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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 Wed. May / 22 / 2019

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NDDOT to add online vehicle auctions  KFYR-TV

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5 Lots That Will Make or Break the Upcoming New York Auctions  Artsy

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Landsbankinn hf.: CP auction results Irish Stock Exchange:IRSH  GlobeNewswire

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Oahu Auctions selling Hagadone Hawaii equipment, office supplies in online auction - Pacific Business News (Honolulu)
Oahu Auctions selling Hagadone Hawaii equipment, office supplies in online auction  Pacific Business News (Honolulu)

Oahu Auctions is liquidating the contents of Hagadone Hawaii's shuttered Honolulu printing facility, with press equipment, pallets of paper, office equipment and ...


NEMF Prepares for Six-Week Bankruptcy Auction - Wall Street Journal
NEMF Prepares for Six-Week Bankruptcy Auction  Wall Street Journal

New England Motor Freight Inc. is preparing a six-week process to sell off more than 1,000 semi-tractors and some 4,000 trailers in the largest bankruptcy ...


Bonnie Springs auctions off remaining artifacts - FOX5 Las Vegas
Bonnie Springs auctions off remaining artifacts  FOX5 Las Vegas

LAS VEGAS (FOX5) - Bonnie Springs Ranch is set to auction off all of its antique artifacts starting Saturday, April 27 at The Arena inside Bonnie Springs.


Sunday is last day for Mecum auto auction - CBS 4 Indianapolis
Sunday is last day for Mecum auto auction  CBS 4 Indianapolis

INDIANAPOLIS, Ind. – Sunday is the last day to participate in Dana Mecum's 32nd Annual Spring Classic. The auto auction is at the Indiana State Fairgrounds at ...


I went to an auction at the world-famous Christie's auction house, which sold $7 billion worth of art, jewelry, and luxury goods in 2018, and it was nothing like I'd expected - Business Insider
I went to an auction at the world-famous Christie's auction house, which sold $7 billion worth of art, jewelry, and luxury goods in 2018, and it was nothing like I'd expected  Business Insider

I went to an auction at Christie's, where more than $30 million worth of jewelry was sold. I thought it would be stuffy and quiet — but it wasn't what I'd expected.


Personalised number plate sells for over £35,000 at DVLA auction, here's why - Express
Personalised number plate sells for over £35,000 at DVLA auction, here's why  Express

Last week there was a *fresh* number plate auction which saw thousands of plates auctioned off. These number plate auctions are incredibly popular and see a ...


Over 10000 pounds of elk antlers sold at annual auction - KSL.com
Over 10000 pounds of elk antlers sold at annual auction  KSL.com

Over 10000 pounds of elk antlers were sold Saturday at the 52nd annual National Elk Refuge public auction on Jackson\u2019s Town Square.


Sotheby’s Is Auctioning Off the World’s Biggest Collection of Supreme Accessories Right Now - Robb Report
Sotheby’s Is Auctioning Off the World’s Biggest Collection of Supreme Accessories Right Now  Robb Report

Sotheby's is auctioning off 1300 goods and accessories from the private collection of Yukio Takahashi as part of Supreme Vault: 1998-2018.


Virtual auctions of surplus property paying off for Orange County, comptroller says - Orlando Sentinel
Virtual auctions of surplus property paying off for Orange County, comptroller says  Orlando Sentinel

Switching to online auctions of surplus property has paid off big for Orange County. Auction revenue in the past eight months soared to $1.21 million, ...


3% auction volume gain expected for vehicles 5 years old or newer - Auto Remarketing
3% auction volume gain expected for vehicles 5 years old or newer  Auto Remarketing

Through April, the auction volume of vehicles 5 years old or newer has climbed 6.5% in 2019, a year expected to be the peak in supply for this age group of ...


Columbus, OH to host the pipeline construction auction of the year on June 27 & 28 - EnerCom Inc.
Columbus, OH to host the pipeline construction auction of the year on June 27 & 28  EnerCom Inc.

120+ pipelayers already consigned for huge Ritchie Bros. event—consignments still being accepted. COLUMBUS, OH, May 21, 2019 /PRNewswire/ - Events ...


A Crazy Prototype Patek Philippe Unlike Anything That Came Before - Bloomberg
A Crazy Prototype Patek Philippe Unlike Anything That Came Before  Bloomberg

A mysterious Aquanaut at the Antiquorum auction poses a lot of questions.


After Wawa opening, parts of Public Ledger building hit auction block - Curbed Philly
After Wawa opening, parts of Public Ledger building hit auction block  Curbed Philly

The 6th and Chestnut interior has been stripped to make way for a Wawa.


2 Leisure World units still unsold after two county auctions - OCRegister
2 Leisure World units still unsold after two county auctions  OCRegister

County officials received 14 bids for two of the condos in a property auction on behalf of deceased homeowners, but two Leisure World co-op units remain ...


US Treasury yields fall amid reports of Asian buying and upcoming auctions - CNBC
US Treasury yields fall amid reports of Asian buying and upcoming auctions  CNBC

U.S. government debt yields fell Tuesday thanks to Asian interest in long-term notes and bonds and ahead of Friday's first look at U.S. economic output. Treasury ...


Heritage Global Patents & Trademarks to Conduct Sealed-Bid Auction Of 45 Patents of Inventor Holdings, LLC, a Subsidiary of Walker Innovation Inc. - Bid Submission Deadline: June 12, 2019 - PRNewswire
Heritage Global Patents & Trademarks to Conduct Sealed-Bid Auction Of 45 Patents of Inventor Holdings, LLC, a Subsidiary of Walker Innovation Inc. - Bid Submission Deadline: June 12, 2019  PRNewswire

SAN DIEGO, May 21, 2019 /PRNewswire/ -- Walker Innovation Inc. is offering patents for sale in this auction from the portfolio of its subsidiary, Inventor Holdings, ...


A Computer Afflicted With 6 Infamous Viruses Has Passed $1 Million at Auction - VICE
A Computer Afflicted With 6 Infamous Viruses Has Passed $1 Million at Auction  VICE

Bidding for a laptop infected with six of the world's most famous computer viruses—WannaCry, BlackEnergy, ILOVEYOU, MyDoom, SoBig and ...


This Georgian-Style Mansion In New York Will Be Sold At Auction With No Reserve - Forbes
This Georgian-Style Mansion In New York Will Be Sold At Auction With No Reserve  Forbes

A spectacular Georgian-style 19,000-square-foot mansion on 86 acres in Chappaqua in Westchester County, New York will be sold at auction on May 18th.


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