How to make cash from £5, then make more cash..
All you need is a fiver. Follow these instruction, turn £5 into more than a fiver - reinvest - voila! - student wheeling, dealing cash making machine.
Do you have the entrepreneurial skills of Laurel and Hardy? Does the thought of justifying yourself to Alan Sugar make you want to fire yourself… out of a cannon?
Well you’re not alone. Most of us aren’t cut-throat business tycoons, starting a multi-million pound enterprise from a bath, or whatever these people do.
To be honest you should be glad, because those people say things like, ‘Oh I’m too busy for friends’ and ‘Everything I touch turns to sold’.
Jumble sale riches
However there is a simple way to starting your own money-making phenomenon. All you need is an eBay account (see our Beginners guide to selling on eBay), a local TK Maxx outlet (or similar) and a vague eye for clothing labels.
We all know the wonders (or hell) of foraging through the jumble sale that is TK Maxx. You could either come out looking great, or like a moron – it’s the gamble you take. But like every good jumble sale goer knows, you need to have certain rules. For this experiment you need two rules;
- Spend no more than five pounds.
- Make sure it has a desirable label.
This may seem massively shallow, but for the purposes of eBay you have to have a reason for someone to look at your item. Nike will get you plenty of clicks, Pike will not – depending on how you pronounce Nike will determine whether that joke worked or not. Actually it’s rubbish either way.
Even in the budget world of TK Maxx, there is still a ‘sale rail,’ ‘budget corner,’ ‘cheap-skate orifice’ or whatever you want to call it and it is here where you will find your gold. Skim through the five pounds or less items, picking up anything that has a designer label, the more prestigious the better.
Don’t worry if the item you’re picking up would make the wearer look like a complete tw*t - often that is the aim.
Then take the item home and put it up on eBay. Advertise it as new (because it is) and put the price up. It’s important not to get too greedy at this point. You started this journey getting something for a bargain, so bear in mind that everyone wants to feel like they’re getting something at a snip.
Maybe do a little research into similar items and try and undercut them as much as you can. (A little research before you go to TK max can help too - to get an idea of the what's being sold and for how much).
It really is as simple as that. The only effort comes with making the walk into town and the only outlay is the initial fiver.
If all goes to plan, you can fund future trips with your profits and your wheeler dealer empire is up and running; please note I will not be reimbursing any five pound expenses if you bugger this up.