{TFP} Thrifting For Profit Podcast – Episode 25- How To Reach Your Profit Goals

March 23, 2013

in Podcast

Podcast-episode-25In this Podcast we discuss what we have learned about reaching profit goals in our Amazon FBA businesses.

1 – What’s up with us this week

Beth

  • hit 2 flea markets,  1 estate sale, 1 retail store and 2 thrift stores last Saturday.
  • I have been sending in small shipments to Amazon just to get the items in.  If my profit would be eaten up by shipping charges, then I’m sending in the wrong products……because….if it is not there then it can’t sell!!

Debra

  • Hopping Busy This Week.
  • I shipped out my smallest shipment ever this morning. 3 Dinky boxes going to 3 different warehouses.
  • Easter “thrifted stuff” is selling.

2 -  Questions & Flips

Beth’s flips:

Walking for Everybody CD
http://www.amazon.com/gp/product/B0001Z377M
Just sent this in recently paid $1.50 NEW, sold for $25
Look at the other “new” sellers … from $1.43 + shipping – but they are MF.

LeapPad: Leap 1 Music – “Mother Goose Songbook” Interactive Book and Cartridge
http://www.amazon.com/gp/product/B00004W4SQ
Sent in during Jan. Paid $3 NEW, sold $32.99

Transcend: Nine Steps to Living Well Forever
http://www.amazon.com/gp/product/1605299561
This sold within the first week it was there.  U-VG, Paid $0.75, sold for $10.99

PlayStation 2 Illuminated Rotating DC Car Adapter
http://www.amazon.com/gp/product/B000BQMQ7I
Paid $3 New, sold $29.90 within 4 months

Melody in Harmony CD
http://www.amazon.com/gp/product/B0024G1N1S
Paid $2 New, sold $25 within 1 month

Listener flips:

Got this new sealed for $1. Sold Tuesday for $99.99 Godfather DVD set http://amzn.to/16NIIJH

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:

One of our members shared a photo of his office after a weekend of scouting.  He made so many of the other group members feel better – because we all have similar looking piles!

One gal asked “How long did it take y’all to PROFIT (money in your pocket) $1000/month? What kinds of items were you selling? Was your philosophy “flip it fast” or “wait for higher profits”? I feel as if it’s going to take FOREVER to actually come out ahead!”

Since we had our last podcast about craft patterns, booklets and books – we have had several discussions about the “scores” found.. what they found, what we think it will sell for, how to package and get off stickers etc.

So many of our members got their first box shipped off to Amazon FBA this last week. We are so proud of them…

3 – Main Topic – How To Reach Your Profit Goals

This Topic is one we started to cover in Podcast #13. (Holiday’s are over – Now What?)
http://thriftingforprofit.com/tfp-thrifting-for-profit-podcast-episode-13-holidays-are-over-whats-next/

We encourage you to listen to that podcast (and read the corresponding blog article) and use the information to make your own plan.

  • Don’t Buy Any Products That Won’t Make X $ In Your Pocket  (you have to decide what “X” is for you)
  • “Better Inventory = Better Profits”
  • What Else Should You Look At?
    • is Amazon selling it?
    • other FBA sellers?
    • large # of Merchant Fulfilled Sellers?
    • sales rank?
  • Use the FBA Calculator… Know Exactly What You NEED to make on every product you buy – before you buy https://sellercentral.amazon.com/gp/fba/revenue-calculator/index.html/ref=ag_xx_cont_xx?ie=UTF8&lang=en_US  (Google: FBA calculator)
  • Plan For Dead Products
    • seems to be a great item, but it doesn’t sell in several months – what to do at that point?
    • We know that some inventory will never sell.  It’s just part of the game and it happens. You will make the best “buying” choices and yet you will  still make mistakes. They happen less often as you grow in experience, but they still happen.
  • Plan For Re-pricing Products To Get Sales
  • Long Tail items:  http://en.wikipedia.org/wiki/Long_tail

Articles that you may find helpful:  “Pricing One-Of Items for Amazon FBA” (and podcast here) which expands upon the “Inventory Rich, Cash Poor” article.  You also may find the “How, When, Why to Reprice or Dump Inventory” Podcast informative.

4 – Other Topics We Discussed & Questions From the Chat Room

  • Do you all use the reviews on Amazon as well as sales rank to help you decide on the thrift purchase if there is one?
    • No, we’ve had items with poor reviews still sell.
  • By test do mean just send in one item or a few?
    • Charlene sends in 1, 2 or 3 of an item to test it.
    • Note: this was in regards to multiple quantities of items like something you might source wholesale.
  • Great advice from Charlene about avoiding Add-Ons:
    • “We did multi packs to keep them out of Add on and get the price up.”
  • Holiday and seasonal items sell all year long – so send ‘em in!

Comments From Our Listeners About Today’s Podcast:

“Great info today! Thanks so much.” – Jenny

“Thank You again Ladies.. God Bless and may the THRIFT be With you” – J

General comments about our podcasts:

“… this show opened my eyes and looking at fba in a different light has led me to a huge new fba biz!”- Barry

“I really enjoy this show…I’m going back and listening to all the ones I missed from the beginning” – Honey

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:

Listen live to the show Fridays, 2pm ET at http://thriftingforprofit.com/listen

You can find our archived podcasts here: http://thriftingforprofit.com/podcast

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