Online auction sites are a great way to find a bargain on almost anything and an excellent way of getting the best price for selling something of your own. Online auctions are different from their real-world counterparts. You are free to take your time browsing the listings and bidding takes place over a period of days rather than minutes. Online Auctions offer good opportunity for anyone wishing to start an online business for a number of reasons. If you feel you have the persistence necessary to run your own successful business, this is one opportunity you should consider.
Basic Idea
Your business is to sell playing intermediary role helping people to buy items they need. You do not need stock as you can start by placing drop shipper's items on eBay to get you started. Drop shipping is used by intermediary and mail order companies who do not wish to stock inventory of the products sold for future delivery through mail order, catalogues and internet advertising. You send single unit orders for products to manufacturers, or major stocking distributors, who in turn drop ship the merchandise direct to your customers found at online auction. Manufacturers providing drop shipping services can gain additional sales, shift advertising costs to middlemen, offer advertising material and reduce inventory requirements. You shift the risks of stocking inventory to the supply source, including storage, insurance, overhead, and personnel by spending nothing on inventory, until after the product is sold.
Advantages
Minimal capital needed to start. You loose a few dollars in eBay fees if your item doesn't sell.
Disadvantages
Lack of public information on general sales methods and techniques used. This is not passive income system. You should work all the time you want to run your business.
Common mistakes to avoid
1. Listing an item with wrong auction expiration time. It's a known fact that more buyers browse auction sites on Sunday evenings than any other time during the week.
2. Not giving your listing the attention it deserves. Lots of people place items without photos and even good description. Lots of people use all kinds of flashing animation, multicolored text and other bells and whistles in an attempt to entice bidders. Listings like these are distracting, hard to read, and will always discourage people from bidding, resulting in a lower final sales price.
3. Using a reserve price. Using a reserve price to guarantee that one will get a minimum price for an item. People will not bid on "Reserve" auctions as they don't want to get "Reserve not yet met" message.
4. Not planning your business activities. It is always better to create business plan and start implementing it. Ebay business requires procedured to be done everyday so plan it thoroughly.
5. Not selecting several good drop shippers. Your business should be stable. Drop shippers can quit and also they can kill your business by not meeting your expectations. So rotate them until you get several good ones for your business.
You can find books to read first and Online Actions list at www.RichTrack.com.
Written by Helen Peshkova, RichTrack.com.
http://www.RichTrack.com is one of the first business oriented education portals. It's the leading online business information network for millionaires. The goal of RichTrack.com is to present business content in a professional, helpful and practical format that helps you getting rich.
Calling internet auctions an "Entrepreneur's Dream" isn't poetic license or... Read More
Janette Oke is a Christian writer whose books about life,... Read More
You may be in the market for a new website.... Read More
If you've ever read an article about eBay, you will... Read More
We all have items in our closets and stuffed in... Read More
You may have heard about ebay and other online auctions.You... Read More
The Problem...It's happened to the best of us.You've been watching... Read More
eBay is an online auction site so it stands to... Read More
Ebay was only two years old when I discovered it.A... Read More
If you sell in small niches as I recommend and... Read More
Some of these eBay hints will save you money, others... Read More
eBay Search tips and secretsThis is an example of how... Read More
Don't you just love it?You've found that special item on... Read More
eBay and Dropshipping go together like a hand in a... Read More
If you have all the money you need, then this... Read More
Many new Ebay sellers make one of two mistakes: either... Read More
As some of you know, I spent many years buying... Read More
Many people know they would like to start an Internet... Read More
Auction templates are simply a must for successful online auction... Read More
The interesting thing about online buyers is they are extremely... Read More
You would like to increase your income by selling other... Read More
Online auctions are now the new gold rush on the... Read More
Have you spent hours on the internet searching for a... Read More
Have some vintage jewelry? There are several ways you can... Read More
POWERSELL Status, the secrets revealed.If like thousands of people you... Read More
There are many issues that influence how an eBay auction... Read More
Basic Paper Piecing TipsHere are some tips that will help... Read More
Like many folks, you have heard of online auctions. Heck,... Read More
The Internet SHOULD be "the place to shop" for low-carb... Read More
As an ebay(TM) seller it happens very often (too often)... Read More
The online auction site eBay is an excellent tool for... Read More
Many people who sell on Ebay completely neglect the follow-up... Read More
The popularity of online auction site eBay has been legendary.... Read More
One of the most frequently asked questions on the Net... Read More
One of the most valuable things in life is the... Read More
In 1995, when Pierre Omidyar introduced an online business venue... Read More
You've heard about it many times in recent months. Being... Read More
Since their introduction several years ago, online auctions, such as... Read More
Inexperienced auction sellers, or those lacking in confidence, often want... Read More
Buying at auction, be it for stamps or coins, antiques... Read More
By the time that a product has made it to... Read More
A fascinating eBay case study is the number one seller... Read More
Since their introduction several years ago, online auctions, such as... Read More
I flew back to New York from Atlanta a few... Read More
Bidding for a bargain is all part of the exciting... Read More
Dropshipping is an attractive marketing technique, but when you take... Read More
Launching your very own successful website is the dream of... Read More
"Ask And You Shall Receive" Policy Works!You're one-of-a-kind baby clothes... Read More
Ebay.com is a Tool. It is an awesome tool that... Read More
Like all ebay sellers I wanted to sell all of... Read More
1. Admit It: Old business models are no longer working.... Read More
Listing your items on eBay can be very confusing if... Read More
ATV auctions are healthy markets on eBay. All terrain vehicles... Read More
eBay is an online auction site so it stands to... Read More
Have you ever been delighted after a huge sale on... Read More
FACT: eBay's Gross Merchandise Sales (GMS) 2003 - GMS, the... Read More
Ebay money making opportunities are simply the best thing to... Read More
Q: I read your last column about paying income tax... Read More
As I write this article, I am keeping an eye... Read More
Shop at a flea market in Oaxaca, Mexico. Trade with... Read More
Selling on eBay can be very profitable, and is a... Read More
If you've ever read an article about eBay, you will... Read More
EBay is a great part or full time business. An... Read More
When my column on paying income tax on eBay profits... Read More
The online auction site eBay is an excellent tool for... Read More
If you're like me, you probably hate packing and shipping... Read More
Online Auction |