Turn €1 into €2....

RedXIV

Hi guys,

I've always been interested in entrepreneurial endeavors but I'm working full time and have young kids so time has always been a premium. So I was thinking earlier today, if I had a month, could I turn €1 into €2, just as a proof of concept even, and discovered that its actually harder than I expected without resorting to something desperate like gambling.

So just kinda throwing ideas around, but nothing is jumping out at me. I've read some great stuff from some of the guys in this forum and just wondering if you had any thoughts?

Am I being too optimistic in trying to double my money? should i try turning €10 into €11?

Appreciate anything ye have to share!

jimmii

Buy a box of 40 tea bags (€2.50), 40 foam cups (€5) and a bottle of milk (€2) sell cups of tea to thirsty cold people for €1 each (€1 tea wow bargain!) and boom you've turned your €9.50 into 40 sweet euros.

What proof of concept are you looking to prove? That it is possible to sell something for more than you bought it for? You can make money from anything is you can get it at the right price.

RedXIV

Sorry, I guess I wasn't really clear.

I was thinking about how I would do this outside my office job of 8-6, mon-fri.

For example, your tea suggestion would be great if i could pull it off for in an hour or two on a weekend evening.
Was just wondering how people worked around hectic schedules to add a bit of extra income

jimmii

Carboot sales, markets etc lots of places you can make weekend money in real life and you obviously have the online option. Lots of people trade in eBay while working full time. Its all about finding the right thing! I used to trade baseball cards online was a nice earner until the postal strikes (this was about 10 years ago). I have still have thousands of cards boxed up lol! Just need to find the right thing for the right place that's the trick.

Fukuyama

jimmii wrote: »

Carboot sales, markets etc lots of places you can make weekend money in real life and you obviously have the online option. Lots of people trade in eBay while working full time. Its all about finding the right thing! I used to trade baseball cards online was a nice earner until the postal strikes (this was about 10 years ago). I have still have thousands of cards boxed up lol! Just need to find the right thing for the right place that's the trick.

That sounds interesting! I love hearing about little side business like that!

OP - I have a small side business online (I also have a full time office job). Nothing major - a couple hundred extra quid a week. At times it's like working two jobs and it can lead to exhaustion. But when things are running smooth the extra income and the "buzz" from running a side business is definitely worth it.

I've had dozens of false starts. Lots of ideas that'd stall or else I'd simply lose interest.

Jimmii is totally right. Particularly in the online realm you need a great product that people will bite your hand off for. Otherwise you're competing with Chinese sellers on ebay which is a fools game IMO.

To use Jimmii's example of Baseball Cards - that's a great niche and I'd imagine there's lots of great resources out there to research individual cards. You could buy job lots, break them down, sell individually and boom - profit. I bet there are collectors and enthusiasts out there who are basically a captive audience for that product.

How much are you willing to invest? €10? or €1,000?

You could always buy a broken smartphone, fix it and make €50 profit. Do that 4-5 times. Then buy 2 iphones. Fix them. Sell them online. Do that 2-3 times. Then buy 3 iPhones ... You could apply that model to any repair and flip business from houses to cars to iPads.

I'd like to see more threads like this on here. This forum can often be more a Revenue.ie support service rather than an entrepreneur discussion zone.

Harry Palmr

Dean0088 wrote: »

That sounds interesting! I love hearing about little side business like that!

OP - I have a small side business online (I also have a full time office job). Nothing major - a couple hundred extra quid a week. At times it's like working two jobs and it can lead to exhaustion. But when things are running smooth the extra income and the "buzz" from running a side business is definitely worth it.

I've had dozens of false starts. Lots of ideas that'd stall or else I'd simply lose interest.

Jimmii is totally right. Particularly in the online realm you need a great product that people will bite your hand off for. Otherwise you're competing with Chinese sellers on ebay which is a fools game IMO.

To use Jimmii's example of Baseball Cards - that's a great niche and I'd imagine there's lots of great resources out there to research individual cards. You could buy job lots, break them down, sell individually and boom - profit. I bet there are collectors and enthusiasts out there who are basically a captive audience for that product.

How much are you willing to invest? €10? or €1,000?

You could always buy a broken smartphone, fix it and make €50 profit. Do that 4-5 times. Then buy 2 iphones. Fix them. Sell them online. Do that 2-3 times. Then buy 3 iPhones ... You could apply that model to any repair and flip business from houses to cars to iPads.

I'd like to see more threads like this on here. This forum can often be more a Revenue.ie support service rather than an entrepreneur discussion zone.

I'd have that as a full time wage! :pac: What area of trade is it in?

Baseball cards and the like is interesting as an area as the handling costs are so low.

RedXIV

Likewise! I'd be really happy with that!

I was hoping to figure out a way to get an extra 100 a month! I don't have a lot of money to invest in to start with but I am happy to spend the next few months pooling a bit of cash together and making some attempt at ideas.

Niche markets is an interesting one, the challenge there I suppose is finding one I can muscle in on

jimmii

Dean0088 wrote: »

That sounds interesting! I love hearing about little side business like that!

To use Jimmii's example of Baseball Cards - that's a great niche and I'd imagine there's lots of great resources out there to research individual cards. You could buy job lots, break them down, sell individually and boom - profit. I bet there are collectors and enthusiasts out there who are basically a captive audience for that product.

That is exactly what it was I would buy boxes of 1000-2000 cards pick out the best to sell individually and then use the rest to make up sets in cards a set is often worth more than the sum of its parts! Often it would be an old box that had been left in an attic for years and people were just clearing out often times people were clearly a bit more canny and just shifting cards that were literally junk! I did find a few gems while doing it though it was a bit of a buzz when you find something really rare and cards is big business in America people often doubt that but just search Honus Wagner to see how crazy it gets! It all started off when I found my old football cards from when I was a kid and I went about getting the cards I was missing and saw how busy the market was on ebay so thought I would grab a piece!! The old plus was how easy and cheap postage was I was living in Wicklow at the time the people working in the post office must have been very curious about me sending off all these tiny envelopes every week!

Harry Palmr

I've just checked out http://www.blowoutcards.com/forums/ and its fair to say I'm now dizzy!

syklops

RedXIV wrote: »

Likewise! I'd be really happy with that!

I was hoping to figure out a way to get an extra 100 a month! I don't have a lot of money to invest in to start with but I am happy to spend the next few months pooling a bit of cash together and making some attempt at ideas.

Niche markets is an interesting one, the challenge there I suppose is finding one I can muscle in on

How about vaping supplies. Basic supplies are appearing in many newsagents around the country, but most serious vapers buy their stuff online and it comes from the UK or US.

The other thing I can think of would be mobile accessories, particularly cables. A USB cable for a smartphone, will cost up to 10 euros in Maplin, maybe 5 euros in a filling station. You can buy them from china for around a euro(free shipping included).

For example: http://www.dx.com/p/universal-usb-to-micro-usb-sync-data-flat-cable-for-cell-phone-white-black-288856 - USD$1.88

Setup a free site on wordpress selling your wares. Bulk buy some small padded envelopes. You wont turn a profit over night, but if I knew I could getthe right cable from you for 3 euros and it would arrive the day after tomorrow, Id use you over Amazon.

pedronomix

Earning a few quid on the side is not in any definition of entrepreneur that meets even the most basic definitions of the term. 8-6 job and actually no idea in mind.... best of luck with that!

jimmii

Harry Palmr wrote: »

I've just checked out http://www.blowoutcards.com/forums/ and its fair to say I'm now dizzy!

It really is bonkers!

RedXIV

pedronomix wrote: »

Earning a few quid on the side is not in any definition of entrepreneur that meets even the most basic definitions of the term. 8-6 job and actually no idea in mind.... best of luck with that!

Under no illusions that I'm going to become a millionaire or anything, but just wondering about how to go about making a bit of extra cash. I've set up a company before and had it tank (and just finished off paying off the last of the debts, 4 years after it closed) so I'm trying to get a bit more information and advice now as I was a bit more arrogant the first time

_Brian

jimmii wrote: »

Buy a box of 40 tea bags (€2.50), 40 foam cups (€5) and a bottle of milk (€2) sell cups of tea to thirsty cold people for €1 each (€1 tea wow bargain!) and boom you've turned your €9.50 into 40 sweet euros.

What proof of concept are you looking to prove? That it is possible to sell something for more than you bought it for? You can make money from anything is you can get it at the right price.

Cold tea isn't much of a bargain

pedronomix

If I were being even more forthright, I might say something like...* so what is so different this time* , what lesson did you learn? Nobody is going to hand you a golden ticket, you need to find your own. This is the stuff of dreamers!!

RedXIV

pedronomix wrote: »

If I were being even more forthright, I might say something like...* so what is so different this time* , what lesson did you learn? Nobody is going to hand you a golden ticket, you need to find your own. This is the stuff of dreamers!!

Lesson #1 - Accept you might fail

The first time I started a company, the idea that we could fail never even crossed my mind. As a result we did virtually no market research, we made stupid decisions, we focused on the wrong stuff, I basically made every stupid mistake you can make as an entrepreneur.

So taking that on board, I want to do a lot more research now and I'm trying to leverage that here. I've got kids now so I can't afford to take a hit like last time. So I'm quite happy for someone to say to me now "that idea will not work because X, Y and Z" as it means I'll learn something. I'm not expecting someone to give me a perfect plan, I'm really hoping someone will say something like the baseball card thing, that gets me thinking in the right direction

DoYouEvenLift

You'll have to do your own research and work but you can definitely do small businesses on the side while working full time. Things like buying and flipping on eBay and even affiliate marketing are good, you can do the real work while at home after work but during work there's nothing stopping you from checking on things and keeping orders etc. up to date even just on your phone.

4068ac1elhodqr

RedXIV wrote: »

.... I've set up a company before and had it tank (and just finished off paying off the last of the debts, 4 years after it closed)...

Usually companies have limited liability - meaning once it's dissolved, that's it. Unless... you mean f&f made investments and you've been paying this all back in good faith or as some sort of gentleman's agreement.

Other notes:

---

- Higher rewards usually contain higher risks. Aus to win Eurovision is an almost instant 800% ROI for 30secs effort. But Estonia might win instead.
- A decent amount from ebay/carboot type 'personal sales' is usually tax exempt, once it becomes significant, the taxman may want a chat.
- Even selling a few cups of coffee as someone suggested would require likely h&s certs, public liability insurance, commercial insurance, trade registration. Possibly also commercial vehicle insurance, commercial bank fees, storage, accounts submissions etc...

jimmii

_Brian wrote: »

Cold tea isn't much of a bargain

Jeez what do people expect for a euro! Take it home and stick it in the microwave if you prefer your tea hot!

Fukuyama

syklops wrote: »

How about vaping supplies. Basic supplies are appearing in many newsagents around the country, but most serious vapers buy their stuff online and it comes from the UK or US.

The other thing I can think of would be mobile accessories, particularly cables. A USB cable for a smartphone, will cost up to 10 euros in Maplin, maybe 5 euros in a filling station. You can buy them from china for around a euro(free shipping included).

For example: http://www.dx.com/p/universal-usb-to-micro-usb-sync-data-flat-cable-for-cell-phone-white-black-288856 - USD$1.88

Setup a free site on wordpress selling your wares. Bulk buy some small padded envelopes. You wont turn a profit over night, but if I knew I could getthe right cable from you for 3 euros and it would arrive the day after tomorrow, Id use you over Amazon.

Don't mean to put a downer on your post - but the OP really shouldn't enter two markets that are saturated to hell and price competitive to the point of cents, not euros. He'll be competing with China and has no competitive edge at all really.

And as the owners of a Wordpress site I can tell you that the best way to enter ecommerce is via Amazon, Ebay etc... unless you actually NEED a site for your industry. People buy USB cables from Amazon not independent sites. SEO would be a nightmare.

If I were in his shoes (and I have been many times - still am really) I'd be thinking of ways to leverage some skill or other factor to the up-most to make money.

There are niche markets everywhere but Google will be of no help to the OP in discovering them. By their very nature he'll have to do it the old fashioned way. Reading and research.

I read of another guy making a killing by buying, mending and selling vintage 1980s Adidas runners that are now in fashion in certain young, male dominated sub-cultures. He buys them for ~€100 a pair, fixes em up and sells them for over €500. No need for SEO - he has people biting his feckin arm off. :pac:

pedronomix

jimmii wrote: »

Jeez what do people expect for a euro! Take it home and stick it in the microwave if you prefer your tea hot!

Cut out the middleman and make it at home... good tinkin!!

Fukuyama

The mods should really organize a monthly competition for this forum - I've seen it done on other sites and it's great craic.

Everyone starts off with a certain amount (€20,50 whatever - their own cash, obviously) and has to turn it into as much as possible within a month. Everyone posts regular updates including their plans, site creation, marketing, sales, successes, failures etc... everyone helps one another but no copycats!

In the end you post proof of earnings (or losses) and the winner gets bragging rights.

It's a great way to get everyone involved and learn lots - particularly for those who've never even sold a DVD on eBay before.

pedronomix

Like Bingo or Pongo and the winner gets a big fluffy cuddly toy.? judging by some of the sh*te that has been on here of late, you may well have hit the spot!

jimmii

pedronomix wrote: »

Cut out the middleman and make it at home... good tinkin!!

Yeh but then you have to put your own teabag in people don't seem to like doing that.

jimmii

Dean0088 wrote: »

The mods should really organize a monthly competition for this forum - I've seen it done on other sites and it's great craic.

Everyone starts off with a certain amount (€20,50 whatever - their own cash, obviously) and has to turn it into as much as possible within a month. Everyone posts regular updates including their plans, site creation, marketing, sales, successes, failures etc... everyone helps one another but no copycats!

In the end you post proof of earnings (or losses) and the winner gets bragging rights.

It's a great way to get everyone involved and learn lots - particularly for those who've never even sold a DVD on eBay before.

Are you allowed to just sell in as part of your regular business? I think I could track a starting investment of €14 on day 1 to around €1k in a month and thats just using one product. I think if we ran a comp like this in this forum it would end up with some pretty big number!

Fukuyama

pedronomix wrote: »

Like Bingo or Pongo and the winner gets a big fluffy cuddly toy.? judging by some of the sh*te that has been on here of late, you may well have hit the spot!

Look - I'm not a mod or anything. But most of your posts on this forum are just vitriol or laughing at people who post naive questions. Why do you even bother?

At the best of times this forum is like a Revenue.ie help section. Whenever threads that might actually offer a glimmer of creativity come along, they get shat all over by a few resident "experienced", "seen it all before" auld lads on here who's main reason for owning an account on Boards.ie seems to be to grumble and groan.

Yeah - some people come on here asking for million dollar ideas and we all have a chuckle. But there's no need to torpedo every thread that doesn't ask "what's a TR1 form?"

The tone of your contributions remind me of the 55 year old middle managers, wide in the middle, bald up top, who still complain about the Euro replacing "the punt". Get a fcuking grip.

Fukuyama

jimmii wrote: »

Are you allowed to just sell in as part of your regular business? I think I could track a starting investment of €14 on day 1 to around €1k in a month and thats just using one product. I think if we ran a comp like this in this forum it would end up with some pretty big number!

Rules of war: anything goes!

I've seen this done before on other forums. Existing business very often lose out to the unconventional 'spare bedroom' ideas!

I guess if you could track it individually then it's fine. I have an idea or two for my existing side gig. But I have one or two whacky ideas sitting in a notebook that I'd love to try out for a laugh! :pac:

jimmii

Dean0088 wrote: »

Look - I'm not a mod or anything. But most of your posts on this forum are just vitriol or laughing at people who post naive questions. Why do you even bother?

At the best of times this forum is like a Revenue.ie help section. Whenever threads that might actually offer a glimmer of creativity come along, they get shat all over by a few resident "experienced", "seen it all before" auld lads on here who's main reason for owning an account on Boards.ie seems to be to grumble and groan.

Yeah - some people come on here asking for million dollar ideas and we all have a chuckle. But there's no need to torpedo every thread that doesn't ask "what's a TR1 form?"

The tone of your contributions remind me of the 55 year old middle managers, wide in the middle, bald up top, who still complain about the Euro replacing "the punt". Get a fcuking grip.

I actually quite enjoy pedros posts! He provides a wake up call to the people who pop in here and post a thread that basically says hi I have an idea and have done nothing about it help me make money and start a business.

jimmii

Dean0088 wrote: »

Rules of war: anything goes!

I've seen this done before on other forums. Existing business very often lose out to the unconventional 'spare bedroom' ideas!

I guess if you could track it individually then it's fine. I have an idea or two for my existing side gig. But I have one or two whacky ideas sitting in a notebook that I'd love to try out for a laugh! :pac:

If someone can turn €20 into a grand in a month from their bedroom fair play to them!

fungi_forest

save up the money and put the money into water pumps for the people in south Africa,etc.

Fukuyama

jimmii wrote: »

I actually quite enjoy pedros posts! He provides a wake up call to the people who pop in here and post a thread that basically says hi I have an idea and have done nothing about it help me make money and start a business.

Best response would be no response at all.

They're most likely not the kind of people who would ever come close to starting a business even if you researched, wrote and published a business plan specifically for them.

There are four or five posters on here who seem to repeatedly post in threads with little snide remarks or passive aggressive 'know it all, seen it all, done it all', jaded comments. They're unhelpful and make for an unwelcoming forum.

The OP posted a fundamental question. Any business person should ultimately be concerned with turning his/her €1 into €2 into €3 etc... And it'd be good craic to have a pop at one anothers actual mini-business ideas when they're out in the open, instead of slagging off newbies. I'd be interested to see what pedro could come up with or whether he'd even toss his know it all hat in the ring!