Nuggets from the CES II Conference and Beyond Arbitrage

I’ve been quiet over the last several weeks. The main reason is I was working on a book called Beyond Arbitrage. I’ll touch on that in a minute, but I wanted to give you a nugget or two from Jim Cockrum’s CES Conference this past weekend.

Rabbi Daniel Lapin quoting from the book of Genesis said that it’s not good for man to be alone. In the context of your business this can mean several things, but one interpretation is: Don’t do this business by yourself.

I have talked about this before, but it’s so important. If you’re selling physical products online 90% of the general public (maybe more) don’t get what you do. That means that maybe even your closest friends and relatives have no idea what your business is about.

So what’s the solution? Community. That can be as simple as joining some Facebook groups like MySilentTeam or ScanPower, but in my opinion there’s nothing like being a part of a mastermind group where you get to know each other personally and help each other’s businesses grow.

The other piece of advice is: Take action on one thing right away.

Many times going to a conference or taking a course you may feel overwhelmed with good ideas and information to implement. Don’t try to implement every good idea all at once. Take one idea and work on that.

Beyond Arbitrage

John Bullard Sr and I just released our new book called Beyond Arbitrage.

If you’re ready to take your business to the next level then this book is for you.

We’ll teach you:

 

  •  Everything about wholesale inventory from how to find it and what you’ll need to buy it

  •  The exact process that John uses to prepare for a trade show

  •  Exactly what to say and not to say to a vendor at a trade show

  •  Other sources of wholesale inventory you might not expect

  •  How to outsource your inventory sourcing

  •  How to find inventory for 50-75% off wholesale!!

  •  How wholesale sourcing can open up doors of inventory and incredible opportunities including but not limited to closeoutsexclusives, and private label opportunities

For more information and/or to get your copy of Beyond Arbitrage go to - BeyondArbitrage.com

My Email to a Frustrated Seller

I received an email from a fellow seller that is feeling a bit frustrated with his business. We’ve all been there so I thought that some of my comments to him might encourage others as well. 

Here they are:

 

Don’t give up.

There is so much inventory out there that it’s not worth dealing with the low profit, high competition items.  Here are some quick ideas I have.  If any of these aren’t a fit for you then just ignore them.  :)

- Continue what you’re doing but differentiate yourself.  If you have a high competition item that sells well then create your own multi-pack or bundle.  Let’s say you’re selling a popular health/beauty item.  Make it a 2 or 3 pack and own the listing for a while.  Or bundle it with something hard for other sellers to find like a special coffee mug with a bag of coffee or a gift bag with a set of lotions.

- Wholesale – I love buying wholesale because once I find a good selling item it is replenishable.  The same strategies with bundling and multi-packs can be applied here.

- Thrift store, garage sales – The profits from this type of inventory is remarkable.  Buying items for $2 and $3 and selling them for $20, $30, and $40 is not unheard of.

- Consignment – Find a friend or family member that will give you their items to sell and split the profits with them.  This means no out of pocket expense for you.

Also, if you’re in a position where you need to be at a certain profit amount per month quickly I would say there is nothing wrong with getting a part time job or doing something else to make ends meet while building this business.  This is not a get rich quick business and you definitely don’t want to put pressure on yourself to make it happen in a certain amount of time.  Obviously the more money you have to invest the faster it can build up, but I know many sellers that started with $500 and have 6 and 7 figure businesses now.

I don’t want to oversimplify this business, but it is pretty simple – Find inventory that is selling for more on Amazon, ship it in, repeat.

Most of all, don’t give up.  If it takes you longer to build it than someone else – who cares?  The fact that you started and took the leap is commendable.  Most people are content to work their 9-5 jobs and have no desire or drive to build a business.  You have done that.  And because you’re reaching out for help means you want to succeed.  I guarantee you that you can do this.  Just keep doing what you know and the other piece of advice I like to give other sellers is don’t build this business alone.

There are plenty of free communities on Facebook and elsewhere that you can network with other sellers and get questions answered.  My favorite Facebook group is https://www.facebook.com/groups/mysilentteam/

I hope I’ve helped you in some way or at least encouraged you.

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Finding a Mentor, CES Videos, Lifetime Access to MySilentTeam.com, and Offline Biz

Webster’s dictionary defines a mentor as a “wise and faithful counselor.” In my personal life I look to my father as the man I want to be. In my business my mentor is Jim Cockrum, recently named one of the most trusted internet marketers. I have been following Jim since about 2004, but I had [...]

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