Double or nothing- Challenge!!!

fawd1

soolin wrote: »

The problem with buying in bulk though is that it is harder to stay under the HMRC radar. Buying to resell one item is unlikely to cause any problems at all, start doing it in bulk and you get HMRC far too interested.

I should just state though that any trading should be declared and the appropriate tax and NI paid

I'm already registered with HMRC so should be fine!!

blackmoustache

soolin wrote: »

It always pays to read the thread.

Yes it does, doesn't it? Because if you had, you would know that nowhere has Geordie Joe said what he would buy for a pound and sell for twice that, and that my question was ergo legitimate, and you might have posted something useful rather than sarcastic.

Aren't you supposed to be 'especially nice' to new members?!

soolin

Op you've taken the BIN off, unfortunately you won't get the listing cost of that refunded so you might as well have left it.

Also, I worry you have gone too low now on your postage. Can you pack that in a box with enough solid packaging to keep it safe and keep it light enough to go Under 1kg? I sell lots of glass and china and the wrapping can weigh a lot .If you are sending it 2nd class then £5 for a £3.50 postage charge could be a problem for your stars but I think realistically you are looking at over 1kg for this Which will cost you £5.60 1st class postage.

This is the first step in your double or nothing and many of us are cheering for you, fingers crossed for a last minute sale. If not, get it resisted while the free listing week is on, but don't bother paying for the BIN uplift this time as all your profit will be going on fees otherwise

Good luck

geordie_joe

blackmoustache wrote: »

Maybe I'm being really dense, but is it? If you were going to take on this challenge, what would you buy for £1 and sell for £2?

Yes, but you actually need to read the complete sentence.

It's easy to buy something for £1 and sell it for £2, much harder to buy for £5,000 and sell for £10,000. Even harder to buy for £100,000 and sell for £200,000.

This is based on the fact that a lot more people will buy something for £2 from a stranger on the internet than will buy something for £10,000.

It's simple economics, the higher the price tag, the less potential customers you have.

As for buying 5,000 things for £1 and selling them for £2. Nice idea but that a heck of a lot of work each week. And don't forget, to double your money each week it will be 5,000 things one week, then 10,000 things the next, and 20,000 the week after etc. etc.

david69_2

If i was to do this I'd say £10k could be done

soolin

The cake plate did not sell and I do hope the OP comes back to discuss strategy rather than give up on the first attempt.

OP, relist during this free listing week but drop the BIN uplift this time. Also as above, check your postage.

lincroft1710

So have any other cake stands sold and if so, for how much? Also were they factory made?

soolin

lincroft1710 wrote: »

So have any other cake stands sold and if so, for how much? Also were they factory made?

Hundreds of cake stands sell every day for various prices, however this was rather 'unique' as it was home made.

I'm not sure it was a real seller though and maybe rather than give up the OP could spend another £1 on a different item and start again.

lincroft1710

soolin wrote: »

however this was rather 'unique' as it was home made.

Which as I suspect, is the reason it didn't sell.

I tend to remember cakestands as being a bit twee and something my mother and grandmother having in the 1950s/60s.

ElDavido

Twee came back though. The styles cool now were cool in my grandparents time, their children rejected it because it was adult to them, my generation never saw it so now it's cool again!