Ask any questions related to business / entrepreneurship / money-making / life
NO BLATANT ADS PLEASE
Start Small ... Gain Confidence + Examples
Thanks for Reviving the Chattel Discussion. I Think I have an encyclopedia's worth of examples and notes over the years in my Gmail account lol
Here's a couple of recent examples I experienced.
The Garage Sale
I'm in our nations capital working on a project and staying with family. During my visit my older cousin's community decides to hold a neighborhood Garage Sale about 2 weeks ago. I decide to give her a hand as there was a lot of "Junk" that needed to go. One Problem. It was raining cats and dogs...AND we find out that the neighborhood event has been RESCHEDULED to the following week!
We HELD IT ANYWAYS!
We were the ONLY garage sale. People came at 7:30am and started to BUY! Umbrellas and all. I was excited to see the level of interest. One Grandfather clock Sold. Then some cheap DVD's and CLOTHING and RUGS Sold sold sold.
A dollar here...five over here..
It was NOT a rush of people but a steady flow over a couple of hours.
At around 11:00am I ask my cousin..."How Much Money Do you think you've made?"
She did some quick mental math and replies..."All Total?..just Shy of $200".
We ended around noon that day. Hmm 4-5hours work Net $200. NOT BAD right?
I was actually SHOCKED! Pleasantly of course. What surprised me was the Transaction sizes were soo low...and since I was not keeping track, it did not feeel like we hit $200.
It was kinda cool to meet people and "wheel and deal". I was more hired help SHE (my cousin) did most of the deals. But it did give me the CHATTEL bug back.
And since I am in a new city for a while... here's what I did to start".
I consciously set aside $100 to Start. That $100 was my "little soldier" (Hat Tip to Kevin O'leary from Shark Tank)...who's mission was to go out and bring me back something of higher value or "Undervalued Chattel".
WHEN YOUR MIND IS READY OPPORTUNITIES WILL PRESENT THEMSELVES
That night I asked my younger cousin if he had anything he wanted to sell?
I noticed that he had a Blue Nintendo Wii he wanted to sell for some quick cash. I noticed this WII #1 Because it was blue and #2 Because I had sold one months ago QUICKLY for $100.
So I already KNEW the "Street Value" and that if I could get it for less than that, my PROFIT would be LOCKED IN.
He said he wanted $70. I said that was MORE than I personally was willing to spend, and that he could get more if he put it up on Kijjiji/Craigslist himself (Yes he knew I was going to resell it). He was ok with that...and I just went and focused on other projects.
**QUICK SIDE NOTE: I DOUBLE CHECKED THE STREET VALUE ON EBAY, KIJIJI and AMAZON to ENSURE THE MARKET VALUE MATCHED WHAT I HAD IN MY HEAD FROM PREVIOUS MONTHS. DO THY HOMEWORK**
A WEEK WENT BY...and NOTHING Happened
1. My little "$100 soldiers" did NOT do a darn thing for 7 days and I was VEX. I hated seeing the money just sitting there.
2. The Nintendo WII was STILL up there in my cousins room 7 days later. And I knew that the rescheduled garage sale was happening that weekend...My cousin "May" go and sell it himself...but I DOUBTED IT.
So I what did I do? ...
I went BACK TO him and Made the DEAL late Friday night. BEFORE THE WEEKEND. I Put my soldiers to work. I asked him "How Much?" He said $70... Because he was Family I did NOT haggle him down. Also I wanted to just get MOOVING. So I made the deal..
I was now the Proud owner of a Blue Nintendo Wii.
BIG Deal!...I don't play games and had zero interest other than to SELL IT FAST.
That Saturday (Next morning) I went around to the neighborhood Garage sale (this was the one that was cancelled previously) to see if I could put the rest of my soldiers ($100-$70= $30) to work. While out walking...
I Get a TEXT MSG.
It's my cousin.
Somebody is at the house.... and wants to BUY THE WII!
Wait a minute!!
I KNOW that I did NOT put up an ad...NOR did he.
I rush home...to CLOSE THE DEAL FIRST And ask questions later.
It turns out that one of The Student Renters had a friend over that wanted to BUY the WII. When The Student Renter asked my cousin, where his WII was...he was told that ...DUANE OWNS IT NOW.
THAT explains why I got the call. Muahahah!
I was able to sell it for $120 bux.
Time: Less than 24hours from putting my soldiers to work
Now if I had waited just ONE MORE DAY. My cousin would have still owned the WII and would have made the sale to this guy instead of me.
- My cousin got a Quick $70bux....COUSIN HAPPY!!!
- I made $50 profit...Duane VERY HAPPY
- New owner of WII paid $120 actual street value around $140 as it was a limited edition...New Owner VERY HAPPY
- DO your homework, so you can make offers with confidence
- SPEED is imperative.
- Put your soldiers to work. And they will bring you back MORE Soldiers.
- AFRAID of losing money?? Try this mind trick. ...Either YOU put your SOLDIERS to work or YOU will have to go get a part time job or something. The Choice is Yours!
- There are deals all around you. Probably in your own house. Get out into the field and start making deals
Hope Somebody will just GET STARTED and get your Chattel Report.
THANKS GORDON for introducing me and us to the world of Chattel.
Me: TRUE GENIUS BEGINS, WHERE TRADITIONAL THINKING ENDS
Last edited by Duane Adolph : June 26, 2012 at 12:54 AM. Reason: spelling
Other recent posts on the forum...