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The Net Auction Masters... an intensive 5-Day e-mail course
on how to join the Net Auction Game and WIN!
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If you have a friend who would benefit from taking this
course, please pass this on.Or tell that person to receive
the 5-day course by sending a blank e-mail to...
tnamsalliesunme@sitesell.net
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Refer to this course over and over again as you grow your
Net auction business.Print each e-mail out, pour yourself
a beverage of choice, bring along a pen to jot down some
ideas, and take it all to your favorite sofa. This is
serious -- you want your first actions to be effective.Go
for best learning results -- get comfortable. :-)
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<<TODAY>> Net Auction Masters 404
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Hello once more.Your enthusiasm and effort with this
Masters course bode well for your Net auction business.
Enthusiasm/passion and effort are the high-octane fuel
that will drive you forward and help you lead the auctioneer
pack on every lap.And you seem to have a tankful.:-)
So... let's get back on the track and speed ahead...
--
Today, DAY 4, is a bigger version of the treasure hunt that
you did for homework on DAY 2.You will learn about the
ins-and-outs of SOURCING GOODS to sell.
Before we start, did your auction listings that you created
make the grade?Good work!
As the saying goes -- practice makes perfect.And once
you know how to SOURCE great products, you are going to
get a lot of opportunities to practice.;-)
--
One of the best start-up features about your own Net auction
business is that you can "try before you buy."What does
that mean?
Simple. (Isn't everything with a Net auction business that
way?)You can try selling merchandise that you have in your
home before you risk a single penny buying new items to sell.
But eventually you will run out of goodies to sell ("Sorry,
dear.I didn't realize that fishing pole was so important
to you!")
Then what?
Then it's time to CAUTIOUSLY begin buying merchandise that
you can resell at a profit.
Caution is critical because...
... You MAKE your money WHEN YOU BUY, not when you SELL!
Please re-read the last part of that statement."You make
your money when you buy, now when you sell!"
It is your key to auction profits.Write it down on a
post-it note and place it where it will serve as a constant
reminder.
--
There are three more prudent guidelines to follow when
you begin to think about goods or merchandise for your
Net auction biz...
1) Start small.
Start small, both in price and quantity.
If you are a computer techno-geek who lives and breathes
operating systems and Perl programming, sell a $10 computer
accessory rather than a $1,000 product -- unless you can
sell that product for someone else so that you don't have to
risk your own capital.
And sell these $10 accessories one or two at a time.Ensure
that there is a strong market for them before you rush out
and buy 500 more.
--
2) Concentrate on only two or three categories, at first.
It's safer and easier to begin with two or three categories.
The safest route would be one.The limited number gives
you the time to research and keep up-to-date, without
a lot of stress.
Grow with experience.Even then, you may stick with just
two or three so that you can become a specialist in those
areas.
--
3) Know your costs.
This is absolutely critical!
The only cost you cannot absolutely know in advance is the
"final value fee." If you are selling on a site like eBay,
that charges for auctions, then you will pay a fee based on
the sale price.
Still, you should have a reasonable idea of where your items
will end up.If something is worth $25, you cannot
realistically expect someone to pay $100 (although sometimes
this will happen -- but don't count on it).
Develop a checklist of all your costs involved in a sale.
There is one included in Make Your Net Auction Sell! that
takes only a minute or two to fill out and makes sure that
you don't lose money.
http://mynas.sitesell.com
--
4) Avoid costly mistakes.
If you follow #1, #2, and #3, you will automatically succeed
at #4.;-)
There is one more caveat to add... Test, test, test.
A super advantage of an auction is that you get feedback
very quickly.In as little as three days you can know if
your product is going to sell.
If it's a hit, sell more.
If it isn't, change some of your variables to see if you can
turn it into a raving success.
----SIDEBAR----
Make Your Net Auction Sell! even provides a chapter on what
to do if... gulp... your item doesn't sell at all.
One of the largest DOCUMENTED eBay earnings belongs to
a couple in West Virginia who were investigated by the
Wall Street Journal.According to the WSJ, they averaged
$600,000 a month!
This best-selling pair stated that only about 40% of their
merchandise sold the first time around.However, they have
learned what to do when this happens.
MYNAS! will show you how to handle it, too.:-)
http://mynas.sitesell.com
----SIDEBAR----
With these guidelines in place, you can now decide on your
sales strategy which will influence what sort of goods you
will need to locate. There are two basic strategies for
auction sales...
First, you can sell a multitude of small, LOWER-PRICED items.
This is a simple business model in many ways.You don't
need a lot of specialized knowledge and it's EASY to find
bargain merchandise that will appeal to a general audience.
For example, there is a very successful eBay seller who
specializes in printer cartridges.There really isn't a
much to know, except what customers want and a source for a
great price.
The downside is that you will need to do a LOT of
transactions to make money.For example, let's say that
your profit on each item is $2.You will need a large
quantity of the product to add to your profit.
--
The second strategy is to deal in smaller numbers
of much more EXPENSIVE items.
The good part of that is that it is much easier to handle
one transaction, rather than 250.And the profit margin
is much higher when you sell.
The downside, of course, is that expensive products often
require specialized knowledge.It is tough to write an
auction listing on an item that you don't really understand.
--
OK.Now on to the big question...
"Where will I find something to sell?"
Gee, that's the really FUN part, especially if you
love the THRILL of a hunt.
First of all, there are sources everywhere.It's just
a matter of knowing what you are looking for.
There are few general principles to keep in mind before
you begin your sourcing safari...
1) Buyers are looking for a BARGAIN.
People like the convenience of being able to shop in the
comfort of their home and they love the excitement and
suspense of bidding.But in the end, it is the potential
bargain that makes them play the game.
Visitors looking at your auction listing have to see
your product as a real deal, whether it's for a
lower or high-priced product.
--
2) In general, your best sources will be OFF the Net!
Why?Because if you can find a terrific source of discount
CDs, so can your customers.And why should they buy from
you if they can locate themerchandise for themselves?
Does this mean that the Internet is a dead end as a source
of auction supplies?
Certainly not.It just means that you don't limit yourself
to the Web.Get to know your community and region.
You could be living next door to a gold-mine of profitable
goods.
--
2) Most power sellers rely on only a handful of suppliers.
To understand why, let's look at the natural progression
that most sellers go through (visualize yourself doing
this)...
First, they sell one-of-a-kind items that they find at flea
markets, yard sales and other local outlets.These aren't
repeat products --simply isolated items that attract
their attention.
Then, many get Auction Fever.They are having a wonderful
time and begin to see the enormous profits to be made in the
auction game. So they begin searching for merchandise that
they can sell again and again.It doesn't matter what.
Finally, the majority of sellers begin to specialize. When
you get to this stage, you don't need forty-seven suppliers,
but only a relative handful of RELIABLE suppliers.
Let me repeat... RELIABLE SUPPLIERS.
It is critical to your success that you find merchants you
can count on, who deliver on time, whose merchandise is as
advertised and...
... who value you as a PARTNER.
Evaluate a supplier BEFORE you risk your auction reputation
selling their goods.
--
There are some auction sellers that do not follow this path,
of course, but SPECIALIZE right from the very beginning.
For example, perhaps you are fifty years old and have been a
baseball card fanatic since the age of five.You live,
breathe and sleep baseball cards and have no interest in
selling anything else.If you are like this, you already
know great sources of cards and are able to locate great
deals.
Or perhaps you have a business already, and want to promote
that business on the auction sites, so your merchandise
categories are already chosen.There are many businesses
who have discovered the awesome power of auctions and sell
their merchandise this way.
Regardless of your interests, though, the time will most
likely come when your want... more!
More product lines, more quantity, more choices!
--
Which pathway you take, you need to be able to evaluate and
locate sources efficiently and effectively.Never spend a
great deal of money until you know the product and the
supplier.It is all too easy to get carried away by what
seems like a great deal.
You can find great sources at close-out stores, factory
outlets, tag/clearance sales, inventors' clubs, craft
exhibitions and flea markets.The possibilities are
almost endless.
And don't overlook the obvious.For example, check out the
ads in popular consumer magazines.Or visit a local
cottage industry (an entrepreneur using her home or garage
as her factory).
Make Your Net Auction Sell! includes a 189 page bonus
book, called "Build Sources."It provides numerous leads
to start building your own profitable source list, no
matter where you live.
http://mynas.sitesell.com
--
There is one final source that you must consider...
... YOURSELF!Reliability will not be a problem.;-)
Create your own product to sell.You will be doing
something you love, the profit margin is much greater and
you don't have to look any further than your head and hands.
Turn a hobby into a business.Learn something new
and turn it into a product.Write that book that you
always wanted to develop... on bird-watching, travelling
with children, woodworking, homeschooling, etc.
Actually digital books (e-books) are the easiest to sell.
You only have to write it once.There are no shipping
concerns.And they are easy to update.
----SIDEBAR----
Make Your Knowledge Sell! (MYKS!) shows you clearly, and
exactly, how to pull the best ideas out of your brain, and
how to develop them into saleable infoproducts.Then it
shows you how to market and sell them on the Net.Why limit
yourself to an auction listing?:-)
http://myks.sitesell.com
----SIDEBAR----
--
That's all for today.Your homework is to start building
your own source list.Keep your eyes and ears open to
opportunities.
Once you find a PROFITABLE product from a RELIABLE supplier
that is in DEMAND...
... ENJOY the ride.You have become a Master Net Auction
Player!
Wow.Tomorrow is our last DAY together.We'll look
at one last element of a Net auction business --
shipping and handling.And then, all that's left to
do is register as a seller and put up your open-for-
business sign!:-)
See you then,
Sydney and Ken
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TO UNSUBSCRIBE
To unsubscribe, send a blank e-mail to...
unsubscribetnams@sitesell.net
NOTE: You must send it from the same e-mail address that is
subscribed to this 5-day course.
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Contact info:E-mail us at support@sitesell.com
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Written by Sydney Johnston
Author of Make Your Net Auction Sell!
And...
Ken Evoy, M.D.
President, SiteSell Inc.
(c) copyright 2001 SiteSell.com Inc.
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"Make Your Net Auction Sell!" TM SiteSell.com Inc.
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