The Secret Of How I Moved From A Wantpreneur To A Successful Entrepreneur

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I’m sure you’ve heard this all before, but it bares saying again especially as we are already in the month of March. There is a big difference from wanting to be a entrepreneur and getting up and just doing it.

I get asked a lot online through my social media platforms especially questions sent to me on my Facebook page “What really is an entrepreneur?”

I’m sure a lot of people out there will have their own interpretation of what that may be or look like to them, but for me is simple. Giving your energy and time to what really truly makes you happy.

As of now I own six successful businesses online I say confidently that they are successful not just because of the money their making but because I created them due to a passion of my and they were fulfilling and meaningful to me.

I know there are many out there who would love to spend their time ding what they love and our passionate about even if it is for a couple of hours a day.

It Was Never Like This

It was not always like this, I also thought that I couldn’t make a living from my passion but it was only when I took the step and put my money where my mouth was that things really got going. No one and let me state that again no one is going to give your dreams to you on a gold plate, sorry my friend but your going to have to work for it yourself.

But and that is a big but if they can see and feel your passion and drive you have for going and wanting your dream then they will support you 100%

Every successful person will tell you that they had to start somewhere and once they got started they were consistent at it come rain or shine. A valuable lesson I’m learning more and more each new day.

So If your serious about moving from a wantpreneur to a entrepreneur then here is a great place to start.

One of the questions that was put to me was:-

QUESTION: I hear so much about people who started selling on eBay and eventually turned it into their full time business. Is it really possible to build a profitable business just selling junk on eBay?

ANSWER: While it’s also true that one man’s junk is another man’s treasure (I have a garage full of treasure to prove this point), your chances of building a profitable business selling “junk” on eBay (or anywhere else, for that matter) are slim to none.

While there is a lot of junk/treasure for sale on eBay, it is typically sold by individuals who have a love for junk stuff now and again and not serious business people.

For serious entrepreneurs, however, selling on eBay can be a good way to start a new business if you are willing to put in the time and energy required to make the business a success.

eBay is also a good option for existing businesses to expand their reach by selling online. Everyone from small used car dealers to giant companies like Dell Computers have discovered that eBay is an excellent place to hawk their wares simply due to the huge number of people who visit the eBay site on a daily basis. Nowhere else on earth will you find such a large pool of potential customers.

Let Just Consider These Numbers:

  • There are nearly 69 million eBay users who spend $59 million every day.
  • Most eBay sellers are home-based businesses that sell everything from porcelain dolls to locks of Elvis’ hair to $100,000 Mercedes convertibles to $5 million dollar vacation homes.
  • Every minute of every day more than 150 new items are listed for sale, more than 500 bids are placed, and seven new people register to shop on eBay.
  • At any given moment, eBay is conducting some 12 million auctions, divided into about 18,000 different categories
  • About two million new items are offered for sale every day, and 62 million registered users scour the site to find them.
  • One company is grossing more than $5 million dollars a year selling brand new pool tables on eBay. Their eBay store is so profitable that they have closed their retail location and now sell solely online.
  • That’s right, $5 million dollars from the sale of pool tables: proof that you can sell just about anything on eBay if you know how.

Be aware, however, that eBay is no magic bullet. As any eBay Power Seller (a seller who sells a minimum of $10,000 in goods per month) will tell you, building a profitable eBay business takes hard work and requires long hours, and often the financial rewards do not make it worth the effort spent.

When it comes down to the mechanics of it all, running an eBay business is no different than running a brick and mortar business. You still have the same considerations regarding product selection, inventory purchasing, product pricing, inventory management, order processing, fulfilment, customer service, etc.

One of the biggest obstacles to building a successful eBay business may be the stiffness of the competition. Many sellers sell identical items and the price wars often get ugly, but that’s to be expected in a free market place, which is exactly what eBay is.

You may be the only store in town that’s selling that one of a kind, custom made china set just for you, but do a quick search on eBay and you’ll probably find a hundred others just like it.

So, can you build a profitable business selling on eBay? Certainly, thousands of people have done it and so can you. Here are a few tips to help get you started.

Sell Quality Products

Don’t sell junk! Leave the knick-knacks and fake leather jackets to the less informed. You should offer only quality products at a fair price.

Research The Competition

Once you have your product in mind, don’t invest a penny on inventory until you have spent some time on eBay to see what the competition is doing. If you want to sell motorcycle helmets, for example, you should look at current auctions to see how many others are selling similar helmets and what prices they are charging. This step is vital since you may discover that you can’t compete with current sellers on price or there is simply no market for what you have to offer.

Start Slowly

Many people believe that the more items they have for sale on eBay the better. They will invest thousands in inventory and spent hundreds on listing fees (yes, eBay charges you to list items for sale and collects a final fee if the item sells). Those are the people that usually end up with ten thousand Ginsu knives forever in their garage.

Test, Test, Test

A fair portion of eBay auctions result in no sales, so it’s best to test the waters before jumping in with both feet. List a few items and see how they sell. If an item doesn’t sell, list it at least twice more. Some items might not sell the first time, but may the second or third, then sell steadily from then on. If an item gets no bids the first time, consider adjusting your price or your terms. If an item sells well, keep it in stock and then experiment with another item.

Do Your Homework

eBay is too broad a subject to be covered fully here, but there are a multitude of books available that can help you start an eBay business.

Thank you for taking out the time to stop by and read my latest article. Your more than welcome to continue the conversation over at Rachael Academy.

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Much Love

OX

Rachael Aprill Philips is the CEO and Founder of Rachael Academy the online platform for entrepreneurs to help them launch, run and grow highly successful businesses. Helping entrepreneurs and small business owners build 7 FIGURE Brands. Named Top Global Marketing Expert by Huffington post.

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