October 2, 2015
Continuing our discussions on different methods of acquiring inventory for Amazon and eBay. Go to garage sales with me and then sit and compare all the methods described in this series.
Entrepreneur Girl takes us along her trip to different garage sales to find inventory to resell on Amazon and eBay. Tracy shows some of the items she found, compact curler, some books, vintage glass bowls, games, vintage tinker toys, sewing machine and coffee mugs. Tracy went to a neighborhood garage sale, where there were many homes that had sales which is a great way to find some quick inventory without having to run all over the place.
Tracy loves garage sales as the items she finds offer the best profit margins for products to resell on eBay and Amazon FBA.
In the video Tracy recaps the different videos in this series and where to find product to resell. She also reminds us of what is important to look for when finding inventory while out doing retail arbitrage. You should have the goal to sell an item for a minimum of $10 profit, otherwise it’s not worth your time with narrower profit margins. Same goes for the 3X rule. You buy a product for $10, you should be able to sell it for 3X that amount so for $30, that way after Amazon fees you should be making a $10 profit on it after recouping the money you have invested into the product. If you are not 3X your money on an item then keep looking, otherwise you have to really weigh out how much you would make. If it was a more expensive item then it may be worth it since there would be more money. It’s better to sell one $50 item that it would be to sell 50 $1 items, makes sense right?
When you are shopping and doing retail arbitrage for Amazon FBA, you need to be sure to scan everything. Don’t buy anything without scanning it first. You need to be sure there is profit in an item before you purchase. Don’t get fooled into thinking it’s a good deal if it looks like one in the store because it was deeply discounted from their original price. Many times the clearance price is around the same as what it’s already offered for on Amazon so that is why you need to scan it before buying it so you can make an educated and wise decision in the purchase for inventory.