To build wealth by selling things on eBay, you are not ‘reinventing the wheel’. Let’s keep in mind, that eBay has been around since the nineties, and today with eBay, you are quite literally competing in one of the world’s most competitive markets. Let’s get back to the basics.
A) Customer satisfaction! Ebay users are able to rate their transaction- experience with you. This is called ‘feedback’. You are granted one point for a positive feedback, no points for neutral feedback, and a point is subtracted for a negative experience. Keep in mind that not only the seller can receive feedback, but the buyer can as well. Both parties can also leave a short comment. Make sure you are a straight shooter! Imagine going to a financial planner and seeing a sign on the door saying “This person is a crook”.
B) When selling anything in the world, you can fall victim to the seasons. Ebay is no different. Like most businesses there can be times of the year when things are slow. You must prepare for this. Just because you made a killing during the holiday season, doesn’t mean you will have those sales all year. You would be smart to accept that the summer is dead. The holiday cash-flow must be budgeted accordingly, to get you through the season. Manage your money properly to build wealth on eBay. Don’t let yourself be left out in the cold, this summer.
C) Let’s not forget one of life’s certainties, TAXES. The IRS and many of the world’s tax agencies will track your sales and if you become an Ebay super-star by reaching certain sales numbers, your data will automatically be reported. Keep your affairs in order and remember to set a bit aside for the ‘tax man’ and keep the “tax factor” in mind when pricing products and services.
The quality of your pictures and detailed descriptions are a must. Combine all of these points with determination, discipline, and creativity, and you too may be able to build wealth using eBay.
Posted on behalf of Adam Ginsberg by the Adam Ginsberg Team
Adam Ginsberg would love to work with you on getting you started with your business on the web. So, drop him a line or check out his website for his eBay tools and resources. You could also read his book, “101 secrets of an Auction Millionaire” for some inspiration.