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Wednesday, May 5, 2021

Top Tips To Make Money On eBay

Whether you want to set up your own online business, start a side hustle, or just have old belongings to get rid of, selling on eBay can a good way to make some extra money.

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Whatever your plans, it’s best to learn the ropes of selling on eBay before you get started.

Decide What To Sell

Whether you have old textbooks or old clothes, before you list something on eBay, decide whether what you have to sell is in the right condition.

You might be keen to start making some cash, but if you sell items that aren’t in good condition or are missing crucial parts, you could end up with bad reviews, making it harder to sell other things in the future.

If you aren’t sure what to sell, use the Marketplace Research tool to find out what the best-selling items are. Look at the most-watched items too, as well as whichever ones have the most bids.

Think seasonally. You won’t get as many bids on a winter coat in the summer, so put the coat somewhere safe until it’s a better time to sell. You’ll get higher bids if you wait until an item is in demand.

Buy Cheap Things To Sell At Higher Prices

As well as selling things that you don’t use on eBay, it’s also a good idea to look for low-priced things that can be sold on at a higher price. There are lots of places to find good deals, whether in local charity shops or on eBay itself.

There is a risk that you can lose money by doing this if you aren’t sure how much products sell for on eBay, so do some research first. If you’re confident that an item has been undervalued, it is a good opportunity to buy it and then sell it for the price that you think it’s worth, and earn a profit.

Improve Your Profile

The best way to get started as a seller on eBay is to be a buyer first. This way, other users will be able to see that you have an eBay history and that you’re trustworthy.

Even if you only buy a few small, cheap items, pay for them promptly and get positive feedback to build up your eBay presence and get a good buyer rating.

Choose your username. Remember that this is effectively the name of your business, so choose something that seems professional and that inspires trust. Choose something simple, like a variant of your name, or something that is relevant to the kind of things that you plan to sell. This can also make you easier to find in eBay searches too.

Research The Costs

Before you start making any money on eBay, you will need to work out exactly how much an item is worth and how much it’s going to cost you to sell it. Obviously you want to make a profit, but there are some costs that come with selling on eBay that you should take into account. You can use a tool like Ecal to work out how much you will pay for each sale, based on what you list it for and how much it eventually sells for.

Some of the costs you should consider:

  • Listing fees. eBay allows sellers to list a certain number of items a month free of charge, after which you will be charged. 
  • Extra charges. This could include optional listing upgrades, like listing your item in multiple categories.
  • PayPal fees.
  • Postage and packaging. If you ship high value items, you might want to consider parcel insurance. Find the best prices on Secursus.com.
  • Tax. Depending on how much you sell on eBay, you may need to pay tax on your earnings.

These are just a small amount of the potential fees that you might be charged for eBay shop.

Charge The Best Price For Your Item

Use the eBay advanced search tool to find out what similar items have been selling for. You can search for what you want and tick the box for completed listings to see similar items and their final price.

For some items, such as DVDs or CDs, you can find how much they’re worth with quotes from selling websites like Music Magpie.

Make sure you correctly price the postage or you could end up out of pocket. Check this first and take it into account.

High postage fees can put off some buyers, so it can help to add the cost of things like tap and shipping boxes onto the price of the product to keep the postage figure down.

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