Running an eBay business is an incredible way to replace your income or just make a few bucks extra on the side. Whatever your plans are, you’ll need money to start up your business…right? Not so much, actually. It may be hard to believe, but you can create a successful online retail business without spending a dime. Here’s the skinny on how you can fund your eBay business!
Don’t Believe the “Need Money to Make Money” Myth
One of the most prominent business myths out there is that you have to have money in order to make money.
This couldn’t be more untrue.
I, for one, had absolutely no money to invest in my online retail business when I started and I still did well over $300,000 in sales my second year alone.
Learn About Bootstrapping
I know what you’re probably thinking: “What the heck is bootstrapping?” I asked that exact same question the first time I heard the term too.
Bootstrapping is your new best friend. It’s how you are going to start your eBay business without spending a penny more than you have to and grow it into a self-sustaining, money-making machine.
The technical meaning of the term is the process of utilizing resources that already exist to get into or out of something. My preferred definition, however, is this: refusing to spend money until you make money.
Basically you want to spend as little money as possible during your start-up phase. You don’t want to spend money out of pocket to fund your eBay business, outside of maybe a few very inexpensive exceptions. As a rule, you want to make money before you spend it.
Bootstrapping is extremely effective and unbelievably easy. It almost seems too good to be true, but I’m living proof that it works and works well.
Start With What You Have
I bootstrapped my business into existence by selling items I already had around the house, such as used clothing and unwanted Christmas gifts, while making do with the various tools already available, like my old laptop and printer.
My initial investment? $0
You may be wondering how I turned used clothing into a profitable business venture and, to be honest, I didn’t – although, interestingly enough, there are several very successful eBay entrepreneurs that focus solely on selling used clothing. I just sold used items to build enough revenue to start buying other product to sell.
Once things got rolling a bit, I purchased helpful tools like shipping bags, a scale, and hanging mannequins – but only using money I had made, never from my own pocket. A few months later I was able to buy a new computer and printer and this past year I actually invested in a new home to upgrade my storage space and office.
Make Smart Investment Decisions
Now, don’t get me wrong, you should definitely plan to spend money on your eBay business once you start seeing revenue roll in. I am constantly spending money (from my business) to continue its growth and development.
Here are a few suggestions that may be intelligent investments for you and your business as well:
- Education – It’s never a bad idea to continue learning, either with courses or books. The more informed you are, the more successful you will be.
- Marketing Materials – You’ll eventually want to invest in things like business cards and an official logo. Fun freebies for customers can also be helpful.
- Software – There are loads of good software programs out there to help keep your books, manage your inventory, or do your taxes.
- Advertising – While you don’t have to run paid ads, there are definitely times when doing so can help boost awareness of your products.
Want an even closer look at my eBay tools? Download my free eBay Toolkit Checklist to learn how to stock your online retail office!
Want to Learn More About How to Fund Your eBay Business?
If you’re serious about starting an eBay business, I can help. I’ve created an entire course that provides step-by-step guidance on not only how to fund your eBay business, but create a successful new career. The course is called Your First Sale Plus eBay Seller Success in 14 Days or Less. This 7-module, 19-lesson course can get you started for just $29.