Today, while waiting in a Starbucks drive-thru, Linda left me a comment on my ghost-town of a blog. This is what she said.
Wow, you’re really inspiring! How are you doing now?
I’d love to know how much money I should have saved to be able to use it as startup for my own fba journey to profits. How much is necessary?
I’m currently unemployed, living off of my savings, and the support of my parents. I want to put all my energy in this and make it happen. I’m desperate for a change and can’t find a job. I’ve tried different things online before but I truly believe this will be the game changer for me.
Thanks so much in advance, I’d really appreciate any tips you can share with me.
I’ll be checking back here for your response!
It’s been so long since I’ve written a post, I felt like this was a great opportunity to answer some questions so many of us have when getting started. Here’s my reply back.
Thank you for the kind words! I’m glad you found some inspiration in the posts that seem so long ago! You can find out how I’m doing with private label at fortyhourrebel.com. I’ve got awesome stuff up my sleeve for this year so you’ll want to join our FB group to keep up, and get quick responses to your questions from the awesome community.
A guy I know quit his job after 8 months of hustling in his time off and I know deep inside this is a viable option for anyone. So let’s get you started…
How much money do you need? I know cash is tight, with no money in and money always going out. So I’d really recommend starting by thrifting and looking around the house. You’ll want to go to your thrift stores and scan books, scan new items that are still in pristine condition. Check the VHS tapes, you’d be surprised the real gold here. Now don’t go buying hundreds of dollars here, if you do have some expendable income you’ll want to use that to start you in retail arbitrage. Basically going to your local stores and scanning the shelves for anything. Clearance, sales, anything popular in toys. I don’t want you to get discouraged, this is very much about the hunt.
You don’t need much cash, if you start today with $100, spend $25 at the thrift store (don’t rush this, be picky!), and the rest at retail. You will need labels that will run you $12 or so, and a working printer, boxes and packing tape. You can start this for cheap. You’ll need to be very diligent with learning. Familiarize yourself with terms in Amazon like best sellers rank, or BSR, gated categories, categories requiring approval, turnaround, ROI, margins. Absorb what you can from blogs like this one and just read read read. Seriously, join the FB group and read every post here. Buy products with a good rank under 60,000 or so. Again you are going to take all of your profits and reinvest over and over. Hold a garage sale and get rid of stuff you don’t use and flip that into your business.
I know I’m going off on a tangent here, so to answer your question- don’t go nuts. Learn the business by investing a very small amount. Risk only what you are willing to lose. Then flip the money over and over. When you get comfortable, invest more. You’ll need to be approved in certain categories to see faster flips, so like I said focus on learning this week and get your feet wet.
I’ve tried to send an email, hope it came through. If not, best of luck! Feel free to ask more and more questions! Let’s make this happen.