How to Leverage eBay Money to Support Your Online Business
For many online business owners, the lion’s share of sales comes from eBay. As the world’s largest marketplace — so this makes perfect sense. eBay offers new and experienced sellers a tremendous opportunity to sell their products to a growing customer base. Of course, it takes money to buy inventory to sell on eBay, and finding these funds is often a challenge for those just starting out and for those businesses facing cash flow issues. This is when an advance of eBay money can be help.
An infusion of eBay money can enable your business to grow by giving you the funds you need to buy more inventory and expand what your online store offers. Kabbage, a provider of funds for eBay sellers, is helping many businesses become more successful by giving them the money they need to grow. Businesses can apply for a Kabbage business loan and obtain funds in minutes. With no cost for sign up and no obligation to get money, it’s a great solution for buying the inventory to grow online sales.
Of course, you can also lose eBay money if you fail to learn the necessary strategies for effectively selling products on the site. The following tips can help you make the most of an advance of cash and the countless selling opportunities on eBay.
Sell Something You Know
The latest video game might be the hottest product on eBay, but if it’s not your passion or even something you’re interested in, investing your eBay money on this product could be a huge mistake. It’s better to start small and sell items that you can provide expert details on. Whether they are coloring books, toys, auto parts, or musical instruments, finding the right products for you can make a world of difference in your ability to sell.
Make Your Listings Concise
The best listings are those that provide a small, accurate description, information on the condition of the product, whether or not it’s a final sale, and shipping terms. Buyers are typically perusing many listings and don’t want to be bogged down by too many details. If your listings are looking more like essays than descriptions, you need to scale them back.
Make Your Descriptions Precise
Without being able to see in person and touch the product your selling, your buyers are counting on you to provide correct dimensions, color, and condition. One of the biggest factors affecting an eBay sellers rating is their ability to represent their products honestly and correctly.
Be Careful with Pricing
Under-pricing products and assuming that there will be a bidding war to drive up the price is a risky game to play – particularly when you’re gambling with eBay money in the form of a cash advance. More often than not, you’ll end up selling your products for far less than you had hoped, and you may end up selling them at a loss. Not good! Have confidence in your items’ ability to sell at a fair price. As well, don’t list items at low prices to save in fees only to mark them up with high shipping. eBay highly discourages this practice. A good rule of thumb when it comes to pricing is to be able to at least double over your cost to cover fees, shipping, and the cost of the item.
Save Some Profits
Finally, you will not want to reinvest all the money you earn from inventory you’ve purchased from eBay money. This is a common mistake that often leads buyers to selling more and more with nothing left in their pocket. Take your time, and buy items that you know will sell, but always have enough of a cushion to ensure that there’s extra for other business or living expenses. The best way to prevent overbuying is to establish a percent of the sales that you will use to reinvest back into the business, and to not exceed this percentage.
Start small, keep your descriptions clear, and price your items so that you make a profit. Yes, it really is that simple. Whether you use your own funds or choose to take an advance of eBay money to grow your business, these strategies can help you sell effectively.