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Make Online Auctions a Home business
Written By: John Lynch
Everyone is aware of online auctions nowadays.
We all know someone who has bought or sold something
on an Ebay online auction site. But how many people
know that this hobby can be turned into a profitable
business?
The fact is online auctions are a new kind of home-
based business created by the Internet with no capital
investment and no risk.
An online auctions business has the following advantages:
* No start-up costs.
* No financial risk.
* Work whenever you choose.
* Targeted customers brought to you by auction sites
such as Ebay.
* No technical skills required.
* Start-up in 5 minutes.
How do I start an online auctions business?
First, if you are not familiar with the process of buying
and selling, you need to understand how auctions operate.
By far the biggest online auction site is Ebay
(http://www.ebay.com), boasting millions of users worldwide.
However, this is the tip of the iceberg.
Other popular auction sites include:
Yahoo Auctions - http://www.auctions.yahoo.com
uBid - http://www.ubid.com
OnSale - http://www.onsale.com
QXL - http://www.qxl.com
Start off by buying an item yourself to get the feel of
how it is done. This will give you an overall insight into
the process of registering with the auction site, bidding,
paying for your goods and the delivery arrangements.
Don't Feel Forced to Buy
As a buyer you should not feel pressured into buying something
that you know is overpriced because you think it is the last
item. There are many online auctions and there is a good chance
that you will come across the same item at another site.
Leave Your Bid Late
Experienced online buyers will leave their bids until the last
few minutes before an auction closes to prevent the price being
driven up too high.
Use Automated Bids
If you don't want to spend a lot of time waiting for an auction
to close, you can use an automated bidding service such as eSnipe
(http://www.esnipe.com). You can open a free account and type in
the auction number and the amount you want to bid. ESnipe can
then place a last-minute bid for you just before the close of
the auction. If you win the bid, you pay eSnipe a small fee and
if you lose you pay nothing.
Search for Misspelt Items
Savvy buyers know that many items listed for sale at Ebay are
misspelt. You can use this to your advantage by searching for
wrongly spelt items. You will have far less competition as most
people search for correctly spelt items.
Once you have bought something and paid for it, you will know
how the auction process works from the buyer's point of view.
This is vital as it will give added insight into how you can
provide good customer service when you set up your own business.
So now that you have bought and paid for an item on an online
auction, you are ready to sell something yourself as a first
step to setting up an online business.
At this point, most people look around their own homes to rid
themselves of some unwanted items for which they have no use.
This is a good way to get started. When you list your item on
auction sites, make sure you provide a photograph.
This will grab the attention of the buyers.
Description of Goods
A good description of your 'for sale' items is essential.
Give all relevant details including technical specifications
and dimensions where necessary.
Guaranteed Refund
Give a guaranteed refund to potential buyers to reassure them
of your integrity. Most buyers and sellers on the Internet are
honest but there are a few rogues, and buyers like to be
reassured.
Positive Feedback
Getting positive feedback from your previous customers is the
best way to prove you are trustworthy. Always request feedback
politely after a successful sale.
Reserve Price
Set a reserve price to ensure that your goods do not sell for
less than you want. Make it reasonable. If you set it too high,
you will not receive any bids.
Payment Options
The more payment options you offer your buyers, the more likely
you will be to make a sale. Ebay auctions offer the online
payment transfer system Pay Pal (www.paypal.com) which is free
to set up. Credit cards also offer security and are popular.
If you intend to set up an online auctions business, it is
best to specialise in a niche which is a little out of the
ordinary. Thereby facing less competition and guaranteeing
your profitability.
Setting up an online auctions business can become a reality
for anyone who is prepared to do the necessary research and
put in the effort. The enormous interest in auction sites
created by the success of Ebay has provided huge numbers of
targeted visitors ready to part with their cash for a great
variety of goods.
(C) John Lynch 2003
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for a FREE extensive auctions EBook on how to
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business.
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