I promised to share with you how we make easy money and find unlimited book deals to buy every day. It’s an easy two pronged approach.
Firstly, we use the software I have talked about before (see here) to find deals with any price range and/or with any sales rank we desire. For the uninitiated the lower the sales rank of a book, the faster it sells. Makes sense right? A number one bestselling book sells faster than a book ranked at a million.
Next, we choose the filters that suit our budget best and the sales rank we like. For example, we might put in books priced at $10-$15 books and a sales rank no higher than 100,000 and voila, pages and pages of books show up that meet that criteria. This takes less than thirty seconds.
Next, we use Keepa.com which is a free service that gives all the information available on every book e.g. price of book, sales rank of book, history of sales rank, history of price of book, trade-in opportunities etc. We loaded this software once and now we can see at a glance if a book has potential profit or not right away.
This allows us to know before we buy any books what percentage return on investment we can expect. Now the market is extremely dynamic so that figure is not guaranteed but we can make informed choices. As with any market timing is everything. So even if a book is a bestseller it may or not be the best time of year to buy the book. If it is we go ahead and buy the book. If it is not which the chart will tells us then we simply set a price alert on it and this software will track our book for us and automatically email us when our ideal price is available. Simple.
Every morning we literally wake up to hundreds of deal opportunities in our email account on books that we are interested in buying because we targeted them specifically. So no spam, just deals on research we have already done. Could it be easier? I think not. We begin each day with amazing book deals before we even get dressed. How many things can you say that about? I told you this is easy.
Now as I mentioned above the book market is extremely dynamic. There are unlimited deals so there is never any panic but we do need to track the prices of our books so that they remain competitive. There are many repricing tools that anyone can purchase that automatically reprice books or there are some free ones.
We are currently researching using some paid repricing software but for now we reprice using Amazon’s free repricing tool and we manually reprice as well. Yes, Amazon provide the wonderful service of repricing for its booksellers free of charge. On any given day millions of books are bought and sold on-line so it is important to know the status of books i.e. where they are placed on the sales page and if they need to be repriced up or down to sell the book.
This information is available at a glance. Again, easy. Obviously, moving forward automating at least some of this job to autorepricing software will be really beneficial but some manual repricing will still be required especially during the bumper seasons.
For the moment we are doing this ourselves for two reasons, one, we are passionate about learning every aspect of this business and the other is because we are not at the financial stage of outsourcing yet but it is something that is so simple that it can be handed off to an assistant with a half hour training. How cool is that? I’ll keep you posted on that.
That’s pretty much the nuts and bolts of success with this business. Because of the way the guys have set it up. It is simple. It is powerful. It is structured for success. It is pretty predictable.
It is not rocket science. It is a paint by numbers system of buying and selling books and making a lot of money in the process.
There is a tipping point which we are very close to hitting which is the compounding point at which the money we have invested so far is now generating itself. No further capital required if desired and still exponential growth of our business and sales is for certain once we apply what we now know. Let’s get into that juicy sweet spot next.