Business challenge - £xxx 2015

[Hoofy]

Salgar said:

muppetdave said:

I think he was making pretty good money at it. If I remember correctly, he was having a bit of a tough-time moneywise anyway, and the capital was the bit holding him back (buying extra stock) to grow it faster.

That sucks

But he cleaned up in the end.

Once you get the first sales/money in then it's not an issue, really.

[daemon]

Had a browse around one of the big charity shops local to me today. Was expecting to see some bargains, but EVERYTHING was priced relatively high. Anything i saw, they were asking Ebay retail money for it, and most of it was tat you wouldnt want to be bothered with.

[daemon]

On the plus side, batch number three arrived today.

I paid £120 for it, and have the more expensive bits listed on auction starting tomorrow night, due to finish sunday evening. Looks like i should return £175 after fees.

The cheaper stuff i'm going to list at buy it now prices although that will mean checking regularly i'm the cheapest seller, but i should get better prices.

With another two batches on the way, i should be ready to buy more stock after the weekend again.

Still on track for turning £500 into £1000 by the end of the month.

Edited by daemon on Wednesday 7th January 16:53

[illmonkey]

Anyone mind sharingn what they're buying or an idea of things? Is it bulk buying then diving up and selling?

The missus and I are about to start something, she's got good contacts to refurb items most couldn't do at home, idea is to buy damaged items, refurb and sell.

[daemon]

illmonkey said:

Anyone mind sharingn what they're buying or an idea of things? Is it bulk buying then diving up and selling?

Yes, basically buying then divying it up and reselling. Buying off private sellers (who are often clueless to the value) and then cleaning, refurbing if necessary, and breaking the job lot up into individual items.

At the moment i am auctioning everything off each time, but i am going to start sticking some on "buy it now" to get a bit extra, even if it means waiting for the sale.

[Hoofy]

daemon said:

Had a browse around one of the big charity shops local to me today. Was expecting to see some bargains, but EVERYTHING was priced relatively high. Anything i saw, they were asking Ebay retail money for it, and most of it was tat you wouldnt want to be bothered with.

Yep. And given the amount of time you have to spend sifting through stuff, even if you find a bargain, it's not worth it.

[pharmvrs]

My direction is selling brand new stock, its healthcare related so I have identified the key areas to target to get me started then increase the number of lines.

Most costly hurdle's are postage and listing fee's as my individual items retail at the £2.50-£5.00 region so I need to offer "bulk" discount but then run the risk of missing the "lowest price" searchers.

Regarding the Dyson (other brands are available) fix it up and flog approach, appliances can be bought very cheaply as damaged/non working even on ebay as 99p listings.... I have two of the bloody things sat in my garage that probably only need a clean up and new seals!

[andycambo]

I'm in.

I've wanted to start something for a couple of years and I think now is the time to do it.

If you sign up to Bings ads (you'll need a hotmail, live or yahoo address for this) sign in here you can get £75 worth a advertising for their search engine. It may not be as rewarding as Google's AdWords but you may still get a worthwhile click.

For anyone needing a website creating I'll offer a very PH friendly price for small website. Just PM me.

Good luck to everyone.

[illmonkey]

andycambo said:

I'm in.

I've wanted to start something for a couple of years and I think now is the time to do it.

If you sign up to Bings ads (you'll need a hotmail, live or yahoo address for this) sign in here you can get £75 worth a advertising for their search engine. It may not be as rewarding as Google's AdWords but you may still get a worthwhile click.

For anyone needing a website creating I'll offer a very PH friendly price for small website. Just PM me.

Good luck to everyone.

Is that your business idea? Create sites for all of the PH £500 club members?

I get the odd £150 of adwords through my door, which will come in very handy setting up this project. Missus not done anything yet though!

[Hoofy]

Well, I'll just run fitness classes, then. We'll ignore how much it cost to train. In fact, any lawyers could sign up to this challenge and put an ad out for £500 then make that an hour, roight?

[andycambo]

illmonkey said:

Is that your business idea? Create sites for all of the PH £500 club members?

I get the odd £150 of adwords through my door, which will come in very handy setting up this project. Missus not done anything yet though!

Well your price has just gone up! Foiled before I even gathered momentum! That's not quite the business plan though.

AdWords is a great source of advertising and £150 will get you good coverage. Best of luck!

[Busterhighmen]

muppetdave said:

Didn't a chap do quite well doing exactly that with Dyson's in a previous iteration of this challenge?

Used to work for a company who did this - have now moved on, but anyone who wants any information on cheap parts/pricing of models/servicing etc.. feel free to pm me

[dfen5]

Not a promising start in January. Was going to do market trading part time. Local market has a clothes seller that has the monopoly believe it or not on clothing stalls, even tho' the stuff I was going to sell was completely different. Just about to order some stock and set it all up when I found out...

Looking at a different route now, brokering machinery sales.

[russ_a]

I'm just starting on the prototype for my website. Will hopefully have the first release up and running by March.

[crosseyedlion]

I'm quite keen on this.

Can someone run through the rules again?

[droopsnoot]

I'm keen, but have no ideas at all. Plenty of time, though.

[Hoofy]

Got to be a genuine business started by £500. No betting. No using it to market your legal services after working in law for 15 years and then charging £1000 an hour. No borrowing money to pay for stuff (beyond the £500).

[justinbaker]

I am in, can we clarify the basis. Rules of reporting etc.

[dirty boy]

I'd love to do this, but have absolutely zero idea on where to start.

I'll ponder.

Hopefully I'll have an idea and £100 spare ready to join the £3k challenge in 2016.

[alan-87]

dirty boy said:

Hopefully I'll have an idea and £100 spare ready to join the £3k challenge in 2016.

Haha this sounds familiar!