the $10 business :: small risk, small profit | investment #3

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The $10 business is a financial experiment I’m doing based on Matthew 25. My goal is to see how much $10 can become in two years! You can read more about it along with the “rules” here, and catch up on older posts here.

Last week’s summary: $34.64 turned into $112.99

And this week: the second investment of the $10 business- a brand new with tags Fossil leather wallet:

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The investment cost? $2.71. I bought it at Goodwill as a department store return/reject. I was thrilled with the price! {ok, really, I wanted to keep it for myself!}. The downside was that it was marked inside to prevent return- which would mean I had to sell it for less than the perfect ones were going for.

The total fees for eBay, Paypal, and shipping were $9.59, $1 of which was because it didn’t sell the first time I listed it, so I had to pay two listing fees. So the total profit was:

$26 received- $9.59 fees/shipping-$2.71 actual item cost = $13.70 profit {all other taxes will be subtracted at the end of the year for simplicity here on the blog}


$10 business account balance as of Jan. 26, 2012: $34.64

$10 business account balance as of February 2, 2012: $112.99

$10 business account balance as of February 2, 2012: $126.69

I knew going into this smaller purchase that it wouldn’t be as profitable as the bigger ones, but I was hoping to make a little more than I did. The price of Fossil wallets dropped a few dollars recently, so to stay under the market with my marked-for-return wallet I had to price it lower than the others that were perfect. All in all, I still increased my profit by more than 13% in my third transaction, so I can’t complain. {and I shouldn’t based on this month’s character experiment!} ;)

I’m so excited to hear that some of you are starting your own $10 business! :D How much fun! I’d love to hear your stories- leave me a comment if you can or email me @ mandy @ biblicalhomemaking dot com!

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11 comments

Amber said...

I am getting started in all this homemaking business. Question, when do you go shopping to Goodwill? Do you take the children with you? LO doesn't last very long. Just curious.

Mary Dawson said...

Hi, I'm a new reader and am really enjoying your blog. Also, I LOVE reading your updates for the $10 business. So much fun and inspirational. Sometime I'd like to try this as well.

Thanks for sharing :)

QponCutie said...

This is so inspiring! I would love to try an experiment like this! I'll have to get to my Goodwill more often! We have a great flea market nearby, too!

mandyBH said...

I don't go as often as I used to, but when I do go, I try to go alone. I've been lots of times with all 4 in tow, but these days I don't have as much to look for, so I avoid it if I can. Little ones are challenging to take, but I had the easiest time giving them a sippy cup and toy, or taking my stroller so they couldn't see me and want to be held the whole time made it easier too! I hope your trips go well! :D

Haile said...

I want to shop your ebay store! Can you give us your seller name?

mandyBH said...

sure! It's candymandy180 :D

mandyBH said...

I'm so glad you're here, Mary!! Thank you for reading! I'd love to hear how it goes if you do! :D

mandyBH said...

:D that's awesome! I'd love to hear how it goes!

Melissa Danisi said...

I love this idea! What a creative way to allow God to provide. Trying to figure out a way to incorporate this with my small group (and then donate proceeds to local missions), since I'm not so good at ebay? Any other ways you can think of?

megan burns said...

where are more of these? It's march and I haven't seen a business investment post.. Have you stopped doing this?

Brandee said...

A few years ago I started a business with $7.00 for two rolls of duck tape and quilting supplies I had at home. I make duck tape wallets and gifts. I make anywhere from $0.00 - $300.00 a month depending on my available time. I am a homeschool mom, team mom, bible study leader and wife. My plate over flows but the Lord directed me to this little business that pays for my lunches out with friends and some extra curricular activities for the kids. my FB page is Duck Duct Tape Wallets.