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Business Plans For Online Sellers

One of my loyal readers, Brent Bascom, wrote this short article about what you need to think about when you start your eBay business.

Where am I ? (In my business)

By: Brett A. Bascom

You may not have written it down yet, but you probably have a few ideas in your head already about where your business should be headed and what your goals are.

It doesn’t matter if you have already started your business or you are getting ready to start your business; writing down your business goals is the first step towards writing your business plan.

You might be saying that you want to sell that camera you just picked up at a garage sale, at a great price by the end of the month. Bingo, you now have a business plan, albeit a very small and short term one. You just need to expand that somewhat and you are on your way.

A business plan should be dynamic. You should go back to it and change it maybe as often as every few months. You should review it often to see if you are still working towards the same goals you set for yourself when you wrote down your goals. If not, then take the time to revise and update your plan.

Your business plan should also include your expectations. Do you plan on this being a part-time business or full-time?

One you have your goals set, the next step is to figure out your costs and a budget

  • How much money do you expect to make from your sales?
  • eBay and PayPal fees
  • Cost of shipping materials
  • Cost to store your products
  • Bookkeeping costs to record the transaction

So now how much is left? Is there any money left for you? If there is that is great, because that is why we are in business, to make some money.

Did the amount you have left for yourself meet the business plan goal you set? If not then you need to take a look and see how you can change your plan to reach your goal. 

You could look for lower costs on your product and shipping materials. You could streamline how long it takes to do your bookkeeping. Ultimately there is a break even point where you sell a certain amount of items to meet or exceed your costs. Those costs include the money you plan to have leftover for yourself.

Review, Revise, Reward: Review often. Revise as needed to reach your goals. The Reward is a solid business plan that keeps you on the road to success with your business.

Consistent and Continuous application of organized effort towards a goal will lead to reaching that goal.

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