Ebay became the world’s leading online marketplace for all kinds of goods ten years after it was founded. Currently, there are more than 29 million items available worldwide on eBay and more than 3.5 million new items are added every day. There are 135 million registered users in 32 international markets. 430,000 people in the US alone have a full or part-time living on eBay. There are a couple of steps on how to start an eBay business and they aren’t really that complicated.
Setting up as an eBay seller is a very simple process and will only take just a couple of minutes. Initially, you will be required to provide your name, address, e-mail and phone number. These information are used to confirm your identity and also for the integrity of eBay’s operation. Since all eBay businesses are retail businesses, you should also register with federal, state and local tax authorities. You should also consider forming a corporation or LLC (Limited Liability Company) for protection against legal liability.
Most eBay sellers are advised to open an account with PayPal. PayPal is an online payment service owned by eBay that enables buyers to pay via credit card or debiting their checking accounts without having to obtain merchant card accounts.
After you have registered, you might want to find the stuff that you want to sell. As this can be the hardest part in setting up, you should keep a lot of things in mind. First you should pick the right product, products that you will enjoy selling and has a high chance of making a profit. Next you should consider the cost and sale price. Keep in mind that the buyers and sellers on eBay set the price, not you. Before buying anything, search for other similar items that are sold on eBay and ask yourself if there’s a good chance that you will make money.
After doing these, you should learn how to manage the auction process for the products you are selling. In a basic auction, you should post your item together with its starting price. Then you should wait for bidders to raise the price until the closing time. The closing time will be decided by you so try not to make it longer than a week or so. After the closing time, you are then obligated to sell to the highest bidder.
These steps may just be basic for you but remember that it’s the basics that make up a successful business venture. After you have gotten used to how things work, then you should try newer strategies as you go along with your business.