We’ve all heard of Ebay. Maybe you’ve even used it for selling items around your home. If so, you’ll realize how easy it is to profit with Ebay.
Whilst the Corona virus pandemic is still underway, Ebay is still going strong. The main reason, is that postal services are operating as normal. On that basis, we should take a closer look at how Ebay could become a useful hustle for income.
In order to start trading on Ebay, we firstly need an Ebay account. Simply visit the site in your country and sign up for free. If you plan on doing this regularly, then I recommend getting a Paypal account also.
Paypal allow you to transact on Ebay, and accept payments, as well as make them. It’s easy to set up an account, and add a payment method.
Once you’re set up, which should take half an hour, you’re ready to get selling.
Just like having a retail shop, It’s important that you have stock to sell. In most cases, that’s excess and surplus items around the home. We’ve all got things we don’t need or use anymore. Why not turn them into cash, and learn Ebay as you earn.
Once you find out what sells for you, you could try sourcing further items that sold well. Wholesalers are a good place to start, and offer significant discounts for volume purchases.
In recent years, with the emergence of Ali Express and Alibaba, it’s become very easy to order directly from Chinese manufacturers. Chinese products do tend to have a reputation, but if you buy wisely, you can add a whole new range to your inventory.
A popular activity now is reselling. This involves buying stock with the aim of selling it for a higher price. Reselling differs from the wholesale model, in that you can source your stock anywhere.
Charity and thrift shops are fair game, as a car boot and yard sales. Many sellers don’t realize the value of their goods, and just want a clear out. For the savvy, you can flip these items for profit.
Shops can also be a great source of stock too. Although it may seem strange, shops and supermarkets need to clear slow moving stock. As a result, they offer these items in clearance sections. You can get some real bargains.
As you try reselling yourself, you’ll get to learn what sells best for you, and then you simply buy more. The great thing with Ebay, is that second hand items can sell just as well as new items.
What’s really interesting, is that reselling can be done with the tiniest amount of money. In fact, start by selling your own stuff, that’s probably filling your cupboards. The money raised, can then be put to good use, getting your first haul of stock to resell.
Imagine selling on Ebay, without holding stock. Some traders do exactly that, they’re called dropshippers. They list items from third party sellers such as Walmart and Amazon. When they sell an item, the third party send it direct to the customer.
The difference between the buy and sell price equals your profit. Considering you don’t hold any stock, you could have thousands of items online.
To make life easier, you can purchase dedicated software that tracks and reprices your listings, sales and stock levels of all of your suppliers. Dropshipping makes Ebay selling a simple administrative exercise that anyone can do.
A more recent trend has been to dropship from Chinese suppliers. Using the same process, the margins are usually considerably higher. Unfortunately, In most cases, this comes at a cost. That being, the extended delivery times to your customers.
Long delivery times will have a real impact on your feedback score, and It’s recommended not to pursue this route, without more experience.
The more you sell, the better you’ll become as a trader. Not every product will be a best seller, and some products will be a pain to shift. Knowledge is power, learn from these challenges, and refine your processes.
Take good clear photo’s and add clear and honest descriptions to your listings. Treat people fairly and resole issues promptly and professionally. You will get awkward customers, but you will, with any business, of course.
The magic with Ebay is that the customers are already on the site. You’re not paying extortionate advertising to get eyes on your products. It’s the perfect business for beginners, as it’s so easy. Many have gone on to make millions, from the same starting blocks.
Wrap your items well, and post them promptly. Customers love prompt delivery. As your good feedback improves, more people will trust you and want to buy. It’s self reciprocating.
In the early days, you’ll just be listing and selling. When your volumes increase, then subscribing to an Ebay store will be more cost effective.
Advantages include free listing fees (based on your store subscription) as well as lower final value fees. You can optimize listings for more traffic and design your own brand. You also get the opportunity to hold your listings if you go on holiday.
A store is the next stepping stone, in order to be taken seriously. Credibility is everything with peer to peer platforms, and a store will help no end. Fortunately, to get the most from your subscription, you’ll be listing more products. More products means more sales.
There are 3 levels of Ebay store subscription. These range from 250 free listings plus 50 auction listings each month, up to unlimited listings. The fees for such stores, range from £25 to £399 a month plus VAT.
It makes sense to start at the smallest store, until you outgrow it. Then upgrade accordingly. Although the prices may seem steep, the savings are considerable when compared to not having a store.
Give It A Go
As a hustle, Ebay ticks many boxes. The barriers to entry are virtually non existent. You can start selling your own surplus items, making this virtually risk free.
You can work the times of your choosing, and once your items are listed, the sales process happens whilst you do other things. People buy at all times of teh day and night, leaving you time to source new items for your business.
Profits can be considerable, and many Ebayers go full time, some have made millions. Even the pandemic can’t slow the sales of Ebay. In fact sales have increased, as people are stuck at home bored.
Now’s the perfect time to get started. Let Ebay be your first foray into business ownership. You get the freedom to be your own boss, and make your own business decisions. By doing so, you’re able to determine your own level of income.
Why not let me know how you get on, by leaving a comment below.