If you are thinking about getting started with an online business using eBay, I’d like to clue you in to a few very common, but very deadly mistakes made by many new owners, me included. I know you want to get started today, but there are pitfalls awaiting the unwary. Before you can “buy low, sell high” you must be sure that you have quality supply and a comfortable profit margin. So to help out, here are 3 Deadly eBay Mistakes that can ruin your new venture even before it gets started.
Your China sourcing for eBay will not pay you immediately for your sales. Depending on their commission structure, there may be a one or two month delay before they pay you. Many vendors have a minimum sales threshold – some may be as little as $100, others as high as $1000 or more. On top of that, many wholesalers for eBay sellers only pay up at the end of the month or the beginning of the month. And some vendors don’t have a direct debit/credit facility, only sending checks to their partners through registered mail.
As an online entrepreneur, you also enjoy a wider range of options in number of products you sell, their method of delivery and your profit margin after expenses.
I have learned how to become an outside procurement company for companies needing branding and promotional assistance. At GPS, we know how to make ourselves part of the staff and not just product peddlers.
Volume Wholesalers -Thousands of pre-verified, scam-free wholesalers who sell in larger volume orders at deep-discount prices. Millions of Brand Name Products.
So I happily spent days perfecting an eCommerce site listing all their products, complete with pictures and good copy. I got my first sale and placed my order with the manufacturer. And I waited. And I waited. And I waited. The supplier took 4 months to ship the product! Of course, by then I had already refunded my customer’s money. What makes the scenario worse is that the “manufacturer” also used the credit card information I gave them to purchase things for themselves.
They must provide good quality products. Your good reputation is paramount. Sell crappy products and your customers will complain to Ebay. Your reputation will sink like a rock. And a poor reputation will seriously hurt your business.