I just got back from an international trade show. Believe it or not, this was my FIRST trade show of my life! It was such a great experience- very eye-opening in many ways. I plan to write more about the experience soon, but today I wanted to share something exciting!
Every so often I receive emails asking about personal “coaching.” Currently, I am not offering any kind of coaching and have politely turned down these inquiries (however, you’re welcome to email at any point if you get stuck when following my process outlined in my ebook). There are a couple of reasons I don’t offer personal coaching. First, I wouldn’t even know what to charge! Second, I still spend more time than I’d like to on my own business! I am still in the process of automating and/or outsourcing more tasks. When I successfully accomplish this, I may consider taking on a couple of “students”. The third reason is that I want to focus on first helping those closest to me before branching out.
I’m currently helping someone sell online for the very first time! He has had zero experience with selling on Amazon or Ebay. He does not know how to build a website, build a list, he has no idea what “SEO” or “PPC” means, nor has he ever worked with a supplier or started any kind of retail business. In all honesty, he finds the internet a little intimidating… and yet, he’s up and running and recently made his first sale! So who is this “student” of mine? Have you figured it out? I’m talking about my father!
My Dad approached me probably over a year ago after seeing my success online. The company he works for has undergone recent changes including new management. He was forced to take a pay cut (along with all the other employees) and move into an area of the company that he was not thrilled about. Raises are no longer an option under the new management and he no longer feels like a valuable part of the company. He is looking for a little extra income. I encouraged him that if he works at this, it could become a full time income, or at least a substantial part time income that he can build up while working his “day job.” I typed up 3 pages of notes explaining what I do. We went over it, but I think it scared him off a bit. It wasn’t until a year or so later that we went out for lunch and he told me “I still think about starting a business, but it’s really foreign to me.” I encouraged him to go for it and start small. I sent over my ebook to him and to my surprise, he dove in!
My Dad and I are quite different in a lot of ways. Specifically, he likes to work with his hands (I don’t have a handy bone in my body!) We are also similar, however, in the fact that we are both quite risk-averse. He did not wish to buy a smartphone or a scouting app starting out (it took me a long time to take that plunge as well!) He called me a few weeks ago telling me about some great “thrift store finds!” He picked up 2 old clocks on a hunch (he had NO research tools with him and had never even looked on Ebay or Amazon for this stuff!). Neither clock was working, but one was $2.00 and the other was $3.00. He figured that worse case scenario, he’d be out $5.00. He brought them home and found that one was selling between $25 and $35 and the other was selling between $30 and $100 depending on the condition! (and his were in great condition!) He took the clocks apart and got them both working perfectly! Later he found some classic coca-cola napkin holders and asked if there were any more. He made a low offer for the entire lot (10-20 of them) and walked away with all of them! He has been spending time polishing them up and re-striping these collectible products!
I spent time at my Dad’s house last week getting him set up with an account and going over the basics of Amazon, Ebay, and Paypal as well as how to do research etc. A couple of the products he purchased will probably break even or maybe lose a dollar or two, but overall, he has made some great purchases and he will come out ahead! I also got him started with DVDs and Blu rays which we used as the initial listings- one on Amazon and one on Ebay. Both sold within days! He is now very excited about the possibilities and I plan to sit with him while he lists the remainder of his inventory this weekend!
My father’s “inventory scouting” is entirely different from mine, but it’s working for him! In fact, his profit margins are significantly higher than mine! Shopping thrift stores, garage sales, estate sales etc is a great source of income! I hope this is encouraging to you as you find your own sources for inventory!
If you haven’t yet downloaded my ebook the offers strategies for building start up capital, and takes gives an overview of the 6 steps, you may do so for free below! Thanks for your support!