Starting an ebay store can be little daunting. Before you plunge into the game, it is better that you do some solid preparation to ensure things are in place.
Here are nine to-dos that you should have in place before you start your ebay store :
Step 1: Identify your Target audience
The first thing before getting started on ebay is to do an analysis of your target audience for the product which you are planning to sell.
- Try to gather some data using Google Trends or Google Keyword Planner. This would help you to get an insight on the product and the business which you plan to enter into.
Step 2: Outsmart the competition
Closely observe what your competition is doing, try to see which products have the most ratings, what is moving fast. Try to observe their weak links and play around that.
Step 3: Getting started on eBay with the right product & vendor
This is going to be a make and break decision for your business. Try finding the product which has a huge potential market at ebay, also identify the vendor who is able to understand about your new venture and is cooperative enough to give some help in terms of product exchanges & credit.
Tip : Try having some back up vendors. You never know who may come handy during the rainy day J
Step 4: Start Small, Think Big
It always good to dream big, but all the big ideas started small especially the ones where there is less funds available in bank.So, it’s better to take small steps and move forward. Slow pace but persistence can surely help you grow your business in a short time
Step 5: Chart out a B-Plan
Though, its one more ebay store, but its your “Business”
So like any other business, Before getting started on ebay, Create a B-plan with:
3)Goals & Objectives
4)How your ebay store is different?
5)What are your strengths and weakness ?
Try to be as detailed as possible and slowly you will find out fixes for some of the key things which you missed out while planning about your business.
Step 6: Expand your business
Being a small business, you need to decide how much money you need to spend on inventory vs marketing.Do set goals for Sales – Weekly, Monthly and Quarterly.A close review of the goals will help you to keep a tab on where the business is heading to.
Step 7: Make it Legal
After you have a hit quite a number in sales, it is better to make your business legal.Try to meet a lawyer, get the paperwork done and establish the business legally.
Step 8: Create a system
Once you see that the business is regular, you can systematize a lot of things.You can bring in processes for each of the tasks from sending emails to feedbacks to following up with vendors. In the end, you want to make your business scalable. Isn’t it ?
Step 9: Never give up
This is the most important part of the business cycle. There would be times when things would look scary, the sales doomed and marketing cycle broken, but this is the actual test of entrepreneurship and your grit.Do not stop until you succeed. Keep working till the time you find a break through.
I’d love to hear your questions on getting started on ebay and answer your questions — please share them in the comments section below.