Step Out of Your Comfort Zone, Pt. 2
Last month I wrote about stepping out of your comfort zone in order to expand your business. I related how I took the leap from 50ยข and $1.00 books to paying $12 for a single book to resell on eBay. For me, that was a big step, one I've taken in the past, but rarely.
Well, I blew it last week. I subscribe to a service that notifies me about local auctions. One of the auctions caught my eye. Among other items featured was 12 place settings of Franciscan dinnerware with serving pieces in the apple pattern. I ate off those very dishes while growing up, so they were familiar to me. I did a quick search of completed listings on eBay and got excited. Sets of the dinner plates alone were selling for the equivalent of $10-12 per plate! Just imagine how I'd do with dinner plates, soup bowls, salad plates, cups and saucers, berry bowls and more! I determined I'd be willing to pay $225 for the lot and would bring it home and turn it around for a nice profit on eBay.
Friday rolled around and I was ready for the auction. I arrived in plenty of time to preview that evening's offerings. Yep - the Franciscanware was right there on the stainless steel cart, just like in the photo I saw online! It was in perfect condition! This was going to be good! I looked around the room and tried to figure out what kind of competition I would face. It didn't seem like the dishes were getting too much attention from anybody else. This might be easier than I expected! I was anxious for the bidding to begin.
The auction started and I impatiently waited for the auctioneer to start the bidding on the dinnerware. About halfway into the auction, she finally opened the bidding - at $300! Well, no takers on that opening bid, so she incrementally lowered the starting price until she finally got a bid at $100. Bidding took place between one person present and one person who had submitted their bid ahead of time. Eventually the bidding reached $145, at which point the absent bidder dropped out. Now was my time to step in. Okay. All I had to do was raise my card and I'd be in. Just lift my arm so the auctioneer could see my card and know I was interested. Lift the card, already! What was I waiting for!!??!!?
The dinnerware sold for $145 because I just couldn't get up the nerve to spend that much money on something for eBay. Dumb, dumb, dumb! I knew the eBay value of those dishes! I knew that I could get them for a great price and make loads of money on them...come on - I could have sold the dinner plates alone for around $120! I knew because I had done my research. I knew they were in demand, that most listings sold, and that most listings sold for a decent price compared to what I would spend to acquire them. I'd even determined a maximum bid that far exceeded the current bid on the dishes. I just couldn't get it through my brain that it is okay to spend a lot of money when you know you can make a lot more from it!
Now, if I hadn't researched ahead of time and weren't fairly confident of my ability to turn these around for a nice profit, and if I weren't familiar with the dishes and their general appeal, then maybe it would have been foolhardy to spend $150-200 on what would amount to speculation. But I knew!!!
I'm going to another auction this Sunday. I'll have another chance to spend lots of money with the expectation of turning it into lots more. I'll be in one comfort zone - books - but I have a feeling the bidding will be outside what I am comfortable with.
I've already done my research. I know what the books are worth. I just hope I can raise my card when I should and that I don't obsess too much about the fact that most auctions I've gone to end in the low double digits (like the teens)! I'm quite comfortable with the idea of spending $30 and coming home with 4 or 5 boxes full of stuff. I think that bidding on these items will far exceed that. I just need to trust my research and my instincts and not let unreasonable fear get in the way!
What about you? Do you have an experience where you stepped out of your comfort zone? One where you wanted to but didn't? I'd love to hear about it.
Well, I blew it last week. I subscribe to a service that notifies me about local auctions. One of the auctions caught my eye. Among other items featured was 12 place settings of Franciscan dinnerware with serving pieces in the apple pattern. I ate off those very dishes while growing up, so they were familiar to me. I did a quick search of completed listings on eBay and got excited. Sets of the dinner plates alone were selling for the equivalent of $10-12 per plate! Just imagine how I'd do with dinner plates, soup bowls, salad plates, cups and saucers, berry bowls and more! I determined I'd be willing to pay $225 for the lot and would bring it home and turn it around for a nice profit on eBay.
Friday rolled around and I was ready for the auction. I arrived in plenty of time to preview that evening's offerings. Yep - the Franciscanware was right there on the stainless steel cart, just like in the photo I saw online! It was in perfect condition! This was going to be good! I looked around the room and tried to figure out what kind of competition I would face. It didn't seem like the dishes were getting too much attention from anybody else. This might be easier than I expected! I was anxious for the bidding to begin.
The auction started and I impatiently waited for the auctioneer to start the bidding on the dinnerware. About halfway into the auction, she finally opened the bidding - at $300! Well, no takers on that opening bid, so she incrementally lowered the starting price until she finally got a bid at $100. Bidding took place between one person present and one person who had submitted their bid ahead of time. Eventually the bidding reached $145, at which point the absent bidder dropped out. Now was my time to step in. Okay. All I had to do was raise my card and I'd be in. Just lift my arm so the auctioneer could see my card and know I was interested. Lift the card, already! What was I waiting for!!??!!?
The dinnerware sold for $145 because I just couldn't get up the nerve to spend that much money on something for eBay. Dumb, dumb, dumb! I knew the eBay value of those dishes! I knew that I could get them for a great price and make loads of money on them...come on - I could have sold the dinner plates alone for around $120! I knew because I had done my research. I knew they were in demand, that most listings sold, and that most listings sold for a decent price compared to what I would spend to acquire them. I'd even determined a maximum bid that far exceeded the current bid on the dishes. I just couldn't get it through my brain that it is okay to spend a lot of money when you know you can make a lot more from it!
Now, if I hadn't researched ahead of time and weren't fairly confident of my ability to turn these around for a nice profit, and if I weren't familiar with the dishes and their general appeal, then maybe it would have been foolhardy to spend $150-200 on what would amount to speculation. But I knew!!!
I'm going to another auction this Sunday. I'll have another chance to spend lots of money with the expectation of turning it into lots more. I'll be in one comfort zone - books - but I have a feeling the bidding will be outside what I am comfortable with.
I've already done my research. I know what the books are worth. I just hope I can raise my card when I should and that I don't obsess too much about the fact that most auctions I've gone to end in the low double digits (like the teens)! I'm quite comfortable with the idea of spending $30 and coming home with 4 or 5 boxes full of stuff. I think that bidding on these items will far exceed that. I just need to trust my research and my instincts and not let unreasonable fear get in the way!
What about you? Do you have an experience where you stepped out of your comfort zone? One where you wanted to but didn't? I'd love to hear about it.
posted by Pamela | 10:28 PM
0 Comments:
Post a Comment
<< Home