Flip Challenge: I Sold Shoe Fresheners Online

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In the last post I wrote about going to the store and buying shoe fresheners for cheap, with hopes to return a profit by selling them online. Here is how it went.

The way I think about running a successful and sustaining e-commerce business means dealing with items that require the lowest warehouse space and turning them around often; Low space, high volume. That's what led me to the shoe fresheners. There were 2 sets, one pair and three pairs, of these at the store. From my initial research, they were selling higher online so I made the decision to get them. Here is the breakdown:

The one pair package was on sale for $2.99 at 6% sales tax for a total of $3.16. The normal retail price on the package was $4.99 and selling higher on Ebay. I posted it and it sold for $4.99 and $2 for shipping for a total of $6.99. My mistake was not accounting for shipping properly. Packaging and shipping went for a total of $4.16. The math goes: (6.99-(3.16+4.16))=$-0.33.

The 3 pair package was on sale for $6.99 at 6% sales tax for a total of $7.40. The normal retail price on the package was $9.99 and also selling higher on Ebay. I posted it and it sold for $9.99 and $2 for shipping for a total of $11.99. I also made a mistake here for not accounting for shipping properly. Packaging and shipping went for a total of $4.62. The math goes: (11.99-(7.40+4.62))=$-0.03.

That's a loss of $0.36, all because of packaging and shipping. I learned I can either increase the price, or lower my cost by sourcing cheaper packaging material. When I try this again, I'm going to do both, along with better market research. If you will be doing this same challenge, set the total selling price higher or get a more accurate estimate on shipping/packaging to maximize profits.  Even though this is a loss, I learned a lot about the market of shoe fresheners and packaging needs for shipping. Learning and getting better is all we can do in life. As always, Be hungry, Stay hungry, Be fed. Get out there and go do.  

How I'm Starting

Ever since I was 20 years old and started my professional career, I've known I wanted to do more than to just work a regular 8-10 hour a day job and have someone else take the credit for my good work. I spent 7 years after then, just asking the universe how I was supposed to start and what my start or business should be. It wasn't until I started listening to Gary Vaynerchuk that everything made sense. He kept talking about the concept of documenting over creating and just doing. He had said this over and over again in his various podcast series that I made it a point to have those concepts be my foundation to start.

By documenting my journey to come up with an invention, or build a business from the ground floor, or to nurture the minds of tomorrow, there will be many ventures along the way. This will give someone and myself more insight. There have been so many important journeys lost to history because they were not documented. It would have been interesting to read the journey of Steve Jobs on his rise, instead of after the fact. I'm also documenting to make sure the mistakes I'm sure to make along the way are there for me to reflect back on so they don't happen again. In the short time that I've started, my mind had been clear enough that I have many more business ideas than I usually do, so there's also a therapeutic benefit.

Execution is key. I wanted to get the ball rolling to create profit and as the old saying goes, you have to spend money to make money. After I made the resolve to start, I made my way to the nearest apparel and accessories store with hopes to buy something cheap and sell it for profit on Ebay. As I made my way along the isles and shelves, it became overwhelming. I didn't know what to decide on and just as I was about to give up and go back home, I though of sticking with what I knew best. I'd previously sold old IPads and phones online so I quickly went to the electronics section. I found 2 bluetooth speakers on sale and  researched them online to gauge what the market was willing to pay for them. There was some profit to be made so I bought them but it wasn't enough. I thought I'd increase my risk tolerance and gain some knowledge so I decided to buy some show air fresheners as well to flip online. I'll be following this recipe many more times in the future on various items.

 This journey I'm starting has been rewarding so far and it's been a really short time. I want to create something great and help the world, while having the narrative available for everyone to realize that if I can accomplish something, many others can as well. Go out there and get started. Document and Do.