Hello, and welcome to my blog!
Hmm, how to introduce myself… well my name is Sam Priestley and I spend my time trying to start businesses, learning skills and travelling the world. I write about whatever I am up to on this blog.
My writing has been read 3 million times on Quora and I have been watched 5.5 million times on YouTube. I have multiple successful lifestyle businesses including: a table tennis brand, a coffee shop, this blog, a couple of books, a consultancy and a small property portfolio.
Here are some of my favourite articles:
- . A look into our most profitable business, a table tennis brand.
- . A roller-coaster of a time when we started and eventually sold a tech-startup.
- . Top tip – don’t do it. Online business is much easier.
- . My current favourite business.
- An experiment in self-publishing. Have now published two books including a best-seller.
- . Making money from online gambling- turned out to be remarkably easy.
- . An import-export business.
- . More reasons why I don’t like property.
- . TLDR: not very much.
- For most of 2015 I tried to come up with 10 ideas a day. Now there are over 10,000 ideas there.
- . Kind of my whole philosophy.
- . I am currently travelling the world working remotely.
- . And why I work as part-time as a policeman.
- And how I failed to achieve my goals.
- Why your education shouldn’t end with university.
- And why it should be your goal.
- My five minutes of fame.
I also do some consulting. I charge $200 an hour and.
Or you can send me an email for free and if I am not too swamped I will reply.
What is Arbing?
The name of this blog, The Arbing Blog, was taken from the practice of making money out of price discrepancies between different sportsbooks. A hobby that made me a lot of money while at University and was also the subject of my dissertation. I pretty much have arbing to thank for convincing me to not get a job and take my own route in life.
This arbing (also called arbitrage) taught me many skills that went far beyond betting. It basically means buying low and selling high and really is the foundation of how all businesses work.
Children can grasp this at a very young age. Imagine an entrepreneurial teenager* called Bob. Bob upon realising that the school sweet shop only stocks healthy snacks goes to Tescos and buys a multipack of Coca-Cola. He pays £3 for twelve cans, so 25p a can. Bob heads into school and sells them to his fellow, sugar deprived classmates for 50p a can, making himself a grand profit of £3. The price discrepancy here is that the going rate for Coca-Cola in the school is much higher than in the supermarket. Tescos is willing to sell Coca-Cola cheaper than the students are willing to buy them for.
This simple principle can be applied to almost anything, even having a job. When you agree to work for someone in exchange for an hourly wage you have basically said that you value your time less than your employer does! If I go to work for McDonalds for £5 an hour, the only reason they have hired me is that they think they will make more than £5 an hour from my time.
There are plenty of good reasons for price discrepancies to exist. In the case of our entrepreneurial teenager it is because Coca-Cola can only be obtained outside school hours so the students are willing to pay extra for Bob making the effort of going to the shop before school and storing the coca cola until they want it. In the McDonalds situation, I am accepting a guaranteed £5 per hour whereas McDonalds are taking on the risk of my work output.
Once you get the concept you will start seeing arbing opportunities everywhere in life.
*Check out a real life incarnation of Bob