Making money on eBay has never been easier. eBay has invested a lot of money to make the process of listing and selling an item really simple, and as they continue to do this, they keep getting more and more sellers. Some people ask me if you can still make money on eBay, and the answer is absolutely! eBay is a global market place that is consistently gaining new buyers and it is showing no sign of stopping anytime soon.
I also get asked a lot, “What is a good goal for a newbie?” With eBay I recommend that you start slow when you first get into selling. It can be really exciting when you first start selling your items, but you also can get overwhelmed with orders. If you are not experienced with the eBay process you may start to slack on your customer service a bit, and that will cause negative feedback. Once you get familiar with selling on eBay, I suggest setting a goal of $1,000. This number may seem really big to some, and really small to others. To me it looks really small because I understand how easy it is to reach this target. In my eBook, “The Keys to a Successful eBay Business” (found HERE), I share several ideas of what you can sell. One of my favorite items to sell is Mens Polos. They are really easy to find at any thrift store, and that makes for a consistent source of inventory. Lets take a look at how easy it is to make $1,000 selling used Mens Polos:
I buy my Polos at my local Goodwill for $4.25 each and I sell them for a minimum of $13.50. Thats a profit of $6.17 per shirt after fees. If I wanted to make $1,000 selling shirts in one year I would have to sell: 162 shirts in one year – OR – 13 shirts a month – OR – 4 shirts a week – OR – less than 1 shirt a day. Breaking it down to the day makes it really easy for me to set and hit my goals. 162 shirts may seem overwhelming at first, but 4 shirts a week seems doable. Matter of fact, I have sold 30 shirts in one day before
What about those who want to make more than just $1,000 a year on eBay? What if you want to make this into a full time business? For me, I find it easy to focus on the formula above. Find a consistent item that you can make $1,000 a year on, and break it down to the day or week. Lets look at another example:
Yesterday I stated that you can sell Black Diamond Scrabble tiles for $30 on eBay. Since they cost only $5.50 to buy, you make a nice profit of $21.55 after fees. If you wanted to make $1,000 in one year selling Black Scrabble tiles, you would have to sell: 46 per year – OR – 4 per month – OR – 1 per week.
Now that you know how to make $1000 on two different products, why not multiply that to 100 items? The key here is to use the formula above and break it down into daily or weekly goals. Also, finding items that you can consistently sell – like the shirts or game board pieces – will help you reach your goal faster. You may even want to change your goals to $2,000 a year per item, and then you only have to find 50 items to make $100,000 a year on eBay!
Remember to start slow so you do not get overwhelmed. You can slowly keep introducing new items one by one, and when you break it down to make $1,000 per year on each item, your goal will quickly become much more attainable. Take an hour today to sit in a quiet place with a pen and paper. Brainstorm on items that you can sell on eBay, and then figure out how you can make $1000 on each item per year.