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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.
The volatility in the repo market has abated for now, but if Thursday's Treasury bill auctions are any indication, investors are skeptical that this will last.
An era ended on Thursday as tools that anchored hundreds of jobs in Jeffersonville were auctioned off, piece-by-piece.
Artworks of contemporary artists—from the emerging to the iconic—will be exhibited and auctioned during Frieze Week London from Oct. 3-6. Among the ...
Portions of proceeds from the sale will benefit his namesake scholarship at the Culinary Institute of America.
The State of Idaho is auctioning off a "Welcome to Idaho" sign covered in stickers. The Idaho Transportation Department explained in a blog post that it's trying to ...
An iconic Frank Lloyd Wright home, the Norman Lykes home, also known as the "Circular Sun House,” is going up on the auction block soon and Arizona's ...
Lots of supply coming to market next week The U.S. Treasury is announced the auction scheduled for next week. Highlights include: That is a total of $113 billion ...
Before you fall in love with a car and start bidding it's a good idea to take an objective look at what car auctions are all about.
The German Monopolies Commission has warned that the breakthrough of electric cars and the expansion of onshore wind power in the country both suffer from ...
Red lacquer and cellulose nitrate on brass sculpture by Giacomo Balla (Italian, 1871–1958), titled Linee di forza del pugno di Boccioni II (1968), numbered 5/9 ...
RED OAK, Iowa – The Coyote Johnson Muscle Car Auction in Red Oak on Saturday marked the event of the summer in southwestern Iowa, the big reveal of a ...
VANCOUVER — In an increasingly busy world, time is money; so, Ritchie Bros. wants to make buying equipment easier than ever. With its new PriorityBid ...
The auction also includes a bulletproof vest found in Bonnie and Clyde's car, a book of poems by Bonnie, and more.
The New York Federal Reserve Thursday morning completed its third repurchasing operation, or repos, in as many days to stem spikes in crucial overnight...
The world's largest collector car auction company is back in Louisville.
Van Goghs, a Monet and other paintings collected by disgraced Parmalat founder Calisto Tanzi will be auctioned in Milan in October.
Used pink underwear bearing the personal monogram of Adolf Hitler's mistress Eva Braun went on sale by the Humbert & Ellis Auctioneers along with other ...
The auctions for Meet & Greets and the VIP Backstage Experience for Creation Entertainment's Supernatural Toronto convention are now live to bid on.
Targhee Regional Public Transportation Authority will auction off all of its vehicles and office equipment in October.
KANE — The S. W. Smith Memorial Public Library auction committee met recently to finalize plans for its annual dinner auction. “Clued In: A Mystery Dinner ...
An attorney from the law firm representing St. Christopher's Hopsital for Children in Philadelphia confirms they received multiple offers for the hospistal.
The last line of a 2016 Courier Journal feature on the man said, "Lotz says he has no idea what will become of his collection when he passes."
An auction of Anthony Bourdain's personal effects will benefit a special cause that was very important to the late chef. The auction, which is being organized by ...
By Lianna Spurrier for CoinWeek ..... Legend Rare Coin Auctions' Regency Auction 34 will be held on September 26 at the Bellagio in Las Vegas, Nevada.
President Trump's childhood home in Queens, N.Y., is once again heading to the auction block, after an unsuccessful attempt to sell at $2.9 million earlier this ...
RED OAK, Ia. — The Coyote Johnson Muscle Car Auction at the Montgomery County Fairgrounds in Red Oak on Saturday marked the event of the summer in ...
Enel Green Power has switched on a utility-scale solar project it developed in Spain's southeast with support from the country's renewable auction of 2017.
Magic Johnson's jersey from the 1992 Olympics could go for some serious cash at auction.
ACV Auctions says its rapid U.S. growth continues, with west expansion from Texas to California proceeding ahead of plan. The company has doubled its Texas ...
JEFFERSONVILLE — Many locals never thought there would come a day when an industry giant like Jeffboat would shut its doors.
Google Search Ads 360, the enterprise-level search management piec of Google Marketing Platform that enables advertisers and agencies to manage ...
Some of the most recognized props and memorabilia from cinema history are going up for auction.
Google has announced the full rollout of first-price auctions on Google Ad Manager beginning next week, a move it claims will help boost publisher yield despite ...
The City of Jonesboro will auction off everything from police cars to garbage trucks on Saturday.
A trove of Anthony Bourdain's personal possessions, including his prized chef's knife, are scheduled to hit the auction block next month.
After being on the market for sale for two years, one of the area's newest golf courses is now going up for live auction. The retired owner of the Diamond Hawk ...
An auction is planned next month for Johnson Publishing's iconic beauty line for Black women, Fashion Fair Cosmetics. The sale marks the end of a cultural ...
After failing to sell, President Donald Trump's childhood home is on the auction block again. The home was built by his father, real estate developer Fred Trump, ...
Google has spent the last few months testing the outcome of running first-price auctions across 10% of its Google Ad Manager inventory. The tech giant has now ...
Energy minister Norma Rocío Nahle García yesterday announced the tender round believed to have been cancelled in January had merely been held up by the ...
Here's the full breakdown of what each vehicle in Coyote John's massive muscle car collection sold for at auction.
A Queens house where President Donald Trump lived as an infant is now going up for auction after failing to sell for $2.9 million earlier this year, the New York ...
A collection of belongings left behind by Anthony Bourdain, the celebrity chef and television star who died in June 2018, will be sold in an online auction in ...
Kiko Auctioneers will host two online auctions starting Sept. 23, featuring commercial kitchen, cleaning supplies and furniture; and beginning Sept. 30 for ...
A new report finds women's work still underrepresented in the art world, with only 11% of art purchased by institutions female-made. Guardian staff. Thu 19 Sep ...
The town tax collector apparently never tasted one of Rose Jackson's tomatoes.
Another posh North Dallas estate is headed to the auction block.The 6782-square-foot Preston Hollow house at 9915 Avalon Creek Court is north of...
This year's 16th Annual Albert's MS Auction is on Oct. 6 at the Indiana Welcome Center in Hammond.
You could have a chance to buy a former Quincy elementary school later this month, as QPS moves to get rid of properties administration said are't needed.
For the second time this year, the Solar Panel Art Series has teamed up with Paddle8 on an online benefit auction. This time around, participating artists include ...
LOUISVILLE, Ky. (WDRB) -- Jerry Lotz was known for turning heads with the antiques he amassed outside his home at the corner of Frankfort Avenue and ...
Many of the objects in a sale held by Alexandre Millon at Drouot had been subject to restitution claims, and one was withdrawn.
Douglas Kirkland took iconic photos of Marilyn Monroe in 1961. Now, the camera he used, plus limited-edition prints from the shoot, are set to hit the auction ...
The auction of the sail boats that have graced village streets all summer contained a Cinderella story. Titled “Sailin Around Saugerties,” the annual auction held ...
Jeff Schwickerath watched all of his plans for one of the biggest weeks in Tulsa go up in flames. "That's just heartbreaking," Schwickerath said. A fire on Saturday ...
The former National City Bank building on Tuscarawas Street W was auctioned Thursday to an anonymous bidder for $55,000. Here is a look inside the former ...
The Haute Couture and Luxury Fall Fashion sale features vintage haute couture and Hollywood designs worn by Dame Olivia de Havilland, wearable 20th ...
A Chinese state-backed entity will auction 10,000 tons of frozen pork from its reserves on Thursday because of an outbreak of swine fever, reported BBC.
A 14-foot painting from 2009 by infamous British artist Banksy will be hitting the auction block at Sotheby's in London next month with a presale estimate of £1.5 ...
WASHOUGAL — Industrial equipment auction company J. Stout Auctions officially opened its new auction yard with a ribbon-cutting ceremony on Tuesday.
No one bid at the latest Pennsylvania Gaming Control Board mini-casino auction in Harrisburg, which means the state won't give out any more licenses.
A bottle of 1909 Old Overholt rye from the secret cellar stash of the late Richard Mellon Scaife is expected to raise $10000 to $15000.
FHSU Athletics. With all the bids tallied and tickets totaled, the 10th annual Tiger Auction and Dinner was another record-setting event for FHSU Athletics.
The Horton Community Hospital, along with the facility's properties, are due to be sold at auction.
The first auction in a decade of rights to develop offshore wind projects in waters around England and Wales is expected to deliver a significant long-term ...
Matt Roloff fled the farm with his girlfriend Caryn Chandler after selling family items at a big auction.
The online auction benefiting the legendary actress's nonprofit features works by Robert Mapplethorpe, Shepard Fairey and her own kids and grandkids.
JEFFERSONVILLE — A major auction is set to take place at the former Jeffboat property this week.
The new owner, an attorney from Texas, wants to transform the long-vacant asylum into a retreat for veterans.
The second public auction of Western artifacts from the extensive private collection of Buddy and Paulette King takes place October 26 and 27.
U.S. government-bond prices fell anew Tuesday, with the Treasury Department and a crowded slate of corporate issuers adding to the supply of *fresh* debt.
BETHEL - A New York City auction house will be in the Town of Bethel next week looking for Woodstock memorabilia. Guernsey's, known for selling the Yasgur ...
Some Missoula city leaders told us more abandoned cars are ending up on streets and in lots. Cars either end up in the Missoula County Junk Vehicle Program ...
With the help of his latest foe Khabib Nurmagomedov, Dustin Poirier has raised a massive sum for The Good Fight and Fight for the Forgotten.
Auction results for Richard Prince, Cindy Sherman, and others show there is no such thing as a single photography market at auction.
By JIM MAURER. STAFF WRITER. An auction will be held for a small tract of land on Marion Township 237, owned by Hancock County commissioners as part of ...
Eagles receiver DeSean Jackson is honoring his late friend Nipsey Hussle this season by wearing custom cleats that he will auction each week, with proceeds ...
Banksy's largest known oil-on-canvas, depicting a chaotic scene in the U.K. parliament, will be exhibited and auctioned ahead of a Brexit talk during an EU ...
BOGOTA, Sept 18 (Reuters) - Colombia will have 59 blocks on offer in its next round of oil bidding, the national hydrocarbons agency (ANH) said on Wednesday ...
Dorado Bells LLC paid $23900 for a piece of Broward County park land at auction. It now wants the county to pay $500000 for the land, or $6000 a month to rent ...
LTE use was on the upswing back in 2013, but Verizon was reluctant to offer unlimited plans, taking the position that they would eventually break a network.
READSBORO — The annual Readsboro Auction will be held Saturday, Sept. 21. The preview begins at 9 a.m., and bidding begins at noon at the Bullock ...
Fort Ligonier is offering aficionados of historic whiskey another crack at an old bottle of Overholt rye. The Westmoreland County historic site and museum has put ...
The second annual Art of Bourbon auction in Kentucky, with proceeds benefiting the Speed Art Museum, has a staggering array of American whiskeys available ...
Now in its 27th year, the auction will be held at the La Crema Estate at Saralee's Vineyard and Richard's Grove outside of Windsor.
Release of food staple comes amid soaring prices and African swine flu epidemic.
By James McCartney – Senior Numismatist, Stack's Bowers …… The Peace silver dollar struck from 1921 through 1935 has always been one of the most ...
A U.S. District Court judge in Wilmington on Monday temporarily blocked the bankruptcy sale of Hahnemann University Hospital's residency programs pending ...
Jurassic Park dinosaur skulls, a Star Wars stormtrooper helmet and Monty Python's holy hand grenade are among movie memorabilia going under the hammer ...
The proceeds will be donated to his wife and daughter, as well as funding a scholarship at the Culinary Institute of America.
For Decades, Red Oak's Coyote Johnson has collected over 100 classic cars and he's auctioning off at least 94 of them Saturday morning. Cars and parts from ...
Dallas city councilman Lee Kleinman will be looking for new digs if his North Dallas mansion sells later this month.Kleinman's 7154 square-foot...
An auction of 120 supposedly pre-Hispanic artifacts went ahead in Paris, France, Wednesday over the objections of the Mexican government.
Six abandoned, city-owned fixer-upper homes and vacant land parcels were auctioned off during a live public auction Wednesday at City Hall, netting Haverhill ...
Ten portraits by Andy Warhol, which made up his 'Athletes' series, will soon head to auction at Christie's as part of Richard L. Wesiman's collection.
There's quite a gap between two upcoming wine auctions, US editor W. Blake Gray discovers. Read the latest wine news & features on wine-searcher.
QUINCY — The Quincy Amish community is hosting an auction to benefit the Quincy Fire Department. The event, named Amish Auction, will be held Friday at ...
I jump at any chance to support work done to help our environment and have been impressed by the Prince Albert II of Monaco Foundation and their continued ...
September 21 from 8:30 AM - 12 PM at Trinity Lutheran Church in Holmes City.
The planned bankruptcy auction for RUI Holding has been canceled after no bidder surfaced to compete with an offer from industry powerhouse Landry's for the ...
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