Saturday, October 11, 2014

A Profitable Experiment .... We Hope

MUAHAHAHA!

So we have been seriously selling on ebay for just over a year now and we have developed a pretty good reputation. All of our items are buy it now and they are the buy it, list it,  store it and wait months for it to sell, kind. 

Me and my wife both have full time jobs and this may sound silly to some but we each get an allowance from our budget each week. Money that is ours to do with whatever we want. Its not huge, only like 50 bucks a week each.

We also have an ebay budget that controls how much we spend on new inventory each week based on store sales. Anyway we were out the other day and had already spent our inventory money on new product when it occurred to me there might be a way to double my allowance.

I told my wife, hey I'm going to buy some things with my own money and try to double my allowance by putting them on an ebay listing. She thought it was a pretty cool idea and decided to invest some of her allowance as well.

The deal was these things would all be on a 7 day auction and would be priced low so they would sell faster and only try to double the invested cost instead of the normal 10 times cost ratio we normally do. So if we paid 3 bucks we listed it for 6 bucks on auction instead of the normal pay 3 dollars, charge 30 dollars ratio.

To make sure this did not interfere with our normal ebay store I created a new ebay ID specifically for this experiment. I finished setting up the new account and listed 10 items (selling limit) and will now see what happens. If it works I will probably continue to do this to increase my own allowance each week. Muahaha 

I will post an update at the end of the first experiment. This new user ID also has no feedback so it will be interesting to see how important feedback is over cost per item. 

Peace,
Mad Scientist Tony 



6 comments:

  1. Funny, my hubby and I get a $50 a week allowance too. I use mine to buy inventory and the occasional take-out pizza. We charge all our groceries and gas to get points on our cc's and pay them off in full each month. It's been working out pretty well so far. Good luck with your experiment!

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    1. Thanks, so far I have 1 watcher on a 20.00 starting bid and 1 bid on a 14.99 starting bid. The bid is a sure sell and that will nearly pay back our original investment of 20.00. It's like waiting on Christmas Day right now, lol

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  2. So here is an early week update, so far we have starting bids on 3 different items, $9.99 on a pair of army woodland bdu pants along with 2 watchers, $14.99 on a lacoste polo and $8.00 on a mardi gras shirt . So we now have a guaranteed $33.00 and the week has only just begun, We initially invested $20.00 so we are now nearly double our investment. We also have 2 watchers on our security/police jacket which has a starting bid of $19.99 so I feel like they are waiting on the auction end to get closer before biding. We also have watchers on a brooks brothers polo and on an army camo hat. The wait is killing both of us but WOW!!! hahaha, I would say success is in the bag on this one!

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  3. So today is the last day for 2 of the items, 1 has a bid and the other does not. 1 item, an army bdu hat, has sold by buy it now already. I'm using our established paypal account for this new ebay account and it's interesting because paypal is holding the funds until 3 days after the item shows delivered or they give a positive feedback or up to 21 days max. For some this would be a problem, I look at it as a ongoing experiment and project. I understand after 3 months of giving good service ebay should release the temporary holds. I will let you know. I established this new account on Sep 27th so probably wont see the release of limits until evaluation time in January which comes up the 20th of each month. 4 watchers but no bids on the security jacket, ending soon so hoping for ending snipers :-)

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    1. the secuity jacket got sniped :-) last 4 seconds for 19.99 + shipping

      confirmed bids : Lacoste Polo is now 21.99
      Camo Pants 15.50
      Mardi Gras Shirt 10.51

      Camo hat already sold by buy it now for 14.99

      Grand total thus far is 82.98 and still have 1 more day to go on some items

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  4. final tally was right at 92.00 for the whole week - the 20.00 initial investment and about 12.00 in final value fees = 60.00 in all or 30.00 extra for each of us. yeah we will be doing this more. :-)

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