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I need cash to supplement my current income. I was
thinking about making a few bucks with online auctions. Is this a good way
to go?
- Stu in SF
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Well Stu, I can give you the
short answer, but that won't fully answer your question. The short
answer, of course, is "you bet." But it may be helpful to take
you the long way around.
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Register. In order to
sell on an auction site like eBay or Yahoo! Auctions, you need to
register with them. This involves giving your contact information over a
secure connection. Registering is usually a very short, simple process.
Payment. You'll
need to determine how you want to get paid. If you ask me, the faster the
payment, the better. That way you can ship the item out faster. You can
take cashiers checks and money orders, but I strongly advise against
accepting personal checks, for obvious reasons. I do, however, strongly
advise you to sign up with an online payment service like PayPal, which allows (for a small fee) a nearly instant
transfer of funds.
Listing. You can
list your items in an auction format or fixed price. To determine how much
to start your item at, take a look at similar items that have sold
recently. Also, make sure you charge enough for shipping and handling, but
not way, way more. Buyers pay for the shipping.
Tools of the trade.
You will also need an electronic camera. Or, if you don't have one, you
will need to scan pictures of your items. Tracking your inventory is
important, as well. You can use a spreadsheet or a regular sheet of paper,
but you should keep track of what you have and what you sold.
Taxes. The IRS says
you have to pay taxes, so keep your sales tracking current.
Be realistic. You
won't sell everything. Nor, for that matter, will you always get the price
that you want. And, no matter what anyone tells you, very few people make a
full-time living or get rich only from online auctions. But it is a good
way to pay for gas and groceries.
Hope this helps, Stu. It's by far not
comprehensive, but this info should at least get you started. Most of what
you'll learn is trial and error.
IN THE CARAVAN: Online
auctions are a great way to supplement your income, so long as you have
everything in place. Just don't expect to get rich right away.
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The Lion’s Pride: Q & A
