Archive for the ‘Auction Business’ category

Tips to Start an Online Auction Business

November 26th, 2017

With services like eBay offering great opportunities to sell products online via an auction, online businesses are now more achievable regardless of age. Alongside eBay, there’s also Yahoo auctions and even Overstock auctions. With very little starting capital required, the business can begin with just a laptop and an internet connection from the comfort of your own home. Furthermore, the use of specific auction times means you don’t always need to be in front of your computer screen. Once you add in the guaranteed traffic on these popular sites, selling could be the path to your success. 

This being said, we do recommend a quick assessment of your skills before starting. On the aforementioned websites, there’s a lot of money to be earned but only if you’re willing to put in the effort. Along with the passion to keep trying different tactics, you’ll need the knowledge of knowing what products are going to sell. In addition to this, you need to have good control of money because you’ll be in charge of everything including the finances of the business. Although it’s tough, you should keep all professional finances separated from your personal finances.

 If you’re sure this is something you can do, getting started can be very simple after signing up to eBay (we’ll use this site as an example) and PayPal. With a PayPal account, your business can receive money quickly while also covering the eBay fees whenever necessary. In the past, sellers would receive payments in cash or check but PayPal ensures you receive the right money for each and every order.

 Just a quick note on eBay fees; they’re actually very small compared to what you might pay to host your own website. Every time you sell an item, eBay will take a tiny percentage for the privilege. For all other fees, you can normally account for these in the selling price without impacting your customers too much.

 If you’ve never used eBay or Yahoo for auction trading, try buying something first because this allows you to understand the process from the perspective of the buyer. Right from the off, you’ll see the importance of customer service; you should write down what you like, what you dislike, and what you’re going to do differently from your chosen seller. After buying a product, you can also receive feedback which gives you a head start when selling. The more reviews your profile builds, the more attractive your brand will be.

 Once you’re all set up, it’s all about finding the right products. At first, you might make some mistakes but this is fine. To grow accustomed to the selling and shipping processes, why not start with items in your home? Whether it’s video games or books, people will buy anything if the price is right. In the early stages, your profile will keep receiving reviews while you’re working on a strategy.

 Eventually, you’ll move into a niche and hopefully your business can enjoy a section of the market immediately. Remember, not everybody finds success in the opening weeks but those who do this for a living will tell you it’s all about trial and error. Soon enough, you’ll learn to anticipate demand and your brand will be the only one customers want.

 Once you start enjoying success, ride the wave and don’t be afraid to expand as your confidence grows. Often, people limit themselves to one product because they’re afraid of growing too large and losing control so don’t let this happen!