Online auctions can be a good means to earn a good amount of online income, even residual income.
As the name suggests, net auctions are auctions that are conducted over the Internet. These auctions are places where you sell items to the highest bidder. It works just as a real auction. A product is showcased to the audience and its features and benefits are spelled out. Then a minimum bid is marked. People who are desirous of laying their hands on this product are supposed to bid at an amount higher than this minimum bid. The auction then sells over the product to the highest bidder when the bidding time is over.
That was just a description of eBay!
Where is the money?
You could very well become a member of an auction site and buy and sell products for a profit. The profit comes in as the bidders will bid for sums higher than what you bought the product for. Here you need to have a discerning eye. If you are discerning about the product you purchase, you will have bought a product that has a good selling potential, which means you will be able to turn it over for a good profit.
This is the way to make your money. Buy low and sell high. One way to do this is to buy in bulk then sell individual items at a profit. If taking this approach think carefully about storing your stock and posting things out.
It may be a good idea to buy things from one site and sell them on another. This means people who are regularly buying on eBay, for example, will not be aware of the same items popping up at higher prices.
Is this just an advert for eBay?
There are many online auction sites nowadays because this genre of home business has become popular.
Some other popular auction sites are: –
- WeBidz (http://www.webidz.com/) This site has great advice on bidding.
- eBid (http://www.ebid.net/) Is an American site.
- Shop Goodwill (http://www.shopgoodwill.com/)
- AJH Stamps Ltd (https://ajhstamps.co.uk/) UK Stamp auctions
- GovDeals.com (https://www.govdeals.com/) For the government to sell off assets and confiscated items!
- eCrater.com (https://www.ecrater.com/) This site also allows you to set up your own online store – for free!
Note that some of these sites cater to particular niches of products or are available only in a particular geographical area. Do some research on the sites before you decide which of them you want to go ahead with.
If you google search “online auction sites” you will get some great links, such as;
Bear in mind, these sites are evolving and so may have changed by the time you click the links.
A note on transactions
The online auction sites are highly secure sites and they might need approval before allowing you to join as a member. But this is a good thing because you can be sure your interests will not be compromised on the site too. The payment is usually prompt, but some might pay at the end of the month for the products sold, subtracting their cut from the sale.