New Challenge - Double Your Money!

fairyclicks

Out of the blue i have just sold another book that i bought for the challenge - cost me 25p and i made £2.46 profit for selling it whats that? almost 10 times what i paid

Must check back to see how much i am up to now with those wee sales!!

So calculations so far are:

Spent

£2 for 8 books - 3 sold for £4.70 (after fees & postage deducted)
£3 for 3 clothes items
£2 for 8 books
50p for 1 incense tin - sold for -16p (after fees & postage deducted)


Total Spent = £7.50 so target is £15 - so far i have made £4.54 - I also have a bid on ebay for another item so that will boost it a bit more

Zopa Savings = £500 so target is £1000 - so far i have raised balance to £600.53

katrss7

Morning everyone. Went to London yesterday for a meeting about a trip to Hungary I'm taking part in later this month so no progress for me.

I'll spend the day listing the clothes I got ready (now pressed and photographed) on eBay and sorting stuff out for the carboot. Like yourself Fairyclicks, I want to put 100 items on eBay each month.

Had an interesting offer from someone who I've purchased job lots from in the past. He goes to auctions regularly and is happy to buy the stuff for me to sell if I go 50/ 50 with him on earnings. This seems fair to me. I'd appreciate your thoughts. His costs are obviously finding, buying and transporting the stuff - mine are sorting, transporting and selling.

It's great to hear everyone's progress - this isn't as easy a challenge as it appears but I'm really enjoying it.

Natterjack88

katrss7 wrote: »

Had an interesting offer from someone who I've purchased job lots from in the past. He goes to auctions regularly and is happy to buy the stuff for me to sell if I go 50/ 50 with him on earnings. This seems fair to me. I'd appreciate your thoughts. His costs are obviously finding, buying and transporting the stuff - mine are sorting, transporting and selling.

I think if you can trust him go for it!

My 'last 31 days' sales have dropped to 131 so not much more than what I started on- at least its not less! I am waiting for a mannequin to be delivered today so I can improve my photos. A couple of new products Im getting that are already being sold have an amazing listing picture so I need to make sure mine is good in order to compete- this seller has sold 100 since 1st April so if I can take 10% of her sales (going to go 20p cheaper than her) then I'll be happy with that and it will help me reach target. I will also improve the quality of listing photo to same quality on my other new line which has already proven popular. I need to go out and get more stock but if Im not in for this mannequin to be delivered I prob won't get it for another week and I really want to get these listings looking amazing! These 2 new listings have about 180 variations between them and want them all in stock though! I think with her selling so many of these the key is for me to always have them in stock (naturally she sells out of some) and to replenish stock asap.

Sorry severe case of thinking out loud again!

In other news- nothing from my bundle has sold :eek:

131/250
£0/£22

fairyclicks

Angie_Clinton wrote: »

Wow. I'd like to join you. I need lots of money to contribute my house.

Big welcome to you Angie

Have you any idea on how you would like to start the challenge? It's not easy but its good fun trying and well it all makes money grow in the money pot

fairyclicks

katrss7 wrote: »

Morning everyone. Went to London yesterday for a meeting about a trip to Hungary I'm taking part in later this month so no progress for me.

I'll spend the day listing the clothes I got ready (now pressed and photographed) on eBay and sorting stuff out for the carboot. Like yourself Fairyclicks, I want to put 100 items on eBay each month.

Had an interesting offer from someone who I've purchased job lots from in the past. He goes to auctions regularly and is happy to buy the stuff for me to sell if I go 50/ 50 with him on earnings. This seems fair to me. I'd appreciate your thoughts. His costs are obviously finding, buying and transporting the stuff - mine are sorting, transporting and selling.

It's great to hear everyone's progress - this isn't as easy a challenge as it appears but I'm really enjoying it.

I'm really enjoying it too though it really is a challenge to think about how to do it sometimes!!

About the auction guy - just a few things to consider in my opinion:

1. who is deciding what he buys in the first place?
2. what happens if he buys something and you don't like it?
3. is he experienced in selling? if not then how will he know what is good to buy?
4. is he expecting you to pay him for the items he purchases up front - ie before you know if they sell or not?
5. who will be keeping all the records and how will you prove the selling price if there is a dispute about it?
6. what happens if he buys things and they don't sell?
7. bear in mind he is probably doing this with others as well - check you will not be getting the left overs!
8. auctions are easy to pick up job lots at - is his time really worth 50% when you could do this yourself and keep 100%
9. can you arrange to go to the auctions with him sometimes? would be good to pick up some tips
10. if you decide to back out of the arrangement later will it affect your relationship with him for future purchases.

Sorry if all that sounds a bit negative - am just trying to think about what could potentially go wrong so you can think it through

xxx

katrss7

fairyclicks wrote: »

I'm really enjoying it too though it really is a challenge to think about how to do it sometimes!!

About the auction guy - just a few things to consider in my opinion:

1. who is deciding what he buys in the first place? Yes, but with advice from me about what I am selling.
2. what happens if he buys something and you don't like it? If I am not able to sell it then there is no cost to me.
3. is he experienced in selling? if not then how will he know what is good to buy? He seems to be as have purchased quite a few lots from him and sees what he sells on eBay
4. is he expecting you to pay him for the items he purchases up front - ie before you know if they sell or not? No, I won't pay him anything unless I sell it.
5. who will be keeping all the records and how will you prove the selling price if there is a dispute about it? This is the point that worries me however to date we have had no issues and have trusted each other - him when I didn't have sufficient cash and paid him another time and me with boxes of stuff that I didn't know the value of.
6. what happens if he buys things and they don't sell? Then he must try to get his money back another way.
7. bear in mind he is probably doing this with others as well - check you will not be getting the left overs! Yes he could be but as long as the stuff sells we will be both happy - if not it costs me nothing. I will be selling other stuff I acquire as well without giving him a share of that so I must make sure I cover my costs with that.
8. auctions are easy to pick up job lots at - is his time really worth 50% when you could do this yourself and keep 100%. At present yes, as I have just got a part-time job and want to study and do my allotment.
9. can you arrange to go to the auctions with him sometimes? would be good to pick up some tips . Cheeky idea - like this one!
10. if you decide to back out of the arrangement later will it affect your relationship with him for future purchases. Possibly but that is the same with most people that you have a business relationship with.

Thanks for your replies - it's helped me work out whether I should do this and have decided it will be a useful relationship. Despite not having a full time job I've not got a lot of time to go to and learn about auctions and buying at present.

Only sold one item so far this weekend to add to my totals - £5.15 profit on Boots stuff sold on eBay. Won't be able to list any more items as am away from next Saturday for a fortnight. Can't believe how fast the month is going by. Thought I'd have all the time in the world once I finished work.

Boot sale in the morning - our strategy this weekend was to try for two days selling however going to go for the one day - two cars strategy instead. If we're next to each other and have different stock it's possible we'll get a good return. That gives me Monday off before I start part time work on Tuesday.

Happy Easter and good selling everyone!

katrss7

Bootie was OK and rain held off. Total of £104 made after all expenses paid. We're due for rain later today and tomorrow so that's it for boot sales for me until end of April.

Hope you're all OK and enjoying your Easter break (mine starts now!).

fairyclicks

katrss7 wrote: »

Bootie was OK and rain held off. Total of £104 made after all expenses paid. We're due for rain later today and tomorrow so that's it for boot sales for me until end of April.

Hope you're all OK and enjoying your Easter break (mine starts now!).

Happy Easter to you then, and enjoy having a wee break - you deserve it!!

You car bootie sounds great - i always like getting over the £100 mark at a boot sale lol

It sounds like you have thought things through well with regard to the auctions guy - good luck if you good ahead with it

xxxxx

fairyclicks

I just had another payment credit to my zopa account - with that and this weeks interest my balance is now at £651.09 - edging ever closer to my target

katrss7

£1.65 from eBay for me today. That'll be it for a while - off to Hungary on Saturday.
Fairyclicks sorry I haven't done anything on swagbucks and crafting challenges - hopefully when I get back early May I'll do more.
Til then take care everyone x