This is the second article in a series of posts about how I’m trying to turn my hobby of buying and selling into a fully fledged business. Click here for the previous post.
In the industry I’m trying to build a business in, buying second hand products can be risky. The vast majority of sellers on eBay are honest individuals trying to shift their unwanted goods for a bit of extra money, but there are some who knowingly pass off damaged goods as working. It was for this reason, and others, that I decided to invest in a disc repair machine.
I first started buying and selling last summer with no real aims to take it further but to just see where it went. Business was slow and margins were minimal. However, by the end of the summer I had completed a number of sales and managed to accumulate around £200 credit on PayPal (as well as adding a number of titles to my collection). It was at this point that I played with the idea of taking this hobby further and I impulsively purchased a JFJ Easy Pro Disc Repair Machine for £154.99.
It might seem strange to spend ~75% of my total earnings in one go, especially since that item’s “value” was purely theoretical and I wouldn’t even use it for nearly a year after purchase, but it made sense to me from a business perspective. I theorised that a small percentage of the items that I bought wouldn’t work and instead of wasting time and effort trying to sort out a refund, a disc repair machine would save time.
Moreover, having a disc repair machine opens up a new source of potential income. Although uncommon, there are occasional listings of bundles of faulty discs which can be bought cheap, repaired then resold for profit. This convinced me that, like solar panels, the machine would eventually pay for itself and while it’s true that the repairs won’t always be successful, a success rate of 50% or more would make it all worth while.