Learn from Small UK eBay Traders with Turnover Above £1m
eBay has declared that Britain's small businesses have "come of age" online, after reporting that the number of its traders who are turning over £1m a year had nearly doubled over the last 12 months.
Data released by eBay recently showed that 127 companies are on track to achieve a turnover of at least £1m during 2010, compared with 66 in 2009. Seven of the companies only started selling goods on ebay.co.uk this year, and 11 are increasing their turnover by more than 300% annually.
While the economic downturn has pushed many small firms to the wall, it appears that a small army of one-man-bands or family entrepreneurs are profiting by selling goods online.
Jody Ford, eBay's director for small and medium-sized enterprises (SMEs), hailed the small companies that are defying the "economic uncertainty" and competing with high-street names. "It is tremendous to see this surge in the number of thriving online SMEs and start-ups at a time when the rest of the economy has been struggling," he said.
About 25,000 people have launched some kind of business on eBay since the recession began. Ford believes that the low cost of entry and access to many millions of online shoppers mean that it is possible to enjoy rapid success in e-commerce.
eBay's data also shows that these fast-growing companies tend to avoid the danger of burnout. Only eight of the 66 companies who turned over £1m last year have seen a drop in revenue this year. And this is despite the austere economic climate crimping consumer spending.
Britain's eBay successes are enjoying rapid growth. Warren Blayds of Oldham set up Online4baby five years ago, swapping a "mundane office job" for a life selling prams, cots, play mats and other items that litter the average nursery. Although Blayds and his family already had a business selling discounted nursery products, they have shifted the whole operation online. It is now the biggest site of its kind on ebay.co.uk, with turnover of £4m expected this year.
Although eBay is Blayds's sole source of income, other traders are selling their goods through a range of outlets - either their own websites or other electronic marketplaces such as Amazon.
Online4baby has not been immune to the downturn, however. Blayds admits that he has had to "take stricter purchasing decisions" since 2007, and also cut prices to remain cheaper than discount offers on the high street, indicating the extent to which price wars between major bricks-and-mortar retailers can also affect much smaller online rivals.
"The success of these million-pound businesses should encourage all entrepreneurs. This includes graduates, school leavers - indeed anyone in the family with a great idea. It shows that if you have a good business model and understand the demands of your customers, you can be an overnight success," Ford said.
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