Setting up eBay business - guide?

Noctu

Hi all,
Sorry for the obvious/simple question... but does anyone know of a UK-centric guide to setting up your own business on eBay? Just with some pointers e.g. how to register as self employed, how to get a business account (bank and eBay!), things to watch out for, etc...?

Many thanks

justjohn

not being nasty, but if you need a guide then Being SE on ebay is not for you

mel48rose

justjohn wrote: »

not being nasty, but if you need a guide then Being SE on ebay is not for you

Think that's not very helpful is it to the OP? Good luck with your new venture.

ballisticbrian

What you do mate, search eBay for what you think are good ideas, copy them but make them 1p cheaper. Then wait for the existing seller whose put in all the research and has a garage full of stock to come back and beat your price. When this has continued for some time and you realise you are working every hour god sends for little or no reward, return back to point a. of looking for new ideas on eBay then start all over again. meant as humourous and not sarcastic!

bxboards

Most of your questions are not Ebay specific - for example HRMC's website has all the info you need re: self-employment. If you are a sole trader, then you need to inform HMRC within 3 months of start of trade.

You would need to register on Ebay as a Business Seller.

Do not put all your eggs in one basket - I would also advise selling on Amazon too, and also having your own website.

Noctu

Thanks for the helpful replies. I probably should have given more detail on our (well, OH's) situation... he's been working full time selling widgets for >13 years but is being made redundant & the whole side of the business he worked for is being scrapped, as well as other areas, as they're about to go under and just can't afford his wage.

OH thinks he has a good opportunity to set up on his own and, after research, has identified that he can undercut current widget sellers on ebay even with a decent markup for himself. As he already has personal contacts and agreements with suppliers.

So he knows the ins and outs of the marketplace for these widgets but just not the self employed and eBay side of things.

I guess we already know most of the basics and as bxboards said, a lot of the info is more HMRC based. But eBay has its quirks etc and I thought a 'dummies guide', if it exists, might be useful as a reference just in case...!

soolin

Noctu wrote: »

Hi all,
Sorry for the obvious/simple question... but does anyone know of a UK-centric guide to setting up your own business on eBay? Just with some pointers e.g. how to register as self employed, how to get a business account (bank and eBay!), things to watch out for, etc...?

Many thanks

I've too many screens open to google the telephone number, but phone HMRC and they are surprisingly helpful.

On ebay it is best to convert any existing aco!!!! you have to abusiness rather than start from scratch. Upgrading to a business ebay account is easy, again use the help system on ebay and there is a direct link. If you look through the community section (tab at top of ebay pages) there ar eguides about being a business on ebay that are written by other users and can be useful.

You might not need a business bank account straight off, just make sure your paypal account is a premier at least and you have it linked to a bank account that you can check easily to keep your tax records straight.

That's all the easy stuff, the hardest part is finding suitable stock at the right prices.

Good luck

ballisticbrian

Simply undercutting other sellers is not a great business model, I'm suprised you didn't take that nugget from my little story?

soolin

ballisticbrian wrote: »

Simply undercutting other sellers is not a great business model, I'm suprised you didn't take that nugget from my little story?

It can be a good business model in the right hands. However I am always getting new sellers trying to undercut me and I tend to hold my price and still outsell them as my Best Match placing is high and my stats good.

It depends on who you are competing against as price is not the only factor people buy on.

Noctu

ballisticbrian wrote: »

Simply undercutting other sellers is not a great business model, I'm suprised you didn't take that nugget from my little story?

Well, it's not the only strategy he has but I didn't want to type it all out!

RFW

HMRC: http://www.hmrc.gov.uk/startingup/

Start up advice: http://www.startups.co.uk/

They have a section on Ebay business start up too http://www.startups.co.uk/ebay-business.html

It's also worth asking at banks, a lot have free help, just don't get trapped into paying for any monthly accounts with them until you're sure what you are doing and need.

If you're in London on 6-7 June this could be useful http://www.bstartup.com/

As said price can be a big factor despite what others have said. Unfortunately the majority of people do buy on price alone, but that's probably an argument for another thread.

I've always tried to avoid being in competitive markets or at least tried to modify items so they aren't the same as any competitors.