You have spent your time researching products that sell and wholesale, liquidation or drop-ship sources to obtain them.   Whatever business you have decided upon, you cannot forget that it is a business.  Home based businesses often neglect the value of small business insurance to protect them from both property losses and liability lawsuits.  You shouldn’t neglect this very important aspect of your business.

Notify your current insurance company

Your first step is to notify your personal insurance carrier whether under a homeowner’s or renter’s policy.  It might be possible to add a Home Business endorsement to the policy.  If they say, “No”, don’t despair.  Several companies are able to write home based business policies for less than $1,000 per year, often as low as $500.

Valuing your inventory

Wholesale items are easily valued at invoice, but when liquidation merchandise is being sold, it can be more complicated because the amount you purchased the items for can change drastically every month depending on supply.  As a rule of thumb, you should use the same methods for valuing your inventory for insurance purposes as you do for your bookkeeping.

Liability Insurance

Bodily Injury Liability: If you rent a warehouse or storage unit for your inventory, you should have General Liability insurance to cover any accidents that may happen to third parties on your premises.  This could include the warehouse staff, cleaning crews, your landlord, or delivery people.  Even if you are running your business out of your house, you should carry this insurance.

Products Liability: If you are buying overstock merchandise, you most certainly need Products Liability – you could be held liable for defective merchandise.  Don’t think that the original manufacturer will offer you any assistance.  If you are buying wholesale or drop shipping, request to be added as additional insured to their Products Liability policy.  They should be willing to do so.   If not, consider a different source

Media and Advertiser’s Liability: A common exposure faced by eBay sellers is copyright or trademark infringement, unauthorized use of images or logos, and, heaven forbid, claims of counterfeit merchandise trading.  These exposures do require special coverage that extends beyond even a standard business insurance policy.  To have coverage for these types of claims, you need Media and Advertiser’s Liability insurance. Yes, even one person selling stuff out of their basement can be sued as a publisher, because when you create a page on eBay, which is what you are doing.

Starting an eBay business on a shoestring is hard enough without having to consider yet another expense.  The best course of action in the beginning is prevention: don’t use trademarks, images or logos without permission, be careful what you say about the competition, restrict public access to your premises, and publish solid descriptions and disclaimers of liability on your listings.  As your business grows, you should consider your small business insurance as one of the many expenses of a successful business.

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If you are looking for a good online business opportunity then start looking around for a problem that people need solved.  The key to any business is to offer a solution for problems or needs.  This makes perfect sense when you think about it but most people do not get this basic idea of what a business is.  Think about your life.  Do you call a plumber just to talk or is it because you have a problem like a clogged toilet?  Do you go to the gas station because they are nice people or is the problem you are almost out of gas?  And, do you go to the grocery store to listen to the Muzak or because you have a hunger need?

Every time you spend money you are trying to alleviate a problem you have.  Now turn that around and look at your online business.  Are you solving a problem for people?  Why would someone want to visit your site?  Even if your site is just entertaining there is still a need being fulfilled, boredom.

If you want to be successful in business you must think like your potential customers.  What are they looking for?  What solutions do they need?  What problems might make them search out your web site?  You can put up the best looking webpage ever, but if people have no reason to drive them to the site the chances of many people visiting are quite low.

So if you are interested in finding an internet business opportunity that can make you money start with a problem people have.  Many people have made lots of money on line by just offering hope to people who are stymied and can’t find an answer anywhere else.  If you can offer a potential solution to people they will visit.  Every business offers solutions to a problem, what is the problem you are going to attack?

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Gaining Knowledge & Experience through EBay Selling

Successful business doesn’t just happen. According to an article in CNN’s Money magazine, small business fail five times more often than they succeed. Why? Most small business owners, despite potential, have no idea how to run a business, become wrapped up in excessive labor costs and have not put forth enough funding or efforts into marketing. When push comes to shove, business experience and professional knowledge surpass quality and talent by every stretch of the word. EBay can help. Becoming an EBay seller first can help avoid the first mistakes most small business owners make that cause them to lose their vision in a sea of debt.

EBay offers business owners a wide avenue of marketing and advertising potential, minimal to no start up costs, and detailed sales reports, inventory trackers and massive competitor costs and comparisons. Additionally, EBay makes it unnecessary to stock up on employee inventory so you can concentrate on getting your entrepreneurial start rather than pretend to be an HR professional. With high visibility, becoming part of the world wide EBay auction venue can make your success easier and help you learn a thing or two about business along the way.

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Flailing Real Estate Market Makes Setting Up Shop on EBay Even More Attractive

If you live in New York City or any other large metropolitan area for that matter chances are finding prime retail space for selling your wares nips the profits out of your sales. Today’s consumers are savvier than ever looking for deals on simple and extravagant products in order to save their money. Unfortunately, for a seller this means that driving up costs to compensate for expensive rents in high visibility areas is not a smart business decision. Selling on EBay can save large or small ventures thousands of dollars a month in bills associated with leasing space and with EBay, sellers have instant advertisement with the “EBay” name alone. If a customer is looking for something rare, chances are they will go to EBay first to check out availability and prices.

EBay selling enables any new launching business or established one to brand its name in the global marketplace and build a valid and positive reputation before taking business risks that may include purchasing or renting real estate. Many sellers have been able to continue their business venture using EBay alone whilst maintaining other sources of income because EBay offers a full range of services to buyers.

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