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My Journey to an extra $2000 / month using buy/resell on ebay

Discussion in 'My Journey Discussions' started by notsostrong, Nov 6, 2013.

  1. notsostrong

    notsostrong Newbie

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    My name is Notsostrong and I'm from Canada and am looking get back in to buying & selling through ebay.


    How I started:

    I started buying & selling things on ebay when I was finishing school to supplement my income. My car dropped a valve one day after school, which destroyed the engine. It would have cost more to repair the car than to buy a new one. So, I took most of my saved money and bought a new (used) car. I had about $1100 left over to do me for 5 months. I read up on starting an ebay business and, with the last bit of my money, I bought some iPhone 3GS digitizers. I set up an "office" in a spare room and got to work.

    Over the next 5 months I kept reinvesting my capital and bought more parts. I finished school and my internship at the end of June and was making enough money from my ebay sales that I didn't have to get a summer job. In October (9 months after starting) I incorporated in to legal company. In March moved out of my apartment, to a new city, and in to a 400 sq/ft office.

    The work was easy (3-4 hours a day) and the money was OK ($3000 - $6000 a month net) but I got really frustrated with ebay buyers. Ebay is full of idiots and scammers. As a large seller you get screwed on almost a daily basis if you're selling on ebay. I was losing about $1000 a month because of scammers and idiot buyers. I couldn't put up with the crap any more and decided to focus more on the local market.

    I used the money that I made from my ebay sales and opened a cell phone repair shop in my city (December 2012). I sold off my ebay inventory over the next 6 months and closed my ebay store after my shop started turning a profit. My shop is now going strong and I'm making more money from it than I was with my ebay sales...but it's not enough and I'm starting to get bored again, which is why I'm getting back on to ebay.


    The plan:

    Buy, fix, and sell used phones through ebay. I already do this in my store but my local market is very small. I will be buying broken or defective phones from ebay, repairing them, and then reselling the phones through ebay.

    I will be keeping a monthly record of my expenses, sales, and net profit on here
    I will start with only $2000 capital
    I am looking to net $50 per sale
    I will be focusing mainly on iPhone 4 & 4S (for now)
     
    • Thanks Thanks x 1
  2. lincolnave

    lincolnave Regular Member

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    Occupation:
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    Sounds like you are actually providing a service that adds value, not just cost. Great business plan.

    I'll be following you.
     
  3. surfbay

    surfbay Junior Member

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    I would like to wish you every success in your return to Ebay
    and the creation of a new venture.

    I will follow your actions with great interest.
     
  4. malem

    malem Newbie

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    I want to wish you all the success going forward!
     
  5. erickishere

    erickishere Elite Member

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    Things are getting boring and you lost alot of money from ebay scammers now you want to go back? :p
     
  6. notsostrong

    notsostrong Newbie

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    Thanks guys.

    I was still making descent money but was getting scammed out of about $1000 per month from dishonest buyers. The problem was that I was selling items that had low prices and, thus, could not be sent with tracking information.

    It is very expensive to send mail in Canada. The cheapest option that includes tracking in Canada is Expedited mail, which starts at $15/ item and goes up from there. It made no sense to charge $15 for shipping for the $8-$30 items that I was selling. Experienced ebay buyers & sellers know this and many dishonest buyers open a Paypal claim as soon as the item is sent. They will get their money back because the seller cannot provide a tracking number.

    The phones that I will be selling will be expensive enough to justify charging extra for tracking, which should cut down about 90% of the dishonest buyers that I dealt with before.
     
  7. notsostrong

    notsostrong Newbie

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    Week #1:

    phones purchased: 8
    average price: $117
    repair cost: $0
    ebay fees: $0
    paypal fees: $0
    total expenses: $936

    phones sold: 0
    gross income: $0
    net income: $0

    just a matter of waiting for the phones to come now. it will probably take 3-4 months until i have enough inventory to make a descent monthly profit.
     
  8. Beven

    Beven Elite Member

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    Best of luck with your journey. I had a shot at eBay but couldn't gain success, hopefully you will have better luck.
     
  9. notsostrong

    notsostrong Newbie

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    Week #2:

    phones purchased: 1
    average price: $93
    repair cost: $62.5
    ebay fees: $0
    paypal fees: $0
    total expenses: $155.5

    phones sold: 0
    gross income: $0
    net income: $0

    about half of the phones came this week. i started listing things on ebay and am going to start listing the phones that i've repaired and checked out. i'm still waiting for the other half of the phones to arrive.

    haven't sold anything yet.
     
    • Thanks Thanks x 1
  10. adelaf4me

    adelaf4me Newbie

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    i would like to learn from you can you pm me