eBay 101

eBay is an online phenomenon that is not going anywhere anytime soon! You can buy everything from toys to clothes, or music albums to military memoribilia. If they make it, odds are you'll find it on eBay!

Entrepreneurs have cashed in on this online auction powerhouse since the mid '90s but it's never too late to start! You can build your own eBay empire within days by just following a few simple rules and research before you jump right in.

1. Buy Wholesale - Sell Retail
Now before you go out and start buying thousands of items at wholesale prices for your new venture, make sure you know what will sell and what won't. If you buy rubber duckys for $2.00 a piece and you're listing them for $4.00 a piece, even though you have a potential to make double your money back, you won't make a dime if there are no bids.

You can do some thorough research on a wonderful feature eBay has to offer called "Marketplace Research" where you can subscribe for a minimal fee and find out from the history of past auctions which items are the hot sellers. They have detailed reports and stats about completed auctions so not only can you see which items sold and which didn't, but you can also see what your item is worth and the amounts they sold for.

2. Feedback Please!
One thing that is majorly important when becoming an eBay seller is to have good positive feedback. People will judge whether they want to buy from you or not if you've had successful sales in the past. I would suggest getting a minimum of 20 positive feedback ratings before attempting to sell wholesale items on the site. Find old junk around the house to sell just to get the feedback rating before you can be a true online auctioneer.

If you get a negative feedback, don't fret! Just work harder next time with the person that you are selling to and try to get at least 10 positives to every negative - preferably a lot more!

In summary, make sure you do a little research before you dive into the eBay game. Make sure you have a good, in demand product and make sure you have good credibility. These two steps are the first to take before starting any successful business venture on eBay. Happy eBaying!

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