Hi there, here is some guideline I use to make some money just less than an hour a day on my lunch break. You might have heard some of them before but hopefully this will still help.
- What to Buy and Sell?? Buy what you will buy for yourself. If you like it, someone else would like it too. Think about your hobbies. Buy bulk sell individually.
- Money makes money!! I started off with $100 (I like to call play money) two months later I have got nearly $1000. I use only your play money to make bids. I have got family and mortgage to look after. I never touch my survival money.
- Do your research!! If it is your hobbies, then that's half the your research done. All you got to do is find out how much people will buy it for (price + delivery).
- Simple maths to work out you maximum bid!! Work out how much people will buy it for. (eg.$15). Add all your items( $15+10+20+15+10=$70). Add up your cost (Insertion fee+gallery fee) x 5 + Final Valuation fee + sellers delivery charges(0.30+0.59) x 5 + $3.68 + $5.5=$13.63. Selling price - cost = 56.37. I want to make $20. Therefore Max bid $36
- Don't bid too early!! you will just make other people bid higher. Especially the person you have just outbidded. Try to bid within the last minute.
- When to sell?? Experience ebay buyers will know to buy at last hour. Think about when most are home. If you are from Sydney don't you think you will have buyers from Perth or viceversa??? Try to end your auctions at happy hours (6pm - 10pm) I feel this are a good time to end and when most people are home.
- Learn from your experience!! Sometimes you will loose money. It is only your play money. Learn from it. On the bright side, if you look after your buyers you will get a positive feedback. You are gradually building up your reputation.
I hope you find this infomation useful and easy to understand. I love helping people. Just remember with what ever you are doing with your life to make money."DO WHAT SCARES YOU A LITTLE, BUT EXCITES YOU A LOT.