How To Reach An Online Monthly Sales Profit Of $10,000
Before we get started buying & selling and thinking about retirement there are some things we need to prepare first
. You will need to establish your starting bankroll, basically figure out how much money you are going to allocate to get started, than create a budget. This should be disposable income, especially for those just starting out because you may make some costly mistakes, so dont use your rent money to get started! What I typically do is withdraw $5,000 every month that I am going to use for purchasing inventory; my target return when I am making purchases is three times what I spend. My monthly target is usually $10,000 profit, so therefore I need to make sure I spend my $5,000 on inventory and I can hit my goal. Dont be discouraged by the numbers, you should be getting a much greater return if you are buying lower cost items than higher ones. Here is my basic spending principles that have treated me well; If I buy an item for $5 I need to be getting 5 to 1 on my money or it just simply is not worth my time and trouble. For example if I see a Nintendo Gameboy it might be worth $25 on Amazon but I am not going to bother bidding on it if it goes above the $5 mark, you need to leave yourself room for profit.There may be something wrong with the item and if youre potential return does not justify the risk of more profit than you need to simply pass it up and move on to the next item. Again, this is only a guideline, if you know that there is a guarantee that the item you are buying will sell all day long at $25 and there is no risk of damage to the item and your ok with making a small profit, go ahead and spend the $10 on it.
Sometimes when youre at a tough auction or sale and you cant get anything at the right price but you can buy a large quantity of items and only double your money, go for it if youre ok with the return. Moving on with my return guidelines, buying an item for $10-$15 it is good to try and get 4 to 1, when moving up to $20-$50 items I like to try and get 3 to 1. The $75-$150 range at least 2.5 to 1 and $200-$500 is when I start looking at just doubling my money and when you start getting higher up such as spending $2000 on an item (maybe a car, or jewelry, antique weapons, rare coins, etc) it is ok to start taking smaller percentage returns because the dollar values justify the spending. I can remember spending close to $2,000 (including buyers premium and tax which I was aware of when bidding) on a rare Carson City Morgan Silver Dollar that I knew I could sell for a minimum of $2,500, I ended up selling it for $2,900. After fees I was looking at a $700 profit, which is not too bad for an hours work. It becomes obvious of the difference of percentages you are expecting when the value goes up, at the same rate it would not be wise to spend $20 on an item you expected to sell for only $25.
If you are just starting out I recommend buying mostly $5-$10 items and a lot of them so you can minimize your variance, maximize your returns, build your bankroll and not tie up to much of your spending cash. Dont automatically assume if youre buying items for $5 that youre not going to make any money and youre wasting your time. Be aggressive and take chances, dont be caught waiting on the sidelines at an auction for one or two specific items or not pulling the trigger when you have the chance and somebody else grabs your item. Buy and bid with confidence!
Many people come up to me asking for help getting started but they dont think they have enough money to get started.
The philosophy that it takes money to make money is simply WRONG!
When I was in my hay day as CEO I was also an investor and I was part of a group of real estate investors, known as Investors United and I watched members of their group make millions, yes millions of dollars without putting out a cent. They would find people interested in selling their homes and sometimes in desperate need of money, than they would have them sign a real estate contract and gave them rights to buy the home. The investors would than sell the house at public auction, pay off the seller of the home and pocket the profits. There are many ways we can use similar techniques to sell items on the internet. For starters do you have neighbors or family members that might want to get rid of stuff that you could potentially sell for them? Maybe they want to sell a car for $2000 that you know is worth at least $3000 but you dont have the capital to buy it, what a shame right? Most people would walk away from the opportunity but not you, youre too creative so you write up a simple contract or verbal agreement if you trust them to give you the exclusive right to buy the car for the next 30 days. It is always best to be honest and upfront with your intentions, most people are reasonable and are willing to leave you a little on the table if you explain the situation, sure you could just try and find a buyer without talking to them first but they might not react as favorable as you hope to what you have done and might cut your out of the deal entirely. So after you have a deal in place with the seller you decide to put ads in the newspaper, craigslist, auto trader and eBay for the car at $3500 OBO. You find a buyer willing to pay your asking price and he writes you a check for the money, you pay whoever you were selling the car for the $2000 they wanted and you pocket the rest, guess what you just brokered your first deal!
by: Ryan Andes How To Send Online Diwali Gifts To India Ensure A Bubbly Start To Your Career With An Online Rsa Course Locating A Fashion Jewelry Supplier Online Check Out Amazing Deals On Branded Wholesale Clothing Online Online Shops In Uae Guaranteed Ways To Sell Digital Goods Online Perfect Online Hub For Designer Women Footwear The Effective Website Can Make Best Online Image Of You Online Handbags Weekend Payday Loans Online No Lose Your Heart Get Money Rapidly Now Incredible Online Tailor For Custom Tailoring Processing Credit Cards Online - What You Need To Know Product Launch-effective Online Strategies