Everybody wants to make money on eBay whether a small time seller or a eBay veteran. The amount of advice on how to do this is endless. The truth is a lot of the advice out there is false and can actually damage your business. These are the top five eBay myths:
Myth #1: Look At The What's Hot On Ebay Page For Ideas Of What To Sell.
Wrong. Unless you have a wholesale supplier of new PS3s, iPads, Gucci Handbags and other big ticket items then this list is useless. Plus most of these hot items are selling for about 20% less than the MSRP. So you would have to have a very good supplier to turn a profit.
Myth #2: Drop Shipping Is An Easy Way To Make Money
What is drop shipping? First drop shipping is basically getting paid to sell someone else's item. You get a list of items that a company wants to sell and their wholesale prices. You chose ones you think you could make a profit on. You list them on ebay. If they sell they are shipped from the drop shipping Company's warehouse and you keep the difference between their price and yours. There are many problems with this one. Most importantly you have no control over what the drop shipper does, they may never ship the item or constantly have it on back order. The buyer will blame you and you will get the negative feedback. Problem number two, a lot of these items are cheap junk, that is why the drop shipper doesn't simply list them themselves because the majority will not sell.
Myth #3 You Can Find Inventory Using On-line Liquidation Auction Sites
Perhaps you could if you can find true liquidation items from a reputable company. What I've found is Companies selling defective or returned items for near MSRP. People preying on those who are desperate to make a quick buck. Whatever you do avoid liquidation.com, this popular site is a scam. Beware of big ticket items on sites that offer no buyer protection.
Myth #4 You Can Build Your Business Around Garage Sales And Thrift Stores
Sure you can find some steals at these places but you have to know what your looking for and sometimes you may leave empty handed. For example many thrift stores have books for 0.99 cents it may sound like a good buy but only a few of those books will sell online knowing which ones is the key. Also you can sometimes find old electronics but they may work and may not. Only someone with the time and ability to repair them would want to buy them. The point is if you want a large number of items you need a somewhat reliable source for products you can sell at a profit. While these are sources they aren't always reliable.
Myth #5 Sellers With Higher Feedback Can Get Higher Prices For Their Items
This is a myth perpetuated by eBay themselves they keep emphasizing that all sellers must have great feedback. Most buyers though know that eBay will pretty much side with them in any dispute so there is not much risk in buying from a seller with low or negative feedback. Most buyers on eBay are motivated by price. The lower the price the better.
Don't fall for these myths anything that sounds too easy probably is do research know your products calculate your profit margin and keeping listing.