eBay is a way for individuals to buy and sell items to gain profit on the side, but what if an individual decides to become a full-fledged eBay business person? My Business discusses the necessary steps when setting up an eBay home business.
Getting started on eBay is pretty easy—and for social media-savvy people, it’s even easier.
Here are some steps to consider:
- Create an eBay and a PayPal account
- Identify a niche
- Start out by selling pre-loved items
- Plan product sourcing
- Map out shipping strategy
- Keep track of finances
Create an eBay and a PayPal account
Before anything else, it is important to first set up an eBay and PayPal account as both are necessary for the business. If a potential business owner already has an old eBay account, they could utilise the older eBay account as it has higher selling limits and a more solid feedback history.
Meanwhile, a PayPal account is also necessary as it is the sole way for customers to pay for the items being sold in eBay. PayPal is free, but take note of possible withdrawal charges that may apply to both business and personal accounts.
Identify a niche
Newbie sellers on eBay are not advised to sell a multitude of items across varying niches. Since the business is still trying to build its presence in the online marketplace, focusing on a particular niche might be the best option for budding businesses.
There are several niches on eBay that can be chosen by business owners: from clothing to cosmetics to gadgets to home furnishings. What’s important here is that business owners get to choose a niche that they have a genuine interest in.
This interest will somehow make up for the knowledge that they will need when selling products, particularly when it comes to customer inquiries.
Start out by selling pre-loved items
Individuals who are new to the online business sphere are advised to start out by selling pre-loved items found within their homes. Not only will selling these translates to profit, but it is also a good way for business owners to declutter their homes.
Since practically anything can be sold on eBay, individuals only have to make sure that the item they’re selling is of good quality and is usable.
Aside from selling preloved items, business owners are also advised to first buy inexpensive stuff on eBay to get a feel of what a customer experiences when buying products on the marketplace.
They can use these experiences to take note of what improvements can be applied to their own selling accounts, such as shipping options and shipping fees. This will also help business owners become established eBay members.
Plan product sourcing
Initially, new business owners can start off on eBay by selling preloved items. But as the business progresses and focuses on a specific niche, it may be time to plan where to source products to be sold on eBay.
Make sure that the sourced products are cheap and affordable for the business without having to sacrifice the quality of the products. Business owners can opt to source for wholesalers since they sell products in bulk for extremely lower prices. Business owners must also first verify whether their preferred wholesaler is reliable, authentic and has good customer feedback.
Map out shipping strategy
Setting up an eBay business means that a lot of shipping and packaging is involved. Which is why it is practical for business owners to start mapping out a shipping strategy that works for their business.
Business owners are advised to order shipping supplies, such as Tyvek mailers, padded mailers, bubble wrap, packaging tape and boxes ranging in a variety of sizes. Business owners should also sign up for shipping services, making it easier to facilitate product shipping.
Keep track of finances
Business owners should keep track of how much money goes in and out of the business from the very first day they started setting up shop.
Expenses could be anything from acquiring supplies to buying shipping supplies to storage containers. Keep a good inventory of your expenses to keep finances organised as keeping receipts can be used for deductions on your business’ tax returns.
It is advised to consult with a trusted accountant when it comes to financial matters. By doing so, business owners can ensure that they miss nothing when keeping their finances in check.
Starting a business on eBay is easy and affordable. With the right tools and resources, it can be a good avenue for business owners to flourish in the online buying and selling industry and become trusted sellers.
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