Promoting Your Online Auctions

If you're running a hundred or more auctions a week, you want to draw attention to your auctions. That might mean splurging for some of eBay's listing enhancements (boldface, gallery, and so on), although these extras typically aren't worth the extra cost. Better to promote your auctions on your personal website, via message board postings, and in all your emails.

Probably the most important type of promotion, however, is word of mouthbased on your good reputation. You want to encourage repeat bidders and drive buyers into your online store (if you have one) for additional sales. That means treating your buyers fairly and with respect, and going the extra mile to ensure their satisfaction. It also means sending previous buyers emails when you have items up for auction that they might be interested in. (Which argues, of course, for keeping comprehensive records of all your eBay auctions.)

The Absolute Minimum

Here are the key points to remember from this chapter:

• If you're selling more than $1,000 per month, you may be eligible for eBay's PowerSeller program.

• To turn your eBay hobby into a money-making profession, you need to start with some detailed business and financial planning.

• Most PowerSellers specialize in a specific type of itemand buy it in bulk.

• Successful eBay businesses keep detailed records and perform regular analyses of their auction activities.

• The more auctions you list, the more value you'll get from third-party auction management sites and services.

• When you start making a living from your eBay auctions, be sure to engage the services of a qualified accountantto manage your tax liabilities, if nothing else.