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.
Challenge Rules/Assumptions:
- 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.
Result:
28 Bids on various Ipod Nanos, Ipod Touches, and Ipod Classics.
Lost: 27 bids
Won: 1 bid (3.8%)
Won Item:
1. Ipod Touch 3rd Generation 32gb – $112 – 11% cashback = $99.68 as cost.
Wait for Part Two to See how it pans out.