This article was contributed by Mike Collins. Check out his blog with tips for saving money at http://savingmoneytoday.net
If you’re going to start your own eBay business, one of the first things you’ll need to do is figure out what you’re going to sell. There are literally millions of items sold on eBay, and they come in an astonishing variety: from baseball cards to fine jewelry, from ebooks to pickup trucks, from Elmo dolls to real estate.
This variety is good. It means there are plenty of opportunities to carve a niche for yourself. But the number of possibilities can be overwhelming, and many people find themselves the victim of paralysis by analysis. They can’t decide what to sell so they sell nothing.
If that sounds like you, you need to snap out of it, and fast. The sooner you start setting up auctions the sooner you’ll start making money!
Most eBay business owners find their first items to sell by searching through their closets, basement, and attic. If you follow this method you can get your feet wet without spending a lot on inventory. Just rummage around your house and make a pile of anything that you don’t want or need. Pull out old books you’ve read, clothes that don’t fit, knick-knacks, and gifts that don’t fit your style. As long as they’re in decent shape, they’re perfect for the beginning auctioneer.
Of course, in order to take the next step and build a real business for yourself, you’ll need to start acquiring products to resell on eBay. Check out stores that specialize in overstock or closeout merchandise. Keep an eye out for “going out of business” sales. You can buy brand-new products at deep discounts and then turn around and sell them for a tidy profit.
Flea markets and garage sales can be hit or miss, but with a little luck you can find some deals.
Government auctions of unclaimed or possessed items can be a goldmine. Storage units also auction off a unit’s contents if rent is not paid. These are often blind auctions, where you place bids without knowing what’s inside.
Dropshipping is great because it eliminates the work of packing and shipping items yourself. You simply run an auction for an item, and once you’ve been paid you place an order with a dropshipper who sells the product to you at wholesale prices. The dropshipper than ships the item directly to the buyer. You keep the difference between the wholesale price you paid and what you sold it for.
