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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. January / 20 / 2021

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Will Online Art Auctions Be 2021's Hot New Trend in the Art World?  Iosco County News Herald

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GovPilot Launches Free Service for City Real Estate Auctions  Government Technology

Sweden starts 5G spectrum auctions after battle with Huawei - Reuters
Sweden starts 5G spectrum auctions after battle with Huawei  Reuters

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Austin Zoo auctions off local art on Instagram to raise funds for animals, artists  KXAN.com

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Auction for Chance to Implode Trump Plaza Casino Is Canceled  The New York Times

Brazil's Bolsonaro to allow China's Huawei in 5G auctions: newspaper - Reuters
Brazil's Bolsonaro to allow China's Huawei in 5G auctions: newspaper  Reuters

Battle Ground Rotary Raises over $9000 at annual auction - The Reflector
Battle Ground Rotary Raises over $9000 at annual auction  The Reflector

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5 Things to Know About Mecum Auctions  News 13 Orlando

Small Chest, Big Price At New Haven Auctions - Antiques and the Arts Online
Small Chest, Big Price At New Haven Auctions  Antiques and the Arts Online

Art exclusively for dealers' benefit at auctions - Tehran Times
Art exclusively for dealers' benefit at auctions  Tehran Times

Francesca’s completes bankruptcy auction; buyer to continue operations - Houston Chronicle
Francesca’s completes bankruptcy auction; buyer to continue operations  Houston Chronicle

Hero Initiative and BINC Team Up With Superstar Creators For Charity Auctions - ComicBook.com
Hero Initiative and BINC Team Up With Superstar Creators For Charity Auctions  ComicBook.com

Cuban Olympic Champions Medals at Auction - Around the Rings
Cuban Olympic Champions Medals at Auction  Around the Rings

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GovPilot Launches Online Real Estate Auction Service for Local Governments  PRNewswire

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Bust Dimes of Edward Formica Collection Offered by Heritage Auctions  CoinWeek

Mecum Auctions to sell vintage pickups from Muscle Car City - Business Insider - Business Insider
Mecum Auctions to sell vintage pickups from Muscle Car City - Business Insider  Business Insider

Acker puts Delaware on the fine wine auction map - Del. Business Times - Delaware Business Times
Acker puts Delaware on the fine wine auction map - Del. Business Times  Delaware Business Times

Wine auction giant opens outpost near Newark - delawarebusinessnow.com
Wine auction giant opens outpost near Newark  delawarebusinessnow.com

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Box of Pokémon cards sells at auction for more than $400,000, a new record  Polygon

Brazil approves guidelines for Sep 2021 energy auctions - Renewables Now
Brazil approves guidelines for Sep 2021 energy auctions  Renewables Now

Swedish telecom regulator kicks off 5G spectrum auction - RCR Wireless News
Swedish telecom regulator kicks off 5G spectrum auction  RCR Wireless News

Looking for Gold at a Department of Finance Vehicle Auction - The New Yorker
Looking for Gold at a Department of Finance Vehicle Auction  The New Yorker

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Unopened Pokémon First Edition Base Set Booster Box Sells for Whopping $408,000 USD at Heritage Auctions  HYPEBEAST

HiBid Brings the Auction Right to Your Screen - 953mnc.com
HiBid Brings the Auction Right to Your Screen  953mnc.com

Auction bids are topping $57,000 for a rare $20 banknote with Del Monte sticker on it - CNN
Auction bids are topping $57,000 for a rare $20 banknote with Del Monte sticker on it  CNN

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WQPT’s ‘The Auction is at Your House’ event will feature artwork provided by locally known radio host  WHBF - OurQuadCities.com

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The Farm Agency, Resource Auction band together to expand auction offerings  AG Week

Trump auctions drilling rights to Arctic National Wildlife Refuge on Wednesday - The Washington Post
Trump auctions drilling rights to Arctic National Wildlife Refuge on Wednesday  The Washington Post

Gooding's Geared Online Scottsdale auction preview - RACER
Gooding's Geared Online Scottsdale auction preview  RACER

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Holden Caulfield Catches Top Price In PBA Auction  Antiques and the Arts Online

Small says no Trump Plaza implosion auction, but Icahn will donate $175,000 - Press of Atlantic City
Small says no Trump Plaza implosion auction, but Icahn will donate $175,000  Press of Atlantic City

GoDaddy to change closeout auction pricing - Domain Name Wire
GoDaddy to change closeout auction pricing  Domain Name Wire

FCC C-band auction raised nearly $81 billion so far - SpaceNews
FCC C-band auction raised nearly $81 billion so far  SpaceNews

Mecum Auctions returns to Kissimmee with collector car auction - Orlando Sentinel
Mecum Auctions returns to Kissimmee with collector car auction  Orlando Sentinel

A Florida Muscle Car Museum Will Close and Auction Off More Than 200 Classics - Robb Report
A Florida Muscle Car Museum Will Close and Auction Off More Than 200 Classics  Robb Report

Rotary announces 71st auction | News - Hopkinsville Kentucky New Era
Rotary announces 71st auction | News  Hopkinsville Kentucky New Era

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9 people transported to hospital from Gary auto auction, official says  Chicago Tribune

Shriram Automall to foray into Rs 50,000 cr forward auction industry - Business Standard
Shriram Automall to foray into Rs 50,000 cr forward auction industry  Business Standard

The Yellowstone Art Auction 53 begins this week | Regional | khq.com - KHQ Right Now
The Yellowstone Art Auction 53 begins this week | Regional | khq.com  KHQ Right Now

Carl Icahn nixes charity bid to blow up ex-Trump casino - 5newsonline.com
Carl Icahn nixes charity bid to blow up ex-Trump casino  5newsonline.com

Auction Houses Gained Ground in Second Half of 2020 - Barron's
Auction Houses Gained Ground in Second Half of 2020  Barron's

More Than $80B Spent In FCC Auction, Wireless Providers Recalculate 01/19/2021 - MediaPost Communications
More Than $80B Spent In FCC Auction, Wireless Providers Recalculate 01/19/2021  MediaPost Communications

Auction slows as it surpasses $80 billion - RCR Wireless News
Auction slows as it surpasses $80 billion  RCR Wireless News

Sotheby's to Auction French Illustrator Pierre Le-Tan's Collection - WWD
Sotheby's to Auction French Illustrator Pierre Le-Tan's Collection  WWD

Listed at record $28 million, enthralling Granite Bay castle heads to auction - Sacramento Bee
Listed at record $28 million, enthralling Granite Bay castle heads to auction  Sacramento Bee

Mike D Sells Hester Diamond's Art at Auction - The New York Times
Mike D Sells Hester Diamond's Art at Auction  The New York Times

$2 Million for T-Shirts? How Supreme and Nike Cracked the Auction Market - The Wall Street Journal
$2 Million for T-Shirts? How Supreme and Nike Cracked the Auction Market  The Wall Street Journal

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

Arkansas weekly cattle auction summary | Livestock Markets | hpj.com - High Plains Journal
Arkansas weekly cattle auction summary | Livestock Markets | hpj.com  High Plains Journal

IPL 2021 Auction: Only 1 day left for IPL franchises to make big retention decisions for IPL 2021, follow for live updates - InsideSport
IPL 2021 Auction: Only 1 day left for IPL franchises to make big retention decisions for IPL 2021, follow for live updates  InsideSport

C-band Auction Brings Home $80.9B - EE Times
C-band Auction Brings Home $80.9B  EE Times

Car auction company KAR goes 100% digital years ahead of schedule amid pandemic - CNBC
Car auction company KAR goes 100% digital years ahead of schedule amid pandemic  CNBC

North Dublin residential site secures €1.75m prior to online auction - The Irish Times
North Dublin residential site secures €1.75m prior to online auction  The Irish Times

Year's first public property auction in Singapore includes remnant land - Business Times
Year's first public property auction in Singapore includes remnant land  Business Times

37th Annual Roncalli Pierside Auction Returning in April - seehafernews.com
37th Annual Roncalli Pierside Auction Returning in April  seehafernews.com

TREASURIES-Yields slide as 30-year bond auction sees strong demand - Reuters
TREASURIES-Yields slide as 30-year bond auction sees strong demand  Reuters

6 online auction websites to try if you love buying and selling on eBay - Komando
6 online auction websites to try if you love buying and selling on eBay  Komando

C-band nears $70B, rockets above prior US spectrum auctions - FierceWireless
C-band nears $70B, rockets above prior US spectrum auctions  FierceWireless

WQPT revamps on-air, on-line auction | Local News | qconline.com - Quad-Cities Online
WQPT revamps on-air, on-line auction | Local News | qconline.com  Quad-Cities Online

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2020 opened the curtains on mid-band with CBRS, C-band auctions  FierceWireless

C-Band auction nears the $80B mark - Connected Real Estate Magazine
C-Band auction nears the $80B mark  Connected Real Estate Magazine

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Early Radiohead Demo Tape from the '80s Set to Hit Auction  HYPEBEAST

Habitat for Humanity hosts online auction - Starjournalnow
Habitat for Humanity hosts online auction  Starjournalnow

Hero Initiative and BINC Foundation double up in new fundraising auction - Gamesradar
Hero Initiative and BINC Foundation double up in new fundraising auction  Gamesradar

TABLE-China's wheat auction soars on high corn prices, coronavirus fears - Successful Farming
TABLE-China's wheat auction soars on high corn prices, coronavirus fears  Successful Farming

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Bonhams Online-Only Auction Offers More Than 200 Chanel Pieces  Barron's

97-year-old building up for auction in Blair County - WTAJ - www.wearecentralpa.com
97-year-old building up for auction in Blair County  WTAJ - www.wearecentralpa.com

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New Year's Day Sale Launches Iroquois Auctions' 50th Year  Antiques and the Arts Online

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Fake drugs? Substance found in car from police auction confirmed not heroin  WKRN News 2

Guide To Stallion Season Auctions During 2020-2021 Season - Horse Racing News - Paulick Report
Guide To Stallion Season Auctions During 2020-2021 Season - Horse Racing News  Paulick Report

China's wheat auction soars on high corn prices, coronavirus fears - Hellenic Shipping News Worldwide
China's wheat auction soars on high corn prices, coronavirus fears  Hellenic Shipping News Worldwide

Collectible or unacceptable? Auction of Nazi memorabilia part of debate - Poughkeepsie Journal
Collectible or unacceptable? Auction of Nazi memorabilia part of debate  Poughkeepsie Journal

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Ultra-Rare Chevy Chevelle Z16 Featured in Rick Teworgy Mecum Auction  Motor Trend

The world's most expensive sculptures to sell at auction, from an ancient lioness to a stainless steel rabbit - CNN
The world's most expensive sculptures to sell at auction, from an ancient lioness to a stainless steel rabbit  CNN

Quinn's to auction fine paintings and decorative art from estates of Washington, DC notables, Jan. 30 - ArtfixDaily
Quinn's to auction fine paintings and decorative art from estates of Washington, DC notables, Jan. 30  ArtfixDaily

Sauk Centre Area Auction • Thursday, January 21 | Auctions - ECM Publishers
Sauk Centre Area Auction • Thursday, January 21 | Auctions  ECM Publishers

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Niabi Zoo | White Rhino Campaign Charity Auction  WHBF - OurQuadCities.com

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Man finds $300k in heroin inside car bought from government auction in Tennessee  wreg.com

Colombia to Cash in on ESG Boom With Monthly Green Bond Auctions - Bloomberg
Colombia to Cash in on ESG Boom With Monthly Green Bond Auctions  Bloomberg

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New York Posts 41% Drop In Auction Revenue In 2020, But Confidence Is Returning  The Taiwan Times

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C-Band Auction Sets Record, Grossing $81B in Phase One  Via Satellite

Boards for Change, Republic FC prep for Black History Month auction to boost local groups - ABC10.com KXTV
Boards for Change, Republic FC prep for Black History Month auction to boost local groups  ABC10.com KXTV

Wexford-Osceola Habitat for Humanity's Festival of Dreams Auction Exceeds $26K Goal - 9&10 News
Wexford-Osceola Habitat for Humanity's Festival of Dreams Auction Exceeds $26K Goal  9&10 News

LaSalle Rotary hosts online auction - Windsor Star
LaSalle Rotary hosts online auction  Windsor Star

Alpha Black Lotus Auction On Track For Highest MTG Card Price Ever - Screen Rant
Alpha Black Lotus Auction On Track For Highest MTG Card Price Ever  Screen Rant

Coaches vs. Cancer Auction Underway - KNIA / KRLS Radio
Coaches vs. Cancer Auction Underway  KNIA / KRLS Radio

$160M Beverly Hills mansion could become most expensive house ever sold at auction - CNN
$160M Beverly Hills mansion could become most expensive house ever sold at auction  CNN

Muscle Car City in Punta Gorda set to close, auction off collectible cars - Wink News
Muscle Car City in Punta Gorda set to close, auction off collectible cars  Wink News

Jean Paul Gaultier Hosts Sidaction Fashion Auction Previews - WWD
Jean Paul Gaultier Hosts Sidaction Fashion Auction Previews  WWD

JGBs flat to firmer after decent demand at 20-year auction - Yahoo Finance
JGBs flat to firmer after decent demand at 20-year auction  Yahoo Finance

Tomlinson: The failed auction of oil leases in Alaskan refuge signals big change in oil and gas - Houston Chronicle
Tomlinson: The failed auction of oil leases in Alaskan refuge signals big change in oil and gas  Houston Chronicle

Alabama man finds drugs in car bought from government auction in Tennessee - myfox8.com
Alabama man finds drugs in car bought from government auction in Tennessee  myfox8.com

Rare 1993 Cizeta V16T headed to auction - Motor Authority
Rare 1993 Cizeta V16T headed to auction  Motor Authority

Stevie Ray Vaughan’s first electric guitar headed to auction - Advocate Media
Stevie Ray Vaughan’s first electric guitar headed to auction  Advocate Media

Highlights from the Roadside America auction: Here’s how you can bid on a piece of Pa. history - pennlive.com
Highlights from the Roadside America auction: Here’s how you can bid on a piece of Pa. history  pennlive.com

How Auction Houses Select Artworks for Their Sales - Artsy
How Auction Houses Select Artworks for Their Sales  Artsy

Milwaukee Bucks Partner with I Got It to Bring New Auction Platform to Bucks Fans | Milwaukee Bucks - Bucks.com
Milwaukee Bucks Partner with I Got It to Bring New Auction Platform to Bucks Fans | Milwaukee Bucks  Bucks.com

Mecum Auctions Reschedules 30th Annual Antique Motorcycle Auction - Racer X Online
Mecum Auctions Reschedules 30th Annual Antique Motorcycle Auction  Racer X Online

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Report: ACV Auctions files papers in preparation for IPO  Buffalo Business First

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C-Band Auction for 5G Airwaves Intensifies With Heavy Bidding  Yahoo Finance

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