Hello and a warm welcome to the first post of the moneyprophet.co.uk blog.
If you’re interested in Amazon FBA, matched betting and other diverse topics such as innovation, financial planning, life hacking and technology you’ve come to the right place!
Like many people I’ve followed a typical career path of school, study, more study and as an indebted graduate jettisoned into the world of work. But whatever your background most people find that the reality of the day job is that it’s fairly mundane and restrictive. The fabled “career ladder” never quite materialises in the way you expected.
I don’t know about you but as someone in their early 40’s I find this pretty depressing. Both from a personal and financial perspective… I’ve found myself thinking “is this it?”
Take earnings for instance. For most 9-5 jobs there’ll be a certain point when you reach peak earnings. According to UK Government research from 2013 this is normally at 38 years old. This will vary depending on your vocation but typically it’s not a series of yearly increases until you retire.
But it’s not just the financial side. For me a successful working life is also about fulfilment, engagement having the opportunity to do the things that interest me (cheesy I know!). I’m quite fortunate in that I don’t mind my day job but it doesn’t motivate me hugely either.
It all started on eBay
Because of this back in 2012 I started looking at additional ways to earn extra cash on the side. Wouldn’t it be great if I could turn some of my entrepreneurial interests into a way of earning extra income. I started off selling a few of my own second hand items on eBay. It was strangely satisfying, easy, and I received a temporary boost in income.
But what next? My future wife was already worried about me eBay’ing anything not bolted down. I needed a product that I could sell to generate a sustainable second income.
On eBay I noticed that there was the concept of private and professional sellers. It was the latter I was interested in – they would often have 100’s of products and slick eBay shops. Surely I could do something like this too?
I found a range of LED torches that looked relatively premium and according to eBay’s item history was selling well. I managed to contact the manufacturer in China and arranged for a sample order of 10 x torches. I’ll talk more about sourcing products from China in a future post. But needless to say sending my money to a stranger in a faraway country was a huge leap of faith for me. I had all sorts of concerns. Was this a genuine company? Will I receive fake goods or even nothing at all?
However all was well and two weeks later I had my first UPS delivery of stock to sell.
Becoming a Professional eBay Seller
Soon I was busy creating eBay listings, taking product photographs and creating the product descriptions. I sat back and waited for the first orders to come in.
Within a week I’d sold out all of my initial stock. Being a complete amateur this had taken me completely by surprise. I hadn’t arranged any packing materials and was scrabbling around for cardboard boxes to ship the items in.
I shipped the boxes off at my local post office and feeling more confident placed a larger order from the manufacturer. It was still less than £200 but also included some of the manufacturer’s other products to test the market with.
Moving to Amazon FBA
After 6 months selling on eBay I was turning over a steady 3 – 4 items per day. These weren’t huge numbers but a useful second income. I realised that whilst the products were selling well my barrier to expansion was me. I was the bottleneck.
The packing and shipping were all taking time. My key criteria for a second income is that it mustn’t impact upon my day job. It needs to be sustainable and manageable with the limited time I have.
I started selling solely via Amazon FBA. This allows me to label and ship my products in bulk to Amazon’s warehouses and they take care of the rest. Whenever a customer orders a product via Amazon they will pack and ship it directly to the customer. This now allows my Amazon business to potentially sell 100’s of products a day without any interaction with myself.
Always on the lookout for additional sources of income I have recently discovered Matched Betting – “gambling without the risk”. I’ll be charting my progress and look to answer the question –
“is there a regular, no-risk income to be made from Matched Betting?”
This blog shares my experiences, successes, disasters. Hopefully you can also be inspired (or discouraged!) to find other ways to increase your income, enjoy your interests and give yourself more financial security and freedom.
Likewise I’m keen to learn from all of you out there on the Interweb. I don’t claim to be “the expert” in anything I write about so I’m always keen to hear about your experiences and what’s worked for you.
So, again welcome!