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