eBay Seller Example
Before I wind up this guide, let me share a small story of Tim, who used eBay Arbitrage to generate passive income.
Tim has a store on eBay and has been browsing for products to list on his store. He finds a lovely pair of socks on Amazon and decides to sell and list this item on his store. He likes this because there is a craze for wearing designer socks in his city and he has a clientele of women who are his regular customers. His online store has been quite famous for the designer ladies’ clothes that he sells online, and his reputation as an online store owner is excellent.
He decides to list this item on his website. He takes a screenshot of the product or clicks on the images and saves them on his computer. He takes the description of the product and copies to a word document that he will use later. He also uses appropriate tools to find keywords and titles that match SEO requirements.
Once he has completed these tasks, he goes back to the description that he downloaded from Amazon, tweaks and edits them to suit his requirements.
The price on Amazon is $10, and offers a free 3-day shipping. He includes this in his description, but with a catch. He knows that he has to pay some fees to eBay and probably to PayPal too. Since shipping is free, he has no shipping costs. After some calculations, he finds that the best price he can quote is $14.99.
He is now ready to make the listing go live. He lists the product on his store, with the images he got from Amazon, and the description he edited. The listing goes live, and is live for three days.
He sits back, waiting for his customers to purchase the product while he gets ready to list more products till his listing is full.
Now, put yourself in Tim’s place and enjoy the freedom that Tim is enjoying.
Freedom: Your Ultimate Gain
I used an important word in the last line of the previous chapter. You guessed it right, “Freedom.” What does freedom mean to you?
Freedom would mean a lot of things for a lot of people. For me, freedom here would mean freedom from a straitjacketed, 9-5 job. Your online store is open 24 hours a day, 365 days a year. So you are literally earning money right from the moment you open your store till the day “You” decide to close it down. But passive income is so addictive, once you start, you will never want to give up.
Start slow at first, spend about an hour to about four hours a day. In fact, the more time you spend in the beginning, the more you will start making, till you reach your saturation point.
You can outsource the work to a lister, and handle your store from a management perspective, taking a sneak-peek once or twice a day to ensure that your store is on track. If you get an excellent lister who can duplicate your tasks and manage it independently, you are free to do whatever you want.
You had plans to go on a foreign trip, through Asia and the Orient? Or wanted to write a book that has been eating dust for the past several years? Or you want to learn a new hobby?
Whatever your plans are, they are all yours to take, and even when you are on vacation, your store will never sleep for you.