How to start an eBay business… Hmm… It comes as no surprise that two-thirds of the US population is utilizing online selling platforms to shop for their needs as more and more people are building their e-commerce business using Amazon and eBay. After all, the U.S. e-commerce sales at the rate of 44% are accounted to Amazon and it is expected to hit $4.5 trillion in sales by 2021.
Buying and Selling products in a digital platform using the internet is becoming a norm, paving the way for the online retail industry to thrive and grow while helping people to achieve financial freedom as their business starts to earn profits.
In case you are looking to start a business with minimal start-up costs on an established platform that provides instant trust and the freedom to work at your own pace, starting an eBay Business would be perfect for you.
Moreover, eBay’s excellent search engine optimization provides a means for people to see your products without the need to establish your own domain site, offering the following advantages:
Here are the steps on Starting an eBay Business in Nevada
Establish a Plan for your eBay Business
Before you decide to open an eBay seller’s account, it is important that you give careful thought and consideration with a detailed plan for the following:
Product Niche. Think about a product within your interest(s) and conduct market research to check its viability. You need to have knowledge of the product that you are selling, after all, nobody will buy anything from anybody who knows nothing about their products.
Competition and Price Range. Given the staggering figures of people who are buying and selling online, make sure that the price range and quality of your products are competitive without sacrificing profits. Consider what your customers would think and give them a reason to choose you over others.
Product Sourcing. Where you source your product is the key to maximize earning profits. Make sure that you get it from Wholesale provider or retailers at a discount.
Create an eBay Seller's Account
Registering your account is a requisite in starting an eBay business of selling products or auctioning an item(s). To register, simply click on the link to “create an account” and follow the steps. Running an online store is not exempted of legal requirements, make sure that you do the following:
Processing a Tax Registration for your eBay store ensures that your business is official and legal to conduct an online transaction considering the fact that the IRS will classify you as a business as soon as you earn a regular profit.
Establish Your Product Source
There are four (4) known ways to source products for online resale on eBay:
White Label/Private Label
What is Arbitrage?
Arbitrage is the process of purchasing discounted products from conventional stores for resale while products that are directly shipped from suppliers (could be a manufacturer, wholesaler, or another retailer) to the customers is referred to as Dropshipping.Wholesale, on the other hand, involves purchasing stocks at a discount from suppliers for resale and White or Private Labeling is the method of purchasing items directly from a manufacturer and branding it as your own.
Some Known Suppliers
Here are some of the known suppliers for eBay and Amazon resellers that you can check:
Provide accurate and detailed information about your item(s) and make sure to write it in a way that appeals to your target market. Make sure that your prices are relative compared to your competitors with corresponding title, photo, description, price, payment method, and shipping information. Here are some of the important things that you need to keep in mind:
Be honest with about the condition of your item(s) and Indicate everything that is included with your product
Clearly state customer service and return policies as well as payment options
Check your feedback and answer inquiries in a timely manner to ensure you have a high rating.
For detailed instruction on how to create a product listing, click the link for Creating a Listing.
Market Your Product
Earning a profit on your product listings won’t be possible without marketing. As a matter of fact, there are large sellers who are at a loss despite a the number of registered users on eBay platform worldwide. For this reason, utilizing different types of marketing strategies including social media plays an important role in improving product visibility in making sure that your listings will be placed on top of the search results. Here are some of the things that you can opt for: