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eBay has come a long way from people selling the junk in the attic to a mega market site for people to buy almost anything.  It has become a marketplace where people can become part-time or even full-time sellers and generate a good income.  So how do you set up an eBay business in the UK and start making money too?

1. Decide What Product(s) To Sell

This is one of the first and most important things you will need to do before starting an eBay business. What are your interests? What you do like to buy? Do you have a passion for a certain hobby?

Choosing the right product(s) is vital to your eBay success. Avoid choosing products that are oversaturated on this market. For instance, there are simply too many vendors selling laptop computers.

Be original. Find products that people need, but have few vendors from which to choose.   It could be something you make yourself, like trinkets or small sculptures. Or you could find a wholesale supplier to provide the products you sell.
2. Find a Suitable Supplier

Where will you get the products you sell on eBay? Will you make your own products to sell? Or will you depend on a supplier? If you buy products from a supplier, choose wisely. There are many wholesale suppliers out there to take advantage of newbie eBay sellers, saying they are offer the lowest wholesale prices.  However, in reality, their prices are over inflated, which make it hard for you to even make a profit.

Choose a wholesaler that is reliable and offers the best prices. If you can get products directly from a manufacturer, then all the better.

3. Set Up an Online Merchant/Banking Account

Set up a way that you can easily accept money from your eBay business customers. Buying an auction item online means that the financial transaction must occur via online as well. You should have a worldwide accepted banking and transaction account like PayPal.com or WorldPay.co.uk.

These trustworthy accounts are recognized worldwide and give you lots of flexibility in accepting money from buyers and transferring your auction revenue into a regular business bank account. The ease of these sites allows users to utilize their own credit card to make purchases so you don’t have to set up a separate and expensive credit card merchant account.
4. Set Up a Free eBay Seller Account

You will need to set up an account as an eBay seller. In addition, you will need to learn how to set up a single auction using images and the tools available from eBay. eBay makes it easy with wizards to guide you through the listing process.

However, to get the look of a professional merchant, you should also design a business logo and banner and include them on every auction. Also, a separate business website will also enhance your merchant credibility.

Of course, your feedback will be an important part of establishing your credibility on eBay.  While it will take time to build your score, remember that your feedback can be positively impacted by purchases you make.  If you need to buy items for yourself on eBay, you can do so through your seller’s account and enjoy positive feedback on your profile.

5. Contact the Inland Revenue

Within three months of your new eBay business, you should contact the Inland Revenue and inform them of your new business. Choose either a limited company or become a self employer. There are different tax rules and employer regulations depending on the business type you choose.

eBay is a great place to start making money right away. With the right strategy and products to sell, your new eBay seller account can be your road to a great income.

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