By Farley R.
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Extra resources for Timing The Bond Market With Elliott And Fibonacci
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As much as I’d like to tell you how easy it is to get rich quick on eBay, success definitely is not guaranteed. Success is, however, more likely when you do your planning beforehand. What type of planning am I talking about? Here’s a short list: ■ Research sales across a variety of product categories to find the right merchandise to sell (covered in Chapter 2) ■ Think through your business goals and write a short business plan that outlines what you want to achieve—and how (covered in Chapter 3) ■ Evaluate how much money you’ll need to get started, and figure out where you can get that money (covered in Chapter 4) ■ Determine what type of business entity you want to create—a simple sole proprietorship or a legal corporation (covered in Chapter 5) ■ Set up a complete recordkeeping system, including both inventory management and accounting (covered in Chapter 6) ■ Determine how much physical space you’ll need to manage your eBay sales—including inventory storage, packing and shipping, and your home office (covered in Chapter 7) As part of this planning, you need to work up a sales projection for your first year of business, along with a budget of your expenses.
It’s easy to start selling on eBay and even to generate a small profit in the short term. But to launch a business that generates sustained profits, you need to plan for that success. If you don’t know where you want to go, you’ll never get there. The easiest way to begin this planning process is to ask yourself a series of questions. When you can comfortably answer these questions, you’ll have the framework of your business plan. What Type of Business Do You Want to Run? The first question to ask is the most important: What type of business do you want to run?
I’ve had a few people read the first edition of this book and comment they thought I spent too much time covering business-related information; in their opinion, you don’t need to know all this business stuff to be successful on eBay. Those readers are, of course, mistaken—as they’ll no doubt discover for themselves in time. Yes, it’s ridiculously easy for any individual to start selling on eBay. You don’t need a business degree to fill out the Sell Your Item form and create a rudimentary auction listing.