This transcript was generated from the episode audio and may contain minor errors.
The case of the stolen Lego. Stolen Lego. We're going to hear a story from a Lego reseller's lesson in integrity. Welcome to Sidus Full School. My name's Chris Guillebeau. Welcome as well to
this week's failure Friday segment. In this segment, we look at mistakes, missteps, disasters, all the things that don't go so well. So not big success stories, usually stories in adjustment, adjustment of expectations, adjustment of behavior in some cases, we got to do something different. In this case, it's more like if a deal seems too good to be true, it probably is. And so basically what happens here, well, I'm going to let Brian from Anaheim, California tell the story. He is
the Lego reseller. I think he sells some other stuff too. But he's been buying and reselling stuff, often a good business model. I encourage people who are new to side hustling. If you're just trying to get started, think about buying stuff and selling it, you learn a lot along the way. And you can go on and do something else after that. But in this case, the side hustler in
question, Brian had a unique challenge. So let's hear the story from him along with what he learned. I'll come back at the end with a quick wrap up. But for now here's Brian Hey there fellow side hustlers. I'm Brian and today I want to share with you a cautionary tale from my early days as a Lego reseller. It's a story of how my eagerness for a good deal led me down a path I never
intended to take. And the big lesson I learned along the way. It all started when I discovered the world of Lego reselling. As a lifelong Lego enthusiast, I was thrilled at the idea of turning my passion into profit. I began by purchasing sets on sale and reselling them online for a markup.
It was a simple but effective business model. And I quickly started making a 10 to 20% profit on each sale. One day I came across an online listing for a huge lot of Lego sets at an unbelievably low price. The seller claimed they were from a store that had gone out of business and they were looking to unload the inventory quickly. In my excitement, I thought to myself, what a steal. I hastily made the purchase thinking I just scored the deal of a lifetime.
And now my profit margins would soar to 50% or higher. When the sets arrived, I was initially elated. There were rare and highly sought after kits, some of which I knew could fetch a big sum on the secondary market. I began listing them for sale and the order started pouring in. However, my elation quickly turned to dread when I received a message from a buyer questioning the origin of the sets. They had noticed that some of the boxes had security tags on them, suggesting they might
have been stolen from a retail store. My heart sank as the realization set in. I had unwittingly bought stolen goods. I immediately took down all the listings and reached out to the original seller, but they had disappeared without a trace. I was left with a large inventory of Lego sets that I couldn't in good conscience sell. And a good sense of shame for not having been more
diligent in verifying the source of the goods. In the end, I donated the sets to a local children charity. It was a financial loss, but it was the right thing to do. I couldn't profit from what was essentially stolen property, no matter how unintentional my involvement was. The experience taught me a valuable lesson about the importance of due diligence and the ethical sourcing in the reselling business. It's not enough to just find a good deal. You have to make sure it's a legitimate
one. Taking shortcuts or turning a blind eye to red flags can not only put your business at risk, but also compromise your integrity. From that point on, I made sure to vet every seller and every purchase. I asked for receipts, checked the condition of the boxes for any signs of tampering, and trusted my gut if something seemed off. It might have meant passing up on some potentially lucrative deals, but it also meant that I could sleep better knowing I was running my business ethically. To anyone considering getting into the reselling game, my advice is this. It's not
worth risking your reputation or compromising your values for a quick buck. Do your research, build relationships, and always err on the side of caution if something seems too good to be true. In the end, my LEGO reselling side hustle did become a success, and I'm still doing it every week. The stolen inventory incident was a painful but necessary lesson in the importance of honesty and diligence in any business venture. I hope that by sharing my story, I can help someone else avoid making the same mistakes. Aside from this one big problem, everything else has been a
joy. Thanks for letting me share today. A lesson in integrity, as noted. Never confuse a single defeat with a final defeat. That's the theme of Failure Friday. I offer that to Brian and to
everybody out there who's ever struggled with something. That would be all of us. Basically, anyone who has ever had an idea not work out or encountered some sort of roadblock or obstacle. As I mentioned earlier, sometimes if something seems too good to be true, if a deal seems too good to be true, it probably is. We all have to learn that lesson in different ways. I can
totally understand how if you're buying stuff to sell, and you spot some inventory, and it's a little bit under priced, you're like, "This is great." You're actually excited about it because that's the whole goal, is to buy something and then sell it for a higher price. But in the case of something like LEGO, which of course is hugely profitable and therefore susceptible to counterfeiting and stolen property and so on, you do have to do some due diligence. Anyway, thanks to Brian for sharing this story. If you have a question or an update about your side hustle, sidehustleschool.com/questions. This has been episode 2,743. Thanks for tuning in today. I'll be back again tomorrow.
My name is Chris Guillebeau. This is Side Hustle School.
