10 Tips for Starting an eBay Business

I have been selling on eBay for years on an off-again, on-again basis, selling vintage postcards, pearls and various other items. So I was glad to receive a copy of the new edition of the book "eBay Business The Smart Way: Maximize Your Profits on the Web's #1 Auction Site" by Joseph Sinclair.

The book offers 10 tips for beginning sellers to establish and operate a business on eBay:

1. Financial Needs. Determine your personal financial needs.
2. Profit Model. Create a product profit model.
3. Niche. Find a niche with products that satisfy your product profit model, and if applicable, your personal passion. Find wholesalers.
4. Name. Choose your business name and use it everywhere.
5. Business Form. Choose a business entity and get a sales tax license.
6. Accounting. Set up your accounting software and chart of accounts.
7. Trials. Run some trial auction.
8. Auction Management. Subscribe to an auction management service. Integrate your accounting with your auction management.
9. Help. Find people to help you (as your independent contractors) with your business tasks.
10. Customer Service. Plan general and specific customer service policies and programs.