The Power of Being a Small eBay Seller

what's up guys welcome to daily refinement in today's video i'm going to go over the power of being a small ebay seller now i'm going to define small ebay seller i would say this is between 0 and 250 items so i consider that a small ebay store so i run a facebook group with my colleague tech and sports it's important to understand even though he has 50 000 items in his store 50 000 items that's really just 200 small stores inside of his big store because he always just follows sort of these simple rules and i'm going to go over them right now if you can follow these rules you're going to be basically better off than 99 of resource who grow beyond how fast they're supposed to be growing and they're always taking money out of their pockets so we're going to say i'm going to suggest this for you one to five new listings a day if you don't want to work seven days a week none of us in the group recommend that we recommend you schedule or draft listings for the future because everyone needs time up i never work on the weekend so you want to schedule listings ahead so you want to average one to five new listings a day and you don't want to grow beyond that until you also have one to five sales per day so do not grow until you have consistent sales of at least one a day on average with only 250 items most people grow and grow and grow some people have a thousand items that don't have one sale per day so it's important to understand while you are small you can still pay attention to the things that will help you get daily sales so i'm gonna go over those seven things that help you get daily sales in just a moment so please smash the like button consider subscribing but don't grow until you have daily sales and do not spend any money that's gonna sound really counter-intuitive but what that means is start with selling something around the house that'll take you from zero to five or ten items that things you already own then use the profit from the item that you sold to buy the next listings that you're going to be putting up if you are disciplined and you do it this way from the beginning you will learn that you need to buy things that have enough margin for you to grow your store and put some money in your pocket for a little bit of a safety margin so it's important to understand one to five new listings a day to build that habit one to five sales per day do not grow until you have daily sales and do not spend any money now i'm gonna go over right now sort of the seven things that you need to do in order to have daily sales so they'll start right now number one is you need to create an inventory system where you can find items so if you end up losing items your defect rate is going to plummet your ability to get one to five sales a day because ebay will not give you traffic if you lose an item and you make a customer really unhappy they actually won't come back to ebay and there's no way it's so hard to acquire a customer that if you are the reason ebay lost the customer they're gonna definitely throttle your traffic that just that just makes sense number two making regular sales means you have to list regularly i know that sounds crazy that's why i put one to five if you want to do this and you're really serious you should be able to do at least one listing on average per day if it takes just listing seven listings one day a week and taking six days off everybody can bust out seven listings i have a video on how i do 10 listings shipping packing photography listing all of it in 41 minutes on my channel so you can go and watch that video and if i can do 10 and 41 minutes you can bust seven out in an hour you bust seven out in an hour you can meet this minimum threshold next is you need to learn how to price your items so if you have 250 items listed and none are selling every single day most likely it has to do with how you price your items that's probably number one number two or i'm sorry this is number four how to list items is really important because as you're going through the listing flow and figuring out how to put together a listing if your intention is to have one to five sales per day you're gonna naturally pay attention every single item specific because you're not allowed to use any of your own money so this is crazy because i'm really not selling you anything right now because literally i'm saying do this for free start at home use stuff that you already own this video is all you need i do have a mentorship that you don't need because i'm telling you not to spend any money so if you're beyond this and you're already killing it then share if you want to use us to turbo charge your your journey that's awesome but this first part where you're just learning how to get one to five sales a day doesn't require any mentorship next is you're gonna have to understand the cost of shipping and what it costs to ship an item packing materials all of that you're going to learn that really fast if you can't grow except for using the money so for example if you buy something for 10 and sell it for 16 plus shipping and you put a shipping cost in of twelve dollars but it actually costs sixteen dollars to ship you ship that item to the customer at the end of the day you end up with zero dollars profit you won't make that mistake again but if you go and use some of your own money and buy a few more items to experiment on you won't even notice that mistake that you made so it's really really important to not spend any money only reinvest your profits okay the last two are you're going to really narrow down what types of items you'd like to sell because this becomes so important the one to five sales daily that i think people kind of forget about needing to buy something that they're passionate about i personally don't care about the items that i sell i think that makes it easier for me because if i became emotionally attached to every single item then it would suck because i would be storing all the items instead of selling so in our podcast we're actually releasing a secret podcast on august 27th called the reseller storage podcast where we talk about how to become the best hoarder that you can be and a lot of it has to do with pricing your items so expensive that no one will ever buy them in that scenario you can just stay with your inventory for the rest of your life because no one is even going to make you an offer if you're priced so high above market so once you have your items i would say the final piece of this that really helps put this all together is this is really going to teach you how to take great photos i i know that sounds crazy but in the beginning if you're only listing one to five new listings daily you have time to figure out your photo setup you have time to make your your setup complete because it's when people jump to 10 or 15 or 20 and they take shortcuts and they're like you know what my cell phone is easier you know what this is easier and easier is not the same as getting sales daily so you want to be consistent the easier way like listing completely from your phone is slower overall than using the desktop so it's just like for right now i'm doing this progressive um progressive overload with weightlifting i started all the way back over at the bar and i haven't been burned out i haven't gotten injured i don't feel like i'm stressed because i'm just starting at the very very bottom and i'm increasing by one pound so it will take a little bit longer for me to reach my goal but the chances of me being injured are really low if you spend no money building your ebay business you are at basically zero financial risk you watch this youtube video for free and i just showed you how to build a million dollar business for free you just have to be patient and use the profits that you make from your your one to five sales daily to fund your one to five new sailings or listings daily and guess what this actually scales so as you grow i would say i want this number to be at half so what that means is if you're listing 10 at a minimum you need to be selling five so this number is half if you're not selling half as many items as you're putting up you're probably growing too fast you're probably putting items into your store that you shouldn't be putting into your store you're probably priced too high your photos probably aren't quite good enough you're probably not listing quite well enough your inventory system is probably not as organized as you want you're probably buying items more based on what you like and what's convenient more than what items are going to sell and you probably don't understand how the numbers work so list 10 only when you can sell at least five this journey from going from one to five to selling or to selling five and listing ten this journey might take a couple of years but i'm telling you it's worth it once you're patient and you understand how these numbers work you can scale your business to any size most people never take the time to learn how this works and that's why their business is super shaky and you see tons of ebay businesses going out of sale somebody please buy my inventory because i'm moving or i'm going out of business so don't be one of those people if you need more hand holding if you need more help join our patreon at patreon.com the resource podcast at the 35 level through our facebook group what i recommend is you post your question and tag myself or my partner tech and sports in the facebook group ask us specifically what you're working on and say you know what this one to five new listings daily i'm really struggling with my photography this is my photography setup what should i do next that's perfect that's the kind of question that we're looking for and that is the type of self-awareness it takes to make this work so i appreciate you guys being a small store is nothing to be ashamed of if you are doing this right now 250 item store listing one to five a day selling one to five a day you're profitable and that's all that counts you don't need a big unprofitable store trust me that's a lot of headache there's a lot of storage a lot of money tied up just to brag about how big your store is you don't want to be that store you want to be small nimble profitable and silent appreciate you guys until next time make progress daily [Music]

Channel: Daily Refinement

Views: 61,140

Keywords: ebay, ebay seller, daily refinement, online selling, reseller, make money online, garage sales, thrifting, mercari, poshmark, amazon, dailyrefinement, whatnot, Reselling, eBay, side hustle, business, entrepreneur, resell, reselling marketing, myths, eBay reselling, amazon reselling, scale, e-commerce, e-commerce business, charlie chang, reselling beginners, debunk, robert kiyosaki, gucci, louis vuitton, expensive, high ticket, watch, jewelry, average sale price, profit, revenue

Id: _yX91QRZYjE

Length: 10min 2sec (602 seconds)

Published: Sun Aug 28 2022