Sunday, 10 February 2013

A few money making, tips, truths and myths.

A follow on to the last post. A list of things to remember and the truth about making money that I have found out the hardway its particularly aimed at peope who want to be there own boss. It really is not all it is cracked up to be.

research and planning. should be done the top before the below is even considered.
what are you going to sell, whats the market. who is the target market? how much will it cost, how much are you selling it for. hours you need to put in. what will you need to do.
how much profit will you make. taxes?

1. There is no such thing as easy money -
You get out exactly what you put in. You need to put in time and money. How much time and money you put in will determine how much money you will make.
Money comes to money. You have to put it in to get it back. It cant come from nothing.
The first thing you ned to do to make money is save.

2. You can be your own boss - yes but thats only the tip of the iceberg.
Yes you can be your own boss but you also have to be every other member of staff you could possibly think of.
You have to be
  • The boss
  • the customer service team
  • the buyer
  • the advertiser
  • the seller
  • the cleaner
  • the restorer
  • the accountant
  • the concept artist
  • the research team
  • the delivery guy
  • the person who wraps up the parcels.
  • and so much more.......

3. You can make money doing what you love - Yes but expect to find out exactly how much you love it. In my case sanding marker pen of 30 year old vinyl for 4 hours a day can be a passion killer.
I loved vintage toys and had a huge collection, now I know exactly what happens to the plastic as it ages it made me want to get rid of my own collection before it rotted on the shelf. I no longer collect vintage toys. 

4. You can choose your own hours, You can but if you want to make any money expect to be working every day.
Most of my time is taken up with customer service. Answering questions making sure they know when they are going to recieve the item, negotiating prices and so forth.

5. Not everyone is on your side. The more trading you do the more problems you will get.
People trying to rip you off,
people not paying,
competitors trying to give you a bad name.
customers who are not satisfied.
things getting lost in the post
people demanding refunds.

6. You need to be organised. Very much so, it is all well and good taking peoples money but you need to make sure you post the right item to the right people. That may seem easy enough, but when your trying to sort out boxes of toys into piles to send to 60 different people it can get confusing.

7. You need knowledge - Very true, you need extensive knowledge of what you are selling. If I didnt I wouldnt be able to answer customers questions, restore items, or even advertise items properly.
I know the names of them, there release year, the condition all that stuff.

8. You can make money part time. - I need to work every day, it is a full time thing. I cant ignore questions even for one day or else they will go elsewhere.

 So in short dont let it put you off, just be prepared. It is very very hard work. 
It does loads for your confidence and independance though.

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