Ebay is one of the well known eCommerce portal where you can find millions of people selling their products. It has become the synonym of online shopping. When you start a conversation with anyone about online business, eBay is the first thing that comes to their mind.
You will find many people around who will have their own eBay store. But do they really use it? Do they make any profit from that store? The answer is: No..or very few of them may be earning many bucks.
So, the question is why do people say that having an online store can make you a millionaire? eBay has many millionaires, but how sellers can become millionaires?
Here in this blog post, we will discuss the journey from a seller to millionaire. Let’s begin!
EBay: Journey towards becoming a millionaire:
Examples are what we make our life. In every walk of life, we are taught everything with the help of examples. If we get de-motivated, we are given many examples that help get us motivated.
In the same vein, here we will share few examples of eBay millionaires that will truly inspire you to become one, yourself!
Successful eBay Users:
a) In an interview conducted by well known media; two women entrepreneurs who run their eBay shop, named Express Drop, have said to cross gross sales of $1.02 million. The revenue is shared with their consignment clients. Hence, after deducting all such expenses, and talk about profit, then it is less than or equal to $1 million! Website or forum information revolving around measuring expenses is key in pinpointing how much profit has been made – showing you how to accurately control debt.
b) Another well known eBay seller, David Wirtenberg, who sells Diamonds, crossed the $4 million mark in sales on eBay, in 2004 – and crossed the $10 million mark, in 2006!
c) Chrish Rush; one of the powerful eBay sellers dealing with HiFi Sound Connection, crossed $5million sales in 2005.
So, what’s the reason behind their success? What makes them different from other eBay users?
The Secret to eBay Success:
a) Choose relatives carefully. Check out if you have relatives who are entrepreneurs. See if you really have people around you who can encourage you, motivate you, help you to achieve levels of success.
These eBay millionaires were surrounded by such people who already were entrepreneurs, and their experiences were useful to them. These relatives were useful to them whenever they needed a helping hand.
In the David Wirtenberg example, he learned many things from his father-in-law, who was into sales and marketing. And in Chris Rush’s example, he began with $10,000 loan from his grandfather to purchase inventory. On a side note, begining entrepreneurs in search of a loan, may want to clean up their credit (or debts), beforehand – http://CleanUpCreditFast.org/Tips/Free-Help can show you how.
b) Have mentors: It is not necessary that your family help you in a business venture; perhaps you might have some friends or well experienced people who can help you out, whenever you are in need.
Dan Glasure, an eBay millionaire, was mentored by his father, and with his support, Glasure started selling trains, as well as other collectibles on eBay; later after his father’s death, he had two of his customers as mentors – one was a billionaire & the other was a business professor. These two helped him to reach new financial plateus by teaching him formal business plans!
c) Work to Build Volume: The difference between a normal eBay user and a successful eBay millionaire is difference in sales volume. Millionaires have hundreds of sales in a week and thousands of sales in a month, whereas users may not even have hundreds in a month.
These millionaires hire employees and rent or purchase warehouses, while many of them make a deal with well known auction service providers – which help them in sales.
In order to increase volume, one can work with third party service providers, like Zoovy, Infopia and Marketworks.
d) Sell on Consignment: Most of the eBay millionaires sell items on eBay for others. In case you are a beginner and don’t have enough inventory, then it is a perfect to start by selling things for other people – as this can help you build positive feedback & become a Power Seller in no time!
Most of the eBay sellers believe eBay to be a great place to start your first business, no matter your age or experience level. You can invest with little capital or a small business loan – just make sure you use informational resources like www.CleanUpCreditFast.org/free/help , to avoid accumulating too much debt. Overall, just think positive and learn from successful entrepreneurs, as this will make you a more effective seller.
Yes, everyone has what it takes to become a millionaire. One only needs patience and diligence. Everyone starts at square one, thus, face many troubles in uploading the product or dealing with customers; but since this will be viewed as deterrents, by others, it will only serve to drive your ambitions a bit further – pushing you ahead, driving you pass the finish line.
More good examples are not hard to find, look online for more tips & advice from eBay marketeers. Give a start and don’t stop until you’ve reach the first milestone – after which, you can go on to acquaint yourself with strategy and become a Power-seller.