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FRESH START EFFECT & TIPS FOR IGNITING 2017

18 Jan 2017 Blog
 Adapted from a post by Shana Champion in eBay for Business

 Have you heard of the “fresh start effect”? It’s based on the idea that we’re energized and more determined when we get a chance to wipe the slate clean or start anew.

 So with the fresh start effect in mind, here are five tips to help you wipe the slate clean…start 2017 more excited than ever…and maybe even see your business in a whole new light.

 ·       First, liquidate your slow-moving merchandise. This time of year, buyers look for deeply discounted merchandise. Take advantage of that mindset, and do an inventory clearance sale. If you have items that just won’t sell, create a promotion to help move them out, or use promoted listings to get more visibility for your lethargic listings. They’re taking up physical and mental space and could even be impeding your growth.

 If you don’t have an eBay store, you can set up a 99-cent auction-style listing…or consider donating your items to your favorite charity. You’d support a great cause…and if applicable, you can take the tax deduction. When in doubt , always consult with a tax professional.

 ·       Second, brush up on your skills through the Small Business Association. You only know what you know. Consider carving out some time in your week to take some free courses through SCORE or the SBA Learning Center. Topics include “How to Write a Business Plan”…“Strategic Planning”…“Introduction to Acounting”…“Market Research”… “Social Media… “Marketing”…and “Marketing 101 – A Guide for Winning   Customers”. Something you learn here will change the way you approach 2017…guaranteed.

 ·       Third, consider carrying new, multi-quantity items. If you only sell one-of-a-kind merchandise, you might be spending too much time sourcing and listing. Try taking the plunge into the wholesale world. When you buy multi-quantity items from a wholesaler, you only have to list items once. Plus you’re investing in a much more sustainable sales model.

 ·       Fourth, determine where you can cut costs. If you have an eBay store, see if you can save money on fees by upgrading to the next level. If you don’t have a store, use the Fee Illustrator to find out if you’d be better off with an eBay Store subscription. Don’t forget to factor in all of the subscriber perks…like credits toward shipping supplies and promoted listings as well as discounts on graphic design and financial services.

 ·       Fifth, set your sights on growth. The best way to plan for growth is to first study the data in your Performance and Growth tabs in Seller Hub. Based on what you find there, you can determine what’s selling well… what needs to be discontinued…and how your listings stack up against the competition. From there, you can either adjust pricing…or pump up your marketing with promotions and promoted listings…to sell more. Once you uncover opportunities for growth, the sky’s the limit!