Another Ebay Millionaire ?

[stevef1fan]

Anyone catch this story today ? A real life Del Boy (well, he buys and sells things and lives in the south...), who turned his back on the city for online riches. We're even treated to a picture of a tall warehouse ! (with no staff).

Good on him for having the guts to do it, but it is annoying how they always harp on about turnover. Ebay love to take a big old chunk, then there's the competition knowing all your business, and of course his suppliers knowing he's making a killing.....

Great bit of publicity though, bet the counter on his homepage is spinning round like a good un....

Marrrleeeeene !


http://www.dailymail.co.uk/news/art...awyer-eBay-millionaire.html?ito=feeds-newsxml

 

[WaftyCrank]

I'd be interested to know the bottom line of net profit too.
Turnover is false economy. However assuming he has even a 10% profit margin it's still a worthwhile change in career for most.

 

[stevef1fan]

Yes, it does seem a very nice career move.

Also, he actually seems to own the stuff he's selling, unlike the hoards on there buying stuff in after they've sold it ! Though the latter does seem more attractive with the right suppliers delivering on time and not giving the game away !

 

[tifosi]

I'd be interested to know the bottom line of net profit too.
Turnover is false economy. However assuming he has even a 10% profit margin it's still a worthwhile change in career for most.

"Turnover is vanity, profit is sanity, but cash is king"

Sure there's a moral there somwhere!

S

 

[jasman]

He was a corporate lawyer in the city and only made £55k a year? What was he, the tea boy?

 

[Ashton]

He was a corporate lawyer in the city and only made £55k a year? What was he, the tea boy?

It did say he turned down £500k/yr

 

[Edwin]

You could spend 2,000,000 pounds a year and end up with a business doing 1,000,000 pounds a year turnover. You're a "headline genius" (million pound a year business) and a terrible businessman (million pound loss a year). Take your pick.

That's why turnover in isolation is a dreadfully meaningless number - amazing how the media and the public still get suckered by the siren call of a high turnover every time...

 

[stevef1fan]

Yes, but as usual the mail doesn't seem to care. Why spoil a good story with numbers ? They tell us that his predicted turnover this year is 1.3million then tell us he's already made it and it all belongs to him..

'Anthony Ponsford who has made his first £1million on eBay'

He seems to have an awful lot of the same item in his tall, deserted warehouse..I'll try and blow the picture up and see if there's any dust on the cardboard

I'm sure he's doing well though, but it would be nice to be given the full story..

Ps. It is rather strange that he was only earning £55k, then he turned down a half million pound salary for ebay...wonderful quality of life, but if the far east importers get a handle on it, those prices will drop faster than a secondhand england strip (plus vuvuzela) on a free listing day ....

 

[jasman]

The 55k/ 500k thing seems weird to me. For a start I've never heard of anyone getting an almost 10X pay rise!

But still, if you were earning 55k/ year and had been offered 500k/ year, surely you'd at least accept the job for a few months! He'd been in that job over 10 years, what's a few months more? But it would make a huge difference to his business's prospects with an extra £100k+ with which to start the new business. Most people would stay longer than a few months too - like 2 or 3 years, bank the £million, then start up the business.

 

[stevef1fan]

So true, Jasman. Trust the Sun to get to the bottom of the story......

Ps. loved this one in the comments section from an avid reader -

'You don't pay tax on goods sold via Ebay.'

Oh dear son...there's a knock at the door...

http://www.thesun.co.uk/sol/homepage/news/3108346/I-quit-City-for-1m-on-eBay.html