CHAPTER 1

Know Your Business/Grow Your Business

So, you have decided to run your own eBay business. You are in excellentcompany, as more than 1.3 million people worldwide are already earning theirlivings this way. With the proper planning, dedication, and hard work, there isno reason you should not be able to join them. Here's the good news: You don'thave to invent this whole thing for yourself. You can learn from others who havegone before. Reality check: You don't have an open field either. Among those 1.3million eBay entrepreneurs are people who are selling exactly what you want tosell. You'll need to figure out your own place in the eBay world and claim yourown piece of it. Don't let that discourage you. Not only do you have all of thepower of your own imagination, you also have a community of people who arewilling to help you learn your way around. You are not just signing on to a Website when you log on to eBay, you are joining a community of businesspeople.

In that respect, owning your eBay business is not really different from owning abrick-and-mortar store. You will have all of the same concerns that any businessowner must endure. You'll need to plan for inventory. You'll have to developcustomer service policies. Cash flow, as with all businesses, will be a concern.You'll need to plan for the inevitable fraud. You will also have all of the samerewards that owning your own store can bring. You decide what to sell and howyou want your business to operate. And, of course, your boss is someone you canbe sure to get along with. PowerSellers will tell you that in many ways, you canconsider your eBay business as a little shop in an enormous mall. That's justhow much running an eBay business resembles operating a regular store.

On the other hand, eBay makes your business unlike any other humans have everknown. For one thing, this is a business you can start for as little as $200,according to one Platinum PowerSeller. Plus, your business never closes. Whetheryou are actively working or not, people from all over the world are conceivablyshopping with you at any moment of the day or night. Your customers come fromall over the globe, and it is not very likely that you will ever meet a singleone of them. Nearly all of your interactions will occur through your computer,creating new challenges in communication and customer service. That's not to sayyou won't know and care about your customers, because you surely will. Afterall, people are still the driving force behind every business. And, although youcan't easily stop in at the shop next door and talk business with your neighbor,you can certainly become a part of a vibrant business community and findsupport, advice, and friendship just on the other side of your computer screen.

Know Yourself

Before you can begin to know your business, take some time to be sure you knowyourself. Running an eBay business is not right for everyone, and even if youwant to give it a try, you may find out that your personality is not reallysuited to the realities of life as an eBay PowerSeller. Operating your ownbusiness requires enormous energy and commitment. You have to be willing toembrace change, since that's a big part of eBay life. There are certainly easierways to earn a paycheck, and you must be sure you are being realistic about thechallenges that lie ahead.

Make Sure Your Personality Is Well-Suited to Sitting in Front of YourComputer

You will spend countless hours day after day listing your products, answeringe-mail, tracking your auctions, preparing your shipping, keeping your records,and communicating with other sellers on discussion boards. Know in advance thatyour work life will be spent intimately connected to a computer. If you requiremore physicality in your job, you should recognize that before you go too muchfurther. TraderNick told us how his brother teases him every time he steps intohis work area, asking him how he can possibly "stand" sitting there all daylong. Because eBay is a computer-based universe, you cannot conduct your eBaybusiness without putting in endless hours at the computer. Many of us don'tmind, but you might, and it's important to know if you're more like TraderNickor his brother from the very beginning.

Be a good time manager

Be honest with yourself. If left alone, will you devote the time you need toyour eBay business, or will you find yourself tempted to get out into the gardenon a nice day, play catch with the kids, or take the dog for a walk? Once youbecome your own boss, it's up to you to determine your work schedule. Only self-motivated people work successfully from home, and answering this question foryourself is vital to your future success.

On the other hand, do you have a tendency to work way too hard? Will you knowwhen it's time to stop and go spend time with your family and friends? Your eBaybusiness never closes, but you have to be able to shut the door on your timethere. TraderNick decided he had to have a brick-and-mortar storefront inaddition to his eBay business for just this reason. He said it became obvious tohim that he wasn't being a good dad or husband, because he was so focused on hiseBay business. Now he has a distinct time each day that work ends and familytime begins. That's not to say you have to go to the extreme of taking on astorefront in addition to your eBay business, but you do have to be able toclose up shop for the day and get back to the rest of your life.

Selling on eBay Is As Much a Way to Live As It Is a Way to Earn a Living

PowerSellers live a life that is different in many ways from the lives of otherworkers. They work very long hours, but they choose which hours they work. Theywork hard to find and list the products they sell, but they get to immersethemselves every day in items they know and care about. There is no such thingas a PowerSeller who is lukewarm about his or her business. There are manypeople who sell on eBay as a hobby or to bring in a little money, but if yourgoal is to become a PowerSeller, accept that you will live, breathe, eat, andsleep eBay every day.

PowerSellers often report that they have no vacation days. They can't interruptthe flow of their operations long enough to have a stretch of time away fromhome and work. Sure, they have the flexibility to take the morning off to seetheir kids...