Approximately 1.3 million people are making money selling on eBay, with individual income ranging from as little as $500 a month to millions per month. If you are thinking about becoming one of those Power Sellers it’s important to determine where you want to start in order to select the vendors that are right for you.
For example, those thinking about working at home part-time will expect a much smaller stream of income and lay out significantly less monies upfront. Full time businesses, on the other hand, will be able to take advantage of buying in bulk but will need to invest more on initial inventory and have sufficient space to buy a huge pallet of closeout merchandise.
Further, the vendors you choose must be substantive enough to keep shipping the quantities of merchandise you need if you are to maintain monthly sales and obtain the best price per unit.
Here are five of the most important questions to ask yourself now. Don't worry if you are not 100% sure about all the answers.
1) How much time per week total do you want to spend working on your eBay business?
Set a realistic goal of how much time you can devote to your auctions.
2) How much money do you have to invest up front in buying your inventory?
It’s not a problem if you don’t have a lot of money but the amount will be instrumental in determining your budget when selecting which products to sell and what vendors to buy from.
3) How much profit do you want to make in the next 3 months? How much in the next year?
When starting out it is very important to know how much you want to net on eBay so pick a realistic number and remember that realistic is the key word.
Also remember that profit is net income, i.e. what’s left after expenses. Since selecting merchandise to sell can be overwhelming, knowing your financial objectives will help you to select products and vendors who can help you meet those goals.
4) What is your true purpose for selling on eBay?
Are you looking to start on a part time basis while holding onto a current day job or are you ready to take the plunge into making selling online your only income? How much do you need to net now and what is your ultimate goal.
If your true purpose is to make a million dollars a year, then write it down but know that you’ll need to break that down into smaller, more easily attainable goals at the beginning.
5) Are you willing to put in the work to lay the foundation to become a profitable eBay seller?
Financial success = work, especially when you are starting out! So, if you want to make a million, but aren’t willing to do the grunt work up front, go back to Step Four and revise that number. You can always bump it up as you go along!
Once you know where you want to be, you can begin to set your goals to get there. Start an “eBay Business binder” which, as a living business plan, will be the backbone of your business. Save your answers under business objectives.
Congratulations! You are on your way to starting your successful eBay business!
Got a Question? Ask.
Ask the community a question about this article:
Q&A Powered by:
Latest Home Business Articles
How to Draw Naruto
By: virgilio vallecera | 13/10/2008
Naruto is a popular manga by Masash Kishimoto and many artists are aspiring to learn how to allure Naruto. The character of Naruto can be described as a loud and hyperactive adolescent ninja. He is constantly searching for enactment and recognition of his skills. In order to decide how to draw Naruto an understanding of the character will help, while the character itself is very substantial in all Japanese cartoons.
Affiliate Marketing Career Through Click Bank - How to Plan - 1
By: Abhijit Medhi | 13/10/2008
Click Bank, through its state of the art billing ,rebilling mechanism handles very smoothly a huge base of e-book publishers, software vendors, affiliates and customers . Due to its continous presence in the field of affiliate marketing-networking it holds a reputable psition enviable to other affiliate marketing companies . It offers value for efforts and money to all the stake holders. However, for up to the mark success an affiliate as well as publishers must acuaint himself with it first.
Benefit From Article Marketing
By: ginfop4 | 13/10/2008
Some webmasters create links by posting their sites to thousands of online directories. With such a large number of links on the Internet, it's almost a sure thing for search engines to locate your links and index your sites. But that's worth noticing.
Where Can I Find a Legitimate Home Based Business
By: Josh Boxer | 12/10/2008
Home Based business and where to find them
Beware of Myths and Misconceptions When Starting a Home-based Business
By: Dee K. Brown | 12/10/2008
Let’s take a look into making a full-time living or part-time living making money
from the comfort of your home. You owe it to yourself to gain the freedom by
Starting Your Own Home-based Business.
It can be effortless to begin to make money from home. Hundreds,if not thousands,
of men and women do it everyday. But, Beware of the Myths and Misconceptions
Home Based Recruiting - Networking With Other Recruiters
By: Jim Strickland | 12/10/2008
If you are currently considering Home Based Recruiting as a career option then also consider networking with other recruitment firms to further enhance your ability to succeed.
Online Home Business - Working At Home Advice
By: Cynthia Minnaar | 11/10/2008
Do you dream of being boss free and having the freedom of being able to control when you work and where you work? It is not something you could do working in a job because you have a boss who tells you what to do and when to do it. Imagine having an online home business that would give you this control.
Learn to Make an Online Income - System Product Review
By: Shelley Smith | 11/10/2008
With today’s increasingly tough economy, alternative ways of making money as a backup source of income are always welcome. Increasingly, an online business is a great way to make extra money. The question is “how”?
More from Lisa Suttora
The Ebay Income You’re Looking for is in Your Own Backyard
By: Lisa Suttora | 21/03/2008 | Home Business
Selling on eBay has now become one of the most common types of home based business and a lot of people have found it to be particularly lucrative. On the other hand, probably just as many (or more) unsuspecting individuals have gotten involved with one of those fly-by-night, get rich quick schemes being touted all over the internet.
One Common Mistake That Can Kill Your Ebay Sales
By: Lisa Suttora | 21/03/2008 | Home Business
If you're sourcing and shipping products from a drop shipper, you're likely making a common marketing mistake that can sabotage your business by costing you sales and limiting visitors to your listings. The good news is, once you know what’s wrong you’ll find it easy to correct.
How to Write Ebooks and Make Money Selling Them on Ebay
By: Lisa Suttora | 21/03/2008 | Home Business
One of the easiest, most profitable ways to make money is by writing and selling digital products on eBay. Browse through the current listings and you’ll see that eBooks sell from as little as a penny to $17 or more. Clearly, this is a product type worthy of your consideration but I bet you’re wondering where all those sellers get their material.
How to be a Successful Drop Ship Seller in a Competitive Ebay Market
By: Lisa Suttora | 21/03/2008 | Home Business
To make a significant profit eBay sellers need to identify and market products that are currently in great demand. The problem is that, when you sell something “hot” there are at least 17 other people selling the same drop shipped product.
Niche Digital Products are Real Money Makers on Ebay
By: Lisa Suttora | 21/03/2008 | Home Business
Today, regardless of the subject matter, people crave information, especially in digital format. Everywhere you look people are creating and offering downloadable eBooks on a range of topics. Whether these materials are sold or given away as a promotional vehicle, it’s clear that information is a hot property of significant value.
How to Build a Profitable Ebay Business on a Part Time Basis
By: Lisa Suttora | 21/03/2008 | Home Business
At last count, 1.3 million people are making money by selling on eBay. They represent a wide range of individuals and, in terms of income, include everyone from the million dollar per month Power Seller to the person who simply wants a steady $500 a month to pay for a new car. There is an enormous middle ground with a large financial opportunity so even a part time eBay business can be hugely profitable. That is, if you start off on the right foot and take the correct steps going forward.
Expand Your Ebay Income by Working With Local Businesses
By: Lisa Suttora | 21/03/2008 | Home Business
Selling on eBay has proven highly profitable for many, many people and lots of them make a tidy little income as Trading Assistants. Those are people who makes money by selling one of a kind things for individuals.
5 Ways to Keep Your Product Line Fresh and Profitable
By: Lisa Suttora | 21/03/2008 | Home Business
The competition for work at home businesses that make money on eBay continues to grow and successful sellers don’t have the luxury of sitting back and simply enjoying their profits. There is a constant need to keep your product line fresh, viable and distinctive from what others in your category are selling.
Business 
