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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. January / 19 / 2020

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Paul Walker’s Personal Car Collection Brings in Over $2.3M at Auction  Hollywood Reporter

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Lake County supervisors discuss tax defaulted land auctions  Lake County Record-Bee

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NBA's Sacramento Kings partner with ConsenSys to launch sports gear auctions on Ethereum  The Block Crypto

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Lyle Area Cancer celebrates 41st auction and milestone  KTTC

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Arizona Car Week 2020: 4 car auctions to see in the Valley this week  ABC15 Arizona

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Paintings Made by JFK Among a Memorabilia Auction Asking $1.5 Million  Observer

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Philly refinery auction said to attract Chicago developer that rehabs industrial properties  The Philadelphia Inquirer

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Mid-Michigan VFW Post 3087 closing its doors, holding public auction to clear building  ABC 12 News

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Amish Acres auction drawing nationwide interest | News  Goshen News

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Vintage MBTA trolleys up for auction  The Boston Globe

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3 Ways to Navigate First-Price Auction Adoption  Adweek

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Valley auction of model trains brings in $38K  Youngstown Vindicator

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Important Abraham Lincoln presentation sword to be auctioned by Central Mass Auctions  PRNewswire

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‘Mona Lisa of Mustangs,’ Raced in ‘Bullitt,’ Sets Auction Record  The New York Times

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Seeing Eye: Newcomers group sets luncheon, auction for year's charity  Youngstown Vindicator

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Sarasota Amish community auctions quilts to raise money for Haiti  Sarasota Herald-Tribune

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Gypsy Sally's Auctions Off Vintage Van, Memorabilia, And Tons Of Music Equipment  DCist

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A Ferris Bueller replica Ferrari is headed to auction this week  Autoblog 日本版

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Tech mogul Manny Medina will soon auction his Gables home - without a reserve  Miami Herald

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Items from closed Perrysburg Max & Erma's location going up for auction  13abc Action News

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The weird, wacky, colorful and just plain rad of Barrett-Jackson Scottsdale  Autoblog 日本版

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Annual dinner, auction in Marine City supports Holy Cross students  New Baltimore Voice Newspapers

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Phoebe Waller-Bridge Auctions Golden Globes Tuxedo on Ebay to Aid Australia Fires  Hollywood Reporter

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Owner's plea to help save 'The Farm' from auction block next week  FOX19

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Copart: Online Damaged-Vehicle Auction Site Has A Long Growth Runway  Seeking Alpha

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Amish community in Florida auctions quilts, raises $300K for Haiti relief  WSB Atlanta

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Activists, neighbors staging protest at site of PES refinery auction in NYC  KYW Newsradio 1060

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Hidalgo County hosting surplus auction on vehicles, equipment this weekend  KGBT-TV

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Changing L.A. retail scene: Active Ride Shop up for auction, Opening Ceremony to close stores  Los Angeles Times

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You can live in Aaron Rodgers' neighborhood, if you've got a few million bucks to bid on this chateau  Green Bay Press Gazette

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'We Have It All': A Night At The Auction House  Vermont Public Radio

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Mario Buatta's Mega Chintz Collection is Now Up for Auction  TownandCountrymag.com

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mmWave auction poised to resume, on path to $6B  FierceWireless

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10 Amazingly Extra Things We All Need From The Mario Buatta Auction  Guestofaguest.com

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U.S. Government Sets Record for Debt Auctions  Wall Street Journal

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Hundreds grab piece of history during closing auction at popular entertainment complex  WPXI Pittsburgh

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Nearly 100 Valley homes saved from auction after Republic story spurs action  AZCentral

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The Denver Nuggets Auction is now live!  Nuggets.com

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Seth Boyden 'Beer Garden' Invites Ages 21+ for Auction, Dinner, Drinks, Dancing Feb. 8  The Village Green

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Bluefin Tuna Sells For $1.8 Million at Auction in Tokyo  InsideHook

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Former Tunkhannock elementary schools hit the auction block  Wilkes-Barre Citizens Voice

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Cars We Remember: Televised car auctions grow the hobby, attract new enthusiasts and create new trends  The Providence Journal

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Memorial mansion once listed for $7M sells at auction  Chron

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Liquidate AZ to hold Onsite Auction at A1 Pawn  InMaricopa.com

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Germany's RAG joins consortium in Thyssenkrupp elevator auction: sources  Reuters

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Hancock County Land Set for Auction  Inside INdiana Business

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Lee Iacocca's very first Dodge Viper RT/10 nets $285,500 at auction  Autoblog

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DuckDuckGo still critical of Google’s EU Android choice screen auction, after wining a universal slot  TechCrunch

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Mom hopes ‘Justice 4 Joey’ auction will lead to Petersburg drive-by killer’s arrest: ‘I need closure’  WTVR CBS 6 News

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Oklahoma County 4-H to host Chili Cook Off and Auction fundraiser Jan. 30  City-sentinel

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Chinatown mixed-use building heads to bankruptcy auction  The Real Deal

Rare New Zealand Coins In NY International Auction Jan. 18 - CoinNews.net
Rare New Zealand Coins In NY International Auction Jan. 18  CoinNews.net

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Temple Emanu-El hosts annual art auction  Dothan Eagle

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Shakespeare's First Folio to be sold at auction in New York in April  Reuters

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Sturgis youth build bike project headed for auction  Rapid City Journal

Popular auction set for New Year's Day - News - Wilkes-Barre Citizens Voice
Popular auction set for New Year's Day - News  Wilkes-Barre Citizens Voice

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Steve McQueen’s Bullitt Could Be the Most Expensive Mustang Ever Sold at Auction  TheStreet

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Atlantic Farms in Wall closes; animals dispersed, auction planned  Asbury Park Press

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K-Pop's BTS scores another first as tour microphones head to auction  Reuters

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Morphy Auctions 'Susquehanna' collection includes rifles, antique décor  Lehigh Valley Business

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Wisconsin FFA Alumni Association hosting pre-convention online public auction and raffle  Daily Union

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Barrett-Jackson: Here's what 10 cool cars, trucks and even a motorbike sold for Monday in Scottsdale  AZCentral

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Chubbuck man to sell collection of collectible motorcycles at big Vegas auction  Idaho State Journal

Closed Tunkhannock Schools Sold at Auction - WNEP Scranton/Wilkes-Barre
Closed Tunkhannock Schools Sold at Auction  WNEP Scranton/Wilkes-Barre

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