We're going to look at 15 things you should do or decide when you start
selling an eBay. eBay selling as a business, is no easy task. So please
consider all the points I have in this video, before it's too late.
So without further ado, let's get to it. The first point I have is, what items to
sell an eBay. And here, I always recommend that people start just by selling stuff
they already have. This way, all of your risk is minimal. So, you don't really have
to invest into anything. You just put the item on sale and just see how it goes.
And really, always be on the lookout for a niche. I know this might sound a little
bit cliche by now, but I have a little story to tell you. It's a story about how
I made about a hundred bucks just by doing something that most people
wouldn't do. So I live in a really warm area of the country and outside my
property I have bamboo growing. Once in a while, I have to go out and trim the
bamboo, so it doesn't really invade my backyard. And with that I was also
cutting the roots out of the ground. So then, I had all this bamboo lying
there, and I was thinking, well normally I would throw it out. And actually in all
the previous years I was doing that, I did throw it out. But this time I had a
little idea, and I just researched bamboo on eBay. And it turned out that this
stuff actually sells really well for all kinds of DIY community people. Pipe
makers, handles for bags, and so on. So people actually use bamboo roots to make
stuff and it actually has a price on eBay. Instead of throwing it out, I
packaged it up put up a couple of auctions. And I actually sold it and I
made a hundred bucks. And you should be doing the same thing. You probably have
more at hand than you think. Think of all the stuff you will be throwing away. Even
if it's as useless as sticks or roots, like it wasn't my case. Sometimes, some of
it might be useful for somebody else. I mean, think of the people that bought
those bamboo roots. The only reason they bought it, is they don't have access to
it. Yeah, you can't just go to some random store and buy bamboo roots. Very few
stores even have that, I guess. Just because it's such an unusual item. So
they have to actually rely on people like me to deliver it. Let's
go on to the next one: how much can you risk or invest. This will be important
later but you might as well start deciding about this now. It's like when
you go to a casino. The thing you should be doing is, before
you walk in you should decide what games you're gonna play and how much you're
willing to lose. It's the same thing with eBay. So for example some people might be
risk-averse by nature and they would never invest into a high-end
product and then try to sell on eBay. They would first maybe start off with
small items. All people are different. But you have to decide this before you
do it. Because if it's going to be one of those decisions you do as you go along,
it'll be just like a casino. You know, because the casino wins because they
depend on a lot of people making bad decisions as they go along. And you don't
want to be one of those people. The next one is how much time can you give. Really
look at your current schedule and see how much time you can give to eBay
without impacting anything else. So, for example, let's say every Saturday you
have family days maybe you take the kids out someplace; maybe you go out with your
friends. But it's something that you do every Saturday.
Well that means on Saturday you can't really devote any time to eBay. How
much spare evening time do you have? Think about all those things and pick
out the time that you can really devote to it. And the important part here is
this as soon as you start to sacrifice something, maybe subconsciously you'll
start blaming eBay for taking the time. And you don't want to be doing that
because that's just a recipe for you quitting eBay. Don't set yourself up for
that. So, let's continue to number four: think about pictures. Most people, while
they do read the description if it's short enough... Most people will not read
a description if it's super super long. If an item has like four pages of
description, do you really actually read it all?
No. But you always, always look at the pictures. So you should really think
about how you're going to be doing your own pictures. Do you have a camera? Do you
have a high-end cell phone that you can take pictures with? If you don't have any
of that, you should really invest a little bit of money into maybe a phone
or a cheap camera. Because you really need to take good pictures. Okay, so,
number five is get familiar with photo editing tools. The reason I have this
is that, this will really make you stand out in front of your competition. It
doesn't take long to learn this, but trust me the effect can be awesome. So,
I'll share a recent auction I made for a trophy that I got actually for free, so I was
selling it. And notice the picture. I think you have to agree, first of all
it's a great picture. But a couple of touch-ups in Photoshop, really put it
ahead. All I did was put in a little bit of additional contrast and suddenly the
the trophy really stands out. And while you might say "well maybe this is not so
critical", again I have to argue! When your listing is one of maybe 50 that a
person will see, the immediate reason they might even click on your listing, is
because of your picture. Number six is how are you going to handle bookkeeping.
The reason I have this is, you might as well start getting used to this when
you're just starting out. And not later on. So why do you need bookkeeping? The
main reason is taxes. Everybody has to pay them. And if you do enough business,
eventually you have to do that as well. Having good books will really helps out.
So, save all your checks. Download one of those free Excel templates, and just
write down your expenses and income. At the moment, when I'm making this video,
eBay will send you a 1099 form only if you cross this 200 items mark per year.
So maybe you won't immediately get it, but eventually, if you're successful
enough, you will get it. PayPal has a very similar 1099 form and they don't have an
item count but instead a value count. So, again, twenty thousand dollars a year
and then they're gonna send you a 1099. Watch these topics closely because these
can change just like that at any moment. You don't want to be caught by surprise.
That's the last thing you want. And one more thing that's good to keep in mind
is, PayPal hold your money for 21 days. This one is something I've seen many
many people get caught by surprise. If you check on eBay a guy named "Jehu
Garcia", he invested a ton of money, something like half a million dollars,
into batteries and he was gonna sell that out to people, maybe for a
small profit. And what happened to him was, PayPal had this 21 day holding
period that he really really disagreed with. And eventually his whole investment
just kind of fell through. I think, he managed to get like his money
back somehow. Maybe he sold it just by calling people and so on. So he stayed
away for PayPal. But this 21 day period that PayPal will always hold your money
on, might catch you by surprise. So if you're gonna sell like, I don't know, your
Rolex for $10,000 and then you're surprised that PayPal's holding your
money for 21 days... and then you're growing gray hairs because you're
worried everyday, whether or not they're actually going to give you that money...
You should really just know this in advance and not be surprised when that
happens. Let's continue. Number seven is your supplies. These are your boxes, poly
bags, bubble fillers, boxes, thank you cards. Where are you gonna get these things? Maybe
at the post office? Think about Home Depot, your local supermarket. You know what
you can do is, let's say you have a small local supermarket that you regularly
shop at. You can actually walk up to those people and ask for boxes. Because
they throw them out all the time and they might as well give them to you. You
know, I was on I was a stock boy in a supermarket once many years ago. And
actually, I was really glad to give people boxes, because that meant I didn't
have to worry about crushing them and sending them and packing them. Because
these normally get recycled... So I was actually more happy if people took them
instead of me having to do that extra work to handle them. So your local
supermarket could be a great source for just free boxes. Also, if you're moving,
check your local supermarket. They'll usually give you free boxes, even big
ones. And actually I also like to keep the boxes from the stuff I buy, and then
recycle it during shipping. Cost me zero, and works great. Let's go to number eight
and that's, set your goals and expectations. Without a goal, any kind of
goal or expectation of where you're going, it's not only true in eBay
but also in life: you're not really moving towards any target. So, for example,
let's say you start working out. And you don't have a goal? Usually you'll
just drop working out, because it's boring stuff. Working out is
boring. Nobody really likes it or enjoys it very much. It's only when people set a
goal, like for example I'm gonna lose ten pounds. And really work towards that
goal. That's when you're gonna actually meet that goal. But also set your goals
high enough there's a bit of a challenge but low enough that it's actually
attainable. Take Warren Buffett, if his goal 50 years ago was, I'm gonna become a
billionaire. Well he would have been sorely disappointed, because his goal
would have taken like 30 years to get to. Make her goal something like, I'm gonna
make a hundred dollars, and work towards that. Then when you cross this hundred
dollar mark, set your goal to a thousand dollars. I'm gonna make a thousand
dollars in the next two months from eBay.
And try and work towards that. And you'll find that if you progress that way,
eventually you'll be hitting your goals. And every time it's going to feel like
you're achieving something. Number nine, that's: research your prices and products
and keywords. This is really important. And a lot of people miss this. So,
research every single item you list. It's super important that you do it.
MarkSight.com offers free tools and also more advanced tools that are paid. You should be
doing all kinds of research. Check your prices, see how many similar items are
selling. See what your titles should be. See which keywords you should be using
in your titles. These all have an impact, and you should be researching this stuff
if you're serious. I have a lot of videos in my channel where I describe, for
example, keyword research or title research. Check them out, I'm sure they'll
be helpful for you. Let's go to number 10 and that's: how will it all fit in your
life? So let me tell you a quick story. A couple of weeks ago we had friends over
for dinner. And during dinner I got a message on my phone that an item was
sold. So I'm usually selling a lot of things but this just happened during
dinner, and to me this is all actually exciting. I'm like a little kid, I like it
a lot. So immediately, I felt compelled to tell everybody about it because you know,
I just made 20 bucks. And that just felt nice. But I look over and my wife seems a
little embarrassed... So that's not cool. If you're one of those people that feel
embarrassed that people find out that you're doing some business at eBay. Then
maybe selling stuff on eBay, maybe this is actually not for you, okay? It
should only bring you positive emotion I'm not negative emotion. Because if you
get negative about it all, eventually again, you'll just drop it. And you would
have wasted your time. Number 11 is: talk to your customers and learn from them.
This one is also really really important to do. And very few people put an
emphasis on this. Respond to every single question that a user sends you, even if
it's stupid. Just respond politely and honestly but also you're free to take
the initiative and talk to people after the sale. So, for example, ask them "hey, how
did you get your item? was it in good shape? is everything all right?". And you'll
find that this actually builds your trust ratings and increases the chance
that they give you positive feedback. And do try to genuinely help people. This way,
they will come back for more business in the future. Let's move
to number 12, and that's how will you stay motivated. So a friend or a partner
or anybody that you can do this along with, really really helps you out. I have
another video on my channel where I discuss some statistics where 92% of
people that were selling on eBay five years ago are no longer selling. So that
just gives you an idea. A lot of people will start up maybe they stay strong but
eventually they, most of them go away. So for me, my kids really helped. My kids
are still small and I like that somehow maybe they're getting a little bit of
entrepreneurial ideas even, sometimes. So, number thirteen is: what's your strategy?
is it short-term profits or long-term profits? How long are you willing to stay
with your merchandise before you let it go? How many do you want to sell? These
are all questions that you have to sort of answer for yourself before you start
really selling seriously. For me it's more long-term profits, so I'm definitely
okay with having merchandise stay around for a while. Maybe I put it in
the garage or whatever. But I find that this way, I get better profits. So, even if
an item has to go through maybe three or four cycles of being relisted, that's
okay for me, because that way I still get more money. For other people this might
not be okay and they would rather, let's say, get rid of it fast and move on to
something else fast. I'm more of a slow-paced seller, but everybody is
different. So you have to figure this out for yourself. Number 14 is, familiarize
yourself with eBay fees and paypal fees and shipping fees. This is super critical.
So there's a lot of things that go into this. But let me just give you the basics.
eBay will normally take at least 10% of your whole paid sum. And this is
something that a lot of people don't like, because they find this out too late.
Let's say you sold something for a hundred bucks, okay? And let's say, so that
person paid your $20 and shipping also. Well, guess what? eBay is even going to take
10% out of that shipping fee. Isn't that funny? Yeah, but they will do this. So they
will take 10% of the whole paid sum. Even with the shipping fees. PayPal also
takes three to four percent, closer to 3% of, again the whole sum. And
that means you're looking at 13% to 15% of loss just in all kinds of fees alone.
So you sell something for 100 bucks, you are going to end up with only 85. And
let's say you were thinking, all right I'm gonna buy this item and we sell it
on eBay. So I buy it for 80, I sell it for 100. Well you're only looking at a few
dollars of profit! So maybe it's not even worthwhile selling. More people than
you think really get caught on this. so whenever you're looking at selling
something, always consider that fifteen percent is just going to be taken by
these fees. And number fifteen is, avoid getting into the mass products or at
least in the beginning. You should only do this once you're guaranteed sales. And
that's because this is a super high competition area. You'll probably notice
a lot of videos on YouTube that talk about, you know, making ten grand in two
days by selling something on eBay or even on Shopify, or any other system.
Trust me, that's all nonsense. There's so much
competition in those areas that even if you do happen to make that kind of money
in a couple of days, it's equivalent to sort of winning the lottery.
Okay, so you got really really lucky there... So it only makes sense to really
do an investment after you've confirmed real demand. Let's go back to my trophy
example, okay? I can see that this trophy really has good demand, and if I had some
way to get more of these trophies I definitely would, except I don't. But
this is one of those areas that I might have gotten into. Unfortunately, I think
that if such a source actually existed, others would have caught on to this way
before me. So it's a super high competition area. Also don't think of the
Chinese as being really stupid. If they can see that they're taking an item and
you're just reselling the said item for double the profit. They'll just skip you,
very easily, and they'll sell it by themselves. I'm not saying that you
should never get into this, you should eventually. But this should be a very
calculated decision with a lot of data backing you up. And my final tip is, all
those 15 tips are actually interconnected. So, your risk appetite
should relate to what you're willing to sell and so on. If you're willing to
be super risky, maybe you can still try and sell fidget spinners. If you're more
conservative, you might try selling clothing for example. If you want to try
and sell expensive items, maybe you can get into luxury or electronics. But
normally, I would recommend to stay away from that. And the first things you
should be trying to sell is just stuff you already have. That's going to
minimize your risk and maximize your immediate reward. Thanks for
watching, and I'll see you in the next video!
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