We get a lot of questions about “how to run a successful eBay store”. Below are the simple steps we’ve used. This is not passive income. It takes hard work, which many people don’t want to hear.
Lots of “ebay professionals” want to sell you ebooks, videos, binders, DVDs and coaching to teach you. There are no secrets, shortcuts, etc to making money on eBay. You’re running a store, so you have to put the work in. That’s it. The learning guides you can buy might get you up to speed faster, but we didn’t need them.
Work on becoming a good scavenger. That means learning to find the treasures in the trash. Finding the items in your area that other people ignore. It’s about getting outside of the Goodwill and Salvation Army shopping. It’s learning about art and fashion and everything else that make items valuable to collectors.
And most importantly, remember that: “Transparency is key to a good culture. Be open, share your process, ideas, tips and tricks. Choose camaraderie over competition.”
Below are the main points. The rest of the details we talk about for free in our weekly podcasts. Send us a note if you’re confused about anything. Better yet, join the conversation with other smart scavengers in the comments.
- Open a store on ebay. Listing is then as low as 10-cents a month (depending on your volume and subscription level).
- List 500 things as fast as you can. If you list 20 things a day, then it’ll take you about a month. Sellers with new eBay accounts will have selling limits for the first 90 days to build a good reputation.
- Auctions are for suckers. Set all items to “Buy Now”. Bonus if you add “Make Offer” on items over $30. List them as “Good till cancelled” so the listing doesn’t expire till it sells. List it and forget it. Everything eventually sells.
- The key to success is bulk listing, maintaining a large inventory and the ability to store all your items in an organized way.
- Once you have a large inventory, you can finally breathe, make a bunch of money, and then just casually list as you scavenge for more treasures.