6 Hot Tips for Online Business

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: Regarding eBay shipping, find out what your rivals are charging for shipping and try to just undercut them while still making an overall profit on your item. If you managed to buy some cheaper materials, this shouldn’t be too hard for you – most of the sellers on eBay are buying envelopes and boxes one-by-one, which is a very expensive way to do things. If you work things out correctly, you should be able to offer shipping at a price point which makes your rivals look silly, and still make a profit. Remember, too, that the U.S. Post Office (if you are in the U.S.) provides boxes printed with your business name and address free of charge.

Tip #3: This next point is important. Not all wholesalers are drop shippers, and not all drop shippers are wholesalers. If you are new this, please read that line over. Just because a company is a drop ship company does not mean that it is a true wholesale company. Now, they may advertise “wholesale prices,” but unless they require proof of your sale tax permit, they are just retail companies offering a drop ship service. And that’s true no matter how good their prices. That doesn’t mean you shouldn’t do business with them, just that you should be aware that they are essentially a retail business.

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: There may come a time when you need to revise your auction after you have started it. In that case, it is not always necessary to cancel. For listings that have more than 12 hours left to run and haven’t received any bids, you can revise almost everything. You can remove the Buy it Now price or Reserve price, change the duration of the listing, or add listing upgrades. If the listing already has one or more bids, then you can still add upgrades, or add to the description. You add more pictures too, if you want to. Once the listing gets into its last 12 hours, however, what you can do becomes far more limited, even if it has no bids: you can only really add to the description. It’s a very bad idea, by the way, to cancel one listing and ask bidders to bid on another listing for the same item instead. The chances are they’ll be annoyed with you, and won’t bother.

Tip #6: Do take the time to determine the specific products you want to sell and that there is a demand for them. You can offer thousands of products if you like, but you must know which ones are truly in demand and wanted by your shoppers. These products will be the traffic magnets drawing customers to your site. Here are a few research hints: Use Google Insights, Technorati, and eBay to assess customer interest. Social networking sites can be very useful in helping determine the temperature of desire for your products.

What to know more about where to get products to sell on eBay? Start learning more about eBay product sourcing!