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· Know if your item is one-of-a-kind, trendy, classic, antique or in high demand. This will help you set the starting price especially if it is an item that you are selling from home. If you are using a wholesaler or purchasing "sale" items from a retailer, you know the base price that you've paid.

· Mistake Number 2: Shipping & Handling Charges

· Always check the weight of your items and charge accordingly. If you place a flat fee for your shipping/handling, at one point or another you will lose money or irritate someone who has paid too much. Be fair and consistent in your charges never forgetting to include an estimate distance from your home.

· The Postal Service you are using will help you accurately figure out shipping costs (stamps.com, fedex.com or usps.com).

The above two items should be first and foremost in your knowledge of online auctioning. As always, never forget to communicate appropriately with your customers allowing them to always knowing where your business expectations fall.