Thursday, February 09, 2012

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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