Within the current economic climate many are struggling to find and retain work and therefore stable income can be elusive. For this reason many are turning to new and innovative means to earn money, either as a standalone income or to supplement existing income.
Some have turned their hand to beginning their own business. However, becoming an entrepreneur is not for everybody. Another option that is proving to be attractive to many is beginning a business based upon the eBay online auction website. This is a relatively straightforward means of generating additional income in the current economic climate.
The most difficult part of establishing an eBay business is thinking of a unique idea for a product to sell on this auction website. Although the idea does not necessarily have to be unique it should at least not be saturated with other sellers.
Once a business concept has been established it would be advisable for the seller to test the market by selling a small quantity of the product in question. The product should be available at a low enough price for the seller to be able to viably sell the product at profit. Once the market has been tested with a viable profit margin the seller may then choose to pursue the business idea first.
First the seller must list the item which is to be sold on eBay. This process may be time consuming initially when creating an attractive and appealing listing but when selling multiple examples of the same product the process is exceptionally straightforward. The seller then must simply wait until the conclusion of the auction, only answering queries from potential customers as they arise.
After the auction has concluded and payment from the buyer has cleared the seller must then dispatch the item. For this reason a substantial stockpile of jiffy bags and cardboard boxes are essential to any fledgling eBay business.
The overheads associated with establishing an eBay business are relatively low as most of the work is completed by the auction website itself. The seller will be charged a fee by eBay to list the item as well as additional costs for special features such as multiple photos, reserve prices and fixed price auctions.
Moreover, at the conclusion of the auction eBay will take a percentage of the final selling price. Further to this the seller must consider the costs of accessing the internet, the initial outlay for stock prior to sale and the cost of packaging such as jiffy bags and cardboard boxes.
The savvy eBayer will seek packaging from a wide variety of different and innovative sources in order to minimise overheads.
Compared to the vast majority of small business ideas starting up an eBay business has relatively low associated overheads. Moreover, the process of selling products is straightforward and requires a minimal amount of time. The most difficult aspect is often thinking of a viable product to sell at the outset.