Product Name: Couch Potato Millionaire
Product Owner: Harry Considine
What Is It?
Buy products from your local store and sell them for a higher price on eBay.
This is a valid concept that some people make money on. However, it's not as easy or as profitable as Harry Considine makes it seem.
Before You Buy
This is an interesting product because it's very different from what I usually review. The sales page was very honest, and says in black and white exactly what you are buying.
And though there are a few points where I feel he goes a bit over-the-top with his sales pitch, I've seen much worse advertising out there.
Some Good Stuff
Buying and reselling is a legit way to make money. My dad dated a lady that did this in her spare time. There are lots of questions posted on various forums, which means that people are aware of this concept and trying to learn how to do it. In fact, there's even entire YouTube channels and other books dedicated to it.
What He Forgot To Tell You
First, if you didn't figure it out already, there are people telling you how to do this for free on YouTube, blogs, and probably on social media (I haven't checked but I assume).
Second, the “proper book” he's telling us about is not really a proper book. It's a bunch of pages printed out and put together with a cheap plastic spine. It reminds me of the book reports I used to make back in high school. WHY he would opt to not create a digital product that could be instantly downloaded is beyond me.
A positive theory I have is that it's trying to appeal to the older customer that would rather look at a physical book than the computer all day. A negative way to look at it is that he's hoping people will be less inclined to opt for a refund. Both are just guesses.
More Issues To Consider
What about refunds? This could be a big problem for you. Let's say the item is damaged in shipping and the buyer wants a refund. Now you have to accept a broken item and refund their money. You could tell them no refunds, but then they are going to write a bad review of you which will damage the trust of future buyers. What if they set up a payment dispute with Paypal? That would freeze your account and cause issues with other sales you are trying to do.
Think refunds won't happen? I saw a lady try to return a plant to Home Depot the other day. She had no receipt, the wrong pot, and no proof of sale (she paid in cash). I also read another story about a lady that returned a toy because it made too much noise and she couldn't sleep while her kid was playing.
People are crazy, and have the mindset that the customer is always right!
The strategy is to go to the store, find cheap items. Then you list them on eBay, sell them, and THEN go buy them at the store. This does sound like a foolproof plan, but it's not!
If you are to buy specific items, likely at a discount, who's to say they will be there when you get back to the store? What if the item doesn't sell for a day or two? Are you going to have the time to look, list, sell, and buy all in the same day? This creates the potential issue of selling something you cannot get.
Another thing to be skeptical about is whether or not you will actually be able to sell these things at 4 times their value, and what that actually means. Sure, you can buy a cup for $1 and sell it for $4, but is $3 worth the time it takes?
So you say, “Hey, why not do it with more expensive items?”. The problem there is that the more expensive and item is, the more people do comparative searches online. If you were to spend $100 for something on eBay, wouldn't you at least Google it first to see if you could find it cheaper somewhere else?
The last big problem you need to be aware of is the cost of gas, and the value of your time. If you have car and live in the US, you know that gas is about $4 per gallon. Unless you live right by Main Street, you are going to have to run back and forth all day long (or between stores) to find the items you need. That's going to cost you in gas money, and it's going to eat into your profits.
Combined with the fact that selling an item for a LARGE amount more than you actually bought it for is pretty rare, I think profit margins for this type of business are very thin.
If you don't have a car and are planning on using a bike, walking, or public transportation, consider the amount of hours it's going to take you to find all the items you need and ship them in a timely manner.
One Last Thing
I thought this was supposed to turn us into a couch potato? It sounds like a lot of running around to me!
I recommend that if you want to try Couch Potato Millionaire, watch some free YouTube videos and browse Google to see if any good blogs come up. Lots of people do this passionately (think about Pawn Stars and Storage Wars), and you can often ask questions for free on YouTube or personal blogs.
Personally, I make money by building small websites and writing reviews of things. It means I don't have to leave the house, and I can write about cool stuff like beer, computers, or “make money” products. You can learn more about what I do and how I do it in my free 5 day email course.