I still only have one sale so far from Project K. It's mostly because I have been busy laying the groundwork for a strong selling blitz for the end of this month/beginning of March. I have joined quite a few forums relating to the automotive category I'm going after. I have been participating in these forums for most of February.
The big news so far is that I have almost finished a fully functional website. Basically, I found a very cool company that offers easy-to-use e-shop templates and will host your site for a small percentage of your profit. Their cut actually turns out to be cheaper than Ebay. I set up a site, merchant account, shopping cart, basically everything, in 2 days. I'm currently tweaking the copy and ironing out some final details. I plan on launching the site on Saturday. In the meantime I will continue posting in the forums and announce my website this weekend.
Poker is not going so good this month. I have tried to put in some time, but I"m really not focusing enough to have good results. I'm trying to play while doing tons of other things. The results speak for themselves, as I'm down about $300 this month. One of the things i also plan on doing next month, is getting a poker coach. There is a respected poster in the twoplustwo forums that offers coaching for a reasonable price. I can probably learn a lot by just perusing the forums, but being that I'm very time constrained, I'm hoping a coach can speed up my learning process and take my game up a level.
Tuesday, February 20, 2007
Tuesday, February 13, 2007
Making Progress
February is going good so far - in some ways. As far as money made, not so good. However, I have made progress with my projects.
Poker
Haven't really played much this month. I did play enough to lose about $300 playing higher stakes games. The last two days I have played about 5 different types of tournaments and won them all. So in a few hours I made it all back. I'm up slightly for the month.
Project K (selling car product)
This project is going really well. I sold my first one. As I mentioned in my previous post, the price range for this product was going to be $15-$20. I sold the first one for $35. There seems to be quite a demand.
I'm going to continue selling these on ebay while I market them on forums and myspace. Eventually this will payoff when I make a website for these parts. I'm even in talks with a guy about him possibly being a reseller. My goal was to try and sell 50 this month. I'm not sure if that will happen, but I think this project is one of those that will snowball once it gets going.
Project Combo (user friendly kit)
I'll be working on this project as I get free time. I did some initial part sourcing research and there seems to be a nice profit margin there. The tough part with this project will be reaching the consumers. I'm not really sure how I'll market this one. I'll update when I put some more work into it.
All in all not much profit, but there's a good outlook.
Totals to date: $1,260 profit. $23,740 to go.
Poker
Haven't really played much this month. I did play enough to lose about $300 playing higher stakes games. The last two days I have played about 5 different types of tournaments and won them all. So in a few hours I made it all back. I'm up slightly for the month.
Project K (selling car product)
This project is going really well. I sold my first one. As I mentioned in my previous post, the price range for this product was going to be $15-$20. I sold the first one for $35. There seems to be quite a demand.
I'm going to continue selling these on ebay while I market them on forums and myspace. Eventually this will payoff when I make a website for these parts. I'm even in talks with a guy about him possibly being a reseller. My goal was to try and sell 50 this month. I'm not sure if that will happen, but I think this project is one of those that will snowball once it gets going.
Project Combo (user friendly kit)
I'll be working on this project as I get free time. I did some initial part sourcing research and there seems to be a nice profit margin there. The tough part with this project will be reaching the consumers. I'm not really sure how I'll market this one. I'll update when I put some more work into it.
All in all not much profit, but there's a good outlook.
Totals to date: $1,260 profit. $23,740 to go.
Tuesday, February 6, 2007
Plans for February
I haven’t played much Poker this month. I went deep in a low stakes rebuy tournament on the 1st of the month. $5k would have been a nice way to start off the month, but $42 will have to do. Actually, I’m down a bit from the handful of games I have played. Nothing significant though. Actually, this month I’m going to shift my attention from Poker to a couple of other things.
One is very straightforward – sell a product. An acquaintance of mine designed and manufactured a car product several years ago. He has about 250+ parts left and doesn’t have the time to invest in selling them. I’ll get a 50% cut if I can make these things disappear. The price point for this product is somewhere in the $15-$20 range. So I can make a decent chunk of change with barely any initial investment. I have considered making a webpage for the item, but to start off, I’m just going to be using ebay. Once I get a better idea of the demand for this product, I can take it a couple steps further. I should be posting my first item on ebay this weekend.
The other project that I’m going to be focusing on this month is a bit more complicated. The gist of this project is taking a bunch of existing parts and combining them into a user-friendly kit. The key to this project is going to be the sourcing of parts. I plan on putting about 8-12 items into this kit. I’m still in the planning stages on this one. It’s not a huge idea, but at least it will get me moving. You never know what types of things you can run into as long as you are moving.
I have a few other ideas I’m throwing around for the next few months. One step at a time for now.
-WarrLegacy
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