Ebay, here I come!
December 17th, 2008I am back with a follow up on my experience with HalalBucks business coaching.
One of the first assignments I received from my business coach was simply to START, i.e. to start some business activity no matter how small or insignificant it may seem. The point was to STOP sitting around waiting for the perfect opportunity and to start immediately with whatever. It was important to get into the habit of leaving my comfort zone. It was important to start getting experience even if it was with small things, because big opportunities will come and I have to be ready for them. And the right way to prepare is to play around and gain experience with the small ones.
So, here is how it went:
Day 1:
* Assignment #2 received.
* Decided to try to sell some old coins on eBay (the previous owner of my current apartment left them in my basement)
* Searched the web for “old coin cleaning techniques” – found out lots of useful stuff.
* Contacted various family members and asked them if they have any old coins or paper money.
Day 2:
* Received a package by post from Slovenia. Some cool postal stamps were on it. I decided to try to sell them online.
Day 3:
* Contacted various family members and asked them to collect postal stamps if they get any at home or work. My thinking was: stamps from my part of the world countries are probably not very common. Collectors might be interested.
* Asked front desk lady at my company to save for me postal stamps that she gets on incoming mail.
* Received feedback from a family member that she already collected various old coins and postal stamps for me. Cool. :)
Day 4:
* Classified coin collection (by country, by year). Did this with my daughter and used it as play time with her. Very cool! ![]()
* Encountered first problem after starting to photograph the coins. Could not get the picture focused.
* Did competitor analysis (searched eBay for other stamps and coin sellers). I was disappointed by results (this stuff is sold in bundles and for very little money (1-10US$ per bundle of very old pieces)). Decided to try to sell my stuff in bundles as well.
Day 5:
* Searched local eBay sites for competitor analysis and got further disappointing results (almost nobody is bidding even on collections far better than mine).
* Not giving up, I managed to make some good looking pictures of first groups of coins I’ll try to sell.
Day 6:
* Listed 4 lots of old European coins for sale on eBay. Total investment US$0.60.
Day 9:
* Looked for the stamps I wanted to sell (my kids were playing around them and I could not find them
).
Day 12:
* By this time, 6 days went by since my posting on eBay and none of my listings received any bids… ![]()
* Desperate circumstances require desperate measures. So, I went to the local flea market and sold all coins I had to a seller for 1 EUR.
* Took my wife’s old College Biology book which she asked me to throw away and sold it to a flea market seller for 0.50 EUR.
Day 16:
* Got additional 5 stamps that I’ll try to sell on eBay. One of them was collected by my daughter! She was so excited to have found it! ![]()
* The assigned was due! I did not have much to show, but at least I took the initiative. My coach was happy because that is exactly what he wanted me to do.
In short, the summary of my endeavor was as follows:
Outcome:
2.3 US$ revenue – 0.6 US$ investment = 1.7 US$ profit
What have I learned:
* selling is challenging
* selling small-value items on eBay is problematic due to shipping cost (I was selling lots of coins for $1 but because of their weight the shipping was 5-10 times more than that)
* I should probably use a “proven system” for starting online business rather then re-inventing the wheel.
* The most important lesson: Waiting for the RIGHT opportunity can take a life time. The time to act is NOW!
Decisions:
* All future coins I get, I will try to sell to flea market resellers. I will not get much money, but it is very time efficient.
* I will still try to sell old post stamps online since the shipping cost will not be an issue.
* If I go into online selling business, I will do so by using a proven system (like the one recommended to me by my very business-savvy life coach :)). This would cost more in the beginning, but I am sure it would be by far more effective in the long run.
Mahdi
Certified LifeCoach
The male half of coaching-duo.com