New Challenge - Double Your Money!

Natterjack88

Sorry I have been a bit awol. Had a bit of a dilemma re how to attack this challenge. I feel like I shouldn't be bringing more second hand stuff into the house to make a profit when I have so much carp of my own to get rid of! I have also just upgraded my eBay account from personal to business so no free listing for me! I have set up a new account so need to start buying and selling on there to build up my feedback score. I was also contemplating using my buy to sell business for this challenge and think this is what I will do. I have just been withdrawing from paypal and paying debt off with any profit. But figure the business isn't going to grow unless I reinvest it! I have decided that from now until the end of April I am going have a £100 buffer in paypal (to cover fees, any refunds etc) and anything over this I am going to buy more stock with. I have one of those Paypal cards now so can pay for everything straight from Paypal so it won't get confusing with buying stock and paying for postage. I may need to increase the buffer if sales increase by loads as fees will increase but I will have a couple of weeks notice on how much my fees are (think they are about £90 this month) so will be ok there! First thing I need to do is make sure I have all sizes in of stock Im selling, and list anything that isn't up yet! My target was 20 bin by the end of the month (lots of variations in each one!) and Im on 17, I may even be able to get my 20 today

Just also realised since upgrading my account I am now a power seller and top rated seller so hopefully sales will increase due to my new 'status'

Right sorry for my 'thinking out loud!"

Have £195.02 in my paypal so off to spend money on more stock!

fairyclicks

Natterjack88 wrote: »

Sorry I have been a bit awol. Had a bit of a dilemma re how to attack this challenge. I feel like I shouldn't be bringing more second hand stuff into the house to make a profit when I have so much carp of my own to get rid of! I have also just upgraded my eBay account from personal to business so no free listing for me! I have set up a new account so need to start buying and selling on there to build up my feedback score. I was also contemplating using my buy to sell business for this challenge and think this is what I will do. I have just been withdrawing from paypal and paying debt off with any profit. But figure the business isn't going to grow unless I reinvest it! I have decided that from now until the end of April I am going have a £100 buffer in paypal (to cover fees, any refunds etc) and anything over this I am going to buy more stock with. I have one of those Paypal cards now so can pay for everything straight from Paypal so it won't get confusing with buying stock and paying for postage. I may need to increase the buffer if sales increase by loads as fees will increase but I will have a couple of weeks notice on how much my fees are (think they are about £90 this month) so will be ok there! First thing I need to do is make sure I have all sizes in of stock Im selling, and list anything that isn't up yet! My target was 20 bin by the end of the month (lots of variations in each one!) and Im on 17, I may even be able to get my 20 today

Just also realised since upgrading my account I am now a power seller and top rated seller so hopefully sales will increase due to my new 'status'

Right sorry for my 'thinking out loud!"

Have £195.02 in my paypal so off to spend money on more stock!

Oh don't worry about thinking out loud - its great to do that I think

I know you had some problems knowing what to do for the challenge - what about something like working on a double your sales target? Personally i would take it on a week by week basis - take the total you sold in week 1 of march and aim to double that for week 1 in april, then week 2 etc - that way you are aiming on growing the business and tracking it at the same time

fairyclicks

I thought i would have a wee go at free bingo this morning but i was too early when i logged in. I had 50p in my account so decided to buy 1 ticket for 10p. I had a little win so thought i'd buy another 1 ticket for 10p......in the end i wagered £1.10 and won £17.15 :j:j:j:j:j

So that makes new target £517.20 and progress so far is £70.45

I have made a sale of one of the bought to sell on items on ebay - will post today and add profits later

Also have decided to list the Jacket and Skirt i bought for £1 each later today as well - fingers crossed for selling them quickly

katrss7

I've been playing around with different alternatives and have found the best way for me to double my money is by looking at baycrazy (or Martin's new eBay tool) and purchasing job lots of games, toys, china, clothes etc locally and then selling them on separately either through eBay or the boot sale. I had some good ones this week - paid £1.50 for a radiator and sold it for £10 for scrap - bought a box of games one of which has been unopened and is available on Amazon for £35 (second hand) so I've listed it.

Boots seems to be a good place for a bargain too. In the past I've bought clearance items and sold them for a profit and am currently doing the same with another promotion there. The only problem with this is that you tie your cash up with their points system but providing you buy stuff from there it is similar to cash.

So I've another £8.50 to add to my total for the radiator and £3.39 from another sale on eBay.

katrss7

Natterjack88 wrote: »

Sorry I have been a bit awol. Had a bit of a dilemma re how to attack this challenge. I feel like I shouldn't be bringing more second hand stuff into the house to make a profit when I have so much carp of my own to get rid of! I have also just upgraded my eBay account from personal to business so no free listing for me! I have set up a new account so need to start buying and selling on there to build up my feedback score. I was also contemplating using my buy to sell business for this challenge and think this is what I will do. I have just been withdrawing from paypal and paying debt off with any profit. But figure the business isn't going to grow unless I reinvest it! I have decided that from now until the end of April I am going have a £100 buffer in paypal (to cover fees, any refunds etc) and anything over this I am going to buy more stock with. I have one of those Paypal cards now so can pay for everything straight from Paypal so it won't get confusing with buying stock and paying for postage. I may need to increase the buffer if sales increase by loads as fees will increase but I will have a couple of weeks notice on how much my fees are (think they are about £90 this month) so will be ok there! First thing I need to do is make sure I have all sizes in of stock Im selling, and list anything that isn't up yet! My target was 20 bin by the end of the month (lots of variations in each one!) and Im on 17, I may even be able to get my 20 today

Just also realised since upgrading my account I am now a power seller and top rated seller so hopefully sales will increase due to my new 'status'

Right sorry for my 'thinking out loud!"

Have £195.02 in my paypal so off to spend money on more stock!

Hi Natterjack - do you buy and sell second hand items only? Your sales must be excellent if your eBay fees are £95 a month and 17-20 sales a day. That's a whole lot of postage. Do you have some sort of deal with post office? Sorry to ask such direct questions, feel free not to answer if they're too specific.

I'm hoping to find a product/range of products to sell on eBay that will bring in a small regular income to help fund my not working the "9 to 5 way". Any tips would be very welcome.

Doubling your money (taking fees into consideration) seems a fair way to do and grow your business.

elfen

Made another tenner so that's 35/70 for me

Natterjack88

katrss7 wrote: »

Hi Natterjack - do you buy and sell second hand items only? Your sales must be excellent if your eBay fees are £95 a month and 17-20 sales a day. That's a whole lot of postage. Do you have some sort of deal with post office? Sorry to ask such direct questions, feel free not to answer if they're too specific.

No its all new stuff I sell, I look at what sells on eBay and copy! My fees were £500 for December- I would love to make that many sales every month! Im not posting 17-20 a day that was my target for my Buy It Now Listings. I had 17 when I posted and my target was 20 for the end of the month (different sizes and colours in each listing though). I am about to start my 19th, will definately reach my 20 today I have made about 40 sales in the past week.

I will start buying and selling second hand once I've gotten rid of my own carp!

With this challenge, If I doubled my money on my sales of my eBay stock Id be laughing! Id be looking to give up work (Im only part time)- which would be amazing (I hate my job)! And the 20 hours+ that are used up with being at work could be used for expanding my stock range and research etc! Only prob is I want to go on maternity leave again and Id lose out on SMP, but it would be nice knowing I haven't got to go back and I don't mind keeping the business going with another baby (2 under 18months- will be fine right? :cool:)

Sorry for my babbling!- Definately a case of thinking out loud there!

fairyclicks

I'm getting myself mixed up with adding the zopa target with the selling target and including bingo winnings - doesn't take much to confuse me these days . Have decided not to include the bingo winnings now either to keep it straightforward.

So calculations so far to clear my head up are:

Spent

£2 for 8 books - 2 sold for £2.24 (after fees & postage deducted)
£3 for 3 clothes items
£2 for 8 books
50p for 1 incense tin - sold for ?? (after fees & postage deducted)


Total Spent = £7.50 so target is £15 - so far i have made £2.24

Zopa Savings = £500 so target is £1000 - so far i have raised balance to £599.14

I have been neglecting the items i first bought to sell - i haven't even got them listed so hopefully this will help me get my focus back on that

Rosie

I have added £100 to my zopa account

fairyclicks

Rosie wrote: »

I have added £100 to my zopa account

Ohhhhh well done Rosie - nice feeling isn't it?