Ebay for Profit: Find Your Niche, Sell What You Know

Dabbled In Selling Your Old Stuff From Around the House On EBAY?

Want to Try to Ebay for Extra Cash and Profit?

Here are Some Tips That Work for Me.

**This comes with a standard disclaimer... weigh all the pros and cons before you try to Ebay, much less Ebay for profit. Go read all their rules, conditions, and terms, etc.  Also, know that you may have different results than me. Heck, some months I have different and mixed results myself.  So, proceed with realistic expectations and take my tips, etc as opinions. :)

Ebaying for profit or extra spending money can be exciting.  I love it when something I found for a super low price inspires a bid war between buyers!  Also, the extra cash it can bring in is quite welcome.  Some months the extra money is enough to pay our water bill. Some months the extra money is enough to fund our entire Christmas.. and some months I make enough to take the whole family on a weekend getaway to a popular city with a zoo and all kinds of fun.  And, some months, whether it is just how it goes, or because I am too busy to fool with listings, my earnings amount to enough to purchase a Route 44 soft drink at Sonic.. during half off happy hour...

There is a definite learning curve involved when you decide to try to eBay (or Etsy or whatever) for profit. I have gotten pretty good at being able to critically evaluate potential inventory for my Ebay venture. I know about how much in fees Ebay and PayPal will take. I know about how much time it will take to photograph and list my item. I can determine what will bring me the most bang for the least buck.  And, I generally stay in my own personal niche base. 

Here are some of my tips: 

1. Get comfortable with Ebay before you decide to dabble in it for profit.  Know all the fees and such going into it.
2. Sell what you know. Find your niche. Mine is children's toys and clothes and drugstore overstock type items. When I get a bunch of Airwick Imotion refills for free or Gilette ProFusion razors, I put them on Ebay. I am very familiar with what clothing and toys go for and which toys are "It" toys and how hard they are or are not to find. This is why I focus on these categories. My husband Ebays electronics sometimes.. that's  what he knows.
3. Sell what you can find at ridiculously cheap prices.  If you live near an outlet, become a regular there and see what you can find.  Last year I found Gap sweaters ($90 worth) for $5 total. Gap Backpacks for 87c on a trip to an outlet.  Also, I regularly check Amazon.com and Crocs.com. When they have an online sale, they have an online SALE! Crocs for $6 a pair? Sign me up for 10! I will keep half for us and sell half on Ebay.. for enough profit to make the Crocs we keep end up "free".  Amazon had the popular Elmo Shape and Spin Play Doh set for $4! Shipped! At Target and Walmart, they were $15 at the time.. sometimes even more than that. I sold mine on Ebay for $11.  
4. Search the item you are about to list on Ebay before you list it.  Scroll through the results.  See what the going "buy now" price is and see which items have bids. On the ones with bids, what are the bids going for? Look at the competitors' listings.. how are the ones that are getting bids listed? Do NOT copy their listings. Do NOT save yourself a step and use their pictures. But do get a feel for how it is worded and see how much the going shipping rate is too. 
5. If you get good enough at the Ebay selling, consider getting a $20 digital ounce scale. I have a DigiWeigh that works pretty well. This way, you can weigh your items before you list them to know how much shipping you should charge. Also, when you go to ship the items you sell, this scale will save you time and money and a trip to the post office. Postage is cheaper when you go through "Printing Your Labels" through Ebay. Also, the tracking numbers are way cheaper and sometimes free.
6. Always charge for tracking numbers.. well, do most of the time. And especially at Christmas. I learned that the hard way. One lady ordered something from me 3 days before Christmas. She didn't want to pay for faster shipping or tracking, just economy. And then chewed me up one side and down the other about "where is my package? it's Christmas day!"  This Christmas, paying for tracking will not be optional...
7. Use abbreviations in your listing title: NWT (new with tags), EUC (excellent used condition), GUC (good used condition), etc. If you have room, it is useful to include the size info in the title, and/or the original value.  If you are charging $5 for a $90 sweater set, put $90 orig.
8. List as honestly and as detailed as possible in the description area. Use good grammar. Use phrases like "From a 100% smoke/pet/child free home" if they apply.  Thank the buyer for looking at your listing. Include phrases like "Will answer any question.. will ship within one business day of payment confirmation... Loves to Combine Shipping, so check out my other items for sale if you like..." etc.
9. KEEP TRACK OF EVERY EXPENSE AND INCOME YOU HAVE RELATED TO THIS VENTURE!  What did your inventory cost you? How much money did you spend on tape or packaging supplies? How much did you make on the sale of the items? How much in fees did Ebay and PayPal take out?  I made a simple spreadsheet on Google Docs to keep up with all mine. I am hoping that I have to print it out this year and take it to the tax man. I hope to make enough for it to matter...
10. Pay attention to trends. Last year, I paid close attention to what the Disney Costumes went for at Halloween time. Then, I have been  looking for deals and clearance Disney costume items. I am ready for Halloween this year. 
11. Consider storing items for up to a year to maximize your profit potential.  After holiday clearance throughout the year is a great time to get inventory. When things go 75-90% off, that is when you want to buy. I have clearly labeled boxes of Princess costume items, Valentine Mickey Mouse items, Adorable Felt Easter baskets, etc just waiting their turn on Ebay. Also, I have boxes of back to school items. $30 Gap Backpacks for less than $1 ea with tags still attached? Couldn't pass that up.  Worst case scenario, I have items to donate to a school with students in need. Best case scenario, I make enough to pay me back, give me a small profit, and let me fund my kid's entire classroom with Crayola art supplies I will coupon for in September... On backpack sold will pay me back, give me profit, and provide 30 boxes of crayons if I can sell it for $10.  The next backpack might fund Clorox wipes, etc etc.  So, consider storing clearance items if you have the room and will not turn yourself into a hoarder. These stored items will give you the most bang for your teensy dollar.
12. STAY ORGANIZED or don't do it. It isn't worth the frustration if it gives you more stress instead of more money in your pocket.
13. A couple times a year consider making a Craigslist ad or something and having a yard sale for your inventory.  Or, heck, consider Craigslist anyway!

You can Ebay. You just have to "get" the groove of it. Also, you have to find your niche. Do you frequent recycle bins on Monday to get the discarded Sunday Paper coupons? (some folks do that.. for reals).. You can "sell your time to clip" those coupons!   Are you a video game player? Maybe that will be your niche. Do you have a rare outlet store nearby? Do you have children and are up to date on what's "in"? Did you stack coupons last month and get lots of free items or moneymakers at the drugstore that you don't need? Make a lot set and put it on Ebay. Whatever it is, dip your toe into trying to sell it for profit. You just may be surprised.

AND ALWAYS PAY ATTENTION TO THE FEES AND CONDITIONS.  AND ALWAYS EBAY WITH INTEGRITY AND PROMPTLY SO YOU CAN GET POSITIVE FEEDBACK SCORES. YOU ARE NOT GOING TO BE ABLE TO EBAY FOR PROFIT WITHOUT POSITIVE FEEDBACK! :)

Good luck and let me know what works for you! Have any tips that I didn't think of? Share!! :)