Progress Report Step 12 – 14

Step 12 & 13

Start with £10.77.
I have to admit that I have cheated a bit here – its not exactly a cheat because when I did it I didn’t know ‘the rules’ as I hadn’t found the report yet and ‘I lent myself’ £10 to the system!
I did this because I found a set of antique / brass pans that were for sale for £30 – after speaking to the shop owner I managed to buy them for £20 (I tried to buy them for £10 but he wasn’t having any of it!) So I bought the pans for £20 and sold them the following day on a friends stall at a local farmers market for £50. The £10 that I had borrowed from myself I gave to a local charity (PROPS) Leaving me with a balance of £40.77

Step 14 (£40-£80)

I have now read the rules and have to admit that I wanted to test a theory – after having a drink with my father (who’s a bit of a gambling man) we discussed a horse race – 6 horses in it but only 2 stood a real chance – he bet on 1 & I bet on the other – what had I got to lose (apart from £10 that wasn’t really mine anyway!)

Betting Slip

Betting Slip

Guess what  – my horse won!! Which when I cash it in will return me £21 so when I add it to the £30.77 (£40.77 less the £10 bet = £30.77) will leave me with £51.77 …..

The theory / experiment that I was testing in this little exercise was to see whether it mattered as much to me since it wasn’t really my money.

RESULTIt seemed to matter more to me than if it was just a bet i’d had with my earned money !!

So, I now have £51.77 and have to get to £80.

By chance I was looking around another antique shop and got chatting to the owner – he was telling me about how he was selling postcards on ebay in order to create himself a holiday fund for the summer. Anyway it got me thinking and upon visiting another antique shop I purchased a box of photos and postcards for £50 (leaving me £1.77)

Postcards to sell on ebay

Sorting through the postcards

Now I have to admit this was a bit of a spur of the moment decision as i hadn’t really thought it through….

Time is a valuable commodity to me in this exercise and to get to the £80 i am going to have to sell 50 postcards at £2+ each (to cover ebay and paypal fees ………  as I said I hadn’t really thought it through. To put 50 items onto ebay at 5 minutes each 4+ hours; then I’m going to have to deal with questions and once sold I will then have to package and post each one to the winning bidder – all of this takes time + the fact that you have to leave the auction running for 7 or 10 days to get the exposure to get the interest. (There is also the fact that although I have sold things on ebay before getting into a specialist market – like postcards, is not something I am relishing!) I don’t actually know what the market is – what sells and what doesn’t?? Yes I can look at what has sold in the past but this again all takes time …..
please feel free to have a look at some of my listings:

http://www.ebay.co.uk/itm/221352755678?ssPageName=STRK:MESELX:IT&_trksid=p3984.m1555.l2649

Note to self: Sell High Price items rather than low price ones! You have to put in the same amount of effort etc but rewards will be higher per minute/hr.

I need to remember some of the basics – ‘ADD VALUE‘ by sorting through the post cards & selling them individually or in small groups I am eliminating the need for the card buyer to sort through a load of cards that they are not interested in!

LESSON – Someone has asked me why I have bought my items from antique shops? After thinking about this for a while because I wasn’t really sure as to why I can now give 2 reasons:-

1) This whole process is meant to be fun and I enjoy spending time rifling around in antique shops …..
2) Perceived Value – Old items do not have a regimented price tag attached to them as do most ‘widgets’ that you can buy in high street shops – they have a value but that value is a ‘perceived value’ worked out by the buyer and the seller – if the buyer thinks it is priced too high then he will either barter it down or won’t buy it. So I can see something that I think is ‘underpriced’ because I believe i can get more for it …. I’ll let you know how I get on

Selling Low Cost Items on Ebay is a waste of time! 

– Now I’m sure there are many people that make money from selling low cost items but I’m sorry unless you can automate the process and get someone else to do the donkey work of putting the items on – answering questions – packing the items – then posting them the rewards are not worth the input. (my opinion)

That said – selling higher cost items is still worth it as long as you take into account the ebay fees / the paypal fees / the postage costs etc. I know this because I changed my game plan slightly whilst I was listing some of the postcards on ebay.

I currently have £1.77 cash and some stock of postcards…… to get to £80 and not spend all my time listing the post cards I looked for something else to sell – something that didn’t cost me anything and that I don’t use (& haven’t done for at least a year)

I advertised an old trailer that was just getting in the way 30p listing fee and sold it privately for £100.

Trailer for Sale

 

So jumping to over my £80

Total : £101.44

£99.70 from trailer
£1.77 cash
+ Box of old postcards!

To see how I achieved steps 15 & 16 click here