eBay – larger customer base, tiny overheads…

This is one of those topics that can have a book written about it, and guess what – you can probably find one on eBay!  However, it’s worth pointing out the most important aspects of setting up businesses on the popular auctioneering site as more and more spenders are taking their money surfing.

Firstly, I hear you asking why you should set up shop on eBay…well, as I’ve said apart from the fact that many are turning to the Internet for cheaper prices they can compare with a click there is also the major benefits of being able to slash your own costs that normally come with running a business.

So you’re finding yourself online and you want to open up an eBay shop.  eBay themselves are saying that by buying wholesale and selling on the site is one of the most successful ways of turning a profit.

Say cheese…

One of the first pieces of advice out there for sellers through eBay is to have a lot of pictures of your products.  People are often claiming that they skip past the listings without pictures – not exactly an ideal scenario – so get those pictures taken.

A good idea of boosting your own website is to advertise through your eBay shop.  Getting your name known throughout the community is key in attracting positive feedback and thorough word of mouth and one of the best ways of doing this is to show a little depth about your business.

You’re getting in touch with an international customer base – so expect to pay a little bit for the privilege.  Apart from the obvious need for an Internet connection, you will be forking out 15p for a basic listing fee for a product starting or reserved at 99p.

You’ll be paying more money for photo galleries, but it will be worth it.  Final value fees are also cause for payment and start at 5.25 per cent.

You won’t be getting away without the old monthly subscription…

There is of course a monthly subscription fee that needs to be paid to eBay.  Obviously this fee depends on how much you are selling, in the same way rent in the real world will depend on how much space you are after.

At least you will be looking at a monthly charge of £6.  However, if you are looking for something serious then you’ll be looking to spend more money for greater exposure – for something like this prices range from between £30 and £600 a month.

Don’t forget your storage needs.

You will also have to put some thought into storage as well, unless you want boxes lying around your house.  Don’t forget to factor in those prices when you’re putting thought into the move – all these prices do add up so be careful.

One of the biggest pieces of advice out there however would be to scour the eBay website and start searching for case studies of entrepreneurs who have taken the plunge and gone for it.

Any advice?

If you’ve ditched the high street for the e-street then let us know – what advice could you pass on?

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