Make money on eBay by taking the time to find the right market niche for you. This is done by examining the potential markets of interest before settling into a specific niche. Once that niche is identified, begin building your business around it. Conduct research before you start – including examining market niches both inside and outside of eBay. Since you want your business to grow, make sure that you can expand beyond eBay without a problem.
The criteria that you might use in your exams includes:
o Is it a market niche with many buyers? Are those buyers ready, willing and able to spend money when they find products and services that meet their needs.
o Is it a market niche that is growing? The last thing you want to do is to end up entering a market niche just as it has 'peaked'. You are also not looking for the next 'hot craze'. Look for a solid market that is growing in size.
o Is it a market niches that you personally find to be of interest? Like so many others, your eBay business is a means of learning a livelihood. However, your also want to have fun with your business.
o Be very cautious as you start. Look at your business not as a race where the winner is the fastest sprinter. Rather see your business as a well-managed, steadily-growing enterprise. You should not be after the prize for being the fastest. The prize you should seek is for being the steady performer that provides quality products and outstanding customer service.
While others may be willing to make many quick moves in and out of markets, choose to be slow and deliberate in your moves. You will make money on eBay by carefully picking your market niches. Experiment and test before you make major money commitments. Never jump in. Rather buy a few samples to sell first. Never go for broke with major purchases of inventory only to find you can not sell the product, because it is of poor quality, or a new and better version is out there to compete with you.
Many business owners who made the decision to dive right in without testing. The result too often is that many of those businesses did not survive. Others spent years paying for the decision to move too quickly. They did not make money on eBay because of the decision to move forward too quickly.
One of the easiest methods of determining what to sell is to jot down a few ideas that interest you. If you enjoy auto repair, that might be a place to start. Maybe your hobby is scrapbooking, sewing or gardening. Once again, you have a place to start. The important thing is to start with a list of ideas that would be of interest to you.
Your goal is to make money on eBay, so the next step is to make sure those same ideas are of interest to eBay auction buyers. Take some time to observe what does sell and what does not sell from your idea list. Be sure that you are not looking at current or closed auctions, but rather at what really did actually sell on eBay.
Market research data that you collect will be very useful to you later in the process of deciding specifically what to sell. You will probably be able to identify the items that always seem to sell, and for a good price. Keep a list of those hot sellers. That list will become your starting place for further investigation. That list will become you starting place to make money on eBay.