None of us are perfect.
We all promise to do this or that and end up doing… nothing. Procrastination they call it and it is an affliction that we all suffer from.
But if you have a chronic case then beware, because it could seriously damage your eBay wealth!
This is especially true if you're the type of person that simply bursts with exciting ideas for new eBay projects. I'm sure you jot these down (or you should do!) but do you promptly act upon them? Or do they remain just paper promises?
If you fail to act, then procrastination can prevent you from making some useful extra revenue. By doing something you can at least receive some feedback (useful for any future project) even if your venture didn't do too well financially.
But before you're even given the chance to delay on your eBay brainwave, there's a very important decision that you need to make first. And that is:
Just what type of eBay business 'model' do you intend to launch anyway?
Sound confusing? Let me explain.
In essence there are only two business models that you can follow on eBay. The first is where you're trading in the same product over and over again. This could be just about anything but the product you sell remains basically the same. I will call this the 'repeat sale' model.
The second system is where you're buying a unique item, say for example a rare piece of porcelain, and then reselling it for a decent profit. You then look for another interesting item to buy for eventual resale. And the process goes on. For convenience, I will call this the 'one sale' system.
So from the outset, you have to decide which model you wish to concentrate on because there are advantages and disadvantages to each. And depending upon your circumstances, one system may suit you more than the other. The right choice can mean a greater monetary return for your efforts as well as increased 'job satisfaction.'
A closer look at each business model will hopefully help you focus on your activity and maximise your returns. So let's consider each one, beginning with the 'one sale' system.
This is the ideal part-time route to eBay success. You can easily devote just some evenings and weekends to building a very profitable business. And you can quickly establish a loyal customer base that will buy from you again and again.
But there's also a negative side to this type of trading.
Your income will be variable and your efforts are essentially time dependent. Also, knowledge of your market will be vital, as you will be seeking products to resell profitably on a consistent basis. But if you have an interest in your niche market then this may not be such a hardship. Personally, I enjoy the thrill of the chase, hunting down an interesting item to resell.
Another consideration is that your earnings will probably be 'pegged' at a certain level because of the time factor. And because you're basically a 'one-man band' it will be difficult to grow really big. But then you may not want that anyway, preferring just to make a steady, reasonable extra income.
Okay, let's now consider the 'repeat sale' method.
This second approach involves the purchase of stock and then selling your items over and over again. Like the first system, the 'repeat sale' has its good and bad points.
One advantage is that you can easily build a bigger business. Also, once you've established a good source of supply for your stock you are then just listing, selling and relisting again.
Are there any disadvantages?
Price-based competition will be your main hurdle. And if there's an established market for your item then that competition is likely to be fierce. Also, your return per item will probably be lower but you're likely to sell more and at a greater rate.
So which method should you choose?
Well, this is entirely your choice based upon your available free time and your long-term eBay goals. Only you have a full understanding of your situation.
But if you're short on time, want to make some quick money and just see yourself as a part-time eBayer then the 'one sale' model is a good starting point. Alternatively, if you already have some eBay experience and can devote more time to trading then the second model should provide you with an exciting challenge. There are no hard and fast rules here. It is purely a matter of personal choice.
One steady way to make progress, without undue financial risk, would be to start off on a 'one sale' basis, make some money and gradually build up your capital base. After awhile, you could then launch other eBay ventures. All the time you will be gaining experience, increasing your working capital and becoming a seasoned eBay player.
You could of course run the two business models side by side. It can be accomplished but you need the time. There would be a lot of work involved but it is possible. However, if you're a beginner then this route is not recommended. If you're just starting out on eBay then you need to walk before you can run!
But if you could manage this 'double' approach then you would create two separate income streams. This means in effect that you are spreading your risks. You would create two separate supply sources, customer base, e-mail contacts etc.
If one of your ventures wavered then you would always have the other to cushion any financial blow. It all makes good sense if you have the time and resources. In this instance, you would be advised to trade under separate ID's for each of your trading models. This would avoid confusion especially if you're trading in very different items (e.g. antique dolls and auto parts)
This information should help you to assess the approach that is right for you. It might now be time to make some major adjustments to ensure that you get the maximum return from all your eBay activity.
Whatever you decide, enjoy your trading and keep it profitable!
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