The turn £100.00 into £10.000.00+ by the end of 2010 official thread

LondonBoy

Hi All.
I'm a little further on then you guys. I starred a similar thing in July 2007 with just £100. I spent the first £30 on stock from ebay and resold for £130. I made £3k in the first year after all costs, tax etc but i also grow my stock to about £5k in value.

i'm now buying and selling constantly and sold £9k of stock in the in the run up to Christmas and £30k in the whole of 2009. This was all on stock that is reduced now and winter stock reduced in the summer. I aim to make 25% - 50% per item, anything less and its not worth the hassle. Here are my key points to remember.

Knowledge - This is how you make your money. Specialise on something you know about ie i know nothing about cars but my girlfriend dad makes a living
buying and selling them. I'd lose money if i did it.

Research - You have to know your market, this is the most time consuming part.

Fees - Get a grasp of e-bays fees very quickly. They add up fast and you have to work this into your profit margin.

Postage and Packaging - find a good supplier of boxes and get friendly with the local postmaster, pays in the long run

Accounts - do them as you go along

Laziness - Capitalise on peoples laziness, i have sold items on ebay for others taking a cut of the profits just because they are too lazy to do it themselves.

Turnover - keep the stock turning over, stock that doesn't sell doesn't earn any money. Cut your losses were necessary

Seasonal Stock - i have invested £300 in advent calendars that i know i can sell next Sept for £600 that's about a £200 profit after all costs, better rate of return then any bank i know.

Gambles - I would say 20% of the capital i spend is on gambles and 80% is sure things, some pay of some don't.

Motivation - You will buy some awful stock and some real gems, the trick is not to beat yourself up or over reward yourself or you will miss the next opportunity

Cash flow - you need cash to buy stock, cash gives you options, always aim to keep 20% of your float free for opportunities that arise.

Discounts - take every discount you can get including cash back

3/4/2 - I love these offers. If i need a Christmas present for someone and its £60 i buy 3 of them for £120. i wrap one up as a gift and list the other two when they go "out of stock" . I get at least £60 back per item and if i get over £70 back I'm in profit.

Time - don't waste time, be productive.
K
nowledge (again) - learn from your mistake and your successes.

Once you are up and running its easy and addictive. I have already brought 80% of my Christmas presents for next year in the sales and have purchased £2k worth of reduced stock for resale.

I hope these tips help some of you out in 2010.

[Deleted User]

drinkupretty wrote: »

Those £1 jeans turned up today! I have been trying to list stuff on ebay but the site keeps asking me to sign in even though my details are correct when I hit the "sell" tab. Is anyone else having probs?

Sorted this, I went in through internet explorer instead of firefox (don't know why this should make a difference oh well) and it said it needed a pin as I am listing stuff from a different IP. Listed stuff now though.

abby1234519

I was thinking of buying from ebay to resell but now not so sure. Ages ago I saw ipods, and was thinking about doing that but can't see them any longer I'm now undecided as to whether to start off making bags, candles or whether to resell from ebay. I've had interest already in my gluten free cupcakes though!!

cally6008

abby - whichever you dont do first, it will still be there as an option in 2010, dont forget ... we've a whole year to tackle this challenge. I'd go with the gluten free buns since you've had interest in them already

scrooge2008

Thanks LondonBoy for sharing those tips, they are really useful. Well done. Is this your full time job now, or still a secondary income?

mambury

abby1234519 wrote: »

Quick Q, do you think its worth buying anything from here to list on Ebay? I'm only talking say 5 dresses or something

http://www.dhgate.com/wholesale/dirlist.do?catalog=141003&act=pagesize&stype=up&sinfo=price&pagesize=40&ftype=price&finfo=10.0%2C20.0

good find...there are some nice bits and peices on there.....

Ta!

nixinixi

Right I have started to think what I have that I can sell on ebay to start my money making year but unfortunately I have not sold anything on ebay before so am not sure where to start.

I understand the photograph and the description, and the online side of it but am struggling with the post and packaging - so much so it is putting me off doing it

So please can anyone offer any advice for starting up and any reccomendations of who to use, and how do you estimate postage costs?

Thank you!

Thistle-down

Re Bingo- I won £5 today, added £20 to withdraw a total of £25 but was refused, now it is says only one withdrawl request every 72 hours and I have to wait 2000+ minutes.

abby1234519

Gluten Free Buns it is then to start with! I think I might make my teacup candles at the same time as asthetically they go together quite well. I just need to make sure I get my recipe for the cupcakes perfect. I like them but I think they could go better. Also a lady wants a cake for her daughters birthday in March which gives me plenty of time to work out the best decorating, its not my strong suit, I just like icing weeeeeeeeeeeeeeee

2cats1kid

Just went over my 24hours on Bingo Britain to pull out my £20 winnings from yesterday and they have changed it to one withdrawal every 72 hours, so I can't get the money out for another 2 days and if I play it will use "my" money not "their" money So do my bonuses stop if I don't play for 2 days or will I start getting my £5 again when I start to play again?