'Turn £10 into £100 with Ebay' Challenge

ehallett

Hello everyone

I thought it was time to come up with another challenge

I know a lot of people are doing the Olympic Challenge (including myself) but you can run this one alongside it if you wish. I think it might help people who are struggling to find other ways of adding to their total.

The rules

1. Spend up to £10 on some items on Ebay - please note that this must include postage. You don't need to spend the whole £10 if you don't want to but you can't spend over £10.
2. Anything you buy must be from Ebay.
3. The aim is that you need to spend your £10 wisely to make a profit. Once you have made a profit on the first item(s) you bought, you can buy some more Ebay items with the profit/original £10.
4. Keep on buying items from Ebay and making profit until you have reached £100 in total (including your original £10)
5. If you make a bad buy and lose your £10 then it's game over.

I hope that all makes sense - I am personally running out of stuff to sell on Ebay so I will be starting this straight away (when my auctions finish later today so that I have got £10 in my Paypal account anyway).

If anyone would like to join in then you are more than welcome

Emily x

arthur_dent_2

Buy in bulk and then sell on in smaller lots it is what business men have been doing for many moons.

Skint_Catt

I'd love to join you - in fact I thought about doing this challenge 18m ago - but I have MORE than enough to get rid of at home at the mo.

Think my mum would have a FIT if I bought more stuff, lol.

Good luck - will be keeping an interested eye open!

S_C

goonergirl

ehallett wrote:

Hello everyone

I thought it was time to come up with another challenge

I know a lot of people are doing the Olympic Challenge (including myself) but you can run this one alongside it if you wish. I think it might help people who are struggling to find other ways of adding to their total.

The rules

1. Spend up to £10 on some items on Ebay - please note that this must include postage. You don't need to spend the whole £10 if you don't want to but you can't spend over £10.
2. Anything you buy must be from Ebay.
3. The aim is that you need to spend your £10 wisely to make a profit. Once you have made a profit on the first item(s) you bought, you can buy some more Ebay items with the profit/original £10.
4. Keep on buying items from Ebay and making profit until you have reached £100 in total (including your original £10)
5. If you make a bad buy and lose your £10 then it's game over.

I hope that all makes sense - I am personally running out of stuff to sell on Ebay so I will be starting this straight away (when my auctions finish later today so that I have got £10 in my Paypal account anyway).

If anyone would like to join in then you are more than welcome

Emily x

Hi emily
can I just add a couple of tips to this (and I know they will sound a bit of a damp squib to your idea and for that I am sorry or they might just be useful advice???? doubt that knowing me)
but if you going to buy on ebay to resell on ebay then get yourself 2 ids (just need two email accounts) as otherwise your buyers will see from your buying list and feedback what you have bought and for how much. so might put them off.
And
Buying to resell does technically make you liable to be registered as self employed and possibly pay tax on it (different to selling your own possessions)
but Otherwise I think its an excellent idea !
hope this doesnt sound mean I dont want it to.:rolleyes:
a
x

ehallett

goonergirl wrote:

Hi emily
can I just add a couple of tips to this (and I know they will sound a bit of a damp squib to your idea and for that I am sorry or they might just be useful advice???? doubt that knowing me)
but if you going to buy on ebay to resell on ebay then get yourself 2 ids (just need two email accounts) as otherwise your buyers will see from your buying list and feedback what you have bought and for how much. so might put them off.
And
Buying to resell does technically make you liable to be registered as self employed and possibly pay tax on it (different to selling your own possessions)
but Otherwise I think its an excellent idea !
hope this doesnt sound mean I dont want it to.:rolleyes:
a
x

Hi, thanks for the advice. :A

I've already got about 3 Ebay IDs so I will use 1 for buying and another for selling.

I'm also registered as self-employed already as I work for AQA.

Emily x

goonergirl

I wasn't getting at you ems about the self employed. its just a lot of people don't realise that when they go from selling their own stuff to buying stuff to sell is different (and there are a lot of people on ebay willing to report you.as things are quite transparent on there and infact a lot of people make it there lifes work to report people ??!)

the two or more IDs is good for buying to sell though and a secret one for buying presents?!!

good luck
angie
x
(p.s a few wise purchases should do your challenge easily!)

arthur_dent_2

Some people can be mean just for the sake of it and what you are trying to do can be done, I am just not sure that you can do it without a vast amount of knowledge about what you are buying and a lot more than a tenner including postage to start with.

arthur_dent_2

edit: sorry double post.

ehallett

goonergirl wrote:

I wasn't getting at you ems about the self employed. its just a lot of people don't realise that when they go from selling their own stuff to buying stuff to sell is different (and there are a lot of people on ebay willing to report you.as things are quite transparent on there and infact a lot of people make it there lifes work to report people ??!)

the two or more IDs is good for buying to sell though and a secret one for buying presents?!!

good luck
angie
x
(p.s a few wise purchases should do your challenge easily!)

Hi Angie - that's ok I know you weren't getting at me and I do appreciate you replying .

I know that some people don't know about the self-employed thing - I didn't until I started working for AQA.

Emily x

ehallett

arthur_dent wrote:

Some people can be mean just for the sake of it and what you are trying to do can be done, I am just not sure that you can do it without a vast amount of knowledge about what you are buying and a lot more than a tenner including postage to start with.

Thank you, I'm sure it can be done though. I have been doing some buying and selling before and know quite a bit about certain areas.

I have already made my first purchase with just £4.24 including postage. I think it will double my money at least

Emily x

moxie_2

I'm interested but would be grateful for any tips about what kind of things are best to buy?