household name

In 1995, eBay came along and revolutionized the world of auctions. The online auction website grew quickly, and today it has hundreds of millions of registered users. Countless sellers use eBay every day, and many of them cite the auction giant as their sole source of income.

Since eBay became a household name, aspiring entrepreneurs have longed to get a piece of the pie. But many have found out the hard way that it’s not as easy as slapping up a listing and watching bids go through the roof. Some have struggled to turn a profit, and some have lost substantial amounts of money.

So what’s the big secret of those who are making a killing on eBay? There is no magic bullet, but there are a few tricks of the trade that can help new sellers get profits coming in. Here they are:

* Sell something you know a lot about. Whether it’s electronics or hair brushes, you’ll need to know enough about your offerings to write intelligent and informative descriptions. You should also be able to answer questions about the items you’re selling.

* Do your homework. When you think of something you’d like to try selling, do a search of completed listings and see how it has sold in the past. Are there lots of listings that didn’t sell? For the ones that did sell, how much did they bring? Are there tons of other sellers listing the same item you’re considering?

* Keep your costs as low as possible. If you’re selling handmade items, buy supplies in bulk. For anything else, you’ll need to find a good wholesale supplier. In order to take advantage of wholesale pricing, you’ll need to get a sales tax number or business license.

* Learn how to draw attention to your listings. You’ll need to include keywords that people would use to find your item in the title. Write a compelling and detailed description, and include several high-quality photos. You can also purchase options such as highlighting and featured listings, but these are best reserved for big ticket items.

* Build up a good feedback score. To start with, buy some inexpensive items and make payment quickly so that you can get good feedback as a buyer. That way you won’t have to take a chance on listing your first item with no feedback. Once you start selling, delivering items on time and providing good customer service will help you earn a higher score.

* Consider setting up a store. This makes it easy for satisfied customers to come back later and see what you have to offer.

Anyone can make money on eBay. It may take some trial and error, but it can be done. Listing fees are reasonable, so you have very little to lose by trying. And once you’ve sold those first few items, it just gets easier from there.