Cutting costs on eBay is a constant challenge
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Those who know how to make money selling on eBay know that cost cutting is one of the keys to continually increasing profits. Most sellers focus their energy only on the direct costs associated with purchasing products for resale.
Those who know how to make money selling on eBay know that cost cutting is one of the keys to continually increasing profits. Most sellers focus their energy only on the direct costs associated with purchasing products for resale. That is an important area of focus. However, there are many other cost cutting opportunities just waiting for attention. Have a nest egg set aside to cover expenses during the starting phases of your full time venture. Make sure that you have product suppliers lined up with adequate inventories to support you at increased sales levels. Make sure that you have storage capability for increase inventory. Make sure that you understand the added work associated with more sales. Payroll – before you add personnel examine all other options. Is there a way to eliminate certain tasks? Is there a way to streamline some of the tasks? Is there a way to utilize contractors instead of employees? Conduct a thorough analysis of the tasks - Does the work really take the time currently being used? Can tasks be automated. Shipping and Handling – Has everything possible been done to streamline the pulling, packing and shipping process? Have redundant and non-value-added steps been eliminated? Is there a faster, easier or more efficient means of reducing the total time required? Is there software that could reduce or even eliminate some of the steps? Packaging – Are there other vendors with lower costs available to supply shipping supplies and materials? Are you taking advantage of USPS offers for Flat Rate and Priority Mail boxes at no cost? However, there are many other cost cutting opportunities just waiting for attention. Have a nest egg set aside to cover expenses during the starting phases of your full time venture. Make sure that you have product suppliers lined up with adequate inventories to support you at increased sales levels. Cost of Goods Sold – Those who know how to make money selling on eBay always focus on cost of goods sold reductions. They ask if they have done everything possible to drive cost out of the items that are purchased for resale. How about freight costs? Has everything possible been done to reduce those costs? (Look for vendors of like products at like prices with shorter shipping distances. Combining products to reduce freight costs. Partnering with other companies to combine freight costs.) Rent – If they are renting space for eBay, those who know how to make money selling on eBay will ask if that space is really needed. Is there a way to reduce or eliminate some of the space? Could they share space rental with another business? Listings and other auction expenses – Has everything been done to ensure that the very best listings are completed each and every time? (Is there evidence from reduced re-listings?) Is there a means if reducing total listing and sales fees by combining products and selling bundled or in larger lots? Take a step back and examine every aspect of your eBay business on a regular basis. Those who know how to make money selling on eBay know that continually streamlining and reducing costs helps to continually increase profits to the bottom line.
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