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Setting Up Your Auction Business Tips
Call an Accountant
Are you considering turning online auctions into a business? Do you know a good accountant? If so, give her a call.
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Set Up an Online Bank Account
To make sending and receiving payments as easy as possible, both for you and for the buyer, set up an online account. PayPal and c2it are good choices for beginners.
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Be a Buyer First
If you are new to online auctions, you can gain a great deal of education and “feedback,” by first participating in an auction as a buyer.
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Think Big!
When it comes to building your inventory, it's wise to think big. Purchase items for resale that will yield the biggest returns. Why try and sell TEN items for a $5 profit on each, when you can sell ONE item and make $50!
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Keep Accurate Records
Don't be misled on the facts about Internet taxes. True, there is no Internet sales tax but there are taxes on income derived from your auctions. You will need to keep accurate records and report all income you receive from your online auctions. Talk to an accountant if you have any questions or concerns.
