Tip #1: Before selling anything on eBay it is important to study the additional eBay costs so that you’ll know how much you need to make to make a profit. Some of the extra costs include: (1) listing fees, (2) final value fees, (3) image hosting fees (can be optional),(4) fees for extras such as bold type, extra space for your listing, larger picture size (optional), (5) “Buy it Now” fees (optional), (6) fixed price fees (optional), (7) PayPal or other payment processor fees.

Tip #2: It takes planning and research to develop a sound internet marketing plan. Your home-based business will not become profitable by itself. A marketing plan for your home business should include the level of demand for your service or product, how many businesses offer the same service or product, and how you can create a demand for your product through advertising or promotions. Another key consideration in marketing your home business is to determine if you can compete in quality, price and delivery of your product. Even if you use an internet marketing plan developed elsewhere, you still must capture the attention of your audience in a way that will make them loyal customers.

Tip #3: Collectors are vital to eBay and could be a real asset to your auctions. Collectors are people willing to take the time and effort and to spend the money to acquire a particular object of fascination. This could be oriental carpets, vintage Grateful Dead tickets, or antique model railroad trains. Collectors pay handsome prices for objects that often seem ordinary and lackluster to anyone else. Best of all, collector’s items are often found in ordinary locations, such as yard sales, junk shops, and even pawn shops. To get an idea of items in demand, you could log on to Internet forums for collectors and listen in on the kinds of things people are seeking and value.

Tip #4: What do wholesale and retail markets have to do with eBay? Well, the two environments are very different. To be precise, eBay is a wholesale selling market. Just about everything for sale is already at or below wholesale prices. You typical ecommerce site, such bestbuy.com or your localcoffeevendor.com are retail markets. This has everything to do with your choice of product sourcing, target customers, and profit margins. If this is the first time you have thought of this, don’t worry, you are not alone. For someone running a business, though, understanding your selling environment is crucial.

Tip #5: One often neglected key to eBay success is understanding your buyer. After your auction closes but before you send the product to the buyer, take the time to find out a little about them especially if you’re selling a high-ticket item that you can’t afford to lose. Even if the buyer has paid, the PayPal transaction could still be reversed leaving you at a loss. So how do you figure out if you can trust your buyer? Look at their feedback for others. Go to their feedback page and click ‘Left for Others’. If they leave a lot of negatives for their sellers, then you should try to get away from them as fast as you can – if you do deal with them, make sure not to leave your feedback first. You should consider a negative someone has left to be just as bad as a negative left for them. Look at feedback from sellers. Click ‘From Sellers’. You might find that they have more complaints from sellers than from buyers – or, on the other hand, it might be the other way around. Some people really are just better at selling than buying, or vice versa.

Tip #6: When considering your own business or branching out into a different area, remember to research other people who are successfully doing what you plan on doing. It’s even better if you can take something that’s tried-and-tested in another country and import it to your own. If there’s no-one else operating in your chosen market, ask yourself why. It is possible that others have tried your market and found it and couldn’t make it work. This information could be invaluable to your success.

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