In the age before easy online shopping, a bartender discovers a way to supplement the tips she lost during the recession by purchasing clothing and reselling to her friends.
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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Maybe they're rockstar welcome back time. Critical about this is satisfied school, always trying to show.
You interesting ideas and how they can be applied to create income generating projects without putting your day job. Now this time an interesting one,
Today's, like a throwback story, it's not something! You finish
Early go out and replicate in the same fashion,
right now, but I want you to hear it because in
early days of a new industry or a trend
a phenomenon there is usually a lot of inefficiency and that inefficiency allows for creative people to make
in a way that might not work years later. I remember it.
Years ago, when I first started side hustling, mostly because I was a terrible employ, but that's another story I began, selling on this brand new website called either,
I come now. Most people know Ebay these days but way back. Then it was very new and it was actually a sellers MA
yet because it was very inefficient and before just discovered
new thing about online auctions. So it wasn't that hard to have a profitable business on
even if you are like me and lots of other people at the time horizon,
a lot about business. In fact, in some ways you could go
by something at the store and then listed on Ebay, people pay more for it, which of course, is crazy. That's
things work in the beginning of a new industry and in fact the normal pattern of technological
entrepreneurial evolution is that something will work.
Well for a while, but then you have to find something else too.
Story as a real life example. This principle, it's all about a college bartender who turns online shopping into an unexpected side, us all right after this,
Geronimo sorrow is an example of an accident or entrepreneurs. She didn't set out to make money instead took advantage of an opportunity that came her way back in two thousand and four. She was
college and working at a bar to pay their bills around this time. She realised that she could get the comfortable shoes chinese
for work, much cheaper online and she could in the store
No online shopping have been around for a while at that point, but it wasn't something that everyone did. There still are people that only shotgun,
There is also shipping was expensive or at least perceived to be expensive, but the shipping cost didn't increase when she ordered multiple items and if you spent more than seventy five dollars, shipping is free. So when you combine this with the fact that most of her coworkers didn't have their own credit cards, she realized she could order stuff for her coercion
I never thought benefits remember this was two thousand and four and she was in college working with other young people, so she framed it to her co workers that they could essentially borrow her credit card to buy stuff online and then pay her in cash.
Brought the items into work at first. She wasn't even charging a commission to it.
Trying to save her friends a few bucks and get free shipping for herself. But after a few,
out of ordering clothes and shoes for people something happen,
made her realized. She could expand the situation into a hustle. One coworker had ordered
There are fears that didn't end up quite right within right. There
Another coworker came up, saw the shoes tried them on may fit perfectly the second coworker loved the shoes and she bought them
then it was at that point. Dana realised that she could, by closing shoes online,
and since it was so much cheaper than what was in the store ass long ass, she bought the right items. Someone would buy them from her,
so she started going online more often ordering cute outfit and shoes in various sizes and bring all the step to work. Naturally, that's when she started charging Small commission
since she was assuming some risk in buying without a specific order, her coworkers loved it. In fact, they love it so much there when she would show to work with a new box in hand. They all come running, arguing about who
chance to purchase first. They have even seen what was in the box. Yet it really does, for my mind
on Ebay, for data was deafening onto something, and for two years she took advantage of this opportunity at least once a week, shorter clothes and shoes. They would show up a few days later and she brings
to work and see what she could sell and she got smarter. She went along a couple strategy. She used to maximize their profits
so a passing on legitimate online savings, your coworkers virtue. First, you pretty much only by Clarence items to keep the costs low and said
she made her to show that work right when people were beginning their shift, especially the people who are the most frequent buyers. So they had a chance to see things first, with these simple strategies,
It would make anywhere from fifty to seventy five dollars, although to a hundred dollars per box. She did this once a week
I was at least foreigners extract per month and she says what it was
huge business, but it made a big difference.
Life when the recession came along. What I lost in tips I made up for by selling clothes and shoes,
the system worked so well, but she always had plenty of time to deposit the cash and pay off your credit card info each month and consistently paying off that credit card each month. While she spent more
or may have turned out to be the biggest accidental benefit, because after a couple of you
is it being a reliable borrower? She had a very high credit score that eventually Hunter by a new car. While she was still a college student to its forty dollars a month, a great credit score to help her with.
Ex phase of life and some early entrepreneurial experience and skills that she could take with her, no matter what she did. Next, not bad at all for a completely improvised reselling, experiment, sovereign,
we're living in the future now online shopping is a lot more efficient common today, this project worthwhile, because back then it wasn't and because the market, a people Dana was
two was essentially on bank.
Being most of them didn't have credit cards that was her command
of advantage to the same kind of thing
Work in the same way today, but that's ok, because the point of a show isn't for you to listen to.
Having episodes a week and go out and start seven income generating projects are based.
Here, it's a teach you timeless lessons that can be applied.
Lots of different ways. So the question I have to ask yourself is: ok. Twenty years ago,
Online auctions were totally new, very inefficient market, maybe ten to fifteen years ago, a lot of people
they weren't online shopping all the time. So projects like Dana's could be successful. What exists like this today doesn't necessarily have to be something it's totally on a cutting edge, although it can be the keeper.
Is to look for inefficiency on the show, I featured a number different stories of people who are doing other reselling. Businesses, and some of these problems exist either if the world were perfectly efficient, if everyone had access to the same products with the same prices but because they're just so much stuff out there, it is still possible to find things like this. They may not work
ever, but they can work for quite a while. Dana do this for two years made foreigner dollars a month as a college student
never get to her. There been otherwise we ve looked at people who made
five thousand dollars a month or ten thousand dollars a month through a bit more advanced reselling model. So there's always the next big thing. I encourage you to learn from the past and apply it to the present. That, I think, is the great challenge and a great opportunity of side. Hustling hope you enjoy this throwback story, as always remember
Russian is good, but inspiration combined action is so much better. When you see the shown us for today's episode just come to satisfy school dotcom slashed. Eighty nine there is so much more to come on the show each day of yours
cried in Itunes or every listen to broadcasts
ever those new episode will get an instant notification. You can also get this notification
directly on the site poor by e mail. Harvey, like psychosocial is for you and crystal about and I'll see you tomorrow.
Transcript generated on 2020-08-07.