New Ebay Account Set Up

Armed with the total amount of 67 cents that I have found in the course of my Penny Millions, and a new eBay account with no feedback I am ready to go. I will hopefully find my first item soon.  New eBay Account .  I linked it here because I wanted to show proof that it is a new eBay account.  I have heard many people saying that they cannot sell on eBay because they have no feedback, I will show that to be false.  Of course very few people will trust you to buy a $1000 item, but for small items $10 or less most people will not even care about feedback.  I could raise my feedback by buying a bunch of cheap stuff and reselling it, but I will do it the hard way by selling.  I will let you guys know when I buy my first item and have it up.  I am excited about this new project I hope you will all follow me, there will be an eBook to follow eventually.

Just to remind you where the 67 cents came from, the first step of penny millions is, start looking on the ground for change.  You will find pennies often, and the occasional nickel, dime, or quarter.  I have even found a $20 bill before.  So if you want to follow along start getting change, open up your eBay account, open a pay-pal account, link the paypal to a bank account, then link the paypal to your ebay account and you are in business.  It sounds like a lot of hassle but is actually easier than it sounds :). 

Good places to look for change

Start wherever you are.  You can find change in parking lots of places you normally go, just about anywhere.  Better than average places are laundromats, coin op car washes, around the vending machines, in the coin returns of vending machines.  I have found a couple of dollars in quarters at a car wash several times.  Do not drive out of your way to go to these places, just stop by if you are passing them anyway.  Otherwise you will be spending more gas than the change you find.  You will get looked at funny for picking up a penny, do not worry about it just smile and go on your way.  Most people are too lazy to bend down and pick it up.

Benefits of finding money

Instead of using your own money and worrying that the item will not sell, if you are using found money you will have no worry.  It is not your money, you are risking nothing.

Fees and Shipping

If you are selling on eBay with Pay Pal you need to know the fees, you get 50 free listing fees a month with an occasional free listing offer of many more per month.  After that 50 it costs a certain amount to list depending on what you are listing.  Avoid these listing fees completely till you are doing decent volume on eBay.  They also charge a final value fee of 10%.  this is charged on the shipping and item price.  so if you sell an item for .99 with 2.99 shipping it will cost 40 cents in a final value fee.  PayPal also charges a fee, pay pal charges .30 plus 2.9%.  So pay pal fees on that item would be 30 cents plus 12 cents.  Add those fees together and you get 

eBay .40

PayPal .42

Fees  Total: .82

3.98 - .82 = 3.16

If it cost 2.00 to ship you would have 1.16 left after all fees and shipping.  Be careful when selling low dollar items, you can easily lose money on them.  You are looking for an item that you can get cheap, that sells for $5 or more, preferably over $10.  So if you find an item that costs a quarter, that sell for 5.00 costs $2 to ship it would look more like this.  

Sold for $5 plus $2 shipping.  

7.00

- ebay fee of .70

- pay pal fee of .30 plus .21

-shipping 2.00

That would give you a profit of 3.79 off of a quarter investmen, or put in another way 1519% profit.  That may sound like a lot, but these deals are out there often if you know what to look for.  It just takes a little experience and the willingness to look stuff up on ebay and amazon so you can make an educated decision.  It will make more sense once I start showing you the items I have bought, what they sold for, what I paid, and how long it took to sell.

At first I will be selling stuff on auction starting out pretty cheap, so I can keep building my capital.  Once I hit a certain point, I will start asking more closely to what they are worth and holding longer if needed.

So now maybe you understand the fee structure and what is required to start an eBay business, and some of the costs to expect.  Notice I did not mention gas, wear and tear on the car, eating out while getting inventory, there are many small expenses that can get out of hand and cause you to not profit.  We will be getting around that by only stopping at a place that we are close by.  I will be stopping at yard sales on the way back from taking my son to school, stopping at thrift store on the way to buy groceries, etc.  It should cost nothing extra until I get a decent amount of money to buy product with.  Then I will start factoring in the other costs.

I hope you are looking forward to following me on this project, if you are please link to me, leave a comment, link me on your social media sites etc.  Happy Picking!