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I don't know if you've ever noticed, but it seems like every week or two we read about another Powerseller going out of business.
If you want your auction business to be a long-term success, then it's important that you plan now for it's continued growth.
According to some people the world economy may be moving toward a 1930's like depression. Others say there is no chance of that happening.
Even without something as catastrophic as a world-wide depression, there are still plenty of little things that can put a damper on your success. But, whatever the situation, it's a good idea to hedge your bets.
Here's eight tips for preparing your eBay auction business for whatever the future may hold:
1. Keep your overhead low
One of the biggest advantages that you, as an independent businessperson, have in today's marketplace is that you can control your own overhead. You don't need big offices, lots of employees, and a lot of the expensive trappings of traditional businesses.
By always keeping a close eye on your overhead, you will be in position to weather the slow times on eBay and/or slow economic times.
In this business you can't always control how many sales you make, but you can control your overhead. Keep it low.
2. Invest in tools and training
Successful eBay sellers survive and prosper because they are willing to invest in new skills and tools; and to take the time to learn how to use them to make themselves more productive.
The key to long- term growth is to continually learn new skills and acquire new tools that will save you both time and money.
The more skills you develop, the more flexible you can be with the types of products you sell and how you sell them.
At the same time, it's important to invest your time and money wisely. Many people that want to build a full time eBay business willingly spend $200 - $300 over a period of time on several $20 - $30 products, but are reluctant to spend $100 or more on one product. While there are certainly some expensive products that are of little or no value, many times the best products are priced at an amount that belies their value.
3. Have multiple income streams
We've all heard the old saying "Don't put all your eggs in one basket." Nowhere is it truer than on eBay.
Try to set up at least three or four different niches, each of which produces it's own stream of income. There are a couple of advantages to this.
First, while the income you make from each niche might not be enough to survive on, the combined income can provide a comfortable living.
Secondly, should one or more of the niches suddenly slow down, you will still have income from the others to tide you over until new income streams can be created.
4. Have a Plan B & Plan C in place
It's a fact of life that very few lucrative niches on eBay last forever. What will you do if you most productive niche suddenly takes a dive into the dumpster?
And, what if another of your niches takes a dive also?
Knowing the answers to these questions will help prevent you from having to make decisions out of desperation. You should always have a backup plan in place.
You should be continually looking for and developing new niches that you can move into if others become unproductive.
5. Be flexible and be ready to react quickly to changing conditions or developments
Always be on the lookout for the occasional, short term, hot item that pops up on eBay.
Within the last year it was Dragonball Z, Beyblades and Furreal Friends. Would you have seen them coming and been in a position to take advantage of the craze for one of more of them?
Many so called auction experts talk about utilities such as Hotbids.com or Andale's Research tool to help you determine what's hot. But the secret isn't to find out what is hot; it's determining what is going to be hot.
There are several web sites and tools you can use to do this. One of the best is Lycos 50, a daily report on Lycos.com by Chris Schatz. He talks about the top 50 keyword searches on Lycos and makes predictions.
If you had been a regular reader, you would have read his predictions for how hot each of these items would have been enough ahead of time to position yourself on eBay to take advantage of the craze when it really hit.
The point is that, many times, the real research tools you should be using aren't in any way connected with eBay. Neither are they being touted by the so called experts.
But they're there to be used by you if you are imaginative enough to see how what they offer can fit into your business.
Whenever there is change, there is always opportunity. But only if you can see the change coming and are flexible enough and have the skills and tools needed to take advantage of it.
6. Don't make decisions out of desperation
Never let any situation get so out of control that you have to make hasty decisions out of desperation. In nearly all cases, doing so will only cause more problems.
It is far better to take the long-term view - constantly monitor your business so that you can take any necessary steps and make any necessary changes before the problems become critical.
7. Always keep your priorities straight
Never let your business take over your life. Your priorities should be family, health, morality, and then business. It's never worth destroying your family, health, or reputation trying to build your business.
If your business gets in the way of family responsibilities, change your business. If your business is destroying your health, change your business. If your business is causing you to make decisions you know are immoral or illegal, change your business.
Always remember what your long-term goals are and don't sacrifice them for a quick, short surge in business.
8. Suck it up and hang in there
If you are in business for any length of time you are going to run into rough spots and tough times. Often with that happens you will see a lot of people bail out and quit.
In many cases, those few players that remain in the game are the ones who survive the tough times and go on to become extremely successful.
If you are selling good products, have low overhead, and multiple streams of income from several niches, you can afford to hang in there a lot longer than your competition. And sometimes, just by sucking it up and hanging in there, you become the winner of customers by default - because they have nowhere else to go.
Gary Hendrickson has been making his living selling on eBay for more than six years. He's the author of two eBay related ebooks, has a blog for eBay sellers, and is the owner of ColdItems.Com.
Don Lutes Jr. kept the 1943 copper penny he stumbled upon in his high school cafeteria seven decades ago in a safe behind a wall in his Massachusetts home.
The auction will take place at Christie's Paris, against the backdrop of Paris Couture Week, on Jan. 24.
In recent years, buyers have flocked to private marketplaces to avoid the fraud, hidden fees and low-quality ads they saw in the open marketplace. Agencies ...
Invaluable said it sold half a million lots on its global marketplace in 2018, which is up 20% over the previous year and is up 130% over 5 years. The number of ...
After 40 years of business in Boston's Back Bay, the recently shuttered L'Espalier auctioned off everything Wednesday — from its industrial dishwasher to its ...
Peter Lynch, one of Forbes Greatest Business Minds, adds $2 million worth of furniture to the upcoming auction for his Scottsdale house.
Those who can't make it to the Naples Winter Wine Festival's live auction Jan. 26 will have a chance to bid on a different set of extravagant lots online starting ...
Stacy Luoma and her grandmother Arbilla Moore made off with about $515 in personal possessions once belonging to "Little House on the Prairie" star Melissa ...
PALM CITY — A 20-acre equestrian estate, part of the Box Ranches development near Indiantown, will be sold at auction Thursday to the highest bidder, ...
A 30858-square-foot Paradise Valley home that was once listed for $35 million is going up for auction later this month. The Paradise Valley home, called Villa ...
The GSA has identified 45 countries that are planning 5G spectrum auctions or have already allocation spectrum for the new services.
A rare penny that a Pittsfield teenager found in his lunch money more than 70 years ago was auctioned off for more than $200,000 on Thursday to a Concord ...
Eddie Lampert's hedge fund has won tentative approval for a $5.2 billion plan to buy 425 stores and the rest of its assets.
It's day four of the Barrett-Jackson Auction where more than 1600 cars are up for grabs in Scottsdale, Arizona. Yahoo Finance's Julie Hyman, Adam Shapiro, ...
A 1994 Club Car Golf Cart sold for $58,000 at Russo and Steele Collector Automobile Auctions on Thursday, with proceeds benefiting the family of fallen Salt ...
Jeff Gordon is auctioning off a 2016 Corvette C7.R with supercharged 6.2-liter LT4 V8 engine to raise money for cancer research at Barrett-Jackson.
Silent auctions are a mainstay of charity events, but how do they really work? Read more to learn what a silent auction is and how silent auction software can ...
India plans 350 GW solar, 140 GW wind power capacity operational by 2030, with share of renewable energy in overall power generation targeted at 40%.
As ridiculous as it sounds, high-end car auctions can get a bit samey. Year after year, it's a similar bunch of crazy rare Ferraris, Porsches and old Bugattis that ...
The Mecum Auction's Kissimmee sale features an assemblage that includes rare road rockets from the 1930s through 1960s and beyond.
Arizona Car Week kicks off this weekend with Barrett-Jackson, Bonhams, Gooding & Company, RM Sotheby's, Russo and Steele, Silver Auctions and ...
The Stillwater Ag Boosters group will have its fundraiser 6 p.m. Saturday at the Payne County Expo Center. The cost is $5 for smoked ribs, ham, green beans, ...
Visitors formed long lines before daybreak on Tuesday to catch a glimpse of Tokyo's renowned tuna auctions — now at the Toyosu wholesale fish market — as ...
Artsy presents Rago Auctions: Modern Ceramics & Glass, featuring works by Dale Chihuly, Hans Coper, Yoichi Ohira, and more. In advance of the auction, ...
After a daylong suspension earlier this week due to weather, the FCC's 28 GHz spectrum auction kicked back into gear more than two months after it began.
Artsy presents Rago Auctions: Lost City Arts - 36 Years of Collecting, featuring works by George Nakashima, Harry Bertoia, Vladimir Kagan, and more.
Artsy presents Rago Auctions: Mid-Mod, featuring works by Eero Saarinen, Tommi Parzinger, Paul Evans, and more. In advance of the auction, browse lots and ...
Actor Gary Sinise has partnered with Richard Rawlings of "Fast N' Loud" to auction off a custom Jeep at the Barrett-Jackson collector car auction in Scottsdale ...
If there's one thing an automaker loves, it's auctioning off the first VIN of a fancy new model for charity. Ford's the latest automaker to hitch its horse to that cart, ...
The five coolest cars up for sale at the Gooding & Company auction in Scottsdale, Arizona.
The owners are selling homes in Florida, Pennsylvania, New Mexico and Colorado that were previously individually listed for a combined $46 million.
Artsy presents Rago Auctions: Modern Design, featuring works by George Nakashima, Gio Ponti, Harry Bertoia, and more. In advance of the auction, browse lots ...
The Capitals' annual Better Halves gift basket auction to benefit the Monumental Sports and Entertainment Foundation launched Monday and will close at the ...
Exquisite '20 years of Supreme' ensemble includes an archive of diligently and passionately assembled skates by collector Ryan Fuller.
The contents of Bak USAs shuttered plant will be auctioned at 10 a.m. on Jan. 26. Cash Realty & Auctions will conduct the auction at 210 Sawyer Ave. in …
Up to $1 million worth of vintage cars and automobile paraphernalia is going up for auction this weekend following the recent closure of the Dick's Classic ...
A startup business that opened a pop-up shop in OTR is selling its intellectual property in a sealed-bid auction.
Can't be at the Barrett-Jackson auction in person? See which vehicles draw the biggest bids on TV.
(WLEX) A small Kentucky town is auctioning off a piece of history. A rare 1921 Thompson “Tommy” machine gun will be sold at auction. For decades, the gun ...
Temple Emanu-El's annual art auction offers a social gathering that can be both entertaining and educational.
A legendary Ford Mustang sold for a historic price at the Mecum Auctions event in Kissimmee, Fla., on Friday night when the bidding ended at $2,200,000.
Eddie Lampert's bid would keep about 400 Sears stores open and retain about 45000 jobs.
Honor the legacy of Martin Luther King Jr., check out an art and wine festival or see what's going on the block at a high-end car auction.
Baseball legend Randy Johnson's 25000-square-foot Paradise Valley mansion will go to the highest bidder on Jan. 31.
There weren't a lot of reasons to keep holding the Wayne County Tax Foreclosure Auction, and they're dwindling by the day.
Cooler January temperatures traditionally debut the prime tourist season and the start of the hot collector car auctions in the Greater Phoenix Valley.
Pittsfield, Massachusetts resident Don Lutes Jr. struck auction gold with a copper penny that was accidentally created by the U.S. Mint. Lutes Jr. received the ...
The Federal Emergency Management Agency auctioned off 34,496 unused meal kits this week, as their expiration date neared, that had been earmarked for ...
Two Ferrari supercars will star at the next Mecum Auctions event, taking place at Osceola Heritage Park in Kissimmee, Fla., from January 3 through 13.
There are plenty of homes for sale in South Florida, but one property offers unbelievable luxury for less. It's an auction where, in theory, the buyer could pay a ...
ACV Auctions, a past 43North champion, has received a new jolt of funding to fuel its rapid growth. The Buffalo-based online auto auction business has secure…
Get a peek at some of the collector cars that will be auctioned at Barrett-Jackson in Scottsdale on Thursday, the fourth day of bidding.
BLACKSBURG, Va. (WDBJ) It's just three weeks till the NFL Super Bowl, but it's just two weeks till Souper Bowl in Blacksburg. Ferguson Enterprises is getting ...
Two dozen horses in poor condition were rescued from a local auction, and almost half had to be put down.
You have the opportunity to get your hands on a piece of White Fence Farm history. The historic restaurant is auctioning items off after closing its doors in ...
The 13,000 square foot home that overlooks Roberts Bay will be sold fully furnished. In total, there is more than 20,000 square feet of covered space, both ...
Artsy exclusively presents BFAMI: Benefit Auction 2019. BFAMI supports Educational Programmes for Underprivileged Youth. Exciting benefit auction featuring ...
U.S. government debt prices continued to edge lower on Friday morning, reversing a recent rally, as investors digest the fourth rate hike this year from the U.S. ...
Among the items for sale Saturday at a southern Wisconsin auction business is a box of World War II German replica pins featuring swastikas.
Heavy snowfall in the nation's capital has prompted the FCC to suspend the 28 GHz spectrum auction. The agency plans to resume activities on Jan. 15 with six ...
Over the past six years, the KCI Auto Auction has donated $1.25 million to three Kansas City-based organizations.
Arizona Cardinals receiver Larry Fitzgerald will auction off three of his cars at Barrett-Jackson in Scottsdale.
Kennewick, Wash. - The Old Country Buffet, a local favorite for many years has recently closed. The remaining assets from the Old Country Buffet are being ...
Oregon. EUGENE. (Eugene Livestock Auction). Dec. 22. Head Count: 293. Comments: Market steady overall, good quality feeder calves $4-5 higher. Light test ...
Utah businessman Dell Loy Hansen won the bidding war at Heritage Auctions.
It took developers 10 years to build the Outlets at Corpus Christi Bay but only a portion of the retail center is filled with stores. After failing to make payments on a ...
After just two years, the Outlets at Corpus Christi Bay in Robstown will be auctioned off. A notice of foreclosure sale was filed Monday with the Nueces County ...
A unique online startup from Nevada is opening a pickup location in Glendale. FOX 10's Jennifer Auh reports.
(Lewisburg) The city of Lewisburg is hosting a surplus auction on January 24th. Lewisburg Public Works Director Roger Pence says you can make an.
A last wave of Treasuries issuance for 2018 will test the bond market's mettle this week, with a partial government shutdown and questions over the fate of ...
Our five favorite cars from this week's RM Sotheby's Arizona auction, which might be the best collector car auction of 2019.
STATEN ISLAND, N.Y. -- Two recycling retailers and an international wholesale company earned winning bids totaling $309,697 for various parts of the ill-fated ...
Sellers Auction routinely holds auctions offering memorabilia, collectibles, antiques, tools, household wares and other bric-a-brac. But never before has the ...
LIVINGSTON — A Baton Rouge businessman entered the winning bid Wednesday for the 59-acre studio property seized from "Dukes of Hazzard" star John ...
MILAN, Jan 17- Nutella maker Ferrero has been shortlisted to take part in the second round of Campbell Soup Co's auction of its international.
The house is reported worth $510000, according to Zillow.com.
It's a shift from the German government's position in October, when it told lawmakers it saw no legal basis to exclude any vendors from an upcoming 5G auction.
While the late-rapper was serving time in the mid-90's, he drew an explicit drawing for his then-girlfriend, which is now going up for auction.
It has the letters NJ stamped on its barrel, which may means it was purchased for a New Jersey militia unit.
The Ft. Pierre Livestock Auction, Ft. Pierre, South Dakota, reported receipts of 6468 head selling Jan. 11, compared to 5034 head a week ago and 4832 head ...
Outlets at Corpus Christi Bay opened less than two years ago and now it could be sold off to the highest bidder. A foreclosure notice filed Monday with the ...
Companies like Intel and AMD typically make their CPUs available to both OEMs and what's known as the retail channel for purchase. Sometimes, a limited ...
PHOENIX (FOX 10) - Vintage cars are like pieces of art -- you can either keep them locked away or share them with the masses to spark passion in others.
The Lexington Livestock Market, Lexington, Nebraska, reported receipts of 3173 head selling Jan. 11, compared to 3672 head a week ago and 4040 head last ...
Barn finds seem to pop up a lot these days, but it's still rare to see one like this. A total of 81 cars were just discovered in a massive barn in rural France, most of ...
Former Arizona Cardinals coach Bruce Arians helped auction a boat at Barrett-Jackson in Scottsdale on Wednesday night, all for a terrific cause.
OKI Data Americas, a printing technology innovator that makes durable vehicle wraps for the automotive restyling industry, reached the end of its nine-month ...
The iconic 1956 Chevrolet C1 Corvette SR race car, otherwise known as 'The Real McCoy', will soon be sold to a lucky new owner by Mecum Auctions in ...
The German government is debating whether to follow the United States and allies like Australia in restricting China's Huawei Technologies from accessing its ...
A grand waterfront home in Marco Island, Florida, with a collection of tropical flora worthy of its own botanical garden, is headed for auction next month.
WEYMOUTH — A firm that lent $60 million to the struggling developer behind a sprawling project on the site of the former South Weymouth Naval Air Station has ...
If it's the right make and model, a single classic car found in a barn can make headlines. This discovery was much bigger. Eighty cars bigger, and now they're ...
Bremo Auctions hosted their end of the year Holiday Variety Auction Saturday as a way for the store to get rid of old items, in the effort to make room for new ...
A new auction house has opened in downtown Story City, and the owners want it to be more than a place to just buy and sell things. Kyle and Jennifer Miller ...
It's been a memorable year in the art world, not for what happened, but for who left.
Chevrolet will auction four Bumblebee Camaros from the Transformers movie franchise at Barrett-Jackson collector car auction in Scottsdale.
These are the five most interesting vehicles up for auction at the RM Sotheby's Auction in Scottsdale, Arizona. The auction takes place January 17-18, 2019.
A liquidation sale is underway at the Sears store at the Holyoke Mall in Massachusetts in October 2018. Word came Wednesday that Sears has staved off ...
An auction is planned Thursday at Cafe Du Jour, 1365 Main St. in Springfield. The cafe has closed to make room for a new Delaney's Market location.
A intrepid bidder snatched up a sweet replica of the Scooby-Doo Mystery Machine for $59400 at the Barrett-Jackson auction in Scottsdale.
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