July 27, at the camp, which is located east of Ashland, Nebraska. Last year's ...


Heritage Auctions – 1804 Small 8 Over Large 8 Half Eagle Sold for $54K - CoinWeek
Heritage Auctions – 1804 Small 8 Over Large 8 Half Eagle Sold for $54K  CoinWeek

At the Heritage Summer FUN Signature Auction one of the highlights was a PCGS-graded MS63 example of the 1804 half eagle.


PHOTO GALLERY: Ham cravings cured at annual breakfast and auction - Columbia Missourian
PHOTO GALLERY: Ham cravings cured at annual breakfast and auction  Columbia Missourian

The Boone County Fair ended on a savory note Friday with a ham breakfast at the Peach Tree Convention Center in Columbia. The subsequent auction sold off ...


News 3 historic Great Lakes lighthouses will be up for auction 9:30 AM, Jul 18 - WXYZ Detroit
News 3 historic Great Lakes lighthouses will be up for auction 9:30 AM, Jul 18  WXYZ Detroit

Three historic Great Lakes lighthouses that are owned by the federal government are going up for auction.


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