How to make $100 a day on eBay.

 

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The number one eBay related question I get is, “Where do I find eBay inventory?” Over the past couple of years I have outlined many places you can go to find eBay inventory, but for most, this can be overwhelming. It can take time to find inventory, and if you’re like me, you probably don’t have all day to search for new items to sell. So, how do you make $100 a day on eBay? There are several ways to accomplish this – below I’ve outlined a simple and easy to follow formula:

The key to this program has a consistent inventory stream. This may sound hard, but in reality, it’s not. Ebay inventory is all around you. It is a numbers game, and this is how to play.

1. Look at the stores that are around you e.g. Target, Grocery Store, K-Mart, Dollar Stores, Malls, Shoe Stores, Thrift Stores, Costco.

2. Pick three or four stores, and walk through them with a notepad in hand. You will be looking for items that are SMALL and unique enough that a buyer might not even know that they are there e.g. Fake Lottery Ticket, Stickers, Lip gloss, Toy handcuffs, Party Supplies, shoe laces.

3. Out of all the stores you visit, you want to come up with a list of 100 – 150 items and their prices (each store has thousands of SKU’s so this may take time, but it shouldn’t be hard to do)

4. Take your list home, and visit this eBay profit calculator HERE. You need to figure out how much you would have to sell each item for if you wanted to profit $.50 – $5. (That’s right, $.50 – $5).

5. Compare each item with the completed eBay listings. See if any items are selling in this price range.

6. List your items using a fixed format.

It’s important to remember that you have free listings every month (unless you have an eBay store). This process takes some time to get up and going, but once you set up your listings, you can set it and forget it. There are two key goals we want to accomplish here. First, we want the items to be small enough that we can send them in an envelope. The reason behind this is that filling out an envelope is quick and it doesn’t take up much space. Secondly, we want to find items that are consistently available in the store (see number 2 for ideas). If you can locate and sell the same item, then you only have to set up the listing once.

If you are making $.50 – $5 per item, then you usually need to sell 50 items per day. If you are selling items that fit into an envelope, then it should only take you a few hours to gather your products and send them out. For me, I like to have my 3 or 4 stores close together (within a mile).

This technique should be used in conjunction with selling the more profitable items. I mentioned earlier that this is a numbers game. Since I have an eBay store, I know that I’m allowed tons of free listings per month. In most cases, I am using them all, so I don’t lose money if my products don’t sell. With newer sellers, you may be restricted to the number of items you are allowed to sell, but you can request the limit to be raised at any time.

The hardest part is making sure that your stores keep the item in stock. You do run the risk of your item being sold out when you go to buy it, so pay close attention to what you are listing. If this happens, make sure you quickly let the buyer know and refund their money.

Like I mentioned before, this is just ONE of the ways that you can make $100 a day on eBay. Just to be clear, it’s not easy. It takes work, but when your business is set up correctly, you will reap the rewards. As always, it’s not guaranteed that you will make any money at all using this system. The amount of money you make depends on your dedication, skill level, and time/effort you put into it.

For more tips and tricks, check out “The Keys to a Successful eBay Business” HERE.

Sometimes holding on to a product is more profitable!

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When selling on eBay, my official motto is to “Flip an item as fast as possible,” but in some cases, it may pay to be patient.  You may have an item that is easy to find right now, but it could be seasonal.  When the supply dries out, the profit should go up, right?  That’s not true in all cases, but if you do your research, you could walk away with much more money!

5a97fece-b691-404e-a39d-2ebeb92e9601-2878-0000030833421e07_tmpLet us take a look at a recent purchase I made.  Not too long ago, I was walking through a store with my wife when I found a huge lot of FrankenBerry cereal on clearance for $1.  This typically is a Halloween item, but since the holiday was over, the store seemed to think that the demand would go down.  I pulled out my handy smartphone and checked the completed listings on eBay.  I wasn’t that thrilled with the results so I kept on walking.  Then it hit me – clearance items usually mean that the stock will be gone soon.  So, the true FrankenBerry fans will be out of luck, and with supply & demand, I’d more than likely be able to make a profit.  Instead of listening to my instinct, I pulled up one of my new favorite apps, Terapeak.  I was able to see that I was right; a few months after Halloween, each box spiked to between $5.50 – $9 a box. So, against my wife’s wishes, I bought all 120 boxes for $1 each (at Target)

It’s not like these are selling like crazy on eBay, so I had to develop a strategy to sell these before August 2017 (that’s when they expire). Here is what I found:

  • They are selling better in the United Kingdom than in the United States, so I decided to add UK visibility to my listing.
  • The current average sale price right now is $5.99 with $16.50 shipping to the UK, so I decided to sell them now for that amount. According to USPS, it will only cost $12.50 to ship the box there – that will leave me a profit of $5.37 per box.
  • According to Terapeak, this number will grow throughout the year, so even if I only make $5.37 per box, I will have made a $644 profit on FrankenBerry cereal.
  • I am using more sources than eBay to sell this product (Amazon).
  • If all else fails, I have a lot of FrankenBerry to eat.

Thanks to TeraPeak, in this case, I have the knowledge that my product will probably sell for more in a few months, but since I have so many boxes, I think I am going to start selling them now. If you have never used TeraPeak before, I suggest you at least check it out.

Have you ever had an item that you sat on for awhile to make more money later on? If so, what was it and was it worth it?  Lastly, please subscribe to this blog for more updates :).