[Show Transcript]

I’m Randy Charach from RandyReport.com and THIS is the show that takes you from internet zero to business hero!

In this week’s report you’ll learn how to build a fully stocked Ebay store where you can sell all types of products from the comfort of your own home. You’ll find out how to pick the perfect Ebay product niche, get tips on setting up your store and how to sell more products to your new Ebay customers to increase your profit.

I’m Randy Charach from RandyReport.com and THIS is the show that takes you from internet zero to business hero!

From gold jewelry to secondhand wedding dresses to haunted dolls, Ebay has it all. It’s like a huge online garage sale where people can find anything they could possibly want or need at a great price. People bid on these products…and the winner is the highest bidder. Some products have a Buy it Now option where you or your customer can simply pay a set price for the item and get it right away.

Starting an Ebay business is appealing since it’s relatively easy to do, it’s fun, and it can be done entirely from home – you can be peddling your products in your flannel pyjamas and bunny slippers if you like. If you have a winning strategy to market your products and attract and retain customers you can make a great living on Ebay.

Ebay business owners set up online stores where they sell a certain type of product. First, you need to decide what that product is going to be. Most people start with items they already have, so check your closet, or your attic…watch out for spiders…and skeletons…and I’m sure you’ll find some quality items that you could sell. Selling products you have around your home is one of the easiest ways to get your feet wet on Ebay and really learn the ropes.

You need to do your research, so head online to get schooled in the art of Ebay…just don’t get lured in by auctions and spend all your research time bidding on products…seriously…Ebay can be addictive. This is a research mission, so browse through other people’s merchandise. This will help you find out how much of a market there is for the items you want to sell.

If there aren’t many people selling your items, the products you chose are probably not popular enough to make you cash. Just because you love collecting oddly shaped buttons or think your hand-knitted teapot covers belong in the Smithsonian doesn’t mean everyone else will. On the other hand, if there’s a huge market overflowing with online vendors you’ll be facing some stiff competition. Find a happy medium and you’ll have a leg up.

Also, check out how much people are charging for similar items. How you price your items will make or break your Ebay success. Pay close attention to shipping costs. Nobody’s going to pay twenty five bucks in shipping taxes on a five dollar item…so don’t launch a millenium version of the pet rock on Ebay.

Getting set up on Ebay is super simple. Go on over to the Ebay homepage, register your basic deets, and choose your user name and password. Pick a professional-sounding name for your business that’ll help you build your brand. That’s it – you’re ready to stock your online shelves and get selling.

Once you find your way around Ebay and have cleaned out your garage and made some sales, you can move on to selling other products on an ongoing basis. A good way to do this is through drop shipping. Drop shipping is a technique that allows you to sell any product, without having to stock it yourself. Think about it…storing hundreds of coffee makers or big screen TV’s in your home…not going to work. If a customer orders something from you, the drop shipper sends the item, and you make money on the difference between the wholesale price and the retail price, without having to store a thing.

For example, I know someone who sells diamonds online…very successful. He makes millions of dollars, but he doesn’t have a secret cave in his house dripping with diamonds…he uses drop shipping. It’s easy to find drop shippers. Just go to your favourite search engine and you’ll find what you’re looking for.

Ok…If you want to land sales, write compelling descriptions so your item will stand out. With so many people selling items, you’ve got to get crafty with your wording. Don’t write something like “Antique mirror” instead try “One of a kind, hand carved antique mirror from the Victorian era.” Oh, and be sure to always include a clear photo with your listing.

Now, it might be tempting to say everything is in perfect condition, and just not mention the scratch on the Beatles album you’re selling, but don’t do it! Not only is it dishonest and a fast track to bad karma for you but Ebay buyers give you – the seller – feedback. That means they rate you on things like how quickly you respond to questions, if the item was shipped on time, and if it was in the condition you promised. Negative feedback will be displayed for the world to see and will tarnish your reputation, so always tell the whole truth, and nothing but the truth, about what you’re selling.

There’s money to be made by something called backend selling on Ebay. This is where you sell to customers who have already bought something from you. You could do this a few different ways: by sending the winning bidder a special offer in the confirmation email…Or you could include an offer for similar products when you deliver them the item they bid on and won.

You can also use something called auto responder software for backend selling. This will manage names and email addresses for you. If people sign up for special offers or updates, you can send them regular emails. Just don’t bombard people with too many messages or they’ll be scrambling to remove themselves from your mailing list. Never email people who haven’t agreed to receive offers from you….that’s called spam…no not the mystery lunch meat…spamming is a big no no.

Remember to keep offers relevant to the items that the customers buy from you. If you’re a video game seller, don’t include offers for gardening tools, as your gamers won’t care….unless they’re also greatly interested in landscaping. If done correctly, back end selling can explode your Ebay profits.

If you do your research, have good products and market them right, your Ebay profit will add up. It will take some time to establish yourself as a trusted seller, so be patient and learn as you go. Think of your Ebay business like any other business…Charge the correct taxes and fair shipping fees, keep track of all invoices and invest in professional shipping materials. Raise the bar by being professional from the beginning to the end of the transaction. That means no torn up newspaper stuffed in the box.

The list of items people are looking for on Ebay is virtually endless, so you could sell anything. Art, beauty care, children’s clothing, china, furniture, pet care products…I could go on and on, but instead…let’s go to our question.

Our question this week comes from Derrick, from Townsville, Australia who wrote:

I recently listed my Xbox and it sold, but I have decided I want to keep it. Can I change my mind about a sale? Is this legal after I’ve sold the item or do I have to go through with a sale?

You’re allowed to change your mind while the item is listed. You simply cancel the listing. You can even cancel a listing once someone has bid on it, if you don’t want to do business with that bidder.

It’s a whole other kettle of fish when the winning bid has been chosen. This is seen as a binding contract, and you’re not allowed to cancel the sale. That said, it does happen, and in most cases where a seller doesn’t follow through, the buyer will leave negative feedback and move on.

Try contacting the buyer and explain the situation. If that doesn’t work, you are obligated to ship the items – a deal’s a deal.

Well, that wraps up this episode of Randy Report. Since company’s websites, prices and quality of service on the Internet change rapidly, for my up-to-date recommendations on resources and for free tools and training, visit me today at RandyReport.com.

Today you learned

How to set up your own store on Ebay and make money by targeting a product niche, writing winning descriptions and using the services of a drop shipper. You also learned how to raise the bar and make future income through backend selling.

Thanks so much for watching. Remember, if you’d like more free reports, resources and training then visit RandyReport.com and join me again next week where you’ll discover How to launch a direct mail campaign that gets noticed. You’ll also learn how to capture visitors’ info from your website so you can follow up with them offline and explode your profits exponentially.

I’m Randy Charach, and this is the show that takes you from internet zero to business hero!

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