“Make $5,000 a week on eBay in your spare time!”

Oh, give me a break.

There has been so much ridiculous hype and hoopla about selling on eBay in recent years. Ridiculous headlines, pop-up ads, spam e-mails and infomercials about how easy it is to make a fortune on eBay. Don’t fall for those scams. But do take a few minutes to read this article and learn the truth about eBay and whether or not it is the right home business opportunity for you.

eBay isn’t a get-rich-quick scheme. In fact, there is no such thing as a too-good-to-be-true-get-rich-quick scheme that consistently generates significant income.

You have to bring your own motivation and willingness to work.

If you are motivated, eBay does present a great opportunity for individuals to make money online, all the ridiculous hype aside. According to a recent publication released by eBay, more than 430,000 rely on eBay for most or all of their income. Selling on eBay isn’t easy to master. Anyone can make some extra money doing it but the percentage of eBay sellers who make their living through eBay auctions is well under 1%.

The following 10 tips explain how to be one of the less than 1% who do it right. Read the rest of this entry »

There are some really incredible items for sale. Here are some
examples from the past …

• How about cigarettes to “cure” asthma
• A directory from the 1800’s listing all the high-class brothels in New Orleans
• Petrified dinosaur dung
• A (fortunately disarmed) Nike Ajax surface-to-air missile

Read the rest of this entry »

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• Making The Right Choice

Q: I made extra money selling things on eBay last year. These were items I picked up at yardsales mostly. My husband says I am responsible for paying income tax on the money I made, but I disagree. This is just my hobby, not a business. What do you think?

Gladys A.

A: With so many people selling on eBay these days this is a question I get all the time. To many eBay sellers the thought of running an actual business is about as appealing as getting negative feedback, so they go out of their way to convince themselves that selling on eBay is really “just a hobby” and therefore, should not be susceptible to income tax laws.

While you might think selling on eBay is just a hobby and the extra money you’re making is not reportable as income, depending on the circumstances, the IRS just might disagree with you.

The IRS rules are clear: you must pay taxes on all personal and business income and that includes money you make selling on eBay.

In its most basic sense, the IRS rules mean that if you buy a vase at a garage sale for $10 and sell it on eBay (or elsewhere) for $20 you made a $10 profit and therefore must report it as income and pay Uncle Sam his fair share. Read the rest of this entry »

New eBay sellers typically underrate the importance of quickly building a great feedback rating. I am amazed when I click on an auction description and see a seller with a feedback rating under “10.” How could this person know anything about selling on eBay.? Experienced eBay bidders are cautious of sellers with a feedback rating under 25 - 50. Admittedly, getting your first twenty-five feedback comments as a seller can be a long process. Don’t forget, feedback comments as a buyer count as well (although eBay does show the difference). Before you rush into selling on eBay, you need to get some experience buying. There is nothing better than putting yourself in your customer’s shoes.

I wouldn’t start to sell on eBay until you have completed a dozen or more purchases, paid for them promptly and received good feedback from your sellers. Don’t be afraid to ask the seller to post feedback in your payment email. Sellers like to be paid quickly. Sending payment by credit card or PayPal will build your feedback rating quickly as well.

When starting your eBay business, you should bend over backwards to provide exceptional service. Remember, you are fishing for compliments. When you have a positive feedback rating over “100″ bidders will look at your rating number and then make their decision on whether or not they like your product. If your feedback rating is less than a 100, people tend to actually look back through your comments and read them. There is a big difference between “Nice transaction — good seller” and “FIVE ***** SELLER, EXCELLENT PRODUCT- FAST SHIPPING” Whether you are a new seller, or a veteran eBayer, building excellent feedback comments should be a daily goal. Read the rest of this entry »