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Targeting a niche will help build knowledge in a particular area—what sells and at what price. You'll become better at writing descriptions that sell, and you'll develop a clientele that you can sell over and over again.
Sell something that you know well, and can obtain and sell for at least a 40% markup for a decent profit and to cover mistakes and expenses.
Avoid fads where demand can be erratic and unpredictable.
Don't stock up on anything until you know you can sell it at a reasonable profit, and be careful with electronic devices that can suddenly become obsolete or drop in price.
Look at eBay's 30 day archive of auctions to gauge possible success.
There are additional sections to this article on how to build inventory, create customer loyalty, and other basics for the business.
One thing I would add to it is that owning a business allows you take money that you've earned and reinvest it in the business tax-free. Thus, if you have a business that has the potential to grow, you not only can make more money than would be possible working as an employee, but you can then reinvest that money to make the business grow even faster, thereby generating even more revenue. That's how people become super rich quickly, because they grow their money exponentially, at least in the beginning. After that diseconomies of scale set in, and other limitations.
"The idea behind WebKEW is to collect together ideas, techniques, case studies, stories, etc. that will help you learn how to create successful web sites."
This center, from the publishers of Entrepreneur magazine, is all about how to make money on the eBay auction site. Different sections with appropriate links include Getting Started on eBay; Deciding What to Sell; Pre-Sale Preparation; During the Sale; After the Sale; eBay 101, with articles on how the auction site works; eBay Resources; eBay Tools; eBay Tips, and Get eBay Advice. This site has practically everything you need to know about eBay.
Includes external links to organizations and associations, Internet resources, and publications.
How 3 Entrepreneurs Triumphed on eBay
How eBay Helped These Moms Launch a Business
"Can you work less and succeed more?" This article talks about the 80/20 principle, where 20% of your efforts lead to 80% of what you are trying to achieve. Applying it to business, 20% of your activities lead to 80% of your income. Although these percentages have been normalized for public consumption and identification, it underscores a basic truth, that much of what we do is unproductive; to be more productive and successful, increase the productive activities to greater than 20%, and shrink the other part of the pie.
I particularly like this quote by his little brother: "We're not here for a long time; we're here for a good time."
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