Q: I want to start an online business. Since I don't know anything about ecommerce and building websites and such, I'm thinking about starting out selling products on eBay, then pay someone to build a website for me once the money starts coming in. The big question is: what is the hot product to sell on eBay to make money fast? -- Bob D.

A: While it's true that selling products on eBay can be a quick, low cost way to launch an online business, following the herd by selling the "hot product" of the moment, is not a great idea. To the contrary, chances are you will be stomped in the ground by the herd and left lying in the dust with your unsold inventory in hand.

We talked about starting a profitable eBay business in a previous column and the advice I dispensed then still applies today.

The most successful eBay sellers are those who understand that success on eBay relies on many of the same factors as success in a brick and mortar business.

* Smart sellers research the marketplace and the competition to determine the salability and profitability of the product.

* Smart sellers test the market with one or two before committing to a product line and tying up their cash reserves in inventory that may never sell.

* Smart sellers adjust their product offerings until they find a product or product line that sells consistently.

The last point is perhaps the most important. Long term eBay success does not come from "one off" sales. The key to real eBay success is to find a product that sells well and sell that product over and over and over again.

I asked Timothy Mina, author of the new book, The Online Auction Expert's Bible To Selling on eBay, his thoughts on launching a successful eBay business.

Why is eBay so attractive to entrepreneurs? "With an eBay business, you set your own hours and set your own goals," Mina said. "You can work as much or as little as you want and whenever you want. Many sellers supplement their income by selling on eBay and many others have turned it into a full time business."

Mina cites the following reasons for eBay's growing popularity among entrepreneurs who want to start an online business:

* You can start up quickly and don't need special skills.

* There is very little risk and investment required to get started.

* The marketplace is huge. There are millions of potential customers waiting to buy what you're selling, 24 hours a day, with the click of a button.

* No stress, no boss. Yes, there is work involved, but the work can be done at your own pace. You are your own boss and you set your own schedule.

* Most importantly, you can follow your passion and do something you love. If you sell something you enjoy selling, online auctions aren't just profitable, and they’re fun and exciting, too.

Why its Critical To Find Your Niche Mina recommends creating your eBay business with niche items. According to Mina, the benefits of targeting a specific niche market include:

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