posted on February 3, 2002 03:43:31 PM new
The first step to your new career better be switching over to a paypal business account, since after all you'll be a business!
It's not really the fairest way to paypal to sign up as a business, then open a personal account to save on the fees - it isn't really a matter of how much each payment is for, but whether or not you are a business. You could always just not accept paypal if the fees are a problem.
Two accounts might be allowed by the letter of their TOS, but I doubt that paypal can be very happy about it - it's cheating the spirit of the rules. A lot of customers have the premier accounts anyway, and pay the fees for the payments they accept.
posted on February 3, 2002 09:27:44 PM new
I sold part time on ebay for 1 1/2 years never taking any money out except to invest in inventory. When I started I started with items I already owed. So I started this business without any $$$. After that 1 1/2 years I did quit my full time accounting manager job to do this full time.
I ship on Tuesday and Friday. Never had a complaint about it. If someone tells me the need it fast I will make the PO run when the payment is rec'd.
I have tons of inventory. I buy only when the price is right. I start most of my items at 9.99. I laugh when I see sellers start at 10.00. Why pay 25 cents more for a penny!
Organization is the key.
Since you are not quitting a job to do this. Since you already know the ropes. I am not sure what kind of advise exactly you are looking for.
Make your plan. ANd stick to it.
Some sellers write description one day, photo the next and list the next. Personally, I write in the morning, photo, and list daily. I list at least 100 items in the 4 days that I list. I shop one day a week. If shopping is good I also shop on the weekends.
I have had NO luck at garage selles or good will type places so I no longer waste my time. I have suppliers that will call me and tell me "we are giving the stuff away today" and I run. If you shop at second hand stores and such make friend with the workers, give out your business card and ask them to call you with great deals.
If you sell books, here you can join Friends of the Library and get to shop the day before the sale starts.
Like I said, I am not sure what type of advise you are looking for since you all ready do this. But I hope I was able to help!
posted on February 5, 2002 08:21:24 PM new
I love the "thrill" of eBay .. the fun of watching an auction BUT it worries me that if you make one wrong step you are NARU. I have read far too many posts by people whose businesses are shot down with a keystroke ... never to be revived.
I have been my own boss since 1981 ... both in the B&M world and on eBay. In fact, it took alot of begging even to get anyone to tell me about eBay and how to sell there.
It is a HUGE amount of work ... sometimes for a very small amount of money. Sell thru rate can also be a problem.
I am not trying to shoot you down. I am just trying to tell you what I see wrong with the idea. I, too, thought it would be great to sell full time on eBay. BUT times change, and eBay is constantly changing, and not usually in favor of the seller.
You say you are only looking to make a couple of hundred dollars a month on eBay. That is easily attainable. I don't think you need to be full time to make that.
As for me, the B&M world once again beckons .... my new store will be open shortly and I will cut back on my eBay sales.
Good luck to you ... and please do not think replies are direct attacks at you. They are not. You asked for opinions, that is what I gave. Sorry if it was taken the wrong way.
The most important thing I have learned in my life is not to put all of my eggs in one basket. I actually keep mine in four different baskets ... and this year three of those baskets sustained heavy damage ... and the biggest most profitable basket was stolen away entirely.
posted on February 6, 2002 06:12:39 AM new
I'm a stay-home mom who ebays part-time too and I'm glad you asked this question because I have been wondering the same things you have. I too supplement my families income with my ebaying.
One of the things I have found ebaying are that unfortunately it is necessary to "pad" your shipping fees if you want to make a profit. With Auctionwatch fees, Paypal fees, shipping cost, & shipping supplies, it can be hard to make a profit on smaller priced items if you don't add that dreaded "handling fee". I used to be one of those proud folk who only charged actual shipping but then I calculated my costs and realized I wasn't making much or actually losing money on some items. I'm not doing this for charity so I resigned myself to charge extra on my shipping to cover those costs, the same as any business covers their expenses and overhead in their price.
Another tip is that I use Federal Express Home Ground Delivery on items that are 5 pounds or more. It cost less than Priority Mail and it includes tracking and insurance up to $100. I opened an account with FedEx so I can print my shipping labels from their website then just drop my packages off at the local FedEx office (no post office lines, yea!)
One of your questions that I haven't seen anyone address is where/how to find wholesale goods. Keep up the good work!
[ edited by karensue32 on Feb 6, 2002 06:15 AM ]
posted on February 6, 2002 07:03:54 AM new
Karensue,
Do you state in your auctions a handling fee or just tack it on? As far as ouside fees go, since I sell smaller priced goods, I do accept Paypal if someone has existing funds or transfers from their bank acct OR does an echeck only. That way I avoid Paypal fees. I USED to accept CC's but lost more money that way. As far as supplies, the only ones I pay for is the packing tape. I get all the free boxes I want at the supermarket (big and small). Anything to keep costs down! I do often round shipping cost up to the nearest dollar (If something would be $3.50 for Priority mail, I often state shipping is $4.00 Priority Mail right in the auction).
MEOW
posted on February 6, 2002 07:47:55 AM new
Katmommy,
To be honest sometimes I just state that the shipping is so much, sometimes I say "shiping/handling". A while back someone suggested "shipping/packaging" if the word "handling" bothers you.
I sell a lot of books and I package them well. I hate getting books off ebay that are send in a paper envelope because there is no way for them to make it through the USPS without damage. It cost more for me to put corrugated cardboard and bubble wrap around a book but I know it will get there in the same condition I sold it in. Therefore, I state in my auctions "Shipping is $x.xx including being well packed to assure safe delivery". This also works on collectibles or fragile items.
posted on February 6, 2002 11:16:46 AM new
mrssantaclaus: [i]I love the "thrill" of eBay .. the fun of watching an auction BUT it worries me that if you make one wrong step you
are NARU. I have read far too many posts by people whose businesses are shot down with a keystroke ... never to
be revived. [/i]
That's very true. Even reading all the eBay regs (which are widely scattered throughout eBay) will not protect you from an inadvertent NARU, because the regulations are worded in such a way that a determined eBay rep can use them to implement most any punitive measure.
mrssantaclaus, you are most wise not to have all your poultry products in one container. You be one smart business person, lady! I'd much rather hear from people who tell it like it is than from those who paint rosy pictures brimming with fresh-baked cookies, cute puppies, hovering butterflies and buckets full of cash eagerly sent by extravagant bidders. That's the stuff fantasies are made of. The truth is that the upside is limited only by one's hard work, persistence and openness to learning (and, to some extent, hoping the eBay gods don't strike you down in their wrath).
posted on February 6, 2002 11:51:27 AM new
The only thing about trying to establish a career on eBay is that in the real world the place you work doesn't generally crash once a week.
posted on February 6, 2002 12:10:49 PM new
Bettylou said "Guess you weren't all that interested in what someone who eBays fulltime has to say"
Of course I am or I wouldnt have asked. Everything you have said on this topic has been negative but you surely must like something about auctions or wouldnt be doing it. I appreciate being told the many tips and advise Ive gotten from everyone here but honestly, to me you came across a tad impatient.
Maybe I should have rephrased my initial post to "need tricks of the trade", since I already know all the work involved.
MEOW
posted on February 6, 2002 05:26:01 PM new
1.No one said you have to mention Handling fees,just have a fixed shipping cost,charge whatever is good for you that's it.Don't get hung up on the "handeling thing"Most Customers will let make up to $1-$2 without any outcry.
2.NARU from e-bay is not that Easy,you have to boarder on criminal.Just don't break Da Rules.E-bay dose the most to stay out of customer to seller affairs unless you are Conning people out of $$$.Alway get D.Confirmation it keeps you legal.
posted on February 6, 2002 08:19:15 PM new
ijusthaveit-Sam Walton,Donald Trump,Howard Stern and Bill Gates....you THINK!
----------------------------
THESE GUYS DO NOT SELL ON EBAY AND MAKE EBAY RICH !!
and if they start out selling on ebay,they will soon realise they have to move on and not make ebay rich,or amzn rich or yahoo rich.
posted on February 6, 2002 08:46:04 PM newKatmommy~
First of all, I love the MEOW
That said, many mistakes can be made. Read some of the past threads. You will see what can happen ... the list is endless. For instance, you can't sell Microsoft Software. Who would think that? The thing that really scares me is if someone you are related to does something wrong and gets NARU down you go, too. You really don't have any control over it.
It sounds to me like you already have an income so you'll be ok.
For packaging books I first put it in a sealed bag then cut a regular piece of cardboard and another the same size of tablet back thickness of cardboard. Seal around the book ...the top gives you a bit of flexibility and the bottom is nice and sturdy. It has worked well for me.
posted on February 6, 2002 09:00:39 PM newBettyLou~
Thanks for your kind words. But, even with your eggs in different baskets it doesn't mean those eggs can't go bad all at the same time.
Hard work and perserverence can only go so far ... there are always elements that you cannot control.
How is this for crappy luck:
My partner and I developed a new fundraising product. We worked very hard to perfect it, taking the last 3 years to develop client lists, you name it. We started working with one major charity. Any problems we went overboard to correct ... never misrepresented the charity, went totally by the book ... and then some. Of course, as in all businesses, there are copycats. Well, come November we get a cease and desist letter. It seems another company will do it cheaper. Now, to compare our products ... we were selling top of the line merchandise, the kind you get in a gift shop. They are selling the kind of merchandise you get at a carnival. Loss in revenue to my company .... $60,000+ this year.
Oh, and I should add that I got the letter on my first day back to work from my father's funeral.
As you see, no matter what you do sometimes it is just not enough.
Sorry for the rant, it has been a horrible day full of horrible decisions. I think it is time for a wine cooler.
posted on February 6, 2002 09:12:01 PM new
I run a full time B&M shop. When I started ebay 3 yrs ago It was hard for me to keep up with 5 or six auctions a week. Took so much time I couldnt believe anyone would be able to make "serious money" doing it. On the boards you can find people who do six figure volume per month (I dont know the profit margins) When I saw the potential here, It brought down any doubts I had about success - Ebay and other online sites generate half the gross of my B & M shop and hopefully it will double this year. The more I learn the bigger my bottom line. Prowl the boards here and at ALL the auction sites - learn what you can and try things till you get a system that works. These people are giving you the bottom line - This is HARD HARD work but it will pay off if you put effort into it and keep trying new things. Some luck helps too... - Go to it !
KY
posted on February 7, 2002 05:53:04 AM new
Who is doing 6 figures a month in gross sales ? That's $1.2 million a year. If they have a product that does that kind of action,I would think they would develop their own site.
One Power Seller that is interviewed by the media nearly everytime there is an eBay contraversy had over 10,000 feedback.
I was curious about what he could be moving on eBay to generate that kind of transaction traffic.
Turns out he sells stamps and the transactions were for $2 to $3 gross. So, just going by the feedback, he may have grossed $30-40 thousand in 3 years. Take out his expenses and he is working for mush less than minimum wage. It must be a hobby.
I also went back in my feedback to 1997 to check out the sellers I had bought from 4 years ago. 40% of them had been totally inactive for at least the previous year, no feedback for buying or selling in over 12 months. Hardly a scientific study, but significant none the less.
To make decent money on eBay, you have to have proprietary and popular merchandise.
Remarkably, some of the highest sales volumes I have seen on eBay are for "spy software" and miracle "diet pills".
posted on February 7, 2002 09:36:42 AM new
I have been in business by myself for 25 years and on ebay for the last three. It was not untill ebay that my wife could quit her job and join me. We do well, and do not travel like we used to. Our sell through rate is usually about 90%.
Buying right is the key to profit. You need to develop your buying skills and find an area that you can become an expert.
posted on February 7, 2002 10:08:57 AM new
Even buying at the "right price" will do little for you if the person you are buying from is also selling to everybody else the samething for the same "right price".
posted on February 7, 2002 11:00:21 AM new
The main reason businesses fail is that they just don't have enough dough to sustain the biz and the people in it until it really makes enough money to do so on its owm
Selling is mainly dependant on volume to make it go. Even if you aren't going to live soley on what you make, it helps to be doing enough so that you could. You can either reinvest back into the business or save what you might consider your surplus income. Business is cyclical enough so it usually works out in your favor over the long haul to be busy.
posted on February 7, 2002 02:13:51 PM new
One of the most important things to me is being organized. I truly believe that organization is 50% of your job. If I become overwhelmed and disorganized I waste so much time. I had moved my inventory from one room to another and wasted time looking for items (to wrap) that I had sold. Even though I know now where things are, I still waste some time. When I am listing, I can only list. I can't be interrupted or distracted. I call it "on a roll". Once the concentration is broken, it takes a while to get back into the swing of things. (and that is when you flit here and there doing half-tasks) If you have to make a schedule as to when you take pics, load, write descriptions, or upload, do it. You may have to force yourself for a while, but it only takes 21 days to make a habit.
I work full time and list 50-60 (sometimes more, sometimes less) auctions a week. It takes time, but it would take a lot more time if I was unorganized.
Since I am at the computer every night and a lot during the week-ends, I take Fridays off. I do my best to stay away from the computer and just do nothing, or watch a movie (heaven forbid). I find myself looking forward to that evening when I can say - forget it. Sometimes I get burned out and if I do, I take a break for a few weeks. This gives me a chance to unwind and destress.
I think that if you apply youself, set goals, are organized and determined you can do it. Those that think they can make money and/or a lot of it without the effort, are fooling themselves. There is never any free lunch. Hard work pays.
posted on February 7, 2002 02:32:07 PM new
mrssantaclaus: Becky, what a tragic thing to have happen, especially after your father's funeral. My heart goes out to you.
I do a lot of reading about business. Subscribe to Forbes, WSJ and so forth. The one thing I've noticed about growing businesses is that as they start to take off they need legal guns on their side. It sounds like you hit that plateau. In a way, it's almost good news...at that point you've got a great product, superior service, a bright future. It means you're really good at what you do. Slimy would-be competitors don't rip off loser entrepreneurs.
Very small consolation, I know. But I think some of the people who are growing their eBay businesses might want to think about some protections, like incorporating (or setting up a limited liability company) and setting up a retainer relationship with a lawyer.
posted on February 7, 2002 02:40:08 PM new
llama_lady: Organization is important, as you say, and organization, for us, took additional space. Having a dedicated space became so important to us that we rented our own office building in this very expensive part of the country.
Shoot, my monthly rent here is nearly as much as my house mortgage.
But everything's here, mostly organized (and getting more so every day).
It's a tradeoff. I could be keeping the money I currently spend on rent if I were still working out of the house, but I could not support the current volume or what I hope the future volume will be.
I know that many people are not in a position (yet) to set up a separate office and must work from home. Here's one alternative we tried, before we went to the dedicated office: We rented a 15 x 20 foot storage unit with a rollup door and installed electrical and phone lines. Unfortunately the door did not keep out blowing dust and even in this mild climate the temperature extremes were uncomfortable. But maybe it would work for someone else.
