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Make a Plan
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which case, the name is perfect!) It may not seem like such a big deal, but you want all aspects of your business name, including your user ID and your e-mail address, to be memorable to your customers If you need to change your eBay User ID, rest assured that all of your current feedback travels with you to your new ID Changing your User ID is an easy process: 1 Log into your My eBay account 2 Scroll down to Accounts on the left side and click on Personal Information 3 Click on the Change button next to your current User ID
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Know Your Product
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Now that you have a good grasp of who you are, let s take some time to get a deeper understanding of your products or services What are you selling What are its purpose, features, and selling points Ask a few more questions: Is your product a common necessity or a high-end luxury item Bed linens, for example, are a very practical item unless, of course, you re selling 1020 thread count imported Egyptian cotton sheets at $1000 a set Describe its appearance: Is it an object of beauty or purely functional Is it an oil painting or a potato peeler Consider technological factors: Is it up-to-date This can be incredibly important in selling computer items and other high-tech devices And think about social factors: Is it trendy or a fad to be sold quickly before the fashion fades away, or is its appeal timeless Think of the emotions your product evokes The entire (and very successful) greeting card industry is based on emotions Finally, consider any issues of seasonality We all know that the peak of demand for Christmas decorations falls in mid- to late November However, seasonal nuances can exist with many different products For example, if you sell superhero action figures, you may want to time your sales to coincide with the release of big summer movie blockbusters Also consider products in the marketplace that are similar to yours Research other products that customers might buy instead of yours, and determine why your product is better What benefits do your products offer that surpass those of similar items Is it higher quality Is it a new and improved version of an older product Can you ship it faster than your competitors Can you sell it at a cheaper price
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Pricing and Profit
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Developing a pricing strategy is an important element in any market analysis or marketing plan Pricing strategy can be extremely complex full-semester courses are devoted to pricing as part of MBA studies, and
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countless volumes of business books deal with the subject There are complicated theories and scientific formulas for pricing products, and people have created high-demand careers as pricing strategists But the good news is that there s really no reason to be intimidated by the prospect of pricing your goods for eBay Since eBay prices are driven strongly by customers, many of these theories and formulas get thrown right out the window anyway All you really need to price your products effectively for eBay is a basic understanding of a few factors and principles, and the time and patience to research and test
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Assessing Your Costs
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The first step in determining prices for your products is a thoughtful analysis of all the costs involved in their sale This includes not only your cost for acquiring or manufacturing the goods for sale, but also indirect costs such as overhead expenses (rent, utilities, ISP fees, eBay fees, and so on) You should also consider the costs of your fixed assets, such as your computers, digital camera, and other devices Of course, if you have employees, you must assess the cost of their wages, payroll taxes, workers compensation, insurance, and so on Even if you have no employees and you re a lone wolf working from home, you still need to factor in the cost of your own labor And think of those long lists of business expense deductibles that you itemize on your taxes All those items need to be factored into your cost analysis
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