Understand the #2020Flip Challenge in 90 seconds
Why take part?
Aside from the sheer enjoyment and friendly competition? Well, there are three prizes:
- The winner will get an engraved trophy to aid their bragging rights. Oh, and a £75 Amazon voucher
- Second place gets a £50 Amazon voucher
- Third place gets a £25 Amazon voucher
How to enter
Another simple one: sign up using the form below. This officially enters you, and means you’ll be kept up-to-date with all things challenge-related.
Keeping up to date
When you sign up to the challenge, you’ll receive regular updates about who’s playing, what’s being flipped and current leaderboard stats.
You can also check out the #2020FlipChallenge Community Forum to see what’s going down. Lastly, make sure to tag your posts with #2020FlipChallenge!
Sorry, what’s this #2020FlipChallenge all about?
In short, the #2020FlipChallenge is: how much money can you make by the end of 2020, starting with just £10? “Flipping” is when you buy something at a low price, then sell it elsewhere for a profit. For example, if you buy an LP from a charity shop for £1 then sell it on eBay for £5: you’ve flipped.
I started the #2020FlipChallenge because flipping is something I used to love. In my late teens you’d find me trawling car boot sales picking up bargains to sell on eBay. It wasn’t the few hundred quid a month I loved. I loved the hunt.
So why not give it a go? Worst case, you lose £10. Or, you could have loads of fun and make a tonne of cash along the way.
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Rules and FAQs
Are there any rules?
Sure are, but they’re pretty simple:
- Listen fees don’t need to come out of the £10, or any future earnings
- Postage and package costs don’t need to come out of the £10, or any future earnings
- Travel costs (petrol / bus fair / tube etc.) don’t need to come out of the £10, or any future earning
Basically, what you sell the item for is what contributes towards your total number. Aside from fees, the only other things you need to know are:
- You must have signed up to the #2020FlipChallenge using the registration form, or emailing your details (name and email address) to email@example.com. in order to enter the challenge. If you don’t do this, you won’t be eligible for a prize
- You should keep a record or what you are buying / selling. You’ll need to validate your end of year number. For example, screenshots of eBay sales figures is fine, as is a spreadsheet with items bought / sold
Who can enter?
Anyone. As long as you register using the form above, you’re good to go. You don’t have to be based in the UK, either. If you’re in the USA, start with $10. If you’re in France, start with €10. It’s all relative, so the currency doesn’t matter.
Does it cost to enter?
No. The only cost is the £10 seed money (I don’t provide that, I’m afraid!).
The 5th of January has come and gone. Can I still enter?
Absolutely! You could still enter in November if you really wanted to. It just makes it harder for you as you don’t have as much time, but there’s nothing stopping you.
Do I have to flip stuff?
That’s the idea, yeah. You don’t have to use eBay or do car boot sales, but the idea is you see something you feel is underpriced and take a punt to sell it for more money.
I want to play but have no idea where to get started
The best advice is to just do. Spend some time in charity shops, garage sales, car boot sales… wherever you think underpriced items might be.
Also, head on over to the #2020FlipChallenge Community Forum and post a question – people will be happy to help.
Can I connect with others taking part in the challenge?
Absolutely: head on over to the #2020FlipChallenge Community Forum and meet others taking part.
How do you know people will be honest?
Honestly, there’s not a 100% way to guarantee people will be. However, people who finish in the top 3 will be required to show some evidence of their buying / selling to validate their score. Also, it’s pretty sad times of people are making up flip-wins to score an Amazon voucher and a trophy!