Thrift Store Flipping On eBay $100 Challenge The Plan
How Much Can You Make This Into?
Success is a long uphill climb
Goals Of The Challenge
With so many people looking for work, i have decided to take on this challenge and help others to become a success story in your own right. This will be a 90 day journal for me to return to frequently and keep track of how things are going.
1. Build a successful eBay business ($1000.00 a month)
2. Work less then 2 hours a day in spare time 5 days a week
3. Invest less then $100.00 total cash from my pocket
4. Keep inventory level to less then 50 items at any one time
5. Create a "Step By Step" guide any one with basic ebay skills can copy.
What Is The $100 Challenge?
The $100 Challenge is a modified idea of something i found when surfing YouTube.com, it took $20.00 and bought stuff to flip at thrift stores. After the flip they recorded the profits some were huge, these guys were pros at thrifting for eBay.
So since i sold my business, I decided I wanted to bring this back out of the ashes, with a twist, I will be investing a maximum of $100.00 to start a new business on eBay, and unlike many other videos, and how to guides, i am planning to updating all my articles, to show what items sold for, how long they took, and what was my profit.
Now you can run your business or challenge anyway you want, but for me, it will be simple, I will search through my local thrift stores, for items I feel can be auctioned for nice profit margin. The start will be the hardest, since money will be very tight, but I am hoping that by running all auctions to start that will change quickly.
Inventory control will be a must, I want to keep my inventory in 4 file boxes from a local office supply store, so that it can be kept in the bottom of a closet or tucked away in a corner. Profit is the focus, not holding out for top dollar on most items. If it doesn't sell first week I ay lower the price until it does sell, the object of flipping is time, and this needs to be kept in mind.
Shipping supplies are not going to be deducted from the starting funds, mainly because I have left over supplies from my last company, if you need shipping supplies consider shipping everything priority mail and all supplies can be ordered from United States Postal Service website.
So that is basically the challenge, take a 100 bucks and build a part time income from it. I know many people want a full time business, but once you have built a part time income you can take it full time any time you are ready.
Good Luck and keep coming back and reading.
Gold Digger Headquarters
Cream Of The Crop Inventory
Now with a bankroll of only $100.00 I will need to select the cream of the crop items, there may be days, when I leave a Tommy Bahama shirt on the rack, because I don't feel it will sell quickly, I know many people say start with clothing, personally i am going to be looking for anything that will make me a profit.
My best friend will be my smart phones, ( I carry two) with the eBay app installed on both, not only will i be looking for pricing but sell through rating, shipping cost, number listed, (do I have to compete against 100 others) my goal is to teach myself to find the gold.
I know with my wife and I we tend to over buy inventory, we buy more then we can list, we buy stuff that is not the cream of the crop, we all do it, we buy inventory for our store so we have more listings, hoping for more sales.
Remember our goal is to sell the item quickly, so to score the quick flip we need to remember for every 3 items we think we need to buy we need to put at least two back. I will be shopping for inventory often. I want to find one or two items, and get them listed, then find a few items and get them listed.
Junk Around The House
I have been hording stuff around my house for a while, all of which was supposed to be sold long ago, some of it should have gone with the business when i sold it off, some of it should have been given away as gifts that got lost, but in the end, there stuff lurking around in a lot of corners. It will be added to the inventory for this challenge, it needs to go, and if I am focusing on this challenge I wont be selling off the junk around the house.
Plus I have a second house full of inventory, my mother just moved to florida, which means I have an entire house of stuff to get rid of for her. I will be listing a lot of it at very low starting prices and seeing where it goes. My goal is to clear out and enjoy what I am doing.
My wife and I are looking to retire soon, one of our goals in life is to travel by motorhome and buy and sell stuff while on the road. So this challenge is a great way for us to start, since we are looking to have all items gone within two weeks.
How Will Sales Come Quickly?
eBay offers so many different listing styles now, that it can be overwhelming trying to figure out what will work the best, all I can tell you is experiment, sometimes what will work great for me will not work for you. Your best listings are the ones that work.
I will be using 7 day auctions, i will be starting all of them on Sunday (even if I need to schedule them) between 830 and 930 PM. I feel this will give me plenty of exposure, I want these items gone quickly, I am not here to hold out for the highest dollar, if you are auctions may not be the right method for you.
I will only use BIN when I find an item that I can't sell it through auction (listed several times with no bids) although I am sure most of my items will get a bid quickly, my pricing will be aggressive so that i can attract more action.
I am planning to use video heavily in the future, I am hoping to start video taping all items listed, with me talking about the item as well. I see it as the future, every item will have a video description almost like its own little commercial. I struggle with pictures, so I am sure there will be a learning curve for myself.
As a salesman, and a goof ball, I am looking forward to the video part of the ads, I can see different characters coming to life over time to help sell the items. Selling should be fun, and I can see where this will be fun to do, almost like a QVC 30 to 60 second video about the item you are listing.
Keep in mind flipping inventory for profit on eBay is suppose to be fun. If it isn't fun it is just another job and the pay will never be worth it. I can't wait to get started on this project, looking around I am sure I can find plenty of trash to sell to someone as treasure (big grin) any way time for me to get going, headed to the goodwill across from my hotel here in florida.