Friday, January 6, 2012

10^6 Blog Money Update

     Today I logged onto my eBay account and found that no one has bought my Linden Dollars for over a week! This seemed strange because I use to sell the Lindens at a fairly high markup - easily! I found that two things were wrong:

1. I hadn't included a picture in my eBay posting! Without a picture people won't be attracted to your listing, so remember to include a picture!

2. I had some SERIOUS competition (see the picture below).

     The first problem was an easy 2 minute fix, but the second problem wasn't. It may even jeopardize my entire Linden Dollar sale micro-business! This was most concerning, and the fact that my competition was selling the same amount of Linden Dollars at a cheaper rate meant that I was going to lose a lot, if not all, of my customers. So I decided to run the numbers and see what I was up against.

     I was selling 5000L$ for almost 30 USD, and my competition was selling the same amount for around 24 USD. They were taking a rather modest 2% profit after listing fees, and I was taking a very greedy 26% profit... Honestly I was overdue for some competition! For me this means the jig is up. I'm going to sell off the remainder of my Linden Dollars and Transfer them into my stock market account. This will be the next phase of the 10^6 blog as I discussed in an earlier post. If I liquidated all of my Linden Dollar assets today, I should have approximately $85.75 which is $15 shy of my goal of making 100$ using Second Life. I think I did fairly well though all things considered!

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