eBay Automotive parts store

[JAMES-L67]

Hi everyone,

I have been a wantrepreneur for a long time, almost as long as I can remember. It has always been on my mind that the only way to true wealth and freedom is through owning businesses. Because of this, when I was 19 (now 23) I started my first business, a mobile detailing gig. Being in to cars all my life and well versed with a polisher, this was a logical and profitable venture for me. I made well over $8000AUD in my first year of business, almost all profit, however I soon realised that the strenuous work and tight time restraints weren't sustainable or conducive to the lifestyle I wanted.

Because of this, I decided to start a more passive income type business, selling automotive parts and accessories on eBay. I focused on automotive parts for a few reasons, mainly:

1. I understand what people want in the market
2. I have a large network of connections within the automotive subculture
   
3. I own a tastefully modified Nissan 200sx S14 that I could use as a demo car

To begin with, I brainstormed and researched ideas using an excel spreadsheet I made, utilising information from eBay, Alibaba, Facebook etc. Using these, I was able to produce a list of items that fit a thoroughly defined framework that I determined would be the best to sell. Some of the criteria for my framework include:

1. Margin of minimum 150%
2. Minimal moving parts/complicated electronics
3. Able to be posted via Post boxes rather than courier
4. Potential flow rate of 5 items per month or more

I have been selling via this business for just over 2 months, and the experience has been fantastic. There is simply no better feeling than waking up to $200 in sales, or being on holiday in Cambodia and making more money than you've spent, without having to lift a finger.

My first month saw $455 in sales, which completely blew away my goals. Although this was still a loss for the month (expenses were $875), I was extremely happy to make as many sales as I did, considering I had no sales experience and had only ever sold the odd item here and there on eBay. Also, the large majority of expenses went into stock, which I obviously still have just waiting to be sold, thus is still potential profit.

At the moment, my entire marketing campaign is achieved via Facebook. I have run 2 ad campaigns to build likes on my page, both only $20 each. I am a member of many automotive related sales pages in Australia, and have been approved by most admins of these pages to promote my business through them, which has driven a modest amount of traffic to my listings. Apart from this, I also run an Instagram page with related content, and occasionally post a for sale item with a link through that.

In closing, I am excited to see where this venture will take me, and have become utterly addicted to researching items and creating listings. I hope in the future to generate a minimum of $1000 of revenue per month, and if my current trends continue, I should make that goal sooner than expected.

Thank you for reading, feel free to ask any questions, criticise, suggest etc.

James

 

Dislike ads? Become a Fastlane member: Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)