Of all the reasons people give for not being able to start a business, the most common by a landslide is not having enough money.
One of my main goals in 2019 is to help as many people get started as possible, and to do that, I knew I had to come up with a solution to this problem. How can you start a business when you don’t have any money to invest?
Sitting around and waiting obviously isn’t a good answer.
The solution ended up being pretty obvious: flipping used items for profit. This is something that I have done a lot of in the past. More importantly, it is extremely beginner friendly and allows for a high ROI – especially when dealing with smaller amounts.
In other words, it allows you to turn a small amount of money into something bigger very quickly.
If you don’t have any money, this still doesn’t help you though. You can’t buy anything if you don’t have money.
But you can sell stuff.
And that is where this flipping challenge comes into play. The challenge is simple:
Make $1000 in 90 days, starting with nothing.
To get started, you pick 5 items you already own and sell them on either Facebook Marketplace or Craigslist. You then use the proceeds from these 5 items to start buying, with the goal of making at least $1000 in 90 days.
This is a challenge that goes out to anyone who wants to accept it, and specifically to anyone who is waiting to start a business until they have more money.
If you are interested, I built a course around this challenge called Flipping for Profit. It is only $20, you can get your money back if you don’t like it, and it covers everything you need to know to be a successful flipper (including stuff like negotiation tactics, how to evaluate products, and more)…
The course is not necessary to accept, participate in, or complete the challenge though.
If you decide to participate, please keep records and share your results. This will be a community-focused challenge, and I’d like to keep a leader board for best single flips, fastest to $1000, and most money made in 90 days – there may even be prizes involved.
This challenge can be started anytime, there is no fixed start and end date. Just whenever you do start, your goal should be to reach $1000 in 90 days.
If you have a friend who you think would enjoy this, make sure to invite them to do it too. If you copy the URL of this page or use the share buttons at the end of the post, you can share this image:
To give you some inspiration (and someone to compete against), I’m having someone who works for me take the course, complete the challenge, and write a weekly blog post detailing everything he is doing.
To make it fair, I’ve picked someone who has 0 experience with my selling business. His name is Dylan, and he helps me on this site with overall strategy, SEO, building out the pages, and other things like that – but nothing related to selling.
With all that being said, let’s get started…
Flipping Challenge Day 1
Hey everyone, my name is Dylan, and I will be your test dummy for this flipping challenge.
My current experience buying and selling stuff online consists of:
- When I get sick of junk, I list it on Craigslist
- In middle school, I had a bulletproof plan to wholesale PS2s to sell on eBay (surprisingly, Sony said no)
Ryan convinced me to take on this challenge because I represent the perfect test case: someone who is more or less clueless when it comes to this type of stuff. I do consider myself an above-average haggler though, and I like looking for good deals – so I’ve got that going for me, which is nice…
For the next 90 days, I will be posting an update every Friday that includes all the details for what I’m buying and selling, with the goal of making at least $1000. I will be following his new Flipping For Profit course that he mentioned above as a guide but will not get help from him directly.
Today is officially Day 1 of my attempt at this, and I have already gone through the intro lessons in the course and picked the 5 items I will be starting with.
The course gives 3 rules for these first 5 items:
- The combined value of the items should be at least $100.
- You have to estimate the value of each item on your own.
- The items need to be in different categories.
With that in mind, I picked the following five items from my house to sell:
- A 63” plasma TV from 2011 that doesn’t work right
- A lightweight plastic bed frame for a queen bed
- An 18-speed purple bicycle
- A double stroller
- A pair of brown Chaco sandals, size 12
From what I can tell, these items meet the criteria I mentioned above. They are all in different categories, and I estimate the value of the lot at over $100. I’d be happy to get $50 out of the TV, $20 from the bed frame, around $40 for the bike, $60 for the stroller, and $30 for the sandals.
That’s a total of $200. I don’t know if I’ll actually get this much, but there is plenty of wiggle room here so I should easily reach the $100 goal for these first 5.
I’ll be getting these listed tonight. By next Friday, I hope to have them all sold and the money reinvested into more products.
If you plan to join me on this flipping challenge, let me know in the comments below. A word of warning though – I take challenges and games very seriously, and I plan to hold the top spot for most money made in 90 days when its all said and done. Bring it on…