Username: Save?
Password:
Home Forum Links Search Login Register*
    News: Keep The TechnoWorldInc.com Community Clean: Read Guidelines Here.
Recent Updates
[May 13, 2025, 02:04:25 PM]

[May 13, 2025, 02:04:25 PM]

[May 13, 2025, 02:04:25 PM]

[May 13, 2025, 02:04:25 PM]

[April 12, 2025, 01:54:20 PM]

[April 12, 2025, 01:54:20 PM]

[April 12, 2025, 01:54:20 PM]

[April 12, 2025, 01:54:20 PM]

[March 12, 2025, 03:05:30 PM]

[March 12, 2025, 03:05:30 PM]

[March 12, 2025, 03:05:30 PM]

[March 12, 2025, 03:05:30 PM]

[January 03, 2025, 03:29:12 PM]
Subscriptions
Get Latest Tech Updates For Free!
Resources
   Travelikers
   Funistan
   PrettyGalz
   Techlap
   FreeThemes
   Videsta
   Glamistan
   BachatMela
   GlamGalz
   Techzug
   Vidsage
   Funzug
   WorldHostInc
   Funfani
   FilmyMama
   Uploaded.Tech
   Netens
   Funotic
   FreeJobsInc
   FilesPark
Participate in the fastest growing Technical Encyclopedia! This website is 100% Free. Please register or login using the login box above if you have already registered. You will need to be logged in to reply, make new topics and to access all the areas. Registration is free! Click Here To Register.
+ Techno World Inc - The Best Technical Encyclopedia Online! » Forum » THE TECHNO CLUB [ TECHNOWORLDINC.COM ] » Techno Articles » Online Business
 The Fundamental Idea of Online Auction Business
Pages: [1]   Go Down
  Print  
Author Topic: The Fundamental Idea of Online Auction Business  (Read 524 times)
Shawn Tracer
TWI Hero
**********


Karma: 2
Offline Offline

Posts: 16072


View Profile
The Fundamental Idea of Online Auction Business
« Posted: March 14, 2008, 12:49:51 PM »


The Fundamental Idea of Online Auction Business
 by: Pradeep Aggarwal

For a myriad reasons, online auction sites are an excellent to sell a product for a good price. What makes it so different from the conventional stores and malls is you have all the time in the world to surf the listings and more so.. the bidding takes place for days not minutes. It is an excellent opportunity for budding entrepreneurs to make a successful business if you have the persistence and the will to do it.

The Fundamental Idea:

Basically your primary role to play an intermediary role of a catalyst helping people buy products of their choice. To get started, you don't need to stock items for you can start placing drop shipper's items on eBay. This concept is by those who don't wish to stock inventory of products sold for future delivery through mail order, catalogues and Internet Advertising. When you send single unit orders to the manufacturers or major stock distributors, they in turn ship the item directly to the customers found at online auction, benefiting them by savings on advertising and costs to middlemen. This way your stocking inventory risks are minimized with added savings on storage, insurance, overhead and keeping sold until sold.

Advantages:

Starting a business with minimum capital. You loose a few dollars in eBay fees if your items don't sell.

Disadvantages:

The hindrance is no public information on general sales methods and techniques used. Time is essence, required to work all the time to run the business, since this is not a passive income method.

Mistakes to Avoid:

1. Keep in mind the days when auctions are in full swing usually on Sunday evenings. A wrong auction expiration time could be fatal.

2. Give adequate attention to your listings. Provide complete information to the prospective bidders so that they can act fast. Avoid flashy designs and animated texts. They only make customers irritating resulting in loss of business.

3. People usually don't bid on Reserve. Avoid it. Obviously the customers don't like to receive a message 'Reserve not yet met' message.

4. The fundamental rule for any business is having a Business Plan. The fundamentals must be strong. Have a definite business plan and work accordingly.

Stability is the key. Your business model must be stable. Keeping changing the suppliers and manufacturers lest you could get bogged down with a few only

About The Author

Pradeep Aggarwal is an Internet Entrepreneur and a leading online business consultant, He has conducted many workshops and seminars across the world empowering people on How to Start Online Business. His website Internet success key has helped many people set up online business from home and have created successful career for themselves. http://www.internet-successkey.com.

[email protected]

Logged

Pages: [1]   Go Up
  Print  
 
Jump to:  

Copyright © 2006-2023 TechnoWorldInc.com. All Rights Reserved. Privacy Policy | Disclaimer
Page created in 0.07 seconds with 24 queries.