This is Part 2 of our “Wholesale Sourcing with Charlene Anderson” Podcast Series. In this Podcast Charlene Anderson we discuss what we have learned about Wholesale Sourcing with Charlene Anderson. She answers a bunch of Wholesale Sourcing questions – a MUST LISTEN for anyone thinking of getting into Wholesale Sourcing for their Amazon FBA business!
1 – What’s up with us this week
It’s Magic 25 Weekend! We are offering our Thrifting For Profit – The Amazon Way Guide for the Magic 25 dollar Price. This is about 1/2 off the regular price!! The sale will be available until midnight Sunday March 10, 2013 – Get your copy HERE!
- Stopped at a library while running errands and found a few great items.
- Processed, packed, shipped some time-sensitive retail items.
- Got some practice creating product pages.
- Made a wholesale purchase with encouragement from Charlene – and it was NOT a HUGE order!
- Went out thrifting.
- Went to a grocery salvage store.
2 – Questions & Flips
Only shared 1 flip each so we could spend more time talking about Wholesale with Charlene.
- Privacy Technologies TeleZapper, http://www.amazon.com/gp/product/B00005TQ1Y Paid $4 – NEW sold for $49.99
- Passover Puzzle http://www.amazon.com/gp/product/B003DY4RFY Found this NEW at GW paid $1 Sold $25 (currently unavailable) Took about 2 weeks.
Want to hear about MORE GREAT FLIPS? We share flips often in our free Thrifting for Profit Facebook Group. Come join in the fun!
(note: this is a free group. To sign up just click here, then click on the “join” button and we’ll add you to the group ASAP.)
Topics we’ve been discussing in our Facebook Group this week:
- Struggling to find balance in our business/life http://www.facebook.com/groups/thriftingforprofit/permalink/481332735248733
- Roadtrip with Beth for Goodwill Outlet Store – if you are near Southern, NJ – come join the road-trip date TBA (Bellmawr, NJ) http://www.facebook.com/groups/thriftingforprofit/permalink/481332738582066
- How To Remove the Un-removable price tag/marker
- Long “Intense” discussion about “when” to quit your day job and do Amazon (and other selling channels) full time http://www.facebook.com/groups/thriftingforprofit/permalink/480399088675431
3 – Main Topic: Wholesale Sourcing with Charlene Anderson – Part 2
(formerly: From Widget Sourcing to Deep Sourcing)
- From Widget Sourcing to Deep Sourcing: How Are You Going to Grow Your Business http://thriftingforprofit.com/from-widget-sourcing-to-deep-sourcing-how-are-you-going-to-grow-your-business/
- Thrifting as a Gateway to Wholesale Sourcing http://thriftingforprofit.com/thrifting-as-a-gateway-to-wholesale-sourcing/
- Questions & Topics Discussed:
We got to the rest of questions that we had for Charlene about Wholesale Sourcing and there were LOTS of great questions from the chat room that were answered “on-air”. You can always ask questions in our free Facebook Group too!
- What you need to apply to purchase wholesale:
- Business Bank Account
- Business License
- EIN # (free from the IRS) http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Employer-ID-Numbers-%28EINs%29
- Tax ID # from the state you live in (you will need your EIN# for applying for this)
- Business Credit Card…. You can also use your Business Checking Account Card that has a Visa/Mastercard logo on it. Some may also take a cashier’s check.
- Business Cards
- Questions from Debra and Beth for Charlene:
- Advice on HOW to look for products.
- Finding some “wholesales” who are easy to apply and get approved to buy – only to see that the prices are not that great.
- Products we have sold before (from our thrifting or previous arbitrage) that we want to look for.
- Charlene and Debra discussed this on ThatKat Radio – http://www.thatkat.com/2013/02/04/that-kat-radio-episode-8-bundling-jake-jacob/
- google: amazon.com “product bundling policy”
- Returns – if the margins are slim, do you worry about returns cutting in to your profit?
- How slim of a margin is too slim?
- Pricey Products vs. Lower Priced products.
- Stay with magic $25 and over products or low price? How low?
- Sales Rank – It does matter in this case?
- Competition… what should you look out for?
- Chat room questions answered “on air”
- When breaking into wholesaling I know the best no other FBA sellers, but how many other FBA is max before choosing another product or niche?
- Did u call or email with your company before the (wholesale) order?
- Did you just find the company on the internet and contact them via email?
- Do you buy wholesale and have it shipped to yourself and reship to Amazon?
- If you ship directly to AMZ, and then Amazon goes directly to your wholesale source and cuts you out in the middle? Does that really happen? (above)
- Do you tell the wholesaler you will be selling their items on Amazon?
- What do you look for when on their (manufacturers) website? Distributor link or something?
- Why would you want to sell something from a wholesaler with a slim margin?
- When doing wholesale do you use stickers on everything or go stickerless and send case packs?
- Other Questions/Topics
- We were discussing bookkeeping before the official podcast started. Many people like using Outright for their bookkeeping which does offer a free service. Find out more here: www.Outright.com
- Evernote – very useful for keeping track of all sorts of things – enter notes, pictures…etc. and easily view them from your Smartphone, computer, Kindle – anywhere! and they all synch together and are easy to organize – and it is FREE. www.Evernote.com
- Insurance for your Amazon FBA business. Find more info about that here in Episode 14
Comments From Our Listeners About Today’s Podcast:
- “Charlene you were wonderful! Ladies, Please schedule her back again.” – Steven
- “Thanks soooo much, Charlene!!! This has been a great shoe… I mean SHOW!!! LOL” – Linda
- “thank you once again for your time Charlene, Debra, Beth” – guest
- “Love your joyful hearts!!!” – Craig
Do you have a question about Amazon FBA, Thrifting or any of the topics discussed in this podcast?
- Ask your question on our Free Facebook Group (once there, click the “Join” button) or leave us a comment below this post. We will get back to you ASAP!
Other Links & Resources:
- Our FREE Facebook Group: http://www.facebook.com/groups/thriftingforprofit/ – click on the “Join” button and we’ll add you to the group ASAP!
- Freebies & Guides from Debra & Beth to help you with your Amazon FBA business! http://thriftingforprofit.com/freebies-guides/
- Our Recommended Resources can be found here: http://thriftingforprofit.com/recommended-resources/
Listen live to the show Fridays, 2pm ET at http://thriftingforprofit.com/listen
You can find our archived podcasts here: http://thriftingforprofit.com/podcast