In Practice 6, I talk about where the professional sellers find the items they sell online; in this practice, I talk about getting yourself centered on which product lines you'd like to sell. Once you've figured out what kind of merchandise you're comfortable with, you can use the tools I discuss in this practice to home in on the latest bestsellers.
Just as successful stockbrokers need to know about individual companies, they also need to know about the marketplace as a whole. Sure, I know about the over 1,500 Webkinz up for sale on eBay — and so does nearly everyone else who's interested in that category. To get a leg up on your competition, you need to know the bigger picture as well — for example, how Webkinz stack up in the world of collectible and virtual pets.
Here are some questions you should ask yourself as you contemplate turning merchandise into cash by selling items on eBay:
What items are currently hot? If you see everyone around you rushing to the store to buy a particular item, chances are good that the item will become more valuable as stocks of it diminish. The simple rule of supply and demand says that whoever has something everyone else wants stands to gain major profits.
Do I see a growing interest in a specific item that might make it a big seller? If you're starting to hear talk about a particular item, or even an era ('80s nostalgia? Baseball cards making a comeback? Who knew?), listen carefully and ...