How to become a successful ebay trader?

TurkishDelight

scarlettinlondon wrote: »

I am an experienced (and successful) smallish ebayer. My advice is to go with what you already know, or SERIOUSLY become expert in a single field. The best way to use ebay is to supplement your income. In my eyes, it is too easy to lose it these days as an income stream and it is safest not to have it as your only income. Get into the niche side of things and you will be OK. And sell something that interests you otherwise you will go OUT OF YOUR MIND with the boredom. Ebay listing and packing is NOT stimulating!

I totally agree.
We've made a buisness out of our hobby and have very quickly moved into a related field.
If we didn't know anything about it there would be a box of fakes that would've been distributed to people, possibly collectors, who would then have got us kicked off ebay.
Our only real competitiors are private one-off sellers and chancers, so we get away with charging a ridicluous mark up, just because people can see that we're not going to rip them off or send them useless/fake cards.

If we didn't love what we do then we would go insane, because it can get so tedious.

soolin

Know when to get out as well.

I recently got hold of a line of goods, not something i usually sell at all (I saw someone selling the same item and realised I could source the goods very cheaply). However the market lasted less than a month, I had to judge it and get out before the market crashed.

I stopped buying in bulk as soon as my competitors started being cut throat in their pricing, I sold the rest of my stock and stopped. You can barely give this item away now yet at its peak just 10 days ago I could sell for 300% mark up easily.

Brooker_Dave

stevew8975 wrote: »

(Not seen you around for a while?!)

Website's kicked off, not much time to waste anymore on here...

Brooker_Dave

cyril82 wrote: »

I agree with this comment, it certainly is not as easy to make money on ebay as it used to be, but it is still possible.

Just start off slow, don't tie up too much money in stock upfront and respond to demand, don't buy a wgaon load of stock if it will take two months to sell, ebay is a super fast paced market place and sale prices for in demand products change regularly, factors such as competitors undercutting each other and demand for a certain item falling as well as seasonal retail trends will affect prices and usually drive them down so if you overstock you run the risk of losing alot of money.

The only way to make money on ebay is to sell unusual things with a high mark up.

But to be honest if there's demand for what you are selling a website is the way to go.

cyril82

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I agree, this is what i did after ebay i started a website and invested some money in ppc marketing with pretty good success, but then i discovered Affiliate marketing and now i promote other peoples websites and products and make money off their sales without spending my own money on stock...it takes less time too as i don’t have to do any packaging, posting or deal with customer enquiries as the seller deals with all that.

As well as this i went back into my original industry which is totally offline as a partner in a construction business, which despite the recession is doing ok, but ebay paved the way for this, i used the money i made there to start the website and buy stock and used the money i made on ebay to start my construction business too.

I do think it was a better place when i first started though and the changes are one of the reasons i closed my ebay business, but a lot of people are still doing ok on Ebay and good luck to them

Smart_But_Casual

TurkishDelight wrote: »

I totally agree.
We've made a buisness out of our hobby and have very quickly moved into a related field.

I'm in total agreement.

I know my market demographic as I'm part of it!

I know what to buy, where to buy and when to and how to undercut my competitors but still make at least 50% profit.

I've branched out and that has meant that I'll occasionally drop a clanger but I still make ££.

My hobby now earns me a regular 5 figure amount which is money for very little effort and used for holidays and this years treat, a new Alfa Romeo, bought with cash.

bo_drinker

Brooker_Dave wrote: »

The only way to make money on ebay is to sell unusual things with a high mark up.

But to be honest if there's demand for what you are selling a website is the way to go.

I agree, also I think ebay have got greedy, they want a bite of the cherry and then some, and forcing Paypal. I would imagine a lot have dropped out and set up their own sites, I think the best days have gone on the bay unless you are dealing in rare or unusual items etc.

boombap

Another member has said that there are plenty of bargains to be had from insolvency firms. Whilst this is very true I advise that you think clearly about what you want to stock before getting too involved and buying up anything you think you can turn a profit on.

It's not just losing money on unsold and hard to shift stock that's the problem - it can really affect your sanity when every room is crammed full of brown cardboard boxes of junk.

I made this mistake when I first started out on eBay and the house very quickly got to resemble Del Boy's flat - not good! Even now about five yeras on I have boxes and boxes of sunglasses just rotting in the garage.

Another mistake that I made which I am trying to resolve is do NOT put all of your eggs into one basket with eBay. I really need to pull my finger out and get on with my own website bus as things are currently *ok* on eBay I've got lazy and am just relying on that.

The very best of luck to you though,

S.

PS When I have bad days with eBay and my online sales I always tell myself this - "What can't kill me can only make me stronger". It seems to help!

nexuss

Be careful ordering things from the far east as there is a huge amount of fakes especially things like mobile phones and Ipods.

First_Time_Saver_2

Some very good points here. Thank you all for your replies. I have imported on a small scale from China before. (avoiding import duty and vat) Which I do not intend to do this time as it will be on a larger scale and all transactions will be fully invoiced.

Some members have said that eBay has had its day. I'm not to sure. I still think it is possible to at least etch out a living, Ive just to figure out what to sell LOL. I suppose that's the million dollar question.

Are there any other online methods to either enhance an eBay income or maybe even an alternative method altogether.

The reason I am asking all these questions is that I have had to take a career break from the civil service to care for a parent. I am not allowed to seek alternative employment during my career break, but I can register as self employed and start my own business.

Again, thank you in advance for your replies