Entrepreneurs Making $$$ Flipping Old Cars 🔥 🚙

LESSON
Asking For Equity 💡

Welcome to the newsletter. In 1977, when the original Star Wars film was released, George Lucas opted for a $150,000 director's fee, instead of the $500,000 he was being offered. In exchange: he gained the rights to merchandising and 40% of the box office earnings. 🤯

Today, his unconventional choice has led to an estimated $5.2 billion, mostly from selling Lucasfilm to Disney. It goes to show the significance of owning equity in your work. Have you asked for equity in your startup or day job?📲

DEEP DIVE
Making Money Flipping Cheap Cars 🚙

The business of flipping cars.

• Risk Level: 7/10 🌶

• Upfront Investment: $1000

• Potential Profit: $100s/ per car

The business of the boys Chris & Ben is simple. They focus on flipping cheap cars, what they like to call ‘Dingers’. These are cars only worth a couple hundred. They might have a couple of dents. The paintwork ain’t great either… The main thing is the cars are road-legal. As long as a car has a valid MOT for the next 10-11 months, the car will sell for at least £500-£1000.

You can replicate these guys by finding cheap cars on FB Marketplace, gumtree or just by looking for cars in your area with ‘for sale’ signs. Cars with bad photos that are unclean don’t tend to sell very quickly. You negotiate the prices down to a couple hundred, clean the car, take some nice-looking photos, and then list the car for sale on all car-selling sites at once. This process nearly always can double your money.

Invest £300 into buying the car, spend £100 on cleaning and transporting: and make £1000 reselling it. 💸

The formula is simple. If you want to learn more about these guys and what they do, check out their Instagram here! Warning: their content is very funny 🤣

BUSINESS LESSON
Would You Buy a $300 Lambo?

You need to charge higher prices otherwise, you’ll never sell. Imagine you see a brand new Lamborgini for sale on FB Marketplace for $300. Your instant reaction would likely be “Why is it so cheap?”, “what’s wrong with it?”.

Well, your potential clients think in the exact same way. When you underprice your services, potential clients may wonder why you are selling something so cheap. They’ll question the quality.

Instead, charging higher prices conveys a premium service and boosts confidence in your abilities, all about perceived value. I once asked for $10K instead of the $2K I was thinking of charging a client for a video project. Did it work? Well, they said yes within 15 minutes. 🥳 

As long as the value you provide exceeds the price you charge, you can charge as much as you like. 📈

KEEPING AN EYE 🔥
This Week We Are Watching

• This new online tool lets you add Mr. Beast, Alex Hormozi, and Ali Abdaal-style captions to your short-form videos!"

• People are loving our new list of the best-underrated side hustle ideas of 2023!

• “If you can’t do great things, do small things in a great way” - this Reel explains what it really means to be successful.

• This viral Instagram strategy is blowing up small accounts.

GOODBYE
Thanks for reading guys. Reply with a 🔥 emoji if you enjoyed this edition.

Written and edited by Noah Brierley (@noahxboa)