Tips for Balancing Your Online Business and Your Life
The eBay & Amazon Seller's News, September 21 2015 - Volume 16, Issue No. 16
Tips, Tools, News and Resources for eBay, Amazon and Online Sellers
Running an online business can be stressful if you let it. Even though I have been doing this for over 16 years, I noticed it was happening to me and it was starting to affect my health. So that is the genesis of the first article in this issue - Tips for balancing Your Business and Your Life.
In the last issue I had an article about the convenience of sourcing from local wholesale merchandise marts. Well the day after my newsletter went out, I learned that my local wholesale merchandise mart in Seattle will close in January. Apparently the building owners feel they can make more money by converting the building to office space. So now when I could just go to one place and meet over a dozen wholesale suppliers, they will be scattered all over town. But this is not happening in most cities, so look for a wholesale merchandise mart near you and use it as one of your best sourcing methods.
If any of you are bloggers or affiliate marketers here is a great article on tips to monetize your blog.
A new Stranded Inventory report is now available in Amazon Seller Central. The report provides a breakdown of your inventory in stranded status (i.e. inventory in a fulfillment center that does not have an active offer on Amazon.com).
You can access the new report by going to your Fix Stranded Inventory page and clicking on "Download Report" or directly from the Amazon Fulfillment Reports page by clicking on "Stranded Inventory" within the Inventory section.
Lets get started with this month’s articles:
What could be better than an online business? You set your own hours, you get to work from home and you are your own boss. Besides the opportunity to make money those are the reasons that attract many of us into this business. But don't think it's all roses. Running an online business can be stressful if you let it -and over time that stress will take a toll on you and your family.
Here are some of my tips for reducing stress and keeping everything in balance:
Ever since John Donohoe took over as CEO several years ago, eBay sellers have complained about the selling policies that have been very restrictive and detrimental to sellers. Well Donohoe is finally gone and it looks like the new management is listening. eBay just announced the Fall 2015 policy updates and there is finally some really good news.
Here are some of the highlights:
Starting February 20, 2016, the following will no longer impact your defect rate
New seller standards will focus on what buyers care about the most-getting the item they ordered on time, and effective customer service to resolve any requests for help. A new, simplified defect rate will include just two measures: Seller-cancelled transactions for items that are out of stock or cannot be fulfilled for any other reason, and cases that are closed without seller resolution. A new on-time shipping metric will measure shipping performance, based on what you control-shipping your item on time.
There are also changes to the tracking standards:
Sellers will be recognized for on-time shipping if tracking shows your item was either shipped within the stated handling time, or delivered by the estimated delivery date. If there's no tracking available, we'll check with your buyer. If your buyer confirms the item was delivered on time-you'll be recognized for on-time shipping.
Shipments will be considered late only when:
There is one new policy that is not that great. If you want to achieve and maintain your top rated seller status then you have to offer a 30-day money back return policy. We have been using 14 days for years and I get very few returns so it will be interesting to see if going to 30-days changes that. Amazon has had a 30-day return policy for years and my Amazon returns are higher than eBay so I do suspect it will change.
All in all, these are big improvements over the older method and it will be much easier to achieve and maintain your Top Rated Seller status and the fee discounts that come with them. Best of all these changes put more of the workload on eBay instead of the seller and over all are much more fair - its not a perfect solution -but a big improvement.
When my wife and I lived in upstate New York about 20 years ago we had a small antique shop in the Hudson Valley. One of the products I discovered that were easy to find and sold very well, were antique woodworking tools. There are two main types of buyers for these tools - Collectors and decorators. There is also a third category but its quite small - Woodworkers who actually like to work with these old tools.
This can be an extremely profitable niche. When I was actively in this business it was not uncommon to find an old woodworking plane at a garage sale for a buck or two that I could sell for upwards of $100.
Before we talk about these let's look at some of the sold listings on eBay so you can see the type of tools I am referring to:
First - Where do you find old tools? When I was in this business my best sources were garage sales, flea markets and small town country auctions. It is really amazing but there are so many people with old tools who have no idea how valuable they are. Another great way is to advertise. Take out a small classified ad in your local paper, or in the cheap throwaway papers like the Little Nickel, that says something like this:
Cash paid for old woodworking tools. Call Skip at 360-555-1212
The thing about ads like this is that you have to keep running them. It is not unusual to run and ad for three or four weeks before getting your first call. But when you do this can be a great way to source old tools. I did this once and when I got to the seller's house he had a 150-year-old wooden toolbox full of beautiful 19th century woodworking tools that I bought for $50. There were easily over $700 worth of tools in the box, and I even sold the box itself for over $100.
This brings me to my first issue which is - if you are going to deal in this niche you need to learn both about the tools - how to identify them, what they do, and what their value is.
Here are two books I highly recommend:
Warman's Tools Field Guide (Warman's Field Guides) 2011 Edition
The Warman's field guide is the better of the two but unfortunately it was last updated in 2011. Although I would not let that worry you too much as tool values have been a little flat since the economy tanked in 2008. Prices have gone up -just not as fast as they used to. In general, you would be safe adding about 10% to any of the values in the book and you will be in good shape.
There are two other ways to learn about tools and their values. First look at the completed auctions on eBay to see what the various tools sold for. Many of them are being sold by professional sellers so you can learn a lot by reading the descriptions.
The other way is to visit antique shops and see what they are selling for. This can also be a great place to source tools. Many antique dealers are generalists and don't have a lot of specific knowledge on the products they are selling. They might find an old tool at a garage sale for $2.00 and list it in their shop for $9.95. But if you know your tools you might know that the item is really worth over $50 and buy it on the spot. I did that many-many times when I was in the business.
I mentioned earlier there are two types of buyers - collectors and decorators. Collectors by far pay the higher dollar amounts and with them the condition of the tool is extremely important. It can be difficult to find tools in near perfect condition but there are ways to restore them that are not that difficult. Here is a book you can read about that.
For the decorator crowd the condition is less important but not completely unimportant. Whenever I bought a tool made of wood, one thing I always did was clean it and apply a coat of Briwax. It comes in colors but I always found the clear formula worked the best. Briwax also works on most metals and painted surfaces both wood and metal. Here is what it looks like:
Briwax is easy to use and is the most favored product of most antique dealers.
The other two big issues with selling old tools are the photos and the description. Take the time to write a good description and take good photos - the more the better. Be sure and show the tool from every angle. If there is any damage or condition issues, describe them honestly and completely, and show a close up photo of the part in question.
So there you have it. If this niche interests you, go on eBay and search the following terms and you will sell literally thousands of tools for sale.
Etsy also lists woodworking tools so that is another possibility if you don't like selling on eBay.
Amazon recently announced an FBA Repackaging Service but I strongly suggest you think about using this very carefully. First read below to understand how the service works then at the end of this article I will let you know my concerns.
This service provides FBA sellers with the opportunity to return some customer-returned units to sellable status when the units are otherwise in new and sellable condition, but the packaging was opened or damaged. For example, when a customer returns an item where the packaging is damaged, but the item is otherwise in new condition, FBA will evaluate the item and perform repackaging services (such as poly-bagging, bubble-wrapping, or boxing) on eligible units.
You can choose the product categories you would like to include in or exclude from the FBA Repackaging Service. As additional categories are enabled for the service, you will be auto-enrolled for those categories. You can choose to disable auto-enrollment, and you can also choose to receive notifications when new categories launch.
Repackaging-eligible categories include:
By default, you are automatically enrolled in this service. You can choose the product categories you would like to include in or exclude from the service by going to your Repackaging Settings. (You must be logged into Seller Central to see this page). As additional categories are enabled for the service, you will be auto-enrolled for those categories. You can choose to disable auto-enrollment, and you can also choose to receive notifications when new categories launch.
For more information about the service, please see the Amazon FBA Repackaging Service help page.
Now -here are my concerns:
At first glance this looks like a good deal as it saves you the cost of removing the item and having to sell it as used since it no longer has retail packaging. But we all know that Amazon buyers can be quite picky. If I bought a new item on Amazon and expected it to arrive in a new retail box and it arrived wrapped in bubble pack and a poly bag my first thought would be: "Did the seller send me a used item?"
The other issue is what if I bought it for a gift. I certainly would not gift most items packaged like that because the person receiving the gift might also think I sent them something used or re-gifted.
So I suspect although many buyers may just accept and keep the items, there are three other possibilities and none of them good.
It is this last one that concerns me the most because when that happens Amazon sends you a policy warning or violation which can get your account suspended if you get too many of those in a short period of time. If I have 25 of an item in inventory I have no way of knowing if Amazon sent the customer a repackaged item or a new one.
I will leave the decision up to you whether to adopt the program or not, but I have decided to opt out until the program has been in use for a few months. I am sure if sellers have any negative experiences they will be posted on blogs and in Facebook groups, so in time we should know how successful the policy is -and we can reevaluate it at that time.
Absorb Health sells a wide range of health products including essential oils and supplements.
Isabelle Grace Jewelry sells a very nice line of fashion jewelry and accessories
Globright sells one of the nicer lines of LED flameless candles. The have a complete line of brand new models for 2015.
True Fabrications sells a very nice line of new and unusual kitchen products and gadgets. The kitchen category has been one of our best categories on Amazon for years and always does really well in the holiday season.
Under the Weather sells those one-person portable tents you see at outdoor shows.
Lighthouse Christian Services sells a nice line of faith-based products and gifts.
California Candle Supply has a great line of unique candles that should do well over the holidays.
Just Natural Hair and Skin Care sells a line of hair and skin care products that are made from all natural ingredients
Sprit USA Marketing is the wholesaler for the original German Shammy Cleaning cloths.
Drive Green makes and sells a unique one-shot tire inflator. This is a really interesting products for the automotive sector.
Koehler Home Decor is a source for wholesale home decor accessories and unique gifts wholesale direct. Bath & body, candles, Christian, collectibles, general merchandise, licensed products, patio & garden, seasonal decor, shabby chic & more! No minimum. Merchandise Discounts!
Bear Woods Supply Wholesale wood and craft supplies. Specializing in unfinished wood turnings, dowels, plans, scroll saw blades, clock movements and inserts since 1987.
Green Valley Aromatherapy sells high quality aromatherapy products. Their oils are pure, therapeutic-grade.
That’s it for now. See you again in about two weeks.
P.S. If you missed the last issue, click here to read it.
© 1999- Harry McGrath, Inc., DBA Skip McGrath, Auction Seller's Resource and Vision-One Marketing. All Rights Reserved.
Please Note: Some of the products and services mentioned in this website, in articles, banner ads and newsletters and blog posts are for products and services for which I earn a referral fee or commission. We always evaluate anything we recommend very carefully and each year we turn down literally dozens of opportunities to recommend products or services where we can earn a commission. Even though we earn a fee on some of our recommendations, we only recommend products and services that we feel will deliver good value and with rare exceptions, they all come with a money back guarantee.