What Happens When You Make a Bad Buy?
One of the most commonly fears of new resellers is that they’re gonna invest whatever money they’ve set aside to start their resale business and, despite their best efforts, a mistake will be made. One of the most common mistakes to look out for is paying too much but, since a lot of knowing how much to pay is based on experience, it can be an easy pitfall. I tried to help out by showing what I would do if I made a bad buy. In this instance, to simulate potentially overpaying for video games, I won an auction on eBay without looking up the titled. Yup, that’s right, I just bid to win. This is a bad strategy for making money, but a good strategy if you want to teach how to get out of it with (hopefully) at least a small profit.
I paid $227 and some change for 75 Nintendo Wii games- in the video, I try to go over how I attempt to ensure they bring at least that much back to the table. In my opinion, breaking even on something that takes you a couple hours to do is losing money (because your time isn’t worthless), but still, its better than wasting your time AND losing money. Hope you enjoy the video!