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Pearl 9: Do the Math!
- One of the biggest mistakes sellers make on eBay is simply not fully calculating their costs and profit.
- The bad pattern generally goes like this: You find some good product to sell on eBay and make some auctions. You become excited when you start to see the sales roll in and assume all is going to plan. Success goes to your head and you don't do the math to make sure they are making good profit. Then, months down the road, you, the seller, realize you are not making as much as you thought.
- To solve this, all you have to do is realize that you are not finished just because you have created the auctions and have the sales. That is only about 50% of the work. The most important work is the later 50% where you check the profit and tweek the auctions to make you more and more profit, through trial and error changes. After a couple months of testing, generally, you can max out your profit and leave the auctions going for vast periods of time without editing them, even over a years time.
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