Setting Up Your Auction Business Tips

Read these 5 Setting Up Your Auction Business Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Auction tips and hundreds of other topics.

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How do I get a good deal?

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.

If I am new to online auctions, should I participate first as a buyer?

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.

Should I contact an accountant before setting up an online business?

Call an Accountant

Are you considering turning online auctions into a business? Do you know a good accountant? If so, give her a call.

How should I build my inventory to yield higher profit returns?

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!

Will I have to pay taxes on income derived from my auction sales?

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.

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Linda Handiak