The Price Is Right

I guess you will have heard the phrase “The Price Is Right” ? And that phrase is also important when you sell on eBay and other eCommerce sites. So what do I mean by “The Price Is Right”?

@ You are out and about doing some product sourcing, and see something that you love and know you have seen it on sale on eBay for a lot more than the asking price, and you hand over your £50.00………….. get home and find it is only selling for £5.00, you make a massive loss. If this happens you just need to learn from it and move on.

@ If you buy blind (not doing any research at all), buy at the lowest possible price that you can, dare I say under £5.00? The reason I say this is if it all goes wrong all you have lost is £5.00. If I was buying dvd’s and video tapes I would never pay more than £1.00 – again I know worst case I would break even.

@ If you buy lots of items, you need to work out the cost per piece for example you buy 200 items and pay £100.00 for the lot, so your cost per item is only 50p, at this price you know you will make money, even if they only sold for £2.00 an item.

@ Another tip is if you buy at auctions keep in mind what your your budget is and not go over that – Unless you know you have a sure winner.

@ If you are going to car boot / garage sales, just take the money you have to buy with you, this is because you keep to your budget, and do not go mad when buying

@ If you are going to be buying new items from wholesalers spend time and do research with something like  Terapeak . By doing this you will find out what prices items are going for on eBay.

You may be thinking all this work is extra time, but I can tell you it is well worth your time. Do your research now,buy at the right price and you will always be making profits on everything you sell. Hope this helps you see that on eBay “The Price Is Right”

Andrew Milburn Is An eBay Consultant Based In Lichfield Staffordshire