It’s been a highly profitable weekend.
All I’ve been doing is the exact same thing that I was doing last year.
Scanning thousands of product barcodes, buying profitable inventory and sending it off to AMZ.
When I started off, my supplier was Goodwill and I bought tons of used books to resell.
Each book represented an opportunity for profit, with minimal risk. Even if I lost the money I did not care. I spent all my money on books.
Due to the low buy cost, I could afford to take massive action and buy volume and variety.
Now, each Goodwill book has become a pair of shoes. My buy costs went from $1-5 to $20-$100. The risk to me has not changed.
I know many people want similar results tomorrow. That being said, I recommend putting in your dues and working your way up. Don’t be above going to discount stores such as Ross, Burlington, Marshalls and Walmart.
That is where you can build your capital much faster, with much lower risk. I want you to win, and not get destroyed. Most gurus (clowns) would tell you to dive right into online arbitrage.
What they don’t tell you is that you’ll be competing with people who have tons of capital and don’t care if they earn 5-10% margin as long as they earn Rakuten cash back and credit card points.
Beginners will lose their shirt trying to shortcut the process. Respect the process because that’s where you build the necessary skills in order to win.
Making money on Amazon is not difficult, but you must know what you are doing and control risk because making mistakes is inevitable.
Slow money leads to mastery, quick money leaves as fast as it comes in.
Until next time,
Alex Chung
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