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.ComThe Auction Rebel Blog.

More Resources

How to Market with Niche Auction Sites
Online auctions are big business. But they can be big headaches.
Making Money On EBay Can Be So Simple, Just Let Somebody Else Do All The Hard Work For You
OK, so you've been bitten by the eBay bug!You've ransacked the attic, the basement and every other room in your home to find things to sell on eBay.When friends and neighbors ask you where everything has gone, you tell them that you're going for the "Minimalist Look".
Mistakes to Avoid in your eBay Auctions
Online auctions continue to grow in popularity as an easy and efficient way to make money on everything from unwanted household items to rare and expensive collectables and even to bulky items like cars.Log on to eBay and you will see countless auctions on any item you can imagine.
The Down Side Of Using Dropshippers In The Ebay Auction Arena!
Ok, let me just say right up front that I am not against drop-shipping! I love the concept. If you are dealing with a particular wholesale drop-shipping distributor that is serving your Ebay ambitions well, then hold onto that company with bonds of steel, for truly good drop-shippers are hard to find!Drop-Shipping sounds like the utopian business model.
Seven Steps to eBay Selling Success
More and more people try their luck at selling on eBay everyday. With all of that growing competition it is important that you do everything possible to make sure that you stand out from the crowd.
Can You Really Make Money Selling New Release CDs & DVDs On eBay?
Being an active eBayer, I am often being asked about products to sell. A common question is "Where can I purchase products such as new release CD's DVD's and Video Games for Playstation and X box at a 75% to 100% discount.
Make Money Online: Learn To Sell On Ebay
The online auction site eBay is an excellent tool for makingmoney online. Think of eBay as an online yard sale andshopping mall.
10 Tips to Starting a Financially Successful Ebay Business Startting Right Now
Ebay is Perhaps the easiest and fastest way to start a home based online business. Here are 10 Tips to starting a Successful Ebay Business1 - Become an Ebay ShopperBuy a Few things on Ebay.
Make Money on eBay the EASY way!
Probably just like you, I had an overwhelming desire to spend more time with my family and friends, doing the things that are important to me and living a comfortable lifestyle without financial worries ? and yes, less time working to pay for it!!! So with my quest to find financial freedom, I "googled" my way through searches looking for ideas on how I could fulfil this desire with minimum effort and expense. After all, I wanted to make money not spend it! I had aspirations of making wad loads of cash so my family & I could truly enjoy the pleasures of life - together.
Starting an eBay Home Business
Do I need to explain what eBay is?If 'Yes', where have you been living for the past 5 years? On Mars?EBay is the world's largest Internet auction site. There are a reported 30,000,000 users, but that number has probably increased in the time delay between me writing this article and you reading it.
Photos on my eBay Auctions: How Do I Add Them?
On another forum I'm involved with, someone's asked a great question: I want to sell products on eBay, but I want to include photographs with my items. How do I do that? What kind of camera do I need, and what settings should I use?The first step is to buy a digital camera.
When is Wholesale Really Wholesale
You've finally found the wholesale source for the high demand widget that is selling like hotcakes on the Internet. Thoughts of watching the money pouring in and celebrating the new found success selling widgets has you so excited that you can't wait to buy 5 widgets at wholesale and double the investment.
How To Convert eBay Surfers into Bidders!
Do you know the phrase "A Call To Action"? Well, using "A Call To Action" on your eBay Auction could help increase your sales almost immediately. As outlined in my book "eBay Marketing Wholesale SourcePak" having the right product, at the right price is crucial.
Buying Used Dell Laptops, PCs and Servers on eBay - How to be successful
Two years ago I needed a way to refresh more PC's and Laptops at my company without spending more. New Dell laptops were great but expensive and over the years we had accumulated many Latitude C series parts.
The Drop Shipping Business
You have suddenly found the perfect business and you are all geared up to make lots of money. You have see the ads about Drop shipping and it sounds great.
How to Sell Your Crafts on eBay
Artists, craftspeople and photographers are successfully selling their wares everyday on the online auction site, eBay. According to a recent analysis of eBay sales, a crafts-related item is sold every nine seconds, a scrapbook item is sold every minute, and 40 cross-stitch items sell in an hour on eBay.
eBay - Tapping Into The Japanese Collector Market
If you owned a skateboard shop in your local mall would you put a big sign in the window saying "No Baggy Pants Allowed"? Of course not. If you did you would be eliminating 50% or more of your most avid potential customers.
Join the Home-Based Business Revolution
Greetings, Friend. So you've decided to go into business.
2 Step Secret Reveals How You Can Find Wholesale Suppliers
Have you spent hours on the internet searching for a viable wholesale source? I did. I spent money on self-professed in-depth Wholesale Supplier directories and membership sites.
Profitable Paper Piecing on eBay--Part 1
Why sell paper piecings on eBay?eBay is a great way to make a steady part-time or full-time income from a hobby that you love! Selling paper piecings has its ups and downs, but overall it is a rewarding and lucrative venture.Getting and Understanding An eBay AccountTo get started selling paper piecings on eBay, you will need to set up an account.

More Auction Information:

Related Articles

Auction Seller Guide To Success
When its time to clean-up around the house, some people havea hard time deciding what to keep and what to throw out.What they need is an incentive.
Taxing Your eBay Profits
As a small business person-slash-advice columnist I dread the first quarter of the new year. Not because in my mind my own business fortunes start at zero again every January or because I have already dismissed every New Year's resolution I made when the clock rang out the New Year.
Six Steps Towards Successful Buying at eBay Auctions
Buying on eBay can be very rewarding, either in terms of being able to pick up items cheaply or for hunting for hard to find items. Although generally the experience is good, there are instances where things can go badly wrong.
Real Estate Auction Action - Buying A Home At Auction
Due in part to the popularity of the U. S.
Drop-ship or U-ship: That is the Question
For small Internet retailers, drop-shipping is one of the best innovations since sliced bread. How else can a start-up offer a wide variety of products and convince customers that they have a fully-stocked warehouse-while investing virtually nothing in inventory or warehousing? Before you jump right onto the drop-shipping bandwagon, however, there are some pitfalls to avoid.
eBay Consignments: The Giant Opportunity Hiding on eBay (Part I)
More and more, people are becoming aware that they have potential cash sitting in their closets, attics, and basements. But not everyone has the time or the know-how to tap into it, so these items remain where they are or are given away.
The Top Ten Tips For Auction Success!
If you were to look through eBay, or any other online auction site for that matter, you would find that many people make some very basic mistakes. And, they repeat these mistakes over and over again.
eBay and Dropshipping - A Perfect Fit!
eBay and Dropshipping go together like a hand in a glove. As you read this article, right now, thousands of eBayers are running there own auction business.
How to Win on eBay
I've bought over 100 items on eBay over three years and am ready to share my knowledge of how to win at eBay and buy from reputable sellers.1.
Game Theory, Nobel Prize, & Auctions - Auction Primer Series - Part 1
William Vickrey, highly regarded as the founder of auction theory, was an economics professor at Columbia University when he published two papers outlining his views on auctions:"Counterspeculation, Auctions, and Competitive Sealed Tenders", 1961, Journal of Finance"Auction and Bidding Games", 1962, Recent Advances in Game TheoryIn 1996 he received a Nobel Prize "for fundamental contributions to the economic theory of incentives under asymmetric information." It's important to understand that asymmetric information is an essential component of auctions, where potential buyers have varying levels of knowledge about the value of the item.
Dropship Your Way to Success
Many people know they would like to start an Internet business, but they don't have a product to sell. The solution is often drop shipping.
From Ebay Zero to Power-Selling Hero: The Devil Is In The Details
If you've ever heard the expression "the devil is inthe details," you can probably already guess how itrelates to today's lesson. The bulk of the work youdo as an Ebay seller will be easy and repetitive, but it is the minor details that will make or breakyour business.
Start Your Own Business: Sell Things on eBay
The popularity of online auction site eBay has beenlegendary. With millions of transactions completed daily,it is no surprise why many individuals who do not usuallyshop online regularly purchase items through eBay.
Selling Effectively on Ebay Motors
Remember back when selling online was a new experience? Dealers tried everything to sell their vehicles online. Today's market has expanded to include several hot online marketplaces but there is the largest online marketplace, Ebay.
Making Money On EBay Can Be So Simple, Just Let Somebody Else Do All The Hard Work For You
OK, so you've been bitten by the eBay bug!You've ransacked the attic, the basement and every other room in your home to find things to sell on eBay.When friends and neighbors ask you where everything has gone, you tell them that you're going for the "Minimalist Look".
Traditional Marketing Techniques for eBay Auction Ads
Ya know, I sort of giggle when I look at an ad on eBay that's just a black and white description of the item or product that's up for bid. It wasn't long ago at all that I would have done the exact same thing, but once I understood some traditional marketing techniques, not just been exposed to them; everything looked totally different.
How to Locate Drop Shippers for Your Success
Like the human heart, drop shippers can keep the blood pumping in an internet business. Often, they can be the key to success for online retail businesses who do not wish to stock actual inventory.
Buying Used Dell Laptops, PCs and Servers on eBay - How to be successful
Two years ago I needed a way to refresh more PC's and Laptops at my company without spending more. New Dell laptops were great but expensive and over the years we had accumulated many Latitude C series parts.
Taking Paypal on eBay
Accepting Paypal as a payment method might increase your selling prices and your profits. This depends on what you are selling.
Losing Sales By Overcharging For Shipping And Handling
As a serious seller on eBay you're familiar with their fee circumventing rules. If not, visit: http://pages.