Well the Ebay venture was a financial success. The process was not as easy as it has been for me in the past. I originally sold the item for $36 to an Ebay buyer who had little previous experience. The buyer never paid and I even tried to use the Second Chance offer button for the next highest bidder. Well neither option worked and I was forced to relist the item. The relisting the item only required the push of a button and I was back in action.
The listing took 7 days and completed with my item selling for $35.00. I was amazed at how easy it was to make a significant return, with minimal work on my part. I have the breakdown on costs associated with the transaction below:
- Initial Purchase – $5.00
- Sales Price – $35.00
- Ebay list fees (10%) – $3.50
- Shipping Costs (16% Ebay discount) $3.47
- Total Profit – $23.03
- Increase in investments 460%
- New Account Balance for Upwards of Twenty : $43.03
Discussing my transaction with friends recently left some with the feeling that Ebay’s costs and the Shipping costs ate into the potential profits too much(Nearly 20%). I agree with this statement to an extent. I would never want to give away 20% of my profits to anybody. That being said I would never have been able to sell the item for that cost if I had not used a service like #Ebay. The millions of buyers that were able to view my product plus the ability to pay fees after the sale are why theses services are so amazing. Within a few minutes I was able to list my product and track it daily just by using my smartphone. Technology is amazing and if you have access to it why would you not use it to your advantage.
That concludes my first dabble into the investment arena. I will begin working on my next investment project. I now have so many options to expand my capital. Please feel free to comment or interject, I look forward to learning and growing with each new adventure.
JB – Upwards of Twenty