Using eBay to Cash In

December 29, 2009 · Filed Under Making Money

How To Cash In On eBay

Most people are familiar with eBay as the number one online auction site, but very few people are taking full advantage of the incredible benefits eBay can provide as an excellent online business tool.

eBay – It’s More Than Just a Way to Clean Out Your Closets

eBay is much more than simply an online auction website where people try to get rid of their clutter. It’s also a place where you can own a great online business empire and make millions of dollars. The site allows you to open an eBay store and start selling products online. All it takes is a little knowledge about what to sell and how to draw attention to your auctions, and you could leverage the traffic eBay gets to your own advantage.
eBay is one of the highest ranking websites on the ‘net, receiving a huge portion of traffic. As an eBay seller, traffic can translate into six figure earnings if you know what the public is interested in buying. This can start out as a simple part-time business, but it takes work if you want to grow it into a bona-fide online presence. You’re basically riding the coattails of eBay, which gives you a great advantage over sites having to start from scratch and build a buzz about their business.

First Step to Success – Register as an eBay Seller

The first step in starting your eBay business is to register as a seller. It’s free and the only costs you need to pay are directly related to each listing that you make. If, like thousands of other people online, you already have an eBay account to buy items, then all you need to do is log in and click the Sell button instead of searching for something to buy.

If it’s your first time selling, you’ll need to enter your credit card details, checking account info and confirm your email address. Although it isn’t necessary if you’re entering credit card details, it’s still advisable to apply to be ID verified, since this will provide you with more benefits by giving your prospective buyers peace of mind.

Once you’ve registered as a seller and confirmed your email address, you just need to list your item. It’s here where you can make or break your selling potential on eBay. Most people don’t know what to sell or how to create a potent listing that receives lots of attention (and bids).

Making Smart Selling Decisions

It’s the biggest question on eBay – “What do I sell?” On the “Seller Central” page of eBay’s website you’ll find a link to “What’s Hot.” This link is divided into a number of other links – merchandising calendar, hot items by category, eBay Pulse, eBay Pop and eBay Marketplace Research.

Try to use as many of these tools as you can to get a real feel for what people are flocking to the auction site to buy at any given moment. If you find a hot, very hot or super hot item (classifications according to the Hot items by category report) that you’re able to sell, then start with these items.

Here are a few ways to find items to sell on eBay:

Wholesale Companies – A wholesaler will allow you to buy in bulk and resell at a higher price. You’ll need to have a place to stock and store the items once you buy them.
Dropshippers – This option allows you to have the inventory shipped directly from the dropshipper to the buyer so that you don’t have to stock anything.
Government Auctions
Closeouts
Liquidations
Garage Sales
Flea Markets
Trade Shows
Event Tickets

Items that are strictly prohibited by eBay include items that are illegal or that encourage illegal activity, items that are racially or ethnically inappropriate, listings that don’t offer an item or service for sale, services that are illegal or sexual in nature, as well as listings that promote giveaways, random drawings, raffles or prizes. eBay also has certain requirements when listing perishable items or reproductions, so it’s best to avoid these or be extremely careful when listing them.

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