Are you a stay-at-home mom or an unemployed graduate and you are seeking an extra source of income? Are you interested in starting an EBay business from home and you need a sample business plan template? If YES, then I advice you read on. If you have a lot of spare time that you would like to convert into cash, then you should consider starting an EBay business.
This business can be done from the comfort of your home, since it is done online. And you can start with very little capital. What does the EBay business entail? Well, there’s nothing magical or technical about it. It’s just buying and selling to make a profit. You will buy undervalued used products from either online or offline seller and sell them at higher prices to ready buyers on EBay who value the products because they need them.
Why EBay, and not other websites? Well, the reason is because EBay is a very big online marketplace. Billions of products are listed on EBay every year, and annual sales on the website total more than $30 billion dollars. Are you interested in starting an EBay business and make money from home? Then you should follow these steps:
Starting an EBay Business from Home – Sample Business Plan Template
Table of Content
1. Get everything you need to get started
To start an EBay business, you will need a PC and a high-speed internet connection. You will also need a good digital camera for taking clear shots of products you will be listing for sale. If your phone’s built-in camera can take clear pictures, then you don’t need to buy a digital camera.
In addition, you will need to register an EBay account as well as a PayPal account for receiving payments. You will also need about $100 to get started, as well as envelopes and shipping labels.
2. Decide what you will be buying and selling
It is highly recommended that you buy and sell only items on eBay that interest you and that you know very much about. This is because, by selling what you know about, you will be able to answer questions that potential buyers will ask about the product.
Just imagine you bought a used Android smartphone that you know nothing about, and a potential buyer asks what you if your product has a TFT display or an IPS display, and you have no idea what both terms mean. The potential buyer will most likely take you for a scam and stop communicating with you immediately.
Another recommendation is that you buy and sell only products that sell well. You won’t make a decent income by selling Polaroid films now that people don’t use Polaroid cameras anymore. Instead of that, you can consider selling smartphones, digital cameras, and tablets, since these products are presently in huge demand.
Also, you must factor in the price range of products before deciding on what to buy and sell. Selling high priced products will fetch you more profits per sale. But if you choose to sell low-priced products, you will make little profit from each sale, which means you will need to sell many items to make decent profit.
However, selling highly priced products will require more capital. So, you will need to consider your pocket before choosing what products to buy and sell on EBay.
3. Build a good reputation on EBay
If you are just starting out on EBay and your account has no feedback, you will need to get some feedbacks to build some credibility. Buyers are usually reluctant to deal with sellers who have no feedback. So, you must try to get about 5-10 feedbacks, so that buyers will see you as a trustworthy seller.
The easiest way to get some feedbacks is to buy some cheap items on eBay. You should also consider purchasing some of the items that you will need for the business, such as shipping labels, envelopes—all in small quantities to get you going. Once you have 5-10 feedbacks, you are ready to start selling!
4. Learn how to create good listings
Knowing how to create a good listing is very important, so don’t start listing your items for sale without learning this. Since this article isn’t a tutorial on how to create good Ebay listings, we won’t be discussing the topic here. You will find several articles online on the topic; simply search Google and they will be yours for free. Learning how to create a good listing shouldn’t take more than one hour of your time.
5. Start getting your products
This is the point where you have to really invest your money. You can visit local stores that sell used items or ask friends and family for used items they no longer need. However, you must check the conditions of any item before buying it.
Alternatively, you can search the web for wholesalers, who sell you larger quantities of products at very good prices. Many people who sell items on eBay source for items using both methods. You can, too.
6. List the items and start selling
List your items on eBay and state your price. Add many photos of each item, so that buyers will get to see as much of it before making a decision. Give a detailed description of each item, stating clearly if each has a fault that needs to be fixed. Answer questions from potential buyers promptly and honestly.