How would you turn £1000 into ££££?

thaimeister

Hi everyone,

I'm sure there have been similar threads before so apologies.

I've decided rather than simply saving each month I would like to take some of my savings (£1000) and use that money to try to "make" money. I thought I'd set a goal to double the £1k in say 6 months.

I'm prepared to put in the work and would welcome some suggestions/ideas on where to start.

I've dabbled in forex/stock trading before but I don't really have the personality to trade successfully so I'm not looking at going down that route.

Other than that I'm pretty much open to anything (legal). A couple of ideas so far are:-

Buying at car boot sales and selling on ebay & vice versa

Buying "cheap" second hand cars tidying them up and selling on at a profit

What I'm NOT interested in are things like online poker or gambling.

I thought it would be interesting to post any progress I make on here

Many thanks for reading

TM

Ruby_Ruby

You say you're not interested in gambling, does that include matched betting? Have a look at the forum on this site and read the sticky at the top before you rule it out. You've got enough for a good float, and you could make a fair amount.
http://forums.moneysavingexpert.com/forumdisplay.php?f=41


Anyway good luck with whatever you decide to do.

thaimeister

Thanks for the link, will take a look

jumbojuice

Matched betting i think as long as you stick to the rules is a lot 'safer' than the forex stuff..

lincroft1710

thaimeister wrote: »

Buying "cheap" second hand cars tidying them up and selling on at a profit

Do bear in mind that by doing this on a regular basis, you become a trader and have to take on the obligations and legal requirements of being a trader.

stagebright

This is how I would do it:

- Locate a niche, or the next upcoming fad (youtube product demonstration videos are great for this, think about that water repelling solution)

- Approach the supplier and enquire about dropshipping/reselling their product.

- Create a website quality information about the product, including instructions to buy through your affiliate link, or paypal.

- Send orders through to the new company, while pocketing the mark-up/commission you have accrued.

So far you have not spent any money at all.

- Spend portions of your £1000 budget on promoting your website (SEO, paid ads etc)

...

PROFIT!

SkintG

stagebright wrote: »

This is how I would do it:

- Locate a niche, or the next upcoming fad (youtube product demonstration videos are great for this, think about that water repelling solution)

- Approach the supplier and enquire about dropshipping/reselling their product.

- Create a website quality information about the product, including instructions to buy through your affiliate link, or paypal.

- Send orders through to the new company, while pocketing the mark-up/commission you have accrued.

So far you have not spent any money at all.

- Spend portions of your £1000 budget on promoting your website (SEO, paid ads etc)

...

PROFIT!

This seems like pretty sound advice, although surely setting up the website is a cost?

thaimeister

This seems like pretty sound advice, although surely setting up the website is a cost?

Not as much as you'd think, well not the actual set up of the site anyway. I've created a few sites in the past with the help of a friend. The actual domain names are cheap enough, I usually pay about £6 for a .co.uk and a little more for a .com and I had hosting for unlimited sites for around £4 per month.
The main cost would be to pay someone to do decent SEO to drive traffic to the site and that can become expensive (from what I've read anyway).
I've dabbled in affiliate marketing before but looking back it was in a niche that was far too saturated. Finding that untapped niche is the hard part.

Do bear in mind that by doing this on a regular basis, you become a trader and have to take on the obligations and legal requirements of being a trader

Yeah I will do. One of our drivers at work does this quite a lot. He buys from auctions then sells on ebay/gumtree or on the street outside his house. I think he may be registered as a trader though. I had a look on the website for the auction place he uses and if you're not a registered trader the indemnity rates would probably not make it a viable option on the value of car I would be looking to buy. I'll have a chat with him to find out exactly what he does before persuing it.

Thanks everyone for the replies so far, look forward to hearing more

motorguy

lincroft1710 wrote: »

Do bear in mind that by doing this on a regular basis, you become a trader and have to take on the obligations and legal requirements of being a trader.

+1

From you sell your first car for profit you're a trader, so have to meet your obligations under the SOGA.

Having done it for years and now officially out of it, i'd say its got to the point whereby its far far far too much hassle to be bothered.

If the O/P is interesting i'll write a longer post on why, but i would seriously avoid.

motorguy

stagebright wrote: »

- Locate a niche, or the next upcoming fad (youtube product demonstration videos are great for this, think about that water repelling solution)

PROFIT!

With respect - very easily said but extremely hard to do. And at best all you can hope for is to be ahead of the curve for a month or two until everyone and their granny is selling it on ebay for a penny profit.

THEN you have to start all over again

thaimeister

Having done it for years and now officially out of it, i'd say its got to the point whereby its far far far too much hassle to be bothered.

If the O/P is interesting i'll write a longer post on why, but i would seriously avoid

Hi Motorguy,

Yes That would be interesting to read if you don't mind?

I had another chat with the guy at work yesterday. He is registered as a trader with the auction place I was looking at so he doesn't pay the indemnity fee's. He also has trade insurance. He's offered to take me up for a look next week so might take him up on it just out of interest