Step 1: Identify a niche. You have interests, you're only human. Watch for what sells and what doesn't for items you know well. Any market research data you can collect will be invaluable. If market research companies like Terapeak are offering free trials, take one. You'll probably see some juicy plums quickly - those one or two items that always seem to sell for a good price. Try to avoid crowded categories like cellphones and electronics.

Step 2: Spy on your competition. Before you invest any money, check what the other sellers in your category are up to, and what their strategies are. Pay special attention to any flaws their auctions might have, like bad pictures, inadequate descriptions, forbidding terms of sale, because this is where you can move in and muscle them out.

Step 3: Source product: This is often the most challenging aspect of setting up an online business. No one wants to tell you who their sources are, so research, research, research. It's not enough that you buy product for less than what it sells for on eBay, you have to buy it for enough less to allow for all your expenses and a nice profit for you, too. Work out a standard markup. We like products we can mark up 400%.

Step 4: Go low and slow: Don't invest a lot of money right away - get started slowly, see what works and what doesn't, and learn as you go. Remember that it's very cheap to try out even the craziest ideas on eBay, and who knows, they might just work!

Step 5: Apply, lather, rinse and repeat. Keep trying different strategies until you find something that works, and then don't be ashamed to keep doing it, again and again. The chances are that you've just found a good niche.

Step 6: Work out a business plan: A business plan doesn't need to be anything formal, just a few pages that outline the market opportunity you've spotted, your strategy, strengths and weaknesses of the plan and a brief budget. This is more for you than it is for anyone else.

Step 7: Invest and expand: This is the time to get serious. Buy inventory, and start spending more time on your business. Set a sales goal for each, increasing it each time.

Step 8: Make it official: Once you've made a few thousand dollars worth of sales, you should set yourself up as a sole proprietor or LLC. Don't worry, it's not expensive or hard to do and chances are you don't need a lawyer.

Step 9: Automate? Maybe: You'll probably find that you're writing the same things again and again in emails or item descriptions. It's tempting to give up on the manual method and turn to automated software that can create listings for you, and respond to completed auctions and payments with whatever message you provide. It is not always the best move, though, as you may spend more time wrestling with the automation than making money! Don't take your eye off the ball, which is profit.

Step 10: Understand cycles: Even the most successful eBay business goes through cycles. You might be going gangbusters January through May, but most sales slow on eBay during the summer. It can be very frustrating.

Step 11: Okay, we lied about only 10 steps. This is critically important: Put money aside when you are doing well. You'll need it for slow periods. You'll also need it when one of your products gets hot and you have to buy a lot more inventory in a hurry. Don't get caught inventory-rich and cash-poor. That's called a cash flow problem and it kills businesses.

Once you get into the swing of eBay, you might start thinking that you should quit your job and take up eBay selling full-time.

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Classic eBay TV Commercial From the "Shop Victoriously" campaign, here's a scene familiar to anyone who's been to a greyhound race.