Flip Challenge: I Sold Bluetooth Speakers Online

In my How I'm Starting post, I talked about how I was going to start my journey with arbitrage, buying low to sell high, and documenting it along the way. I've already sold the shoe fresheners, and have now sold one of the bluetooth speakers. Here is what I learned this time around. 

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This speaker took much longer to sell than I anticipated. When I first put it on Ebay, I set it as an auction item, with the price starting at my initial cost of $18. It didn't sell as an 'auction' item after 2 tries, so I switched it to a 'buy it now' item and set the price higher at $25 to better compete. It sold one day after I made that change. I set shipping at $5, making the total sold $30. As with the shoe fresheners, shipping and packaging took all of the profits and made me go negative. Shipping was $10.03 with packaging at $2.19. The math goes (30-(18+10.03+2.19))=$-0.22. That's negative sign was super hard for me to write, so I'm changing things up. This is the third loss and that's plenty. In my post on Instagram above, I forgot to add in the packaging and thought I'd made money. 

Going forward, I'll be buying my own shipping bubble mailers. I've sourced some on Amazon averaging about $0.33 each. That will help a lot. Next time, I'll put the price a bit higher to compete even more with the market. There was another seller with the same product listed at $40. I could have added another $1 to mine and that would have covered the packaging and shipping. With a product like this, the market wasn't biting at auction. It needed to be at the 'buy it now' option. The other speaker left will be going that route if it does't sell after this current deadline. These lessons have been super valuable. The market spoke, I pivoted, and I'm executing on what I've learned. The next one, I will do better. Let me know what trying to sell online has taught you.