I like to constantly challenge myself to make money with little work. I also like to think I have an amazing ability to know what things are worth and I have the ability to find channels to sell my products for top-dollar.
I am issuing a challenge to myself this afternoon. Make $30 in 30 minutes. How?
Buying and selling. Sadly I am not going to give you my account names as proof, but you can confirm that you can really buy and re-sell these items by going on eBay and finding completed auctions of similar item(s) at these prices.
- 15 minutes of bidding on eBay (This was timed)
- 5 minutes to test and format the received item
- 2 minutes to list on Amazon
- 5 minutes to ship
- 3 minutes to account for tax purposes (Be sure to keep records)
Total: 30 minutes. Goal: $30 profit.
Note: Above times are based on averages except I’m allotting myself only 15 minutes of bidding.
When you are taking my method, a few things are key. Knowing what to bid on, knowing how much to bid on (to retain a profit margin), and knowing how to get the best cash back. You might say, “I just don’t have *that* good of a grasp of what things are actually worth” – you can learn and prices are changing daily so there is never a bad time to get involved.
First a disclaimer: Follow ALL FEDERAL, STATE, AND LOCAL laws and requires for taxes, shipment, packaging, distributing, and any other applicable law. Keep good records for state and federal taxes.
28 Bids on various Ipod Nanos, Ipod Touches, and Ipod Classics.
Lost: 27 bids
Won: 1 bid (3.8%)
1. Ipod Touch 3rd Generation 32gb – $112 – 11% cashback = $99.68 as cost.
Wait for Part Two to See how it pans out.