Starting Your Online Auctions Business

Starting Your Online Auctions Business

Online auctions can easily provide income as a full-time business or supplement your existing income. There are a lot of people who sell on eBay for a living. According to eBay's Power Seller program, "The minimum gross monthly sales for a Bronze Power Seller on eBay is $2,000." There are many eBay Power Sellers.

Getting Started on Online AuctionsScrapbook Photo

You can spend as little or as much time as you'd like on your Online Auctions business. You will need to spend time researching rates for different items. You will also need to allot time to write auction descriptions and take photos of your item. Other tasks that you will need to routinely complete:

  • Weighing the item to determine shipping costs
  • Actually listing the item for auction
  • Answering questions from potential bidders
  • Invoicing buyers and collecting payment
  • Packing and shipping the item

Some timesavers include using a listing template and/or auction management programs.

What you Will Need

To get started on your Online Auctions business, you will need a computer and an Internet Connection. You will want to Create an eBay Account. (You can read our article on Getting Started with Auctions
and Opening a Yahoo Auctions Account)

Once you have everything above, you will want to choose some type of management system, even if it is just using a spreadsheet to track items, bidders and final prices. You will also need to decide on payment methods you will want to accept. If you plan to sell on the largest online auction site, eBay, most people use PayPal. Some people also choose to accept personal checks, money orders or alternate payment methods. The more payment methods you accept the more accessible you become to potential buyers.

Finding items to sell...

Initially, you may want to start out by selling items around the house. You can always branch out later. Other places to find items, include:

  • Flea Markets
  • Swap Meets

  • Friends/Family
  • Pallets
  • Closeouts
  • Local Auctions
  • Estate Auctions

  • Liquidations
  • Thrift Stores

Before you list your item, you should know what it is worth. The easiest way to determine what something is worth is by performing a search on eBay for the exact same item you are selling. This way you will be able to see how popular an item it is and the going bids for it. It's also important to see how many other sellers are selling the same itme you are selling. If there are numerous auctions for the same item, the item may not sell and if it does, it will probably be for considerable less than it would have been with only 1 or 2 of the items for sale.

Additional Resources

Bella's Online Auctions Site

Buy or Sell Your Next Car on eBay Motors

eBay StoreFronts: How To Open a Store

Open An eBay Storefront

New To eBay?

Selling On Yahoo!

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