Starting Your Own Online Auction Business
If you enjoy going to yard sales and flea markets to look for obscure, unique, or interesting items, consider making your trips more than a hobby by buying items to sell. Many people use online auctions as a means to find items they collect or high-demand. If you know what types of items will sell, you can make a great profit by reselling them at a higher price online. Here are some tips you can use to start your own online auction business.
Start Off Slowly
Before you get involved too much, take the time to read the directions on any online auctioning sites that you are interested in using as your selling platform. Each has its own set of rules and regulations. Start by listing one or two items so you can observe the auction process in full from putting it online to shipping the item out. Putting on too many things in the beginning will most likely overwhelm you, and you will be at risk for error, which could hurt your reputation on an online marketplace.
Making Prices
Make sure that whatever you will be selling will make a profit and that you will not lose too much in fees by listing the items. Usually you will not be charged if the item does not sell; however, in an auction format, if the amount you receive is too low, it may not be cost-effective to list the item at all. Start an auction at the absolute lowest amount you are willing to take for an item. If you list it lower than that, you are at risk for letting the item go at a crazy price, giving you no self-satisfaction at all. On the flip side, do not list your items higher than the value. People look up the going rates for items before bidding, and you should do this as well so you are competitive with other sellers.
After The Sale
After an item is sold, you will need to ship it to your customer. Take the time to package the item in a way where it will not get ruined in transit. You can use the local post office or a shipping service like Port Aransas Business Center to deliver the package for you.
Make sure to buy tracking for your package in case it ends up not arriving in the proper location. You will be able to use this information to get the case resolved if the buyer is upset with you for not receiving the package when it is not your fault. Make sure you meet deadlines by shipping your packages out within a day or two of the end of the auction so the recipient does not need to wait for their purchase.