Quick Nickel or Slow Dime? :: 15/31

When I started selling again a couple of years ago, My Secret Ebay Diary was one of the first blogs I found.  If you have some time I would suggest reading through some of her archives.  She is super knowledgeable about eBay and goes into great detail on a lot of subjects.

One of the things that really stuck with me from her blog has been the idea of making a "quick nickel" or a "slow dime."  This means you have a great item and could probably sell it for $100 but it might take a while for the right buyer to come along.  However, if you price it at $50, it will probably sell right away.  Do you want that immediate cash flow or are you okay waiting and potentially making a lot more money?

I think I am more of a quick nickel girl.  :)

My tip of the day is this:  Think about this concept when you are pricing your items.  Ask yourself how much money do you have invested in it?  Do you need that money back quickly?  Do you have room to store the item for an extended period?  Is it seasonal in any way so there might be higher demand than usual?

When figuring out my item price I always do a quick check and see what comparable items have sold for.  Depending on my mood, I might price mine a little higher (giving my item more perceived value) or a little lower so it goes out the door quickly.

Please keep in mind that I have an eBay store so most of my items are listed with Buy It Now pricing.  I normally only use auctions for highly collectible items or if I am trying to get rid of something that has sat for a while.

THIS is my landing post...you can click here to see a list of every post this month! 

See all the Nester's 31 Days participants HERE

Comments

  1. So how did you decide to set up a store?

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