HOW I BECAME A SUCCESSFUL EBAY SELLER | Interview With POKU BANKS

TL;DR

Professional eBay and Shopify seller shares insights on his journey and how COVID and Brexit impacted his business.

Transcript

what's going on people welcome back to my channel if you're new my name is sam i'm a full-time six-figure ebay and shopify seller and what i do on this channel is help you make money on either ebay or shopify so make sure you subscribe down below today's video is going to be a bit of a special one what's going to happen is that i'm waiting for my b... Read More

Key Insights

• 🥺 COVID initially disrupted importing but led to increased profits due to store closures and increased online shopping.
• 🤙 Brexit introduced a new tax called the UK global tariff, which is expected to be cheaper than previous import taxes.
• 🫠 Reviews are crucial for eBay sellers, while sponsored ads are not essential for beginners.
• 🤱 Diversifying by creating a Shopify store provides more control over branding and helps avoid eBay fees.
• 🔬 The interviewee invests in stocks and plans to invest in property in the future.
• 👨‍💼 Chargebacks and scammers are a part of doing business on eBay, and some losses have to be accepted.
• 👨‍💼 Personal finance-wise, the interviewee mainly reinvests back into the business and plans to save and invest in holidays and properties.
• 🎮 Starting as a sole trader on eBay and transitioning to an Ltd is a common taxation practice.

Questions & Answers

Q: How did COVID affect your importing and stock levels?

COVID initially caused a shutdown in China, which affected my importing for about a month. However, since I had already ordered enough stock for Chinese New Year, I was able to manage. In fact, I made the most money during that period due to increased online shopping.

Q: How has Brexit impacted your importing and taxes?

As of now, I haven't imported anything since Brexit came into effect. However, I've heard that a new tax called the UK global tariff has been introduced, which is expected to be cheaper than previous import taxes. This could be beneficial for my business.

Q: Are reviews or sponsored ads more important on eBay?

Reviews are essential for eBay sellers as the platform relies on the feedback system. Positive feedback is necessary to build a successful business. Sponsored ads, on the other hand, are not crucial for beginners. They can be useful when selling on Shopify, but eBay itself advertises for sellers.

Q: Why did you diversify by creating your own website on Shopify?

I started my first Shopify store for one of my brands about three years ago. It allowed me to have more control over my brand and avoid eBay fees. It also became an additional asset for my business.

Summary & Key Takeaways

• The interviewee discusses how COVID initially affected his importing and stock levels, but ultimately led to increased profits due to store closures and increased online shopping.

• The interviewee explains the impact of Brexit on importing, citing the introduction of a new tax called the UK global tariff that is expected to be cheaper than previous import taxes.

• The interviewee shares insights on the importance of reviews for eBay sellers and explains that sponsored ads are not necessary for starting out on the platform.

• The interviewee reveals that he diversified his business by creating his own website on Shopify to have more control over his brand and avoid eBay fees.