Getting Started on eBay: Make a Shopping List of the Personal Resources You Require - By Stephen S Alison

Buying and Selling on eBay is an adventure that can be both fun and financially rewarding. Best of all it is relatively easy. But before setting out on your great adventure you need certain minimum "Personal Resources" which are listed below in what I consider to be the order of priority. The Resources required are personal in that each individual will need to check their own personal situation and decide whether they need some or all of the items listed and to what extent.

Resources Required I - Personal Resources and Attributes - Self-esteem

You need to have or develop high self-esteem and to think positively. Self-esteem can perhaps be best described as your feelings about yourself and affects every moment of your life, either consciously or subconsciously. Everything can be viewed either positively or negatively. When we find fault with ourselves, we call that "shame" or "low self-esteem". With any activity, we can choose either to focus on how good we are at it or on how bad we are at it. Without exception, we do everything better when we focus on how good we are at it.

And the same is true with eBay. If you approach eBay with the attitude that you are not going to succeed, then you are not going to make a success of it. On the other hand, if you approach it with confidence, you have a far better chance of success. This is entirely my own point of view.

Resources Required II - A Working Knowledge, Understanding eBay, the eBay Website and eBay Terminology

You will need to Read the eBay Manual by visiting the eBay website with special focus on:

• Navigating the eBay Website – moving from section to Section with Ease;

• Establishing and Understanding eBay Policies and Rules;

• Knowing where to find what you need;

• Understanding eBay Terminology;

• Studying what other people are selling and how they describe the items they are selling;

• Studying what prices other sellers are asking;

• Comparing the various different prices sellers are asking for items with the same or very similar descriptions;

• Studying the categories where items are usually listed;

• Identifying any items listed in unusual categories;

• Identifying buying trends;

Resources Required III - Registration With eBay and A Seller’s Account

Before you can Buy or Sell anything on eBay you will need to Register or open an account by completing a Registration Form. Registration is Free, takes only a short time and is very easy to complete.

Your eBay User ID - The Registration Form requires you to Create an eBay User ID. Your User ID is a valuable asset for participating on eBay. Before choosing your eBay User ID you should be aware that Your User ID becomes your eBay identity and along with your Feedback Rating helps establish your reputation and identity within the eBay Community.

Choose a User ID that is suitable for a long, successful life on eBay. Of course you can always change your eBay ID anytime. Choose a User ID that you like and that you'll remember. For example you might use words identifying your favourite collecting area, your business, or occupation.

Seller's Account - After registering you will need to set up a Seller’s Account before you can sell anything on eBay. You must provide a valid debit/credit card and bank account information.

Resources Required IV - Your Computer Equipment

Firstly you will need a computer, or access to a computer, that is equipped with a modem. Whilst organizing your computer equipment you may also want to investigate getting a DSL (Broadband or Digital Subscriber Line) or a cable modem as opposed to a telephone modem. It not only has faster connection speeds, but also many telephone companies provide unlimited Internet access for a fixed monthly fee. Telephone expenses can be costly so you want to keep these expenses as low as possible.

Once you have your computer equipment, you will need to plug your modem into a telephone line. Next, you will need to open an account with an Internet Service Provider (ISP) - a company that provides connections to the Internet, usually for a monthly fee. Most telephone companies provide this service. Also you may be able to find an ISP in your local area.

The final element required is software called a Web browser which enables you to find and read the information on the Web. The more popular web browsers are provided by Microsoft (Internet Explorer) and Netscape Navigator and are usually installed free of charge when you buy a computer. Of course, once set up you can always browse or surf on the Internet, establish what other browsers are available and download the browser you feel more comfortable with.

Since you are probably planning to make eBay auctions a part-time or full-time income generator you will need an adequate computer system. If money is no object then you can get the latest state of the art system. However if your start-up budget is limited you should get the basic minimum recommended hardware and software. You can always upgrade later once the profits start to flow!

PC or Mac with a 266 MHz Processor

32 Megabyte RAM

2.1 Gigabyte Hard Drive

Floppy Drive – for backups preferably a CD ROM Drive

Microsoft Windows 95 or above

Web Browser – Internet Explorer 5.0 or higher

Printer – Good quality Inkjet or LaserJet

Word-processing Software – MS Word 6.0 or higher

Spreadsheet Software – MS Excel 4.0+ or similar

HTML Web design Software – MS FrontPage 2000 or similar

Resources Required VI - Computer Related Personal Skills

You do not need to be a computer programmer or computer expert but there are certain recommended computer skills you need to have or to acquire if you wish to proceed successfully. The following skills are not difficult to acquire:

Basic Wordprocessing - You will need basic word-processing skills for numerous tasks including the writing of descriptions for your auctions, thank-you and other letters and eMails to your buyers and preparing Web page documents for your auction listings.

Spreadsheet - A "spread sheet" or spreadsheet is a large sheet of paper with columns and rows that organizes data about transactions for a business person to examine. An electronic spreadsheet organizes information into software defined columns and rows. The data can then be "added up" by a formula to give a total or sum. The spreadsheet program summarizes information from many paper sources in one place and presents the information in a format to help a decision maker see the financial "big picture". We highly recommend that you keep track of all your winning bidders and setup a database or spreadsheet to capture and record important details of your auctions including name and eMail address and any other information you may find useful.

HTML - Every web page you see and read is written in HTML. Hypertext Markup Language (HTML) is the standard text-formatting language used for documents on the World Wide Web. HTML documents are text files that contain two parts: content that is meant to be rendered on a computer screen; and markup or tags, encoded information that directs the text format on the screen and is generally hidden from the user.

If you are planning to be an active seller you will need to learn basic HTML as it gives you greater control over the design and looks of the Ads for your auctions. An alternative to learning HTML is to use HTML software such as Microsoft FrontPage. If you do then you will not need to learn HTML. BUT you will need to know Hot To Cut & Paste and/or Copy and Paste.

Zipping & Unzipping Files - Zipping is a standardized way of shrinking data files into smaller kilobytes or megabytes thus saving on disk space. If you plan to send or receive data files via eMail or via file transfer on the Internet and if you plan to buy or sell eBooks, software or any product which can be delivered digitally or by file transfer you will need to know how to Zip and Unzip Files.

Resources Required VII - Organization of Your Multi-Payment Options

You will need to pay for any items you may have purchased, to pay for eBay listing fees for items you are selling, to pay for your inventory or to pay the Drop-shipper and, if your auction is successful, to pay eBay’s final value fees and your merchant service provider fees.

The precise amount can be calculated in advance. Buyers want a multi-choice of Easy Payment Options. You will need to organize these multi-payment facilities before you start any buying or selling activities.

As a seller you should try and offer every type of payment option. By covering all the bases you can perhaps deter a potential bidder from bidding for the same or similar product from a seller who offers more payment options than you.

Over 80% of buyers on eBay prefer to use PayPal and especially now as PayPal is part of the eBay Group of Companies. A PayPal Account is a must. PayPal provides a variety of merchant tools to meet all your needs including accepting online credit card payments instantly. In addition, PayPal offers a full suite of tools to keep your payment processing running smoothly.

Stephen S Alison is a retired "bean counter" who spent 26 years in middle management positions for major US financial institutions in Europe and a further 10 years as an adviser/consultant to a number of European financial institutions. He has traded successfully on eBay for over 2 years using the same strategies and tactics published in his websites:
http://www.howtomakeyourfortuneonebay.com and http://www.learntomakeyourlivingonebay.com