I want to share my experience I had with Ebay. Unless you have been living under a rock for the past eighteen years, then you already know Ebay is an internet goliath amongst the ecommerce conglomerates. Ebay has been providing a central hub for people to buy, sell, and auction everything from the stars to the dirt since Labor Day 1995. Point I am making here is I guess it has garnered some popularity over the years. Several months ago I did some research and gave it a shot as a source of income to fund my collection. Now I used Ebay, but you could apply this system to any ecommerce giant like Amazon,Half, Etsy, etc.
It’s a Cinch If You Niche
My whole video game collecting venture came into existence, because of a memory I had from my childhood. I used to love playing my Nintendo games every day, and I missed that simple “pick up and play” learning curve those games had compared to today's more advanced games. I wanted to collect something cool I could share with my kids, from my childhood.
So “retro video game collector” was my occupation for awhile, and helped me gain some valuable experience in the e-commerce realm. I got started by doing my research online and learned what some of the most sought after items were for that niche. Next I located a suggested price guide for the products of my niche, http://videogames.pricecharting.com/ is what I used. It is pivotal that you are knowledgeable with the value of products in your niche, or else you will lose out on profits, a sale, or a great bargain.
Don’t Sit Where You Eat
By growing an interest in collecting games, I was also investing in my e-business, because of the type of deals I searched for. I rarely bought anything off Ebay, because I understood that would be like walking into any well-known retail store to buy items just to turn around and sell. When you try to do that you are underestimating your customer’s intelligence to seek out honest deals. Nine out of Ten customers would probably just go directly to the retail store themselves and cut out the obvious middle man profit.
So Ebay is where I wanted to sell, but where was I going to buy if I wanted to compete in the market? First I utilized free advertising sites like Craigslist, and I also looked to local periodicals for some quick deals. Then I would also go “driving for cash” by bouncing from flea markets to yard sales to thrift shops, and even pawn shops (although pawn shops are typically retail as well). Lastly I joined social media groups and forums for my niche to network with other collectors who had stuff to sell. The goal was always the same though no matter where I was, I would buy as much as I could at a wholesale cash discount to create a profit spread of at least 30% (this is why it is important to be familiar with the value of items from your niche). Don’t forget to consider shipping costs. After finding a deal I always tried to collect contact info from the individual I did business with, especially if they were a fellow collector within the same niche. This is the secret to compounding your efforts. This will require some work and some travel when you get started, but with every new contact it will become that much easier to find deals. You may even find that deals will come to you, but just remember to keep where you buy from and where you sell from seperate. Don’t try to buy from where you sell or sell to someone you buy from, unless it is invited or makes sense to do so.
Wrapping It Up
My collection was growing and I was selling the items I didn’t want, to other collectors online. I was receiving free boxes to use for shipping from local businesses. My shipping cost was down and I knew the value of products within my niche. Now is the part where I share the secret to my personal success. I made money when I bought my merchandise, not when I sold it. I already knew what the hot ticket items were in my niche as far as what would sell and what I would have to sit on for a while before it would sell. I already had figured out, that for me to run my business I would need a minimum of 30% spread between the item’s value and the purchase price when I made an offer on a deal. After I had done all the initial research, grew my contacts, gained experience in customer relations online, all I was doing after that was moving money, collecting data (for my income/expense sheet), posting my items for sale, and getting paid to simply ship them out. I grossed almost $1000 my first month in business, and close to $900 every succeeding month after. I took on this activity at the time just for fun and to build a small collection, but I could see how turning this hobby into a full-time small business is a viable option!
My whole video game collecting venture came into existence, because of a memory I had from my childhood. I used to love playing my Nintendo games every day, and I missed that simple “pick up and play” learning curve those games had compared to today's more advanced games. I wanted to collect something cool I could share with my kids, from my childhood.
So “retro video game collector” was my occupation for awhile, and helped me gain some valuable experience in the e-commerce realm. I got started by doing my research online and learned what some of the most sought after items were for that niche. Next I located a suggested price guide for the products of my niche, http://videogames.pricecharting.com/ is what I used. It is pivotal that you are knowledgeable with the value of products in your niche, or else you will lose out on profits, a sale, or a great bargain.
Don’t Sit Where You Eat
By growing an interest in collecting games, I was also investing in my e-business, because of the type of deals I searched for. I rarely bought anything off Ebay, because I understood that would be like walking into any well-known retail store to buy items just to turn around and sell. When you try to do that you are underestimating your customer’s intelligence to seek out honest deals. Nine out of Ten customers would probably just go directly to the retail store themselves and cut out the obvious middle man profit.
So Ebay is where I wanted to sell, but where was I going to buy if I wanted to compete in the market? First I utilized free advertising sites like Craigslist, and I also looked to local periodicals for some quick deals. Then I would also go “driving for cash” by bouncing from flea markets to yard sales to thrift shops, and even pawn shops (although pawn shops are typically retail as well). Lastly I joined social media groups and forums for my niche to network with other collectors who had stuff to sell. The goal was always the same though no matter where I was, I would buy as much as I could at a wholesale cash discount to create a profit spread of at least 30% (this is why it is important to be familiar with the value of items from your niche). Don’t forget to consider shipping costs. After finding a deal I always tried to collect contact info from the individual I did business with, especially if they were a fellow collector within the same niche. This is the secret to compounding your efforts. This will require some work and some travel when you get started, but with every new contact it will become that much easier to find deals. You may even find that deals will come to you, but just remember to keep where you buy from and where you sell from seperate. Don’t try to buy from where you sell or sell to someone you buy from, unless it is invited or makes sense to do so.
Wrapping It Up
My collection was growing and I was selling the items I didn’t want, to other collectors online. I was receiving free boxes to use for shipping from local businesses. My shipping cost was down and I knew the value of products within my niche. Now is the part where I share the secret to my personal success. I made money when I bought my merchandise, not when I sold it. I already knew what the hot ticket items were in my niche as far as what would sell and what I would have to sit on for a while before it would sell. I already had figured out, that for me to run my business I would need a minimum of 30% spread between the item’s value and the purchase price when I made an offer on a deal. After I had done all the initial research, grew my contacts, gained experience in customer relations online, all I was doing after that was moving money, collecting data (for my income/expense sheet), posting my items for sale, and getting paid to simply ship them out. I grossed almost $1000 my first month in business, and close to $900 every succeeding month after. I took on this activity at the time just for fun and to build a small collection, but I could see how turning this hobby into a full-time small business is a viable option!
