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36 • O U R TO W N • N o v e m b e r 3 0 , 2 0 0 6 N E W S YO U L I V E B YC O N T I N U I N G E D U C AT I O N

Big Tips for Small Entrepreneurs EBay expert Barbara Weltman shares the secrets of successful e-commerce By Caroline Jaffe-Pickett

Barbara Weltman is one of the nation’sleading authorities on small business. Shehas written several top-selling books,including “The Complete Idiot’s Guide toStarting an eBay Business,” and is acolumnist for Inc.com, Staples.com andthe Hudson Valley Business Journal.Weltman has also been featured in TheNew York Times, The Wall Street Journaland The Washington Post. She is sched-uled to teach a Learning Annex class onhow to build a thriving eBay business onDec. 14, and again on Jan. 15, 2007.

Q: Describe your backgroundand any early influences that

led to your interest in small busi-ness.A: I’m an attorney, with a degree fromBrooklyn Law School, so I’ve workedwith many businesses over the yearshelping them get started. It was excitingto see businesses grow from the groundup. Deciding on law school was a spur ofthe moment decision, but it opened up awhole world for me, and led me to writingand teaching, which is what I do now pri-marily. I run seminars and am alsoadjunct professor at ManhattanvilleCollege in Purchase, where I teach“Principles of Entrepreneurship.” Beforeall that, my dad had his own business run-ning a machine shop. That was my firstexposure to small business growing up,so I would have to say he is my greatestrole model.

Q: How did you come to be aneBay expert?

A: My husband has been a Powerseller [atop eBay seller] since 1998, and I learnedby working with him. I started out doingall the packing and shipping.

Q: What do you think are themost prevalent myths about

eBay? A: “If you post it, it will sell,” is one of themost common myths. EBay is highlycompetitive, and you really have to know

the tricks and tools to optimize a listing[and] drive traffic to your listing. Youwant to maximize your web presence byhaving your own web site, for example,or using some of the eBay tools, such asthe eBay stores.

Q: What are the common pitfallsfor small business owners or

those starting a home based busi-ness, and how can they avoid them?A: People are very casual with theirrecords, and it catches up with them in all

kinds of ways—problems with inventory,taxes, supplies—every aspect of theirbusiness. You must maintain accuratebooks and records, keep receipts, anddevelop good business habits. Manysmall business owners use accountants,and I’m a big believer that if you canspend more time making money, thatshould be the goal.

Q: Do you have any studentsuccess stories you can share?

A: A woman was fired from her corpo-

rate job, and was devastated. But shestarted doing computer consulting, andalso began a side business on eBay sellinghandbags. She makes about $50K a year,and it’s proven to be great security forher, more then if she’d had a job.

Q: What trends in small businessdo you foresee in the near

future?A: Given rising commuting costs andchanging demographics, there is going tobe much more interest in home-basedbusinesses. As it stands now, 1.3 millionpeople already make a living on eBay, andover 3 million depend on eBay for incomein some way.

Q: What’s your best advice fortoday’s small business entre-

preneurs?A: My best tip would be to do your home-work first and lay the groundwork.Research all you can about the products.If you are selling shoes and everyone elseis too, you have to be able to buy and sellat competitive prices or you won’t makemoney—so sourcing is huge.

Q: What is the most commonquestion your students ask?

A: There is none—every situation is sounique. With eBay, there is a broad rangeof experience, from newcomers to themore established. But in general, every-one wants helps with streamlining proce-dures and developing systems so theyaren’t recreating the wheel, particularlywith multiple listings and tracking issues.

Q: What’s the best eBay resourceyou recommend?

A: There’s a free website called “AuctionBites,” (auctionbytes.com), which fea-tures eBay news blasts. It’s a greatresource.

For more information, contact the

Learning Annex at 212-371-0280 or

visit Barbara’s website at www.bar-

baraweltman.com.

Small business expert Barbara Weltman is scheduled to teach a Learning Annex semi-nar on building a thriving eBay business.

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