Fifteen years ago I started collecting models of and memorabilia relating to 1959 Chevrolet Impalas and El Caminos. I thought with such a tight target I could get everything there was. Boy was I wrong. But when I decided to move on I found that I only had a tight target audience to sell to.
First lesson- do not get into tight spots.
I did have a yearning to buy and sell things that I found interesting or attractive. Then one day I saw an ad on eBay for the entire stock of a Collectables store which had unfortunately gone bust. Everything was boxed up and in storage so could not be viewed. I went for it and won it for £500. I then had to pay £325 for three guys and a van to collect it all for me. When I got it back to my office it filled two rooms! I opened a couple of boxes, picked out the most interesting things and quickly realised why the seller had failed. In that first box there were two cups priced at £3 each. One was unmarked and had the price sticker covering up a nasty star crack, the other was marked Wedgwood. After a little internet research, one went in the bin. The other sold for £35. I was hooked.
Second lesson- check what you have got, take time for research. People want to know what they are buying.
That initial stock lasted me a long time and returned my investment over ten times, even though about half was either binned or donated to the local hospice. Now I needed more stuff, so I introduced myself to the exciting world of auctions. It is easy to buy at auction and it is easy to get carried away. I have learnt that the price for any item is frighteningly variable; recently a job lot of 50 items of crested ware were sold for a bid of £5. The next auction at the same venue 100 very similar items sold for £120. I bought the first lot but not the second.
Third lesson- buy at the right price, not at any price, but buy quality. No one wants to buy inferior products. If once my research is done I conclude that it is not the right quality it goes to the hospice- they love me now.
Fourth lesson- if you would not want to buy it don't try to sell it.
So this is my journey. I love what I am doing- it is still more hobby than business, but the more I sell the more I can buy.