In 2017 I decided to start an eBay business, and I made a $10,000 profit, from selling used products on eBay. Clothes, electronics, board games — you name it.
There’s a lot to learn when it comes to successfully launching a profitable eBay business. First, I had to set up my account, become a verified seller, learn the basics; shipping, price products, create an attractive listing, and even calculate taxes — there’s a lot to it.
It doesn’t take much to create an account and sell a few items, but you’ll need to learn a few tips if you want to start a highly profitable eBay business. My goal is to share exactly how I launched a highly profitable eBay business in 2017, bringing over $10,000 side income in one year.
How It All Started
One day I stumbled across a video on “how to sell on eBay” by enthusiastically outspoken entrepreneur, Gary Vaynerchuck.
Gary dares to claim that every single person who tried could make $20,170 in a year, replacing a large portion of many individuals’ income.
So, I gave it a shot. I didn’t make the $20,170 — I made half that, but still, $10,000 is a lot of cash, like, half my income type of money.
Maybe you’ve been looking for a good side hustle.
Here’s how I made mine.
First, I Had To Become A Verified Seller
Both eBay and PayPal (where you get your money sent) have a system set up called a “hold,” where they hold the money from all transactions for twenty-one days or until you become a verified seller. Now, it takes a minimum of ninety days to become a verified seller. Securing this verification is a vital part of starting a successful eBay business, and should be one of your first objectives.
Here are the qualifications to become a verified seller on eBay.
Sell 25 Items on eBay
Selling 25 items on eBay is a relatively easy obstacle to overcome. I recommend buying a bunch of cheap things (for the pandemic, toilet paper rolls are the perfect example) and then sell them on eBay for at least a few dollars less expensive than in stores. Even though there’ll be no profit, you’ll sell the 25 items in a few days.
Sell $250 Worth Of Items
By this point, I was all in, so I sold my Xbox for two hundred and fifty dollars at a time when they were selling for $400.
Because I wanted to become a verified seller ASAP.
You could probably get away with something else because little did I know,
Wait 90 Days
To become a verified seller, you’ll have to be selling on eBay for a total of ninety days, which means that you have to wait ninety days after setting up the account, regardless of whether or not you meet the two previous requirements.
Heed my advice; take your time.
- Sell your twenty-five items.
- Make two hundred and fifty dollars.
- Learn how the shipping and handling process works.
- Deal with a few returns or mess-ups.
The ninety-day wait is a crucial part of becoming a verified eBay seller, but it also gives you time to learn how to become a quality seller.
After That, I Watched A Bunch Of Gary Vee Videos
I know enough to understand that the best learn from the best. If I wanted to be successful in launching an eBay business, doing something completely new, I’d have to embrace the tactics of someone who’s been there, done that.
So I watched almost a dozen hours’ worth of Gary’s videos about how to sell on eBay. Here’s what I learned.
Buying an item and then selling at a higher price is known to many as “flipping,” which is, in reality, the sole source of income for many eBay hustlers, and one avenue you could take when starting an eBay business.
Here’s a couple of high demand items that are generally easy to find at a low price.
- Collectible Coffee Mugs
- Collectible Stuffed Animals
- Trading Cards
- Children’s Toys
- Video Games
- Video Game Consoles
- Baby Clothes
- Auto Parts
Here’s where you’re most likely to find these items
- Value Village
- Yard Sales
- Thrift Shops
- Facebook Marketplace
- Any Local Buy/Sell Facebook Groups
- Craigslist (free)
Specialize In A Few Niches
There are a lot of options when it boils down to what you want to sell on eBay.
You could do what I did in the beginning and sell everything, yet, not only is this time consuming, but you’re more likely to lose money this way because you’re spread too thin.
Pick one or two specific niches to focus on, such as baby clothes and children’s toys. Doing so narrows down the amount of time you have to spend browsing through every aisle at the local Goodwill.
Sell Others People’s Items on eBay
Post an ad on Facebook advertising your eBay business. I did, and it paid off big time.
A lady approach me who’s husband attempted to start a photo framing business — he had over 10,000 frames collecting dust in his garage! I was able to sell over 300 frames at $12.99 per piece, keeping 45 percent (15 percent taxes, 10 percent eBay fees, 20 percent profit). That’s $2.50 per frame; at 300 frames, that’s 750 dollars!
Do It Daily — Be Consistent
I’m always saying this — consistency is key. I’ll repeat it. Consistency is key. I’m going to keep saying this until it’s drilled into your head. Consistency is key!
Read The Compound Effect (affiliate link)
In it, Darren Hardy explains that the key to success lies in keeping consistent, building momentum, like an avalanche tumbling down Mt. Everest. You can’t stop a car going sixty miles per hour because it has momentum — you’ll get squished flat. Build that kind of speed. Startup your engines and go dog, go!
Finally, I Made Ten Thousand Dollars
You’d expect me to say, I still can’t believe that I made $10,000 this year by starting a business on eBay — but honestly, I was planning on it! I expected to double what I did, but $10,000 still pays my rent for the year. Well, most of it anyway.
I contribute a large portion of my success to Gary Vaynerchuk.
If it weren’t for him, I doubt I would have even tried to start an eBay business. Be sure to check him out, and follow me here for tips on building momentum, staying focused, productive, and building better habits.