Wednesday, October 21, 2009

DYMC - From £2 to £4 and things to come

So we are now 6 days into month 2 of the challenge and no posts as of yet, have I lost momentum - maybe, no I don't think I have, it just takes quite a bit of effort to post every day, or even every other day.

Also, I think I have been affected by the challenge itself. I noticed some money in an account the other day (more than £200) and I started to think I should be trying to double that - having twice as much as that available to me would be very cool, in or out of the challenge's official timelines and targets. Which is literally a first for me, don't get me wrong I have invested before, saved before and once even created a saving mechanism from my consumerism, but that's probably for another time.

What's interesting is when seeing an amount in account normally I might think about a rough budget I am loosely trying to keep or what I might buy with that, doubling it has never really crossed my mind before, which thinking about now seems strange to me, why haven't I?

Another interesting element of larger amounts, starts to ask the questions -
  • Intrinsically who are you? 
  • What can you create?
  • Can you sell? and in which settings/markets?
  • What kind of price points of items should you target (for buying and selling)?
  • What other strategies scale into any amounts? Gambling?
I have been looking at targeting items between the target seed price and up to the seed price divided by 6, to try to narrow the search down and keep the buying and selling pair events to an achievable target.

Also I have been thinking about where to find items, a wholesaler like Costco's, setting up as a drop shipping seller? Finding stock from liquidation companies, returned and refurbished goods.

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