14, trying to make money with ebay and money currencies; need help, ideas, advice?
I was just trying to buy an ipod touch the other day when a great idea hit me. I’ve been looking for ways to make money lately, and thought maybe it would be a good way to do it.
My initial idea was to buy items on ebay (mostly electronics like the ipod touch) and then sell them again with extras (ex: with a memory card with lots of important applications on it, collection of music, etc.). I still think that would be a good thing to do.
My next idea is (I think) even better. I’m now living in Europe, where the euro is much more worth than the dollar.
1 euro = 1.40 dollars (approximately)
if I put a bunch of extras along with the ipod as explained above, I could sell an ipod for almost 50% more in this country than I could buy one in the US. The problem is that when I get ipods from the US, I have to have them shipped to me in Europe which of course costs a ton of money. But I’m going back to the US for the summer. I would buy lots of ipods there with the dollar currency, come back with them, get a big collection of USB sticks or whatever, load them up with nice applications, songs, and other cool data, then sell them with the ipods on ebay to people in Europe using the european currency.
But I’m just not sure. I know there is a huge risk, and I don’t have enough of my own money to start buying lots of ipods, so I’d have to borrow from my parents and pay them back. Also, is there a catch? Is there something I’m missing? How could I revise my plan for more profit, or more financial security? Could anything here be illegal (or at least be illegal enough to get caught)? Please share your help, advice, brainstorming, and ideas with me and let me know about any important info regarding this. THANK YOU!!!
10 points….!
July 21st, 2009 at 4:45 am
One thing you haven’t figured into what you were saying is the import taxes that you will have to pay when you return to Europe with all of those Ipods.
July 21st, 2009 at 4:45 am
The number one rule in business is: Other people’s money. Do not use your own money or ask you parents for a big loan to get your business started. Think small to start to limit your liabilities. Start with one ipod.
A few ideas are try preselling one on ebay. Just be very upfront that it will take a couple of months to deliver the ipod. This way, you will not be using your money to buy the merchanise. But first, do your homework, talk to apple, get the packaged weight and total shipping cost. Ask for a comparision of all available shipping methods. Calculate VAT tax or whatever other fees you will have to pay. Figure out the ebay commission fees. Figure out how much it will cost to ship the ipods from your house to your customers. Start out by giving yourself a small profit margin, one or two ipods at a time. Take the time to do your research and follow the golden rule (other people’s money) and you will do fine. You can do it, just think it through first. Good luck!
July 21st, 2009 at 4:45 am
Why don’t you get into affiliate digital marketing , you seem to have a flair for business , affiliate digital marketing is about selling digital downloadable products , where there is no shipping , inventory , headaches , all you do is promote other people digital products by referring your visitors to the affiliate link, read on,
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July 21st, 2009 at 4:45 am
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July 21st, 2009 at 4:45 am
I’ve been an Ebay Powerseller for 10 years, and you need to listen to what I am about to say.
Doing this resell bit on Ebay will lose you a giant FORTUNE if you are not careful. That site is designed for the buyer’s benefit, and prices there are usually WELL discounted below retail price. Add in the fees, and a buffer for the ripoffs and charge backs you will endure via PayPal, and it drain every penny you invested.
Millions have tried it, scant few are still in it selling what they started with a decade ago, and even fewer are making money at it.
Ebay is for getting rid of things you already own, NOT to buy and resell. You will lose your shirt!!