build an online
Business
How much time and money does it take for an e-commerce business?
How much money do you need to start an eBay and Amazon business?
Can you start with almost zero? What type of salary do you make based off of how many hours?
Tracy’s Tuesday Tip: How Much Money & Time Does It Take To Start Ebay And Amazon?
Tracy sits down with us and discusses what we are all wondering. “Just how much time do I have to work each day to earn enough money on Ebay and Amazon and how much money will it cost me to get started”?
Tracy talks about how so many people think that it costs a lot of money to get the ball rolling in working from home at EBay and Amazon and nothing is further from the truth.
She encourages us to not give up and to keep working at it because you can be successful, even if you start with very little money.
Each of us has different expectations of what we need from a work at home business. Some of us just want to make enough to make a car payment, while others are wanting to be their own boss and replace a full-time income, working from home. You will have to decide what your expectations are.
How much money do you need to make in your online business?
Tracy tells how her expectations were set based on her coming from an education background so she was thinking that if she could earn $40,000 a year, which was an average school teachers income in Florida, then she would be happy with that.
Others might have been an attorney or a stock broker, earning over $100,000 and they would need to earn more, based on what income, they had walked away from to become their own boss. Each person is different so you will have to decide what you want or need to earn.
For the purpose of this video, she is going to be discussing $30,000 to $40,000 income, since that is middle of the road for most people.
Tracy shares her story of how she got started doing her EBay and Amazon business with no, out of pocket money. She had no money to invest and she knew nothing about EBay, at the time. So no matter where you are at, just stick with it and listen to her story to help give you encouragement and some insight into how anything is possible if you set your mind to it.
Start your online business by selling your things.
To get started, Tracy started by cleaning out her house and garage and decluttering it. With 8 kids, 2 adults and 3 dogs, a family would have a lot of things that they have out-grown, got tired of or just didn’t need any longer.
She went through closets, drawers, book cases and anywhere she could find things that she could sell for a profit. She made a pile of books, clothes, toys and everything that was no longer being used and filled her garage up with stuff from her house and then sold those things and got a chunk of change that she could invest in her EBay business.
The need for inventory to sell took her on treasure hunts at garage sales. She was able to buy things for a dollar or two and sell them on EBay for around $20. If they didn’t sell, they she would be able to just have a garage sale and get rid of any unwanted inventory. So the risk was minimal.
Tracy was able to then take the money she earned from selling the garage sale items on EBay, and reinvest it in her business again and kick it up another tier and start to shop at thrift stores and retail chains doing retail arbitrage. Looking for deals that she would be able to sell for a higher profit.
She would go into any store and head to the clearance section and find items that were 75% to 90% off and start to scan items, looking for any items that she would be able to sell online for a larger profit.
Even at thrift stores,she would be able to find items that were new in the box to purchase and then turn around and sell them for a really good return. From selling those items, her nest egg grew even larger and she was able to invest that money into online arbitrage, auctions, wholesale, drop shipping and private label items.
As your nest egg grows, you can expand your products and make better decisions with your inventory purchases. Tracy had to grow her business very slowly and organically as she was trying to learn the business and get better and better at selling and at finding new inventory to sell.
Each month Tracy is able to increase her income. As her knowledge grows, so does her income. She is always learning and trying to better her business and if you do that, you too will be able to grow your business as well.
Tracy talks about how she loves EBay because you can literally get started with very little. You probably already have your computer, a smart phone, your bathroom scale for shipping, boxes are available for free and scanner apps are free. The only things that you will have to purchase is your laser printer (if you don’t have one) which you can purchase for around $90 and your packing tape and labels. So your start up is minimal and then you will be able to start to accumulate cash. That is why Tracy just loves EBay.
The merchandise that she originally sold is not what she is selling today and what she is selling today is not what she will be selling in a couple years from now.
The same will hold true for you. As your learn and expand your business, your merchandise will change again and again.
Get smart about the products that you choose to purchase. Understand what it takes to choose good inventory. You have to scan your inventory with an app like Profit Bandit or the Amazon Seller app.
Next, look at your sales rank. Is it under 100K ranking? How fast is this product selling? Use sites like www.camelcamelcamel.com to do the research on each product. What about competition? Are there a lot of people selling this product? How much are they asking? Is Amazon selling this product? How much product does your competition have? Do they have 5 million of them or do they have 5? Once they sell through them, you will be able to sell yours. This information will help you determine your price.
Another thing to take into consideration is Tracy’s $10 rule. Unless she is going to make $10 profit, then she doesn’t want to do it unless it is something that she is buying in bulk or when she sells books because she is getting them at such a cheap price to start with.
Time= Money: be mindful of how much time you invest in each aspect of your business because it takes less of your time.
It is harder when you are new at this because you don’t have the knowledge to pick inventory and you won’t have the money to buy the better products. As Tracy’s business grows, her budget for purchasing inventory grows and it allows her to buy products that she will earn a higher ROI (return on investment).
Tracy encourages us to just push through the learning curve and push through and you will see your bank account grow and the decisions you will be making, will be better and you will be making more and more income.
How many hours does it take to earn a full-time income? Tracy will make other video’s showing us how to determine how to calculate the amount we want to earn and then to be able to walk it back and determine how many hours it will take us to earn the amount that we need to earn.
Tracy wanted to earn $30,000 a year and only wanted to work 4-5 hours a day. that means she had to list at least $400 a day. But Tracy is actually working 40 hrs a week working with all aspects of her business.
She shares with us that when she almost died in the hospital, it made her realize what kind of life she wanted and she did not want to have a job that she had to work full-time, but she needed to earn full-time wages. She wanted to live a life of being able to spend time with her kids, her husband, her parents and have time to travel.
Additionally, the reason she spends more time doing this business than she has to is because she is building her business and wants to be able to help us have a freedom that we can have by working from home. If she was just listing and selling, she would be able to spend just 4-5 hrs a day. But between writing a book, developing her website, writing courses, doing the videos and everything else, it is taking up more time.
Is it worth it? Tracy says yes! She knows she is building her business as well as wants to help and encourage each and every one of us be able to learn and grow and have the freedom to work from home and be our own boss so we can be real, successful entrepreneurs!
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Knowledge & Inspiration
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part 3- http://www.podcastchart.com/podcasts/selling-on-azon/episodes/soa84-entrepreneur-girl-interview-part-3-tracy-and-james-discuss-profit-margins-and-turning-retail-arbitrage-into-a-full-time-business
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