Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Work From Home Auction Secrets

728 views

Published on

A guide on how to research niche markets and products and subsequently resell those on auctions sites like ebay

  • Be the first to comment

  • Be the first to like this

Work From Home Auction Secrets

  1. 1. Work From Home Auction Secrets Copyright © MaximizeYourWebProfits.com 2009 “a failure to act is a failure to succeed” anonymous Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  2. 2. Table of Contents 1 Congratulations...................................................................................4 2 The Method.........................................................................................6 3 Determine The Product.........................................................................7 4 Source the Product.............................................................................11 5 Financial & Profit Analysis....................................................................12 6 Sell The Product.................................................................................14 6.1 Advanced Selling Strategies............................................................15 7 BONUS SECTION...............................................................................16 8 Start Implementing............................................................................18 9 Resource Links..................................................................................19 Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  3. 3. Copyright, Disclaimer and Terms of Use The author and publisher of this eBook materials have used their best efforts in preparing this eBook. The author and publisher make no representation or warranties with respect to the accuracy, applicability, fitness or completeness of the contents of this eBook. The information contained in this eBook is strictly for educational purposes via a series of possible examples. Therefore if you wish to apply ideas contained in this eBook you are taking full responsibility for your actions and do so at your own risk. We do not guarantee that you will earn any money using the techniques and ideas in these materials. Examples in this eBook are not to be interpreted as a promise or guarantee of earnings. Earning potential is entirely dependent on the person reading this book by using their own their own ideas, techniques and effort. Any and all forward looking statements mentioned in this eBook are done so as an opinion only and not a statement of fact. Note well, the ideas presented in this eBook are not intended to be used verbatim but are simply presented as a catalyst to develop your own ideas and processes. In fact no guarantees are made that you will achieve any results from our ideas and techniques presented in this eBook and the author and publisher disclaim any warranties (express or implied) in regards to the merchantability or fitness for any particular purpose. The author and publisher shall in no event be held liable to any party for any direct, indirect, punitive, special, incidental or other consequential damages arising directly or indirectly from any use of this material which is provided “as is” and without warranties. You should consult and seek advice of a competent legal, tax, accounting or other professional when commencing any business. The author and publisher do not warrant the performance, effectiveness or applicability of any sites listed or linked to in this ebook. All links are for information purposes only and are not warranted for content, accuracy or any other implied or explicit purpose. You need to independently read and understand the terms of use of any website linked to in this eBook. This book remains the copyright of MaximizeYourWebProfits.com and cannot be resold, repackaged, copied or modified without the express permission of MaximizeYourWebProfits.com. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  4. 4. 1 Congratulations Yes congratulations on downloading this ebook. A single step forward that will be the first of many once you digest the information in this book. Living can be tough, some years it's easier some years it's harder. We should all aim to swing the balance not only to the easier but to loving life and enjoying the freedom that financial abundance gives you. • Where are you right now ? • Struggling to pay bills ? • Struggling to buy for your children ? • Struggling to secure yourself for the future ? On the other hand you may have a reasonable income at the moment but are looking for an additional financial safety margin or the ability to splurge on your family friends or even Yourself ! Or perhaps you simply want a career change or you’re over your job (dare I say hate the job, hate the boss :) Maybe you're worried about losing your job and too old to get another ? All scary positions to be in that can be eliminated by a repeatable, part time income. This isn't an MLM or Network Marketing scheme - this is a sustainable business and only limited buy your imagination. This is a legitimate business model where you'll reap the benefits of hard work, can process map the technique you develop and basically have this running automatically once you set up a new revenue stream. What's the cost ? Absolutely NOTHING to use the tools to you need to implement the system. Free just like this book ! OK, I know you're eager to read the rest of this guide. If you haven't already printed this book, do so. Make your favorite drink that will relax you and grab a pen so you can make notes on the ideas that will pop into your head. You've heard the expression “teach a man to fish and you'll have fed him for a lifetime”. We'd like to go one step further. A musician learns notes, chords & scales. Once they master those their next level is the ability to 'improvise' ie creation of Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  5. 5. something new and on the fly – once you have these ideas you too will start improvising. You’ll build on the ideas in this book and grow your potential rapidly. This guide is not meant to be an exact step by step guide. Its purpose is to inspire to think outside the square and improve on the examples or come up with your own ideas. It is possible to make extra money outside your day job and once you succeed you’ll feel more inspired to try different opportunities and ideas. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  6. 6. 2 The Method The dream of every online business owner is to have at it's disposable a limitless supply of customers as needed. The online world has fulfilled that dream by having millions of customers around the world who shop online from the comfort of their homes. That's great but how do you get the attention of these people ? That hard work has been already completed by online auction sites such eBayTM, AmazonTM etc etc. They are aggregators of buyers and sellers on a massive scale around the world. So you just need to jump in to the appropriate area you will do business. OK, so the high level process is as follows: Determine the Product Source the Product Complete Financial Analysis showing cost & desired profit points. Sell on Auction Site Setting Min bids & prices. Simple right ? At a high level yes at the detailed level no if you're not experienced with this business. So lets break down each section with specific detail on each part. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  7. 7. 3 Determine The Product This is the most difficult part. What will you sell ? What are people buying ? Given the amount of buyers is absolutely huge on eBay for example, you might thing I’ll just put anything on there and I’ll make money. That won’t work. You know why ? Because there are just as many sellers as buyers and if you pick a common product like an Ipod for example, you’ll be battling the competition on quality, price and variety. So what do we sell ? The key here is to find a niche product. Niche products have less competition however you may find it has a high customer demand. That’s the gold but you need to find it. So let’s brainstorm starting out with some tools that are provided by eBay: Tool 1: Ebay Pulse eBay pulse provides you the current most popular searches on the site. As you can see, there are 10 items listed as popular searches in eBay right now. The first 5 items are very competitive and high ticket items. Let’s look a little further down the list and we see an item called ‘Bakugan’. Some of you may not have heard of this item however it is a toy from the Japanese market that is very popular. One thing to understand is if you see an item that you have never heard of do so some research as it could be one of those great niches. So we click on it and we see the following number Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  8. 8. of items. Quite healthy at 9302 searches however still small enough to be categorized as a niche. So before we look at sourcing this product we should do some investigation as to it’s popularity online. Tool 2: Google Trends The trend tool shows trends (news, articles etc) for a particular period. We type in ‘Bakugan’ and search. The result is sown below. Several important things to note, the trend is up since 2007. The 2 highest trend cities are Montreal and Quebec in Canada. OK, that good we’re breaking down the demand for this niche further. A quick search in eBay Canada indicates around 6000 searches currently. Let’s continue a little more investigation into the quality of the demand. Let’s use Google’s Keyword tool which shows the traffic volume on a monthly basis for certain keyword searches. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  9. 9. Tool 3: Google Keyword Tool We select Canada as a country, type in Bakugan and click search. We can see that there is significant search volume for the word Bakugan. So this appears as a potentially good item to resell on eBay or anywhere else for that matter. So now that we have found a product to sell, where can we source the product ? Let’s move on to the next step in our process. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  10. 10. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  11. 11. 4 Source the Product The next step is to see were we can buy the product that we want to sell on eBay. There are several sources you can use however we’ll use an aggregator of suppliers this time called Alibaba.com. Type in Bakugan and click search. Tool 4: Alibaba.com So there are several suppliers able to sell these toys between $12 and $25. Let’s move on to the next step, financial analysis. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  12. 12. 5 Financial & Profit Analysis If we look at the starter pack supplier of $12 to $14 we want to see how much these are selling on eBay Canada. A quick check indicates anywhere from $23 + $10 shipping to $30 + $10 shipping. Current exchange rate $US 1 = $CA 1.22. Say we could sell at an average price of $35 CA inc postage, that’s equivalent to $28.69 US. Now if you want to make say 30% profit margin on this product that makes our cost $28.69/1.3 = $22.07 US. As an initial test you don’t want to over commit your purchase of stock so let’s say you purchased 10 of these starter packs at a cost of $14 with freight of $40. So total cost being $180 or $18/Starter Pack. The other factor is the import duties or taxes. Each country has different tariffs and you should check the rates as this could make them unprofitable. Certain toys imported into the US can be free of tax for the General classification however you need to check with US Customs for every product you are considering importing. For this example let’s assume an import tax of 20%. So our total cost is now: $180 * 1.2 = $216 or $21.60 per Starter pack. So according to our calculations we are able to import these items into the US for less than our desired profit cost point of $22.07. Important items to note: 1. Spend as much time as possible talking to your potential supplier preferably talking directly to them using something like Skype Voip software. This will save your telecommunication costs considerably. 2. Find a supplier which is willing to sell a small quantity so you can try this niche 3. Negotiate on delivery and return/warranty terms. For example if an item is faulty it’s probably not worth shipping the item back unless the supplier foots the delivery cost but you might be able to get a credit for the cost which could come off your next order. 4. Research your niche market as best as possible. Ensure you have a a market there before committing to any purchase of stock. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  13. 13. 5. Talk to several suppliers. 6. Ask the supplier for help and advice – have they shipped to US before, how long to ship, do they have a supplier within your country etc. 7. Remember, just because a supplier is listed online it does not mean they are necessarily endorsed by websites like Alibaba.com. They have certain processes in place such as verification or Gold Supplier status to reduce the risk to you the intermediary however there is no guarantee and the risk is on yourself - NB. 8. When negotiating with suppliers ask them to use a form of Escrow in order to give yourself and the supplier additional protection. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  14. 14. 6 Sell The Product Now that you have established the market, completed profitability analysis and sourced the product we need to sell. This is the easiest part however still requires some skill to make sure you don't blow your profitability. You have several options to sell you product on eBay: • Set a buy it now price - return is good however product may not sell if there are too many people looking for a bargain • Setup a normal auction with a reserve price at your break even point (remember you need to also factor in the eBay listing and final sale costs). Downside risk is you sell at a fraction over your break even cost and upside is you may attract lots of buyers which will push up the price • Setup a normal auction with a very low reserve (less than your cost) . Downside risk is you sell at a loss, upside is you will attract many many customers to your auction. Every eBay country market and product auctions are different so you will need to complete some testing to find the right auction metric for you. You could start with a Buy It Now auction and see what interest there is in the market. You can also try many combinations of timing and auction types. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  15. 15. 6.1 Advanced Selling Strategies • What time of the day do competitor’s auctions finish ? Time your auction to finish outside of those times. • Are there any auction end gaps that you can use to your advantage eg one auction finishes on the 10th of month, another finishes on the 12th, you could time yours to complete on the 11th. (TOP TIP) • Set a low reserve auction in motion, one that is attractive to buyers and will most likely sell. Set another auction in motion 30 to 60 minutes behind the first as a Buy It Now auction. Those buyers that miss out and really want the product will be primed to buy and more likely to purchase a Buy It Now auction during that time. (TOP TIP) • Add clear and sufficient pictures within your listing. Popular auctions can get thousands of views. Did you know you can make money by adding special code to your pictures ? Sign up with ShareaPic and upload your eBay auction pics. Then use the ShareaPic embed code to add your pictures to your auction. You’ll not only make money from your auction but also from your image views. (TOP TIP) • Make your auction attractive by taking advantage of low cost listing addons such as gallery pictures etc. • Be very clear in your listing description your policies in regards to warranty, return, postage etc. • If potential buyers ask you product questions post the answers on the listings or on an alternative website. Webhosting is cheap so you can create an additional marketing force buy creating a product display page showing additional pictures, descriptions and even videos displaying the product. Video is such a powerful selling medium and so easy to put together. (TOP TIP) • Promote your product video on places such as YouTube with a watermark back to your website. (TOP TIP) • Provide prompt feedback and resolve customer issues quickly. Your seller rating on eBay is gold so you need to maintain it. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  16. 16. 7 BONUS SECTION So you have seen how we can source suppliers from overseas but what about sourcing products from your local market ? This is absolutely possible however you will need to complete the niche research in a little more depth to find profitable products with lower competition and good margin. Let's look at another tool from eBay called the top keywords tool: Tool 5: eBay Top Keywords This tool displays some of the most active keywords on eBay. So we have a look at some of the products and we notice the Mobile Phone market. After scan some of the eBay listings we notice a particular model – Blackberry 8700r. These phones are ranging from $60 to $140. Bidding is strong and there doesn't seem to be many sellers. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  17. 17. Lets' check another site (no point buying from eBay and selling back on eBay). Tool 6: uBid uBid is essentially where wholesale lots of products are sold but they also have an auction process built into their site. As you can see below, you can purchase the phone outright or participate in the auction process. On initial view it looks like this narrow niche could be a profitable market. As you can see the opportunities for this type of business are only limited by your imagination. Buying at wholesale and selling at retail is a well established and effective business model. Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  18. 18. 8 Start Implementing You now have this guide showing examples of business blueprints for the process of working from home in the auction market. You now also know: • How to complete all your research using free tools in this book (there are many others) • How to complete the basic financial calculations in order to build a profitable campaign • How to source products internationally and locally • How to sell and maximize your auction profits We hope this guide and the examples shown inspire you to start a business, sell some of your unwanted household items or come up with a completely different method to make money. We created this guide with the intent of it triggering you to think outside the square and see that it is possible to make extra money with a little work each day. We encourage you to sign up to our mailing list so you can keep in touch with the latest auction tips, money making ideas and great products. The next page in this guide is a link resource to many of the sites discussed in this guide. So make print out this guide, re-read it whilst in a relaxed state and start thinking of those great niches ! For updates to this guide and further products don't forget to signup to the newsletter at MaximizeYourWebProfits.com Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009
  19. 19. 9 Resource Links Site Description Amazon Amazon eBay Large online auction site for buying and selling Skype Free Voice over IP Software uBid Auction site focusing on wholesale lots Dealextreme.com Bargain online shopping. Earn reward points. Escrow A valuable intermediary for financial transactions Alibaba Directory of international wholesale suppliers. Yahoo is now a part owner of this business. USFreeAds Large Free Classified listing site with premium services at bargain prices. A great place to promote your products or auctions. HotItemFinder This is an advanced tool that can speed up you niche research and allow you to find products that are hot in the market right now. ShareaPic Free picture gallery storage. Earn money for page views. LunarPages Website hosts containing hundreds of emails, lots of bandwidth and disk space. Hostgator Work From Home Auction Secrets v1.1 Copyright © MaximizeYourWebProfits.com 2009

×