NOTE: This blog has moved to: http://www.HonestOnlineSelling.com
An FBA Seller over at MySilentTeam.com (disclosure: I'm a content editor there) was having some bad luck with finding inventory, and he was nervous about competition. So I gave him the same truthful pep talk I give other FBA sellers.
I think you'll find it inspirational and helpful (it was edited for clarity). Please post some feedback, I really want to hear from you!
----
RE: TROUBLE FINDING BOOK INVENTORY?
Here are some tips:
1. Go outside your comfort zone re: the usual locations you scout for books (i.e. libraries). You might have to go 'direct' to the consumer via craigslist.org (posting an 'items wanted' ad) and freecycle.org. In your ads, tell folks you can take their used books off their hands (make sure you let them know the books you don't accept, i.e. encyclopedia volumes, romance novels, magazines, damaged books, etc.) Offer to pick up the books for free (that way you don't have to spend any $). Some folks will be happy just to get rid of them.
2. Go outside your comfort zone re: products. Do the above (direct to consumers) but also try your hand at sourcing games and toys (new and used) and unopened puzzles. Before scouting, sure your scanner gives pricing data for games and toys (I use neatoscan.com's monthly subscription on my scanner, for $50/month). Also, I get about 10% of my toy and games inventory from my eBay arbitrage method (See my video and post on Arbitrage here: http://bit.ly/hUbvSV)
3. Go outside your comfort zone re: geography. Plan a whole day (or more) and drive to another region in the state (do a little research online to ensure the area is populated with at least 5 libraries and 5 thrift stores). This sounds a little silly but there are people doing this for other 'locally-sourced' products. They place craigslist ads in different parts of their region in the country, respond to ads, and stop at homes along the way.
4. Don't fall into the 'buy from a book wholesaler' trap, that's a surefire way to get a measly 10% (or less) profit margin on your wholesale purchase.
RE: COMPETITION
All in all, yes there is increased competition for you but there is TONS of product out there that's just not being 'claimed'. You have to think creatively now to get to the inventory.
Re: LONG TERM VIABILITY of SELLING BOOKS (my view):
Well by 'long term' I think book selling will be viable as one of several income stream for a few years (2 to 6 years max; more for toys and games because those markets seem to be 'less invaded' by competing sellers.) The reason for this (aside from the increasing popularity of AMZ FBA) is because the technology needed (i.e. scanners and their data applications) are briskly decreasing in price, and getting easier to use.
Now anyone with an iPhone or Android can see competitive pricing on their iphone by taking a picture of the product in a store, or scanning the item's UPC code (not as quick as a scanner but it's free and the speed will only improve over time).
TIPS TO BEAT YOUR COMPETITION:
Where sellers like you and me will excel (i.e. beat our competition in the next 2 to 6 years) will be the folks who:
> know how to creatively get new inventory (see above)
> use the latest technology/web apps to manage our business effectively and grow it (FBAPower for processing our inventory; repriceit.com for auto-repricing our FBA listed items daily so we stay competitive; etc.)
> Get our 'hands dirty' without fear (i.e., when I started with FBA, I was willing to drive 1 hour to pick up 10 boxes of library books (for $30), and spend a whole day throwing out 95% of those books, and sending the rest to FBA. It's a lot of work but my profit margin on that kind of inventory is way above 300%. It is a relationship I struck by calling all the libraries in my area and asking if they had any remnants they get rid of).
> Don't rely on Amazon FBA ALONE for income. Make sure you're diversifying your risk by selling on other platforms (eBay, Half.com, Alibris, etc.), and consider writing and selling an info-product about a niche you might specialize in, i.e. (if you know all about golf clubs), "How to Source and Sell Golf Clubs on Amazon and eBay". Remember the people who got rich during the Gold Rush way back when were the people that sold the tools (i.e. shovels and such) to the rabid, hungry gold seekers. Ensure the knowledge you are building today becomes a sellable guide to someone else 'tomorrow'.
Get the BEST help selling on Amazon from the U.S.' TOP Amazon selling experts with this Course.
Do Great Stuff!
-J.B. Malik
Founder, http://www.HonestOnlineSelling.com
Content Editor, MySilentTeam.com
Remarkable & Proven Ways to Make a Living with Amazon & eBay
Sunday
Peek at my Amazon FBA Profits
NOTE: This blog has moved to: http://www.HonestOnlineSelling.com
Hey gang, hope you've been well!
No hard selling here, just something to show you for some inspiration.
For those of you who are considering selling online via Amazon FBA (Fulfillment by Amazon), you're probably wondering 'can I make any real money with it'? And my answer is a wholehearted YES.
The snapshot to the above-right (Click here for a bigger view) shows my profit ($1590) for the past two weeks (this translates to $41K+ year). (The numbers are not fake, trust me)
This is my gross profit AFTER Amazon deducts their fees, commissions, and my shipping charges.
My NET profit is approx. $1100 every two weeks, AFTER I deduct my general expenses (approx. 30% of my profit.) General expenses = cost of inventory (i.e. the goods I'm buying to ship to Amazon FBA), my subscription fees to my scanner's subscription, FBAPower, and other online tools I use to manage my FBA business.
That $1100 every two weeks translates to $28,600 per year net profit (before taxes). (My average annual profit is much higher - it's been a slow couple months because I've been busy renovating my new home)
Remember I do Amazon FBA VERY Part time now. I have a good 3 or 4 solid revenue streams, and FBA is just one of them.
BONUS: My Amazon FBA business is VERY 'part time'. (recently it's been as low as 15 hours per week).
> Amazon.com's Link to sign up as an Amazon FBA Seller
Happy Selling!
Stay Classy, Internet folks.
-J.B. Malik
Hey gang, hope you've been well!
No hard selling here, just something to show you for some inspiration.
For those of you who are considering selling online via Amazon FBA (Fulfillment by Amazon), you're probably wondering 'can I make any real money with it'? And my answer is a wholehearted YES.
The snapshot to the above-right (Click here for a bigger view) shows my profit ($1590) for the past two weeks (this translates to $41K+ year). (The numbers are not fake, trust me)
This is my gross profit AFTER Amazon deducts their fees, commissions, and my shipping charges.
My NET profit is approx. $1100 every two weeks, AFTER I deduct my general expenses (approx. 30% of my profit.) General expenses = cost of inventory (i.e. the goods I'm buying to ship to Amazon FBA), my subscription fees to my scanner's subscription, FBAPower, and other online tools I use to manage my FBA business.
That $1100 every two weeks translates to $28,600 per year net profit (before taxes). (My average annual profit is much higher - it's been a slow couple months because I've been busy renovating my new home)
Remember I do Amazon FBA VERY Part time now. I have a good 3 or 4 solid revenue streams, and FBA is just one of them.
BONUS: My Amazon FBA business is VERY 'part time'. (recently it's been as low as 15 hours per week).
> Amazon.com's Link to sign up as an Amazon FBA Seller
Happy Selling!
Stay Classy, Internet folks.
-J.B. Malik
Friday
"Where Can I Sell Online, Besides eBay & Amazon?"
NOTE: This blog has moved to: http://www.HonestOnlineSelling.com
I get this question all the time. Sellers who don't like's eBay and Amazon's selling fees are always looking for other web sites to post their items.
But Amazon.com and eBay each have a tremendous amount of exposure to millions of buyers - and that makes their selling fees very much worth it, in my opinion. Other than Amazon, eBay, Overstock.com, and a couple others - there aren't many online marketplaces that a.) allow you to sell goods AND b.) have a huge volume of buyers
That's starting to change with at least three smaller marketplaces - which charge sellers up to 90% LESS than eBay and Amazon (and some let you sell stuff for free): eCrater, iOffer, and Bonanza (formerly Bonanzle).
I have used each of these marketplaces with some decent success, although Bonanza booted me - and some other sellers - off for reasons they're not disclosing. However, all of them are 100% legit and with plenty of buyers.
The cool thing about these smaller marketplaces is that they're Google-friendly. That means that if your item is posted to them properly, you should get some visitors/buyers directly from people searching for the item on Google. (Your success will vary of course, based on the # of people searching for your item, and the # of competitors also selling the item on the same marketplace, etc.)
For more on these marketplaces, you can view AuctionBytes; results of its second annual Seller's Choice ratings in the January 23rd issue of its AuctionBytes Update email newsletter.
One final note about these online marketplaces - sell some goods on at least one of them. I am a proponent of 'diversification': Diversify your product types AND diversify your selling venues. If you are only selling toys on eBay and someday eBay shuts down our account for whatever reason (it's happened), you will be able to jump to at least one other marketplace. This will keep some revenue coming in until you remedy the eBay situation.
Until next time,
-Do Great Stuff!
J.B. Malik, Founder
HonestOnlineSelling.com
I get this question all the time. Sellers who don't like's eBay and Amazon's selling fees are always looking for other web sites to post their items.
But Amazon.com and eBay each have a tremendous amount of exposure to millions of buyers - and that makes their selling fees very much worth it, in my opinion. Other than Amazon, eBay, Overstock.com, and a couple others - there aren't many online marketplaces that a.) allow you to sell goods AND b.) have a huge volume of buyers
That's starting to change with at least three smaller marketplaces - which charge sellers up to 90% LESS than eBay and Amazon (and some let you sell stuff for free): eCrater, iOffer, and Bonanza (formerly Bonanzle).
I have used each of these marketplaces with some decent success, although Bonanza booted me - and some other sellers - off for reasons they're not disclosing. However, all of them are 100% legit and with plenty of buyers.
The cool thing about these smaller marketplaces is that they're Google-friendly. That means that if your item is posted to them properly, you should get some visitors/buyers directly from people searching for the item on Google. (Your success will vary of course, based on the # of people searching for your item, and the # of competitors also selling the item on the same marketplace, etc.)
For more on these marketplaces, you can view AuctionBytes; results of its second annual Seller's Choice ratings in the January 23rd issue of its AuctionBytes Update email newsletter.
One final note about these online marketplaces - sell some goods on at least one of them. I am a proponent of 'diversification': Diversify your product types AND diversify your selling venues. If you are only selling toys on eBay and someday eBay shuts down our account for whatever reason (it's happened), you will be able to jump to at least one other marketplace. This will keep some revenue coming in until you remedy the eBay situation.
Until next time,
-Do Great Stuff!
J.B. Malik, Founder
HonestOnlineSelling.com
Wednesday
The 3 C's You Should NEVER Do.
NOTE: This blog has moved to: http://www.HonestOnlineSelling.com
You've heard of the 3 C's of marketing, right? Contact, Connect, Communicate?
How about the 3 C's you should AVOID? I call it: Confuse the Crap out of the Customer. Your company or current employer is likely guilty of the 3C's.
Example: My previous employer (we'll call them RBA - Really Big Agency) shows this diagram (above/right) during client negotiations.
The diagram even has the uber-friendly name 'QueryMatrix'. Sounds like a game in the new TRON Movie.
If that wasn't enough, here's what accompanies the diagram:
"RBA provides innovative solutions within the areas of Digital Content Optimization and Consumer-Initiated Advertising. Our holistic Search Marketing methodology leverages four key strategies to connect your brand to your audience through queries. Each of these strategies corresponds with the intersection of Advertising and Content at the Point-of-Search and Post-Search. The RBA QueryMatrix helps marketers drive more profit from each Search Query by closing the loop from awareness to consideration to engagement to conversion. Click on each arrow to learn more about our Query Marketing Solutions.
Congratulations, You’ve Found RBA."
No: Congratulations, You've Confused the Crap Out of me.
What's wrong here?
Any agency - any company - must communicate the value of their service to their customer clearly and concisely.
Since I've left the agency world (last February), I've seen how ridiculous companies like RBA must look. They try too hard to be 'classy' (there's another 'C' word) when describing what they do. Their executives spend weeks huddled in their conference rooms, pontificating and blowing a lot of hot air around deciding what THEY THINK their customer thinks about them.
The end result? Lots of gobbledy-gook and 4-color diagrams. And a Customer Confused as Crap. Do customers REALLY want to "close the loop from awareness to consideration to engagment." Or do they just need to, um, I dunno, MAKE MORE MONEY?
So what can YOU do that's different?
Whether you sell widgets or marketing programs, DO THE OPPOSITE to your clients: Express your value to customers in 1 sentence, 2 maximum.
Here's an example:
"Tell me what you want to do. I'll automate it so you can make more money." - Mike Koenigs' Social Media Marketing Machines (Not an agency per se, but Mike provides marketing services to people like Tony Robbins and Paula Abdul).
Clear? Yes. Concise? Yes. Confusing crap? No.
Here's another one:
"Skills to the Pay The Bills." Jeremy Schoemaker's Shoemoney.com. Schoemaker is one of the most sought-after and revered Internet marketers today. His company trains people to earn a living by building robust websites and blogs and monetizing them, honestly and effectively.
Clear? Yes. Concise? Yes. Confusing crap? No.
So what about you? Can you say what your company does in 1-2 sentences? Tell me, maybe I can help you refine it.
Stay Classy, Internet.
-J.B. Malik, Founder
http://www.HonestOnlineSelling.com
How about the 3 C's you should AVOID? I call it: Confuse the Crap out of the Customer. Your company or current employer is likely guilty of the 3C's.
Example: My previous employer (we'll call them RBA - Really Big Agency) shows this diagram (above/right) during client negotiations.
The diagram even has the uber-friendly name 'QueryMatrix'. Sounds like a game in the new TRON Movie.
If that wasn't enough, here's what accompanies the diagram:
"RBA provides innovative solutions within the areas of Digital Content Optimization and Consumer-Initiated Advertising. Our holistic Search Marketing methodology leverages four key strategies to connect your brand to your audience through queries. Each of these strategies corresponds with the intersection of Advertising and Content at the Point-of-Search and Post-Search. The RBA QueryMatrix helps marketers drive more profit from each Search Query by closing the loop from awareness to consideration to engagement to conversion. Click on each arrow to learn more about our Query Marketing Solutions.
Congratulations, You’ve Found RBA."
No: Congratulations, You've Confused the Crap Out of me.
What's wrong here?
Any agency - any company - must communicate the value of their service to their customer clearly and concisely.
Since I've left the agency world (last February), I've seen how ridiculous companies like RBA must look. They try too hard to be 'classy' (there's another 'C' word) when describing what they do. Their executives spend weeks huddled in their conference rooms, pontificating and blowing a lot of hot air around deciding what THEY THINK their customer thinks about them.
The end result? Lots of gobbledy-gook and 4-color diagrams. And a Customer Confused as Crap. Do customers REALLY want to "close the loop from awareness to consideration to engagment." Or do they just need to, um, I dunno, MAKE MORE MONEY?
So what can YOU do that's different?
Whether you sell widgets or marketing programs, DO THE OPPOSITE to your clients: Express your value to customers in 1 sentence, 2 maximum.
Here's an example:
"Tell me what you want to do. I'll automate it so you can make more money." - Mike Koenigs' Social Media Marketing Machines (Not an agency per se, but Mike provides marketing services to people like Tony Robbins and Paula Abdul).
Clear? Yes. Concise? Yes. Confusing crap? No.
Here's another one:
"Skills to the Pay The Bills." Jeremy Schoemaker's Shoemoney.com. Schoemaker is one of the most sought-after and revered Internet marketers today. His company trains people to earn a living by building robust websites and blogs and monetizing them, honestly and effectively.
Clear? Yes. Concise? Yes. Confusing crap? No.
So what about you? Can you say what your company does in 1-2 sentences? Tell me, maybe I can help you refine it.
Stay Classy, Internet.
-J.B. Malik, Founder
http://www.HonestOnlineSelling.com
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