This is a work-in-progress guide for helping wizards make money using ebay. Until it's finished, the flowchart version to the right is available with useful information to give you an overall understanding of the process. The money-making thread on /hob/ is also available for general discussion and advice.
The appeal of ebay reselling is that it allow us to earn money on our own while simultaneously avoiding any real-world interactions with others. Despite how long this guide will become, the process isn't hard, and once you find something that sells, your new "job" can potentially take up less than 20 minutes of the whole day.
Account setup phase
Setting up your ebay account is the first step. Ebay uses paypal, so you need to setup this next. If you want to withdraw your paypal funds (the money you earn from reselling) you will need to link a bank account as well. A working phone is required for these steps.
Later on you will have to do some other stuff, as well as filing tax crap, but for now don't worry about anything else.
The research phase of ebay reselling involves making a series of determinations on a potential item's sourcing, profitability, and popularity. Research can be performed for any item in a variety of ways to help you make decisions. The goal of research is to eliminate potentially bad investments and to bring our attention to potentially good investments. Research costs no money and because it eliminates an overwhelming amount of risk, it's possibly the most important phase of all.
The following three areas of research are most important for us:
- Sourcing - involves determining the cheapest possible source for something. The simplest sourcing method is searching using google. If your source happens to be a manufacturer or some company, you can message them to find out if they offer bulk discounts. If you cannot find a cheap source for an item, the decision to purchase the item at higher prices is risky.
- Profitability - involves determining the profit you will earn for each sale at the price you're considering. If an item isn't profitable, or the profit outweighs the time and effort of selling it, you should consider a different item instead of wasting your time on this. There are a few ways to determine profitability.
- Popularity - involes determining whether or not an item will sell well at the price you're considering. If an item isn't popular, the decision to sell it is risky, because you might be unable to sell due to lack of interest. There are many ways to determine an item's popularity.
(Strategies for each will go here)
When an item has been researched and selling it seems to be a potentially good investment, you enter the trials phase. Think of this phase as confirming our research predictions or determining feasibility. You will purchase a small amount of an item, to minimize risk, and you will try selling these items. You create listings and just wait to see if anyone buys it.
If no one is interested, you first revise the listing information. You can change pictures, descriptions, titles, categories, price, etc. Keep revising and use other listings to figure out which information is relevant. Don't be afraid of stealing the listing information and pictures from others. After you have revised the listing, and no one is still interested after some time passes, your item is unfortunately a dud. It's important to try understanding why your item is a dud so you don't make the same mistake twice. You perform more research on the item to better aid your future decisions.
If an item sells, you move on to the next phase. If your item continues selling well, you should consider purchasing larger quantities and asking for bulk discounts in order to earn more profit per sale. You can also try increasing the price to see if it affects your sales. Once you reach this point, most of your work is done and there's nothing difficult for you to do.
(Longer descriptions will go here)
When an item has sold, you're responsible for packaging and shipping the item to the buyer. This requires packaging material, tape/glue, and a printer. If your item is too heavy or large, you might also be forced to visit the post offfice. To avoid this, only sell small and lightweight items that fit within your mailbox when packaged. When you package your item, and place it in your mailbox, and the mail person picks it up, your job is done.
Some common (and uncommon) problems and eventually their solutions will go here to provide some help.
- The package was lost by the shipping company
- The buyer claims they didn't receive any package
- The buyer claims you sent the wrong item
- The buyer claims you sent an empty package
- The buyer isn't satisfied with the item
- The buyer claims you sent a broken or defective item
- The buyer broke the item shortly after receiving it
- You didn't place the package in the mailbox or it wasn't picked up for some reason
- Lack of motivation
- Lack of funds to get started