Make Money on eBay - Understand Your Market |
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By: Bob Hamilton Posted: 2007-04-26 10:15:07 |
| There are lots of experts discussing the need to find the right market niche and the right products within that niche if you hope to make money on eBay. I couldn't agree more. In fact really gaining an understanding of your niches can make or break your eBay business. Knowing the strength of your products within those niches is also key to long term success.Armed with that knowledge and understanding sellers who want to make money on eBay can make the right decisions about the direction of their businesses. They have the power to know when and where to add products. They have the power that comes from knowing when to begin to end-of-life other products.For example, if one of the niches that a seller is currently selling in is very small and specialized there are specific things to watch. The seller will likely be seen as an expert in this niche. There is also likely little or no direct competition of any size for the product(s) being sold. While sales in this small niche will likely be small, they should also be very consistent. In this example by knowing the size limitations, this niche can be managed as a part of a bigger business. Sales and the ability to make money on eBay will be consistent. Sales will always remain relatively small however.These small specialized niches can be hard to find. However when there is a good fit with your business, your knowledge and expertise and your desires this can be a great way to make money on eBay.There are threats when selling in very small market niches however. There is likely a limitation in sales growth. There is also the threat of lost sales if any major competition enters the niche. That would certainly have a major impact on your ability to make money on eBay. |
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