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10 Things You Should Know Before You Bid On A Business Product From An Online Auction
1. Know the value of the product before you bid. If the product is brand
new, check to see what price retailers are charging for it. If the
product is used or reconditioned, you will want to pay way less than the
retail value.
2. If the...
Auto Auctions - The Right Place For Bargains
Among the different kinds of auto auctions, car government auctions are perhaps the most lucrative. Here you can really get a great bargain on a new or used vehicle. These government auctions are selling vehicles that have been seized or...
Top 10 Reasons Why Ebay Auctions Fail.
Are you finding that auction after auction fails to attract any
bidders or buyers? It happens to the best of us sometimes - take
a good look at these things to see if any of them could be
making your bidders avoid you.
The starting price was...
Want to Grow Your Business? Try Being an Auction Seller
Every business owner, from the largest conglomerate to the
smallest storefront, has the same goals in mind: finding new
customers and making more money. Most merchandise-oriented
businesses have already turned to the Internet, and now it's
hard...
What You Can Learn From Competing Ebay Auctions.
If you've a savvy businessperson, the chances are you've already
taken a look at your competitors' auctions. What you might not
have realised is just how much you can learn if you know what
you're looking for.
To begin with, don't bother...
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Online Auctions Business
Online auction sites are a great way to find a bargain on almost anything and an excellent way of getting the best price for selling something of your own. Online auctions are different from their real-world counterparts. You are free to take your time browsing the listings and bidding takes place over a period of days rather than minutes. Online Auctions offer good opportunity for anyone wishing to start an online business for a number of reasons. If you feel you have the persistence necessary to run your own successful business, this is one opportunity you should consider.
Basic Idea
Your business is to sell playing intermediary role helping people to buy items they need. You do not need stock as you can start by placing drop shipper's items on eBay to get you started. Drop shipping is used by intermediary and mail order companies who do not wish to stock inventory of the products sold for future delivery through mail order, catalogues and internet advertising. You send single unit orders for products to manufacturers, or major stocking distributors, who in turn drop ship the merchandise direct to your customers found at online auction. Manufacturers providing drop shipping services can gain additional sales, shift advertising costs to middlemen, offer advertising material and reduce inventory requirements. You shift the risks of stocking inventory to the supply source, including storage, insurance, overhead, and personnel by spending nothing on inventory, until after the product is sold.
Advantages
Minimal capital needed to start. You loose a few dollars in eBay fees if your item doesn't sell.
Disadvantages
Lack of public information on general sales methods and techniques used.
This is not passive income
system. You should work all the time you want to run your business.
Common mistakes to avoid
1. Listing an item with wrong auction expiration time. It’s a known fact that more buyers browse auction sites on Sunday evenings than any other time during the week.
2. Not giving your listing the attention it deserves. Lots of people place items without photos and even good description. Lots of people use all kinds of flashing animation, multicolored text and other bells and whistles in an attempt to entice bidders. Listings like these are distracting, hard to read, and will always discourage people from bidding, resulting in a lower final sales price.
3. Using a reserve price. Using a reserve price to guarantee that
one will get a minimum price for an item. People will not bid on "Reserve" auctions as they don't want to get "Reserve not yet met" message.
4. Not planning your business activities. It is always better to create business plan and start implementing it. Ebay business requires procedured to be done everyday so plan it thoroughly.
5. Not selecting several good drop shippers. Your business should be stable. Drop shippers can quit and also they can kill your business by not meeting your expectations. So rotate them until you get several good ones for your business.
You can find books to read first and Online Actions list at http://www.RichTrack.com.
About the Author
Written by Helen Peshkova, RichTrack.com.
http://www.RichTrack.com is one of the first business oriented education portals. It's the leading online business information network for millionaires. The goal of RichTrack.com is to present business content in a professional, helpful and practical format that helps you getting rich.
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