Blogs, websites, podcasts, and anything else you want to research ways to make money will always tell you to start. It seems so simple but genuinely getting started is the hardest part. We all have many reasons why we don’t do anything, such as, I don’t have time, or it doesn’t make enough money, or it will never work.
Why do I say this? Well, because my wife Laura and I were in those shoes and we came up with all the reasons why it won’t work. If we didn’t, someone else would help us to find a reason to stop or not start. Please read below about our failure to stop and what got us started.
Before I explain why it took Laura and me so long to get started, I should first explain why we want to. I have two particular reasons that I want to move towards financial independence: to be my boss and leave a legacy of a business for my kids to run. My wife, on the other hand, has her eye set on Catholic School. With three young kids, that will be expensive!
Reasons we told ourselves that stopped us from Being Successful
One of the things that always tripped me up was that I could come up with 20 reasons it would not work and why we shouldn’t do it. It was an excuse to make me feel better because I was doing the same thing as yesterday without making any progress on my goals. I have a list of things we said that held up progress:
- It doesn’t make enough money! Laura would come up with an idea, and I would tell her they don’t make enough money to make a difference. I have realized that every extra dollar does make a difference over the past month or two.
- There is too much competition! I would look at something and determine 20 other people to do the same thing, so why should we jump into the ring. There are very few “new” ideas, and there will always be competition. The secret is how you differentiate yourself to carve out your market share.
- You guys don’t have time to do that! It is really funny how if you put your mind to it, how much time you make for something you believe in. There is always time, and even with three kids and the oldest being 4, we have them participate and make it fun for the whole family!
How are we improving our position financially?
Our first baby step was having Laura refinish furniture over the summer. She enjoys it, and we figured we could buy some furniture in bad shape and then make it beautiful and sell it for more. While it was terrific, and she will continue to do it, we discovered it takes a lot of time, and the profit margin is good but not great.
One of the customers who bought a piece of furniture has requested Laura to refinish a bed set for them. I will write more about that soon as Laura will do it over the Christmas break, and we are going to receive the bed this weekend.
Next, I decided to jump in with my bitcoin mining side hustle, an excellent supplemental source of money for investing but has its limitations.
The latest progression has been flipping furniture. After watching some youtube videos, we first dive into this by buying a chair, loveseat, and a small table. Let’s see how we did.”
- We got a tiny table off of Facebook for free. Laura painted the top and was going to use it for staging but ended up selling it. We sold it for $10, which generated an $8 profit (paint expense)
- The next two items we got off next door and met a nice lady at a storage unit to purchase a chair and a loveseat.
- We have not yet sold the chair but feel confident we will probably make about $15-20 on it.
- The Loveseat was covered in birds…… I thought Laura was crazy to buy it. We spent $40. The day after Laura posted it, we sold the loveseat to an ecstatic couple in the city for $100. (I didn’t think Laura was crazy anymore)
With these three items, we spent about $60 and have so far generated $110. Giving us a profit of $50 and still have the chair to sell. We discovered something fun that both of us could do. I search the internet for prospective furniture, and Laura stages and sells them.
If you want to see more on our furniture fun, follow my wife’s Heart of Harcroft page on Facebook
Tips for selling Furniture
This may sound a little dumb but channel your inner Amazon! Make your stuff really appealing to look at online, provide free and easy delivery that can be done from your phone.
- Provide free delivery – This is the #1 thing you can do to help sell items quickly. Many people may want a chair or sofa, or whatever, but getting it is a hassle. Amazon has everyone programmed that they want it delivered free and fast!
- Make money when you buy the furniture. It doesn’t matter what you sell something for; it matters what you buy it for. While fixing things up can add value, finding cheap but nice furniture is much more profitable.
- Stage the furniture for pictures. Bad pictures = zero interest.
My wife and I are late to the game but finally have jumped into the water. Forgot all the reasons why you will fail, or it won’t work and start. We have generated a profit of $185 (updated from the earlier $50 mentioned above) so far from furniture flipping in our first few weeks of trying. We hopefully will grow that and hit our first $1,000 soon! I will write more about our adventures soon.
My Bitcoin side hustle has slowed some as I have not dedicated as much time to it, but we will keep that going to add a little extra money to the equation. The next venture is real estate! I need to set up an LLC and get ready for our first rental property.
If you have enjoyed this, please share it with others! If you want me to try something, let me know and email me at [email protected]. Look for more regular updates as we continue to explore opportunities for bettering ourselves financially.