Compounding Money

If you think of a business expanding 8 fold in 7 months in its first year of business it’s pretty unbelievable and it is growing because we are rolling all our profits back in. The bigger the inventory the greater the speed of expansion and the more powerful effect of compounding.

“The smallest good act today is the capture of a strategic point from which, a few months later, you may be able to go on to victories you never dreamed of.”   ~ C.S. Lewis

At the time of my writing this blog we are over half way through our current peak season for textbooks. As I have stated before, textbooks sell all year round it’s just that there are 2 big bumper seasons (January & August) and one mini one (May) as well. It’s like Christmas comes three times a year in terms of a sales boost which is pretty awesome.2018 08 30th Sales Screenshot

 

As you can see creating over $2,000 a week is a substantial boost in profits and that figure will only continue to rise.

For our first textbook season we had an inventory of 54 books and sold 22, so nearly half our inventory. Roll on 7 months later and we have an inventory of 400 books which is almost 8 times the number of books we had in January and we are making weekly sales of $2,000 and more. Remember too that we have been selling books nearly every day in between.

If you think of a business expanding 8 fold in 7 months in its first year of business it’s pretty unbelievable and it is growing because we are rolling all our profits back in. The bigger the inventory the greater the speed of expansion and the more powerful effect of compounding.

If we were to open any well known franchise for any other kind of business we would never have been able to begin with just $1,000 and create this level of success (one of our community members started with $100 in the pot and has grown that into a multiple 5 figure business in 18 months or less). Not to mention we don’t have to deal with the hassles that come with running that kind of operation (franchise) with employees, insurance etc.

So, we are growing our own business that we can do from anywhere in the world. Our business is growing in a predictable and powerful way. We are continuously honing our  skills for working smarter and not harder. We are becoming wealthier.

white android tablet turned on displaying a graph

Our money works for us all day every day. The boost we get from sales in textbook season further accelerates our book buying power and therefore book profits so by the next peak season we will be hitting even juicier numbers. What’s not to love?

Next, I will share the value of great customer service and how that adds to our bottom line personally and professionally.

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Book Buying Precision

The steps to the magic of buying, selling and trading books easily and consistently which is the same thing as saying making money easily and consistently.

“Nobody ever lost money taking a profit.”   ~ Bernard Baruch

Since this business is about flipping money which translates as buying and trading books for a profit it is important that you know how to buy the right books.blur book stack books bookshelves

Let me short cut that process for you now. Remember, the crux of this profit rolling business is buying and trading used books from merchant fulfilled say on Amazon and reselling them at a higher price on Amazon Prime. Customers who buy on prime will often pay much more for a book just to get it faster.

Also, please bear in mind that this process can be repeated with countless other booksellers too. It’s just that Amazon provide safety nets that are pretty extraordinary in terms of support and money back guarantees which is why we started here and advise others to as well.

With that in mind searching for profitable books on the software provided with this system makes this process so simple. We have found it most effective to place as few filters as we can to search for books in our desired price range.

For example, with book arbitrage we might put the setting at $3 to $20 in the Used price, $50 in the 6 month average price with a low sales rank of 400,000. This then displays pages and pages of potential books that meet that criteria. The deals really stand out this way.

Once we have seen a deal we check the prime prices of books already for sale and ensure that our desired profits are attainable within the first 3-5 listings of these books. We allow room to price up and down and this ensures that we know we can sell our books quickly and easily.

If this sounds simple, it is, and don’t let your mind throw wrenches at you. Making money easily and quickly is the best way to make money despite what we may have been told in the past.

The constant speed and repetition of sales is not only exciting but very profitable. As I mentioned before it is the compounding effect of rolling profits quickly that is the magic bullet with this and is why we are all able to become so wealthy so easily.

With trading books we simply open up a topic of study, say for example chemistry. We then press an extension button which instantly shows whether books on that page are eligible for profitable trade-ins that day or not. If they are we simply lock in the trade and the buy the book, send it to the bookseller and pocket the difference. If not then we simply repeat the process on the following pages.

accomplishment accuracy accurate achievement

There you have it. The steps to the magic of buying, selling and trading books easily and consistently which is the same thing as saying making money easily and consistently. Since there are unlimited filters available you can purchase an almost unlimited number of books to suit your budget. Then just rinse and repeat.

We really have to pinch ourselves with how powerfully and quickly our book business is taking off using this no-brainer system. We are incredibly thankful for this opportunity which again as we mentioned before is changing our lives.

“Compounding is the magic of investing.”  ~ Jim Rogers

We have been able to flip money beginning with as little as $5 on books which is growing into multiple figures now. Where else in the world is it possible to make such big returns from such humble beginnings? This is the system whereby the everyman/woman on the street can become wealthy.

In the next blog I will share some of our sales numbers from textbook season which is upon us which should really emphasize the momentum of compounding sales and profits.

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Working Smarter, Not Harder

We are both aware of our strengths and weaknesses and have designed our business around us. We do what works best for us and that is why we enjoy it as much as we do and why we are becoming so successful with it.

“Just because you work more, doesn’t mean you get more. That’s why you need to work smarter, not harder.”   ~ Paul Chucks

Everyone hears that phrase work smarter, not harder and agrees. It’s obvious, right? But is it? How many people actually apply this in their lives? Only when you apply it in your life/business do you know it, as one of my mentors says.

pexels-photo-1059116 - Work Smarter not Harder

When it comes to this system with book arbitrage the guess work has been taken out of it in terms of the actions to take. For me this gives us all who use this system a huge advantage as so many dreams fall by the wayside not because people aren’t willing to take action, but they don’t know which actions to take.

“Effort is important, but knowing where to make an effort makes all the difference.”   ~ Unknown

With the correct action steps already spelled out for us collectively let’s dig a little deeper to see how we can then apply these in an individually smart way.

As individuals we all have our own strengths and weaknesses. Are you aware of both your strengths and weaknesses? What are you naturally good at and what is challenging for you?

Once you figure this out in your book arbitrage business it is easy to devote more of your time to doing the parts that bring you the most satisfaction and thereby profitability i.e. your strengths. It also allows you to delegate the other tasks i.e. your weaknesses in the business, either immediately or over time depending on your budget .

This means you spend most of your time being productive, feeling good and getting results. The joy is in the journey and not just the outcome and your quality of life and confidence automatically increase too – almost instantly.

Any time you spend on your business is time you never get back. So it must be the best use of your time. Enjoying your role in it will make it feel like fun and not like work at all. Now that is smart!

If you take the 10 minutes or so to do this exercise your role will become clearer not just for today but every day in your business. With this awareness you can design your business around your strengths and weaknesses and that is how big success is achieved. It ends up being pretty effortless as you mostly do what you enjoy.

This is not to say that you ignore your weaknesses. On the contrary, once you are aware of them you can either allocate time in your schedule to do those tasks (when you are a small operation), say once or twice a week and then you know they are handled or allocate them to someone else who does enjoy those particular areas.

“Success is achieved by developing our strengths not by eliminating our weaknesses.”   ~ Marilyn vos Savant

This strategy really freed me from the tyranny of fruitless efforts. I used to think I had to shore up my weaknesses and spent an inordinate amount of time ‘trying’ to improve those instead of expanding on my strengths. Talk about frustration and hard work. Doh!

Now, however, since the very beginning of book arb I am very clear on my role as I am aware of my strengths and weaknesses. I enjoy my tasks as I am good at them e.g. buying/selling books, repricing, online networking, blogging etc.

I am also happy to delegate my weaknesses e.g. setting up spreadsheets, statistics, sorting out returns, setting up a website for this blog etc. It turns out Tom is brilliant at those tasks and loves doing them. Win-Win.

We are both aware of our strengths and weaknesses and have designed our business around us. We do what works best for us and that is why we enjoy it as much as we do and why we are becoming so successful with it.

Going forward we are both looking forward to delegating even more of our tasks to others who love those roles too. This will free up our time even more and allow us to enjoy the lifestyle we are creating. Book arb is about TIME and MONEY FREEDOM equally for us.

What are your strategies for working smarter, not harder? Be sure to do this exercise for being clear on your strengths and weaknesses today and not just intellectually agree that it is a good idea to do. It only works if you do it.

Being crystal clear about these and using them to your advantage is another essential strategy for easy success. Success isn’t hard once it’s clear. It’s simple and obvious.

Next, I will break down the exact way we are buying books to great effect.

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Pack A Powerful Punch

By us focusing on just 3 of the many powerful strategies in the Book Arbitrage business these small but systematically used techniques have had a powerful impact on our ongoing business.

To accelerate our profits we are following several strategies as recommended by the creators of this book arbitrage opportunity i.e. Jon Shugart and Luke Sample to great effect. Anyone in the community who follows these strategies see ongoing wonderful results too.

men s black blazer

“Energy and persistence conquer all things.”   ~ Benjamin Franklin ~

One of the most important strategies to ongoing profitability in book arbitrage is REPRICING. Amazon reward active accounts by exposing those books to more buyers. We reprice daily which lets Amazon know that we are actively working on selling our inventory. This way we sell more books and Amazon continue to display our bookstore to more customers.

I think of it as flinging open the doors of a brick and mortar bookstore with a banner to let our customers know that we are open for business. In addition to using Amazon’s automatic repricing software we spend some time every day manually repricing to ensure ongoing sales. Our bookstore may be virtual but our due diligence isn’t and our resulting profits are real.

Another strategy we apply is we buy our books based on RETURN ON INVESTMENT (ROI) and sell them based on the market. What I mean by that is when we purchase a book we do so based on the ROI we expect to get based on the Keepa charts e.g. 100%. However, by the time the book arrives in Amazon via the book prep centre the market can have changed somewhat so we now sell based on the current market value.

Keepa Chart Example 001
Keepa Chart Example

We do not hold out for the 100% return on investment any longer unless the market is still selling at the percentage. We immediately reprice our books to sell which could be for a profit of 60%. That’s still a whopping return. Initially, however, we made the mistake of holding on too long and waiting for the market to go back up.

This meant that instead of receiving a profit of 60% within 30 days and reinvesting that profit 2 or 3 times we held our books at a price set for 100% ROI which took in most cases 90-120 days to recoup, based on what we had originally paid for the book, and we thereby missed out on a lot more profit in the meantime.

This is an important point in this business. The market doesn’t care what you paid for the book. Sometimes, especially in the beginning with a small inventory we can become attached to our books or our return on investment figure. This slows the whole process way down.

The way to grow this business is speed of sale and reinvestment of profits. In the above example we could’ve had 180% return with the same money, had more sales i.e. profits, more activity on our account and thereby even more sales and expansion. This business is about flipping money as quickly as possible through the sale of quality lower priced books.

Having this as your premise for your business will accelerate your profitability and ensure that your financial freedom comes quickly and easily. Who doesn’t like that?

Over time it will be possible to hold out for more profits but until we are at the hundreds of thousands in sales mark, the above strategy is the most effective by far to get us there.

The third strategy that I would like to share is to regularly change the FILTER SETTINGS in the software when searching for books. There are literally millions of books available to buy on-line. Jeff Bezos, founder of Amazon recently revealed that Amazon has over 100,000,000 prime customers.

That’s our target market. So there are hundreds of millions of books and there are at least one hundred million customers available. That’s powerful supply and demand by any standards.

Book Arb Filter Results
Example: Results from 1 Filter Setting

By changing the filter settings even slightly on my search for book deals a whole new array of books are accessed. For instance, I may put books with a low ‘sales rank’ e.g. 100,000 (this means it sells really fast) and ‘price used’ between $10-$15 in the search filter. I could then change this filter setting to a sales rank of 200,000 and set the used books price at $30. This will then give me a whole new set of books in my search results to choose from. There are so many settings available and each search presents new opportunities thereby an almost endless supply of books.

“Motivation is what gets you started. Habit is what keeps you going.”   ~ Jim Rohn ~

Taking this approach to our business model ensures that we are active, dynamic and successful. With this method we are really finding that there are no limits to how successful and financially free we can become.

Next, I will discuss the power of creating a compelling emotional vision for your business. This will mean that you no longer try to get there but you are coming from there which makes all the difference.

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