Your eBay Business - 8 Ways To Insure Its Success

I don't know if you've ever noticed, but it seems like every week or two we read about another Powerseller going out of business.

If you want your auction business to be a long-term success, then it's important that you plan now for it's continued growth.

According to some people the world economy may be moving toward a 1930's like depression. Others say there is no chance of that happening.

Even without something as catastrophic as a world-wide depression, there are still plenty of little things that can put a damper on your success. But, whatever the situation, it's a good idea to hedge your bets.

Here's eight tips for preparing your eBay auction business for whatever the future may hold:

1. Keep your overhead low

One of the biggest advantages that you, as an independent businessperson, have in today's marketplace is that you can control your own overhead. You don't need big offices, lots of employees, and a lot of the expensive trappings of traditional businesses.

By always keeping a close eye on your overhead, you will be in position to weather the slow times on eBay and/or slow economic times.

In this business you can't always control how many sales you make, but you can control your overhead. Keep it low.

2. Invest in tools and training

Successful eBay sellers survive and prosper because they are willing to invest in new skills and tools; and to take the time to learn how to use them to make themselves more productive.

The key to long- term growth is to continually learn new skills and acquire new tools that will save you both time and money.

The more skills you develop, the more flexible you can be with the types of products you sell and how you sell them.

At the same time, it's important to invest your time and money wisely. Many people that want to build a full time eBay business willingly spend $200 ? $300 over a period of time on several $20 - $30 products, but are reluctant to spend $100 or more on one product. While there are certainly some expensive products that are of little or no value, many times the best products are priced at an amount that belies their value.

3. Have multiple income streams

We've all heard the old saying "Don't put all your eggs in one basket." Nowhere is it truer than on eBay.

Try to set up at least three or four different niches, each of which produces it's own stream of income. There are a couple of advantages to this.

First, while the income you make from each niche might not be enough to survive on, the combined income can provide a comfortable living.

Secondly, should one or more of the niches suddenly slow down, you will still have income from the others to tide you over until new income streams can be created.

4. Have a Plan B & Plan C in place

It's a fact of life that very few lucrative niches on eBay last forever. What will you do if you most productive niche suddenly takes a dive into the dumpster?

And, what if another of your niches takes a dive also?

Knowing the answers to these questions will help prevent you from having to make decisions out of desperation. You should always have a backup plan in place.

You should be continually looking for and developing new niches that you can move into if others become unproductive.

5. Be flexible and be ready to react quickly to changing conditions or developments

Always be on the lookout for the occasional, short term, hot item that pops up on eBay.

Within the last year it was Dragonball Z, Beyblades and Furreal Friends. Would you have seen them coming and been in a position to take advantage of the craze for one of more of them?

Many so called auction experts talk about utilities such as Hotbids.com or Andale's Research tool to help you determine what's hot. But the secret isn't to find out what is hot; it's determining what is going to be hot.

There are several web sites and tools you can use to do this. One of the best is Lycos 50, a daily report on Lycos.com by Chris Schatz. He talks about the top 50 keyword searches on Lycos and makes predictions.

If you had been a regular reader, you would have read his predictions for how hot each of these items would have been enough ahead of time to position yourself on eBay to take advantage of the craze when it really hit.

The point is that, many times, the real research tools you should be using aren't in any way connected with eBay. Neither are they being touted by the so called experts.

But they're there to be used by you if you are imaginative enough to see how what they offer can fit into your business.

Whenever there is change, there is always opportunity. But only if you can see the change coming and are flexible enough and have the skills and tools needed to take advantage of it.

6. Don't make decisions out of desperation

Never let any situation get so out of control that you have to make hasty decisions out of desperation. In nearly all cases, doing so will only cause more problems.

It is far better to take the long-term view ? constantly monitor your business so that you can take any necessary steps and make any necessary changes before the problems become critical.

7. Always keep your priorities straight

Never let your business take over your life. Your priorities should be family, health, morality, and then business. It's never worth destroying your family, health, or reputation trying to build your business.

If your business gets in the way of family responsibilities, change your business. If your business is destroying your health, change your business. If your business is causing you to make decisions you know are immoral or illegal, change your business.

Always remember what your long-term goals are and don't sacrifice them for a quick, short surge in business.

8. Suck it up and hang in there

If you are in business for any length of time you are going to run into rough spots and tough times. Often with that happens you will see a lot of people bail out and quit.

In many cases, those few players that remain in the game are the ones who survive the tough times and go on to become extremely successful.

If you are selling good products, have low overhead, and multiple streams of income from several niches, you can afford to hang in there a lot longer than your competition. And sometimes, just by sucking it up and hanging in there, you become the winner of customers by default ? because they have nowhere else to go.

Gary Hendrickson has been making his living selling on eBay for more than six years. He's the author of two eBay related ebooks, has a blog for eBay sellers, and is the owner of ColdItems.Com.

ColdItems.Com The Auction Rebel Blog

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Sotheby's Shareholders Attempt to Stop $2.7 Billion Purchase of Auction House by BidFair -  ARTnewsTwo Sotheby's shareholders have filed suit in New York, arguing that the company was not transparent about its $2.7 billion sale to BidFair.
Mexico auctions drug lords' properties to fund poor communities  BBC NewsMoney raised from the sale will benefit poor communities but only nine out of 27 properties sold.
Successful Rice County 4-H Livestock Auction  kdhlradio.comIt was a very successful Rice County 4-H Livestock Auction this morning. It began with a complementary buyers breakfast served by the Rice County 4-H at 8:30.
A guide to art market auctions: late June and early July  Financial TimesPostwar and Contemporary Art Christie's London, June 25-26. Prominent figures of 20th-century art such as Jean Dubuffet, Leon Kossoff and Philip Guston ...
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David Gilmour puts his guitars up for auction, raises $21.5M for a climate change charity  USA TODAYAn auction of David Gilmour's guitars has raised a lot of “Money” — to combat climate change.
These original NASA tapes of Apollo 11 moon landing could get up to $2 million at auction  CNBCThree original NASA videotape recordings of the Apollo 11 moon landing are going to auction on Saturday at Sotheby's. The videos have the “sharpest” and ...
Star Wars toy sells for record-breaking $112,926 at central Pa. auction  PennLiveThe toy, a prototype Boba Fett action figure, was sold last week by Hake's Auctions of York during an online event.
Classic cars in Lincoln are going fast at this auction  KLKNFor all cart enthusiasts and those just browsing, the Lancaster event center is hosting a car auction in partnership with SG Auction this Friday and Saturday.
Melbourne auctions: One-bedroom East Melbourne dump soars $292,000 over reserve  Domain NewsA derelict one-bedroom apartment in East Melbourne with knockout views over the city smashed its reserve by $292,000 at a hot auction on Saturday.
Muted volumes, falling e-auction premiums likely to hurt Coal India  Business StandardCoal India (CIL) continues to trend lower on the bourses, down more than 13 per cent in July. Muted June quarter offtake, the start of a seasonally weak ...
40% of tea, worth ₹6.50 cr, unsold at Coonoor auction  BusinessLineThe falling trend in the last couple of months at the auctions of the Coonoor Tea Trade Association (CTTA) continued this week with the average price crashing ...
Marlon Brando Rolex Auction - Tag Heuer Monaco, Unimatic U1-SP  EsquireThe Apocalypse Now Rolex is one of three watches making history this week.
Cetic legend - Lisbon Lion goalscorer's boots sold for at auction for huge fee  The London EconomicFootball boots worn by Tommy Gemmell in Celtic's 1967 European Cup final win have sold for £18,000 at auction. The Adidas boots were bought by an ...
Volumes still low as auction clearances up  7NEWSAuction clearances are high in Sydney and Melbourne, according to preliminary numbers from CoreLogic, although volumes are down on previous years.
Ebony magazine’s legendary photo archive is up for auction  Los Angeles TimesThe photo archives of Ebony magazine, which span decades and contain some of the country's most iconic images of African American history, are scheduled to ...
Neil Armstrong’s passport and rare pink sapphires for auction this week  The Irish TimesSales results and forthcoming auctions.
300 classic cars, $4 million in expected sales – TV-like auto auction coming to Lincoln  Lincoln Journal StarThis won't be your typical Nebraska auto auction, with bidders shuffling from car to car inside a barn or across a bean field.
Cartier, Rolex, Gucci: jewelry and watches on the block in next auction  Mexico News DailyA 3-million-peso Piaget watch and a jewel-encrusted Montblanc fountain pen are among 153 lots of jewelry that will be auctioned July 26 in Mexico City.
Italy to hold first 500 MW renewables auction on September 30  pv magazine InternationalAccording to the new auction schedule approved by the Italian Ministry of Economic Development, three more renewables procurement exercises will be held ...
News 3 historic Great Lakes lighthouses will be up for auction 9:30 AM, Jul 18  WXYZ DetroitThree historic Great Lakes lighthouses that are owned by the federal government are going up for auction.
In auction Anderson Ranch Annual Art Auction: Benefit Auction 2019  ArtsyThe 39th Annual Art Auction is Anderson Ranch's largest community fundraiser of the year and a festive highlight of the summer season. Held at the historical ...
CoreLogic: Auctions "evidence that housing conditions are stabilising"  MacroBusinessCoreLogic recorded a strengthening trend in auction clearance rates over the June quarter – the last time the result was this strong was back in June 2018.

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