Armed with your own products, auction sites are a way of placing yourself in front of buyers — FAST!

There are several online auction sites. Some of the larger auction sites are Ebay.com, Yahoo auctions and UBid.

Operating an auction sites business is an exciting way of earning some extra income and in some cases a full time income. It is relatively easy to set up an ebay store. eBay provides the website for you and gives detailed tutorials on how to set up your site and how to make it unique for your customers. 

While you may require some programming and graphic design skills, it’s much cheaper than creating an entirely new site. It is in their best interest to see you succeed so you get alot of support …, especially if you operate a particularly large store.

Online Auctions also offers a great focal point for millions of interested buyers who visit that site looking for a particular product and who are willing to spend money. Buyers are often more likely to go to eBay to buy, rather than research because eBay is known to have great prices on a huge range of products that are cheaper than those in a store.

There are several matters to consider when opening an online store as it takes some planning and good organizational skills to succeed among the thousands out there.

1. Planning for successful auction sites business:

90% Planning, 10% execution = Success

The first steps to running a successful online auction is research, analysis and understanding of your competition. What do they sell? How do they sell it? How can you be different?

After a careful review, construct a mission statement or theme for your site. What is it exactly that your site does?

Make a list of all the ideas for your site … really brainstorm … including what you sell, what you can name your pages, write as many ideas down as possible. Then organize these ideas into categories.  This will be the content you build your site around once you have done thorough keyword research.

2. Your product or service

Research thoroughly and be specific on the products you intend to sell. Make sure you offer something your competition doesn’t and stay as niche as possible. The more you try to be all things to all people, the more time consuming and resource intensive your website will become. Start small and aim to be number one within your niche product market.  Utilise both Doba Dropship Directory and World Wide Brands to find a huge range of resources.  These two services combined can supply you thousands of products.

3. Designing your website

With a clear plan and a product(s) to sell you are ready to create your online auction website. There are a couple of choices;  you can hire a professional or Do-It-Yourself.

There are several software programs that make it easy to set up your own site.  However, I suggest that you start it yourself, then hand it to a professional once you have done ‘the best job you can’ – this will save you time and money.

You want to make sure that your online store is professionally presented and contains a lot of relevant information for your customers.  For essentials to include in your website design have a look at the following section.

Jump ahead – Website Development Mini-Course

Open your own eBay store

4. Managing and monitoring your online auction website

eBay provides great tools to track your customers and what they are doing when they visit your website. It’s important to know how many people are visiting and buying from you. Your ability to test and monitor any changes you make to your site is key to improving your results.

eBay Store Subscription Prices

There are several levels to an eBay store, below is a list of the prices you should expect to pay to set-up and maintain your store. You pay more for increased features and support:

Basic Store – $15.95 per month

An ideal solution for lower-volume sellers who already sell on eBay but want to take the next step with an easy-to-use, customized Web store.

Featured Store – $49.95 per month

All the benefits of a Basic Store plus more advanced customization and business tools. A more comprehensive solution for small to medium-sized sellers who want to aggressively grow their online business.

Anchor Store – $499.95 per month

All the benefits of a Featured Store plus increased marketing support, making it an optimal solution for larger-volume sellers who are looking for maximum exposure on eBay.

Visit eBay and go to the ebay stores section to read more of what they have to offer.

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Continue Course – Step 3. Freelance work

• Step 4. Online affiliate programs
• Step 5. Drop ship company
• Step 6. Online MLM business
• Step 7. Resell software
• Step 8. Online survey jobs
• Step 9. Online business opportunities test

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