This from Sky news.

4:36am UK, Saturday August 21, 2010
Carole Erskine, Sky News Online
One of the most successful ways of making money is to open an online business, according to new figures from internet auction site eBay.

eBay says seven online businesses will make over £1m despite only starting last year
The site has revealed that the number of million-pound businesses using the site has increased tenfold since the beginning of the recession.
The online auction site is predicting there will 127 businesses making over £1m this year – almost double the 2009 figure of 66.
Of those, seven achieved the milestone from a standing start, hitting the million mark despite only starting up last year.
Warren Blayds from Oldham has seen his baby items business Online4baby grow into one of the top 10 UK firms on eBay.
His annual turnover is £4m, which has almost doubled from 2007. All sales are fixed price with an average item selling for £50.
He said: “Online4baby evolved from the foundations of a family business established in 1987. As the company grew in popularity and as more customers demanded immediate delivery, we shifted operations onto eBay.
Over the last two years, despite the recession, we’ve seen more than 25,000 people take the plunge and set up their own businesses on eBay.

Clare Gilmarton, managing director, UK eBay
“Over the last few years, we’ve had to become more competitive and make stricter purchasing decisions, to ensure our products remain cheaper than the exact same items found on the high street.
“Before I launched Online4baby, I was working in a mundane office job. But our success has meant that I have been able to hire more staff, gain invaluable business insight and expand the company.”
Experts say starting a business online can be easier as set-up costs are lower… but would-be entrepreneurs still need to be offering something others are not.
Clare Gilmartin, UK eBay MD said: “Businesses operating on eBay have access to a huge global customer base with over 17 million people using the site each month.
“This makes it an extremely attractive option coupled with low start-up and overhead costs, and the flexibility to react more quickly to retail trends and consumer needs.
“This has meant online companies can offer great value and be more recession resilient than many bricks and mortar businesses.
“Over the last two years, despite the recession, we’ve seen more than 25,000 people take the plunge and set up their own businesses on eBay.”
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