Earlier this year, I introduced Flipping For Profit and the flipping challenge with the goal of getting more people started on the road to having their own business.
Today, I have two big announcements about the flipping challenge.
One is that you can now win a prize for participating (in case having a business isn’t enough of an incentive for you). We’ll talk about what you can win and how at the end of this post.
The other news is that I’m officially attempting my own challenge – although my goal is slightly different than the normal one for the challenge.
Challenge: Flip My Way Into A Seat at the WSOP
When I first introduced the flipping challenge on this site, I tasked one of my team members with taking on the challenge and writing a weekly blog post about their experience. The challenge is to start with items you own and turn that into over $1,000 within 90 days through flipping.
I’m enjoying reading about the adventures every week, so I’ve decided to join in on the fun.
Something that I’ve wanted to do for a long time is play in the World Series of Poker. It’s been a “bucket list” item for me for quite some time. I’ve decided to try to make that a reality this summer, and I’m only going to do it if I can raise the money for it through my own flipping challenge.
My goal is to start only with items that I personally own, and turn those into a buy-in to one of the 2019 World Series of Poker events. I will do this by reinvesting the proceeds from the sales that I generate into more products, and then repeating the process until I have enough to buy-in to a tournament. That’s the plan at least.
There are 89 different tournaments that will be happening between May 28th and July 16th. The buy-ins for these events range from $500 to $100,000.
My goal is to buy into an event with an entry fee between $500 and $1500. The last tournament that has a buy-in price in that range is on July 14th. This means I have a maximum of 76 days to make this happen, and as few as 30 days if I do one of the first tournaments.
This isn’t the type of thing I would normally consider spending around $1,000 on. But if I can make the money for the buy-in by flipping items, testing out new marketplaces, and making the whole process fun, I decided why not?
In the event that I win over $10,000 from the tournament, I will reinvest that money into the 2020 World Series of Poker Main Event.
My Flipping Challenge Rules
Since I have a lot of experience selling stuff online, I’m going to add a few stipulations:
- I can’t sell any of the items on Amazon
- I can’t sell any of the items on existing online retail seller accounts that we operate now. This means if I want to sell an item on eBay, I have to do it on an account that starts out with zero feedback.
- I can sell a maximum of 5 personal items that I own. No single item can be worth over $100 and the total for all 5 items must not exceed $250.
Why am I doing this?
I’ve always wanted to play in a World Series of Poker event. It’s been a goal of mine since college. I used to play a lot of online poker in college. Probably too much. But I really enjoyed all of the strategy involved and the competition.
I never made a huge amount of money playing, but I was profitable. When I saw the World Series of Poker on TV for the first time in about 2007, I said to myself, “I want to do that someday” and its been in the back of my mind ever since.
Another reason is that I want to test out selling on some additional marketplaces, both locally and online. I’ve used Craigslist and Facebook Marketplace some, but I’d like to test them out more. I’d also like to test out some other apps for selling, such as Mercari. There are some others I’m considering testing out as well. These tests could lead to new opportunities for my business.
Yet another reason is to help document the process of what it’s like to start with very limited capital. When I first got started selling online on a part-time basis, I had to start with what I had available. So my hope is that me doing this type of challenge will lead to you thinking maybe you could do the same.
It doesn’t mean you have to use the money to buy-in to the World Series of Poker. The main goal behind the regular flipping challenge is to build up a base of capital and continue reinvesting that and building your business.
So if you’ve been waiting to start a business because you don’t have enough time or money, this is a good opportunity to finally get started. Whether you are successful or not, the money you make from the flipping challenge can go a long way in launching your business.
What’s your WSOP? / What’s your goal?
This is the question I want you to consider. If you could start with items you own now and turn them into $1,000 or $5,000, what would you then do with that money?
Maybe you’d use it to start a business. Maybe you’d use it to further your education. Maybe you’d use it to take you or your family on vacation.
Whatever your end goal is, perhaps flipping items can be a step on the way to get there. In a sense, this isn’t about flipping at all. It’s about creating the funds to do something that you care about. It could be the funds that launch a business that can change your life.
So while flipping might not be the end game, it could very well be a great first step on the path.
Take a moment and think about one of your goals where having some extra money would make that possible.
An Invitation to Join The Challenge With Me
I’d like to invite you to compete in this challenge with me. I’d like to see you take action and start creating some money on your own terms.
I’ve designed the start of the challenge so that literally anyone can do it. You pick five items that you already own, list them for sale online, sell them, and then reinvest what you earn into more items to sell.
This process is documented in detail in Flipping For Profit, but I’m also making a completely free guide to doing this available starting today.
If you are interested in building a business but have been waiting for the time to be right, this is an invitation to stop waiting and do something about it. While selling five items may seem like a small step, those five items can be turned into $1,000 very quickly. And if you are disciplined and reinvest 100% of your earnings, that money can turn into a full-fledged business before you know it.
As if that isn’t enough reason to start today, I’ve also decided to give you an additional incentive. Starting today, you can win a business-building package just by completing the first step of the challenge.
What You Can Win…
My goal is to help you start a successful business, so I’ve put together a prize package for this challenge:
- A Business Supplies Starter Box
- My top 3 favorite business books
- Two, 30-minute private coaching sessions with me
To win, all you have to do is complete the first step of the flipping challenge (picking and listing your first 5 items) before the end of May then submit a few details about doing so.
Resources to Help You
There’s a variety of content here on this site that can help you succeed in this challenge.
If you are serious about completing it, you can jump right in with my course Flipping For Profit.
It will teach you how to create better ads, how to negotiate with buyers and sellers, the importance of time and speed in success, and a bunch more. The course is currently only $20, and it will easily pay for itself many times over when you pick better items, sell items faster, and negotiate better prices.
If you don’t want to enroll (or if you want to wait until you’ve already made some money by selling a few things), that is completely fine. You can still enter the contest, and there is a lot of free content available to help you.
I recommend checking out that guide I mentioned earlier, and these will help as well:
Are you up for the challenge?
That’s my final question for you today.
Especially if you’ve never started a business, and you know you’d someday like to, I’d like to encourage you to join. This type of challenge has the ability to provide valuable experience that you can apply in the future in many different paths. I’m willing to bet the experience will be valuable no matter what the end result is.
So take the first step towards the goal you thought to yourself above.
You can do it.