Vaynerchuk is an equal opportunity ogler. Just the same, you should see how jazzed the guy gets when he shares how much money he made. At the end of each segment, he recaps what he picked up that day and what he later sold for on eBay.
His challenge launched a league of new resellers. Langer says he started off selling items from around his house because he couldn't afford to spend money on sourcing. By the end of the year, after continually reinvesting his profits, he reached his goal. As Langer proved, you can start small and scale-up. Take sellers like Ryan and Allison Roots , for instance. As they take viewers along with them while they scour the aisles of various thrift store searching for scores, the two energetic millenials make flipping seem like an easy endeavor.
There are plenty of hurdles eBay sellers face when getting started. Perhaps the biggest one out of the gate is the competition you face when it comes to sourcing. And so are thrift stores, which have gotten much savvier over the years when it comes to pricing. Some thrift stores are even more shrewd and list the more sought-after items on their own websites for auction. Once you start scaling up, it can become a bonafide business, and you have to treat it that way.
But alas, when it comes to flipping stuff on eBay, the baby is worth the labor. If you persevere, you can profit. And the good news is getting into the game, you can set your own pace. You can grow the business gradually when you have free time, or you can go great guns and fully immerse yourself in the business. Then take that money and stock up on something inexpensive like coffee mugs, which you pick up fairly cheap from pretty much anywhere.
With eBay, you can set up a personal account, a business account, or you can sign up for a store subscription. A personal account, which is ideal for a seller who is just starting out, allows you to buy and sell on eBay. Initially, the listings are limited with a free insertion rate for up to 50 items. To set up an account , you just need to visit the registration page and provide your name and email address and choose a password. You can also register with a Facebook account.
Once you're selling larger volumes, you can transition over to a business account or set up an eBay store by purchasing a monthly subscription. A business account allows you to send invoices and other communications with your business name and lets you include additional information to your listings, while a store gives you the opportunity to list more items and pay lower fees.
Here is a breakdown of the different store account options. PayPal is the standard service used to accept and process payments on eBay. In order to sell on eBay , sellers need to set up a basic account, which allows sellers to accept payments from buyers directly. Setting up a PayPal account is as simple as visiting the company's website and providing your name and email address. From there, you can add your credit, debit, or bank account info, and you're ready to go.
With the option of linking directly with your bank account, it makes the process of getting paid pretty seamless. Although a basic account is suitable for almost all buyers, there is a business option available that provide multiple logins and access for employees. An important note: When you're first starting out as a seller, PayPal may hold onto payments for up to 21 days until you've established a history.
This is true whether you consider your eBay endeavors to be a hobby or a legitimate business. There are only two instances where this directive does not apply. Really, the only distinction the IRS is concerned with when it comes to distinguishing between a hobbyist who works part-time and someone who makes thousands of dollars a year as a business is which form they use to report income. To make the filing process easier for yourself or to assist an accountant if you hire somebody to help with your finances, here are some practical things you can do in your day-to-day business to ensure you're submitting accurate information:.
Now comes the fun part—finding stuff to sell.
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I made my first million using popularonebay. Hey, I use PopularOnEbay. I have been very successful with PopularOnEbay. The research part of this is important. For someone so smart I find it absolutely shocking that you use a Mac, especially after such a lovely insult to the a-holes who drive 2 door Beemers. Go read Steve Jobs Wiki for god sakes. How could anyone support that, not to mention the complete lack of functionality offered by a Mac Book.
I thought you favored functionality over price? I agree apple is controlling and ridiculously over priced only because they are smart marketers , but extremely simple. Its all you need if you just sell stuff on eBay, and have a email, and contact people. Microsoft is a lot more customizable, but harder and way more complicated and intricate. You sir though are a dick I met a great guy hard working as well the other day that drives a 2 door Beemer.
Really good article! In fact the more obscure the item almost the better. I also found that almost anything however ridiculous really Irish has serious cachet in the US which equates to dollars. It occurs to me too that you could use the misspelling to score some great deals as a buyer — ie if you want calvin klein searching for calvin kline may mean you have no competition?
I made a few hundred selling my old Lego sets. I was really surprised at how much some of them went for. The only drawback was the time it took to build them up and photograph them completed, but it took me back to my childhood for a while. This is great for ebay, but most of what I see are textbooks.
Any specific strategies for half. I assume you will be emailing the full interview to scrooge strategy members? Seriously, eBay? Why not use craigslist?
5 expert tips for selling on eBay
We used to sell stuff on eBay. I saw baloney. We have sold stuff to people all over the US on craigslist. Craigslist is good too, but in my experience, CL people are largely looking for extreme deals which is why I use it as a buyer, not a seller. And avoid accepting paypal. They will freeze your money and you will never get it back. That was worth as much as anything else in the post!
You also must package and ship the item, which could take at least the same amount of time, and you may need to take the package to the shipping location, adding it to a possibly huge to do list. Then at tax time, spend an hour getting those donation slips in order and claiming your deduction. A garage sale that lasts all year is considered a business. Always use Paypal. Baker I find the research part to be the most fun of all. It makes me feel like a business owner on a micro-scale , where you get to do the fun stuff without taking on all the risk.
My favorite high school history teacher made hundreds of dollars a month selling books on Half.
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RE: shipping: One thing that Jim mentions in the interview is that free shipping has become the standard, and that sellers need to factor this into their listing price. Ebay offers the option to enter the package size and weight. When people bid on your item, they enter their zip code which determines how much they will pay for shipping. That amount just gets added if they win the auction.
You can go to UPS. Then I round down and use that as my shipping cost. The USPS offers a flat rate box providing your item fits in it! I have heard many horror stories about buyers and sellers getting burned by Paypal. Some simple tips to avoid getting burned too bad are: Buyers: Never use the option to pay using your checking account. Note, if you use Visa to dispute a Paypal charge, there is a good chance Paypal will lock or cancel your Paypal account. In the end would you rather have a Paypal account or you money?
Legally Paypal can not pull the money back out of your bank account without your permission. Again, Paypal will lock or cancel your Paypal account but at least you have your money. I often use Ebay to supplement the cost of other things i.
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It will help you gage price and whether it is worth your time. You definitely need shipping for large items like wakeboards. I once posted a used 1st gen. Seemed sketchy or really dumb. In your final recap you gave a total time spent of 37 minutes, but you never tell how much the shoes sold for. I know that any amount over the listing fees is a gain for you in the form of more cash in your pocket as well as more closet space and that this was mostly an exercise to gain experience using ebay, but it would be nice to know what return you received for the 37 minutes you invested in this learning experience.
I am from India. I am ready to research and listing part to sell your product. I will very happy to work 10dollar per hour. If you have the requirement then mail me. It not just easy to just sell on eBay or outsource work to Indian freelancer. Let me help you all in it.
Yes, but how do you estimate what dollar amount to factor in? A negative comment can destroy your reputation. Make sure not to lie about the condition of the product. It really irks buyers when they paid you money for a pair of shoes that takes 3 weeks to get to them. I normally do this before any sale to see what similar items have sold for recently, so I know how much I expect to get for my item. Also, a great side for books, dvds, cds is half.
Not the run-of-the-mill […]. Thanks for this very informative post. I used to think that no one can get rich from eBay anymore. This post just proved me wrong. Hi Ramit! I love your book and blog, found you through the blog of Mr. Tim Ferris and the 4HWW. Most of the buyers came from the Mid-West. Basically he funneled deals happening in NYC to other parts of the country.
He found his niche and his market and prospered. This article is great! Although if you are an occasional ebay seller or a full time one how to you go about paying taxes on what you make? Ive been trying to google this but cannot get one straight answer. I was a bit skeptical about actually selling what I had a relatively new, irreparable laptop given to me in hopes of a repair but it ended up going pretty decently. I DID do the research and put up a full description though, but as for the pictures I just used something I googled.
But I got to really see that just putting time into something involved in making money like that can be really rewarding. Totally cool with critical comments, but please leave a working email address so I can get in touch with you. If […]. Question for members of Scrooge, or Ramit: If I sign up now, is there an archive of tips that I could search through? Hi Farrell, yes there is. Thanks Ramit! This brings me back memories. I used to be an occasional eBay seller. I went to garage sales and Craigslist to get inventory.
Only reason I stopped was because of all the travel by public transportation. Would like to get into it again despite all the fees , but trying to decide which niche.
You have to get the latest edition since ebay is constantly changing. Great tips although the thing that has always bothered me about selling on eBay is that it seems hard to be able to find a strategy that can be scaled in any type of real way. Certainly scaling is easier when you have specialized knowledge about a certain product niche i.
Look it up As the article says, find a niche market. People are willing to pay crazy money in niche markets. Good work, more please. A new multimillion dollar international domain marketing firm, GDI, offers a tremendous opportunity for making over dollars per month by investing your time in part time marketing. A free seven day trial is also offered. Have to look into this because I want to increase my income and I have a lot of unused books, clothes, etc.
Thanks for the article. People COME to ebay and search there for a product first. If you have a product to sell or want to get into ecommerce, this is a great testbed to start…. I think this was a great article. I did a write up about this article on my blog. I love your site. Keep up the great work. Personally, I love eBay and the big variety of products you can purchase or sell. I used to sell used and rare books on ebay. Then after the dotcom bubble the used book biz got really slow. But I could never make big money on ebay. I think ebay is becoming a desert though.
I prefer to sell books on amazon and half. Ebay is a fantastic platform to start a business and to test your market. You can start generating income from day one and have bugger all overheads. If you compare this to building a website: 1. And even after all this outlay it will probably take around 1. Great article, I always use ebay to sell my old stuff and even use old newspapers and boxes to make the parcel. So get some extra space in your home, make someone happy and even get some extra bucks! I am such an ebay fan! This post was great, I too often see terrible posts on ebay, but the items are great.
Selling Belongings on Ebay- I love ebay.
For the obvious reason that i can make money by taking a picture, writing a little bit about a product and then going back to playing Call of Duty It is that easy. The key to selling something on ebay is making sure there is a demand for such a product. For example i sold a fairly new piece of technology recently and it did great. I got almost as much as it is worth.
It was new in the box, and it was not doing me any good anyways. Trying to sell something that you made out of construction paper and macaroni noodles is probably not going to sell, unless it rivals Picasso. Ramit Sethi wrote an awesome blog about making money on Ebay recently. For example, if you live in Portland Nike headquarters , maybe you can find cheap Nike apparel and then sell it to buyers on the East coast at a price that would make you an nice profit but still be cheaper for the person on the east coast to purchase.
For those wanting to jump in even deeper, check out this recent killer guest post featured by Ramit Sethi. Craigslist is great but again there are some safety issues. I personally like Amazon but I guess you have to find what really works for you.
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Have a great week everybody. Great article. I am using segbay and segbayxp APPs that automates my searches to run every 10 min or less many items on ebay are Buy Now only saves search time as well as the build in sniper. Can anyone give me some direction?. Great tutorial, seems to be a lot of costs that the seller should have to cover. That makes me a That makes me And i havent put my profit yet. How is that some people sell things on ebay Free shipping cheaper that the shippment itrself?? We really love the information provided.
Here is a very thorough article on how to sell on eBay that will inspire you to start selling today! I just cannot go away your internet site just before indicating i actually experienced the common facts somebody give for your company? Is going to artesanato algarve be all over again generally to check innovative articles. I created an in-depth, step-by-step guide on how to make money off of eBay in just 37 minutes. Click here for my free guide to making real money on eBay. Anyone interested in massively expanding their total revenue on eBay and for awesome e-commerce opportunities e-mail me at fortunepalssales gmail.
Sites like Ebay are perfect for doing just […]. Look for sales that people are having […]. I was so excited to start my own business and to be my own boss. These so called inspiring websites intrigued me so much that I sold my car to start my business on eBay and Amazon. Now with the help of these people I walk on foot all the time and my dreams to become millionaire just laugh at me all the time to remind me how the life was comfortable before that silly idea came to my mind.
Visit Xstock. Its a lot of work for very little gain. Trust Me, Ive been selling on eBay since Your Simply Wasting Time…. Nobody seems to know what to sell on Ebay. Ebay is one place where you can sell almost anything, […]. I wanted to thank you for your time for this fantastic read!! I definitely really liked every little bit of it and i also have you bookmarked to check out new information in your web site. In fact Ramit Sethi outlines how to go from zero to sale in less than 37 minutes in this guide right here. Like this page and get stories that matter, job updates and lots more!!!
Awesome blog! Do you have any suggestions for aspiring writers? Would you recommend starting with a free platform like WordPress or go for a paid option? Any tips? Thank you! Definitely imagine that that you stated. Your favourite justification appeared to be on the web the simplest thing to be aware of. You managed to hit the nail upon the top and also defined out the entire thing without having side effect , other people could take a signal.
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