Online Auctions Business

Online auction sites are a great way to find a bargain on almost anything and an excellent way of getting the best price for selling something of your own. Online auctions are different from their real-world counterparts. You are free to take your time browsing the listings and bidding takes place over a period of days rather than minutes. Online Auctions offer good opportunity for anyone wishing to start an online business for a number of reasons. If you feel you have the persistence necessary to run your own successful business, this is one opportunity you should consider.

Basic Idea

Your business is to sell playing intermediary role helping people to buy items they need. You do not need stock as you can start by placing drop shipper's items on eBay to get you started. Drop shipping is used by intermediary and mail order companies who do not wish to stock inventory of the products sold for future delivery through mail order, catalogues and internet advertising. You send single unit orders for products to manufacturers, or major stocking distributors, who in turn drop ship the merchandise direct to your customers found at online auction. Manufacturers providing drop shipping services can gain additional sales, shift advertising costs to middlemen, offer advertising material and reduce inventory requirements. You shift the risks of stocking inventory to the supply source, including storage, insurance, overhead, and personnel by spending nothing on inventory, until after the product is sold.

Advantages

Minimal capital needed to start. You loose a few dollars in eBay fees if your item doesn't sell.

Disadvantages

Lack of public information on general sales methods and techniques used. This is not passive income system. You should work all the time you want to run your business.

Common mistakes to avoid

1. Listing an item with wrong auction expiration time. It's a known fact that more buyers browse auction sites on Sunday evenings than any other time during the week.

2. Not giving your listing the attention it deserves. Lots of people place items without photos and even good description. Lots of people use all kinds of flashing animation, multicolored text and other bells and whistles in an attempt to entice bidders. Listings like these are distracting, hard to read, and will always discourage people from bidding, resulting in a lower final sales price.

3. Using a reserve price. Using a reserve price to guarantee that one will get a minimum price for an item. People will not bid on "Reserve" auctions as they don't want to get "Reserve not yet met" message.

4. Not planning your business activities. It is always better to create business plan and start implementing it. Ebay business requires procedured to be done everyday so plan it thoroughly.

5. Not selecting several good drop shippers. Your business should be stable. Drop shippers can quit and also they can kill your business by not meeting your expectations. So rotate them until you get several good ones for your business.

You can find books to read first and Online Actions list at www.RichTrack.com.

Written by Helen Peshkova, RichTrack.com.

http://www.RichTrack.com is one of the first business oriented education portals. It's the leading online business information network for millionaires. The goal of RichTrack.com is to present business content in a professional, helpful and practical format that helps you getting rich.

In The News:

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Brazil's ANP identifies opportunity to postpone oil and gas auctions in 2019  WorldOilThere is room to discuss postponement of at least one oil and gas auction in 2019.
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The New York Day Sales: Highlights from a Week of Modern and Contemporary Auctions -  ARTnewsNew records were set for Mickalene Thomas, Amy Sherald, Ed Clark, Rashid Johnson, Kevin Beasley, and many more.
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A Monet Sells for $110.7 Million, an Auction High for an Impressionist Work  The New York TimesAfter eight minutes of heated competition, Claude Monet's 1890 painting “Meules” sold for $110.7 million on Tuesday, an auction high for the artist and the most ...
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Rare Dodo Skeleton May Fetch Over $700K at Auction  Live ScienceYou may have heard of the hapless dodo — an endearingly squat, toddler-size flightless bird — that was driven to extinction in the late 1600s and hasn't been ...
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Lawrence of Arabia gifts to family will be sold at auction  Oxford MailPRIZED personal belongings of Lawrence of Arabia are expected to fetch thousands of pounds at auction.
Kurt Cobain's Used Paper Plate Sold At California Auction  NPRThe Nirvana frontman was eating pizza before a 1990 show in Washington, D.C., and he needed to write down his set list on. He grabbed his plate and listed the ...
Rare David Bowie demo tape up for auction  CNNIf you thought David Bowie's music was off-the-wall, wait until you hear the early recordings that didn't make it onto his first album.
Here’s What to Expect at the $1.3 Billion Spring Auctions in New York, From a $58 Million Koons to a Once-Lost Cézanne  artnet NewsHere are all the highlights at the Impressionist, modern, and contemporary art auctions in New York next week.
Customs auctions vehicles to 'raise money for the state'  The Daily StarLebanese Customs held its second auction of abandoned goods at Beirut Port in an effort to “raise money for the state,” agency head Badri Daher said Sunday.
Portugal to launch second 700 MW solar auction in January  pv magazine InternationalWhile preparing for the country's first, 1.35 GW solar tender in June, state secretary for energy João Galamba has revealed another procurement exercise will be ...
Spectrum auction, 5G trials top Telecom Ministry agenda for new government  LivemintNew Delhi: Preparing the Cabinet note for spectrum auction, rolling out of the new digital communications policy and establishing regulatory sandboxes, 5G ...
Ex-library Harry Potter book predicted to sell for £30,000 at auction  Independent.ieA first edition Harry Potter book is set to sell for around £30000 at auction, despite signs of wear and tear.
One Lousy Treasury Bond Auction Doesn’t Say Anything  BloombergThe U.S. Treasury Department sold $27 billion of 10-year notes on Wednesday, and by one important metric, it drew the lowest demand in a decade.
Pair of Yubari melons fetch record ¥5 million at season's first auction in Hokkaido  The Japan TimesA pair of specially grown hybrid melons cultivated in the city of Yubari, Hokkaido, fetched a record ¥5 million ($45500) on Friday in the season's first a.
Neil Armstrong's Son Recalls His 'First Man' Dad as Apollo 11 Items Go Up for Auction  Space.comThe personal and professional legacy of Neil Armstrong show clearly in a new set of items for sale at Heritage Auctions. Read an interview with his son, Mark ...
Now scarce social housing is being flogged off at auction by councils desperate to stay afloat  The IndependentIf hospitals deliberately spread disease, it would be a scandal. But with an acute housing crisis, local councils, housing associations and other public bodies are ...
Late auction house leader DuMouchelle had keen, expert eye  The Detroit NewsServices are next week for Lawrence DuMouchelle, who has appeared on 'Antiques Roadshow'
Vocus board considers auction as takeover approaches fly in  The Australian Financial ReviewTelecommunications company Vocus Group has received a number of takeover approaches and its board is considering whether to run a formal sale process, ...
Foundation launches end of season eBay auction  Newcastle UnitedKit worn by the Newcastle United players during the 2018/19 season is among items being auctioned off to raise funds for community projects across the North ...
Nearly 28,000-Square-Foot D.C.-Area Home to Hit Auction Block  Mansion GlobalA 27,256-square-foot chateau in the Washington, D.C., area is headed to a live, on-site auction next month with no reserve. Most recently asking just under ...
Most expensive cars ever sold at auction  AutocarClassic car prices have gone crazy, but if you thought old Fords and 80s hot hatches were costly, they're small change compared with these...
Chennai civic body set to auction 2,400 abandoned vehicles  Times of IndiaCHENNAI: The corporation along with traffic police had last year announced that vehicles abandoned along roads and footpaths should be removed, failing ...
Special delivery: Rare postbox among items at Sheppard’s auction  Irish ExaminerA rare postbox is among intriguing lots, writes Des O'Sullivan. AMONG the real rarities at Inside Outside, Sheppard's auction of garden sculpture, architectural ...
Mouton Rothschild 'Versailles' cases fetch $2.7m at auction  decanter.comSeventy-five limited edition cases of Mouton Rothschild wines have been auctioned for $2.7m, with proceeds going to Versailles and Notre Dame...

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