Let's take a look at the possibility of earning extra income with online auctions. You probably know someone whos done this successfully. And, although it doesnt generally have huge financial potential, it can be a good way to bring in extra cash for someone who's retired or for a stay at home Mom.

An online auction business offers great flexibility. For example, during the day, you might take the children with you while you shop at yard sales and for other bargains. This could even be a fun learning experience for the kids. Then, after bedtime, you can input all of your auction items.

A good way to get started is by visiting www.ebay.com, www.yahoo.com and www.amazon.com. Once youve done some research and know your way around the sites, youll want to start scooping up bargains at garage and yard sales, flea markets, close outs, thrift shops, etc.

Look for new, used and handmade items that you can auction off for more than you pay for them. Youll need to write a description, give an opening price and post a photo. Most sites charge a nominal listing fee of about 50 cents plus a small percentage of around 5% of your final selling price.

Checking out reference books like "Flea Market Trader" and "Garage Sale and Flea Market Annual" can help you to learn the current market value of things and to recognize hot stuff when you see it. The more experience you get and the more research you do on the collectibles market, the better your buying power and sales profits will become.