- It’s not a get rich quick internet tech drop-shipping 4 hours a year business, but if you enjoy working with electronics and have the time to devote to learning the skill (and doing the work), $2k isn’t bad for getting into mobile phone repair. Lot’s of great free resources out there.
Start small and slow, make sure you have customers and the desire to do the business. Your primary costs will be in having stock of the most common spare parts.
Adding onto the electronics interest, that might also give you enough to start repairing/reselling returns. Liquidation.com and the like have opportunities but you need some repair skill, space and an eye for what can resell as a refurb. It can fill in the slow times too.
- This amount can be used to buy and sell existing products with relatively low risk, almost guaranteed sales, but not easy to scale. You’ll be able to make more money to start something bigger.
Example: go to Target, Walmart and buy something on a discount rack and resell on eBay or Amazon. Check price online before you buy and try to pay 1/3 of the going price online. The other 1/3 will pay your fees and the remaining will be profit.
You can do the same thing by going to garage sales or auctions. A bit more research is required, but profit potential also goes up.
- What would I do with 1-2K? Well, I can’t speak for your situation but when I was in college my Jr. & Sr. year (2013-2014) I bought a ton of iPhone chargers from overseas. I worked a bulk deal and got them for around 0.25 a piece (.15 with amortized shipping). I marketed them in person and on Facebook “buy, sell, trade groups” for $5 a piece. I also sold them in bulk on Craigslist in 10 for $20 type deals. Also, I got a few local convenience stores to carry them and sell them for whatever they wanted as long as I was getting a cut off the top. This all became too big of a hassle to deal with while I was in school (although I was making good money) so I found another college kid who liked to sell/market stuff and I would sell to him in lots of 100-250. I started getting him different colors and dropped my take to 1.25/cord. Eventually, I just gave him my hookup’s information (he was not smart enough to find his own & cut me out) and exited the business when I graduated and took a corporate job. I don’t know if any of this was legal or anything that’s for other people to answer. I know I sure as fuck got hit hard with taxes even though I tried to deal mostly in cash when I could. I really didn’t have any trouble importing stuff either which surprised me. I look at Alibaba now and think “Shit, that would have made it so much easier!” I actually had to call the company and arrange payment, shipping, and purchase orders and things. I consider this myself taught MBA in international trade. If I were to suggest one thing to you look at importing something and selling it locally. One guy I knew was doing basically the same thing with “generic” GoPro accessories and making a killing at flea markets and on Craigslist. So it is possible.
Wow, that’s pretty awesome. I never would’ve thought of doing that. Just curious, how much revenue & profit were you bringing in?
Not calculating my opportunity cost I was bringing in around $2,500 a month. Which doesn’t sound bad until you factor in all the time it took while going to school and working another part-time job. Basically, I would turn between 800 and 1200 a month (I had months well over 2000 in instances) at an average of 2.45 per cord. I focused initially on the POS model trying to get $5 a piece but that takes forever and I didn’t want to make deliveries for one cord OR give weirdos my home address OR pay postage. So I transitioned to a bulk sale model where I would sell someone anywhere between 25 and 1000 cords at a time and then they would market them or wholesale them again at a markup. I used to see people selling my cords all the time at flea markets or convenience stores that I didn’t even know. The people I was selling to at that point were middlemen and I was the supplier. Looking back now I could have legalized my business and hired some of my classmates as interns (win-win for them, class credit and cash) and started branching out using my manufacturing connections. The margins were good but they were going down when I got out. Other people started doing it with better quality products (mine were shit and I knew it) plus I had an amazing job offer. All in all, it was fun and I learned a lot but I didn’t want to make a life out of it. Also, I was importing at a rate where I was catching the suspicions of customs agents and I was beginning to have problems getting the merchandise toward the very end so overall it was a good time to get out. I probably could have sold the business instead of giving it away but it’s not like it was an organized LLC or anything, but live and learn my man.
If you were selling them for cash how did you get hit with taxes? Was it tariffs or something?
I tried to deal mostly in cash but a major seller like a convenience store or someone buying 500+ cords at a time for resale will not want to pay in cash. I did take checks and that was what I was taxed on. I tried to deal exclusively in cash but that just simply wasn’t possible.
- With low money but the high amount of time, you need to find a strategy that keeps that in mind. Typically, it’s not going to be a real business. For example, sales are high labor intensive, and if the product is right, high profit. EX: Door to door selling a product. Every dollar matters, so you need to be investing it in something that gives you 100% + margins. Else, you’d rather just work at a minimum wage job saving up. If I was you, I’d work as much as possible, save up more money, and work from there.
It really is hard to start with nothing, but it’s possible. When you start with nothing, it’s the first year or two that ends up being painfully slow. Example – Year 1 you 30 times your money. Amazing return, but if it’s only $500, that is only $15000 at the end of an entire year, for god knows how much time invested. But after that year, if you can manage those kinds of ROI’s, then you have a business. I started with $500 that I made playing a video game called Diablo 3, and now I’m completely self-employed, with plenty of work to do. It’s just that first year is such a grind. It’s best to work for a year, save up HARD, put 10K + in the bank and then work on the business.
Making huge bucks is about a linear income and exponential. Get a job (linear) and invest it into a business, or real estate, or whatever (exponential).
- the best way is to start a blog or website. And Blogging can be started in very low amount with WordPress. 2.Concentrate on a skill you have and write or sell small courses around your skill. 3.Promote your blog with different social media platform. 4.Monetize your website via different methods e.g. affiliate marketing, ads, digital product sale and ad sense etc. 5.Grow your site via applying content marketing, SEO & guest or promoted posts.