Posts

Money, Money, Money

So what is money anyway? Is it physical? Is it as new age people describe it – energy? Why is so much of our time spent earning it, chasing it, thinking about it & spending it?

I think money may perhaps be one of the most misunderstood areas of our lives and yet one of the areas that affects our lives the most on a daily basis.

I certainly have spent the majority of my adult life trying to figure what it is & how to create it easily.

I have studied many areas of money in my earnest attempt to understand this thing that so profoundly affects my life in every way.

So here is what I have learned and what is changing my relationship with money, my business, my life. I say changing because it is still unfolding.

When we are creating money, we are not creating a physical object out of mid air. That is how I used to approach it, like trying to pull a rabbit out of a hat! Perhaps you can relate.

Money ceased to be a physical object a long time ago. I know we sometimes still have physical dollars & euros in our pockets but stick with me. For the most part we deal with money either online (we don’t actually see it) or with plastic cards.

Dollar bills, debit/credit cards, digits in our bank accounts just represent money.

blue master card on denim pocket

It may help to think about it this way. When we get paid into our bank accounts, it’s not physical money that is put into our accounts. It’s the movement of digits that represent the movement of money in our account. When I pay the electricity bill, physical money does not move from my account into the electricity account, digits move around.

If you were to think about money in the same way as you think about downloading a song from the internet you are closer to the reality of how money works in today’s world.

For example, when you download a song, you are not depleting that song. There is not half a song left online because you downloaded it. As many people as would like to can download that song simultaneously and it will still be fully available to the next user.

We accept music that way. We are not trying to physically manifest a trumpet section into our living room. Music is something that we can download all day every day and never run out of “credit.”

It’s constantly available and at our fingertips. Every day for the rest of our lives, more songs are created and downloaded in our world and enjoyed. There is no angst around that. Available without much thought or effort.

black smartphone and headphones on a desk

My listening to a song in Ireland will not make it less available to someone listening to it in the US. I don’t think “I must only listen to it for a short while because I am using it up” or that someone else cannot access it because I am using/accessing it. We accept it as infinitely available.

Let’s turn our attention to money for a moment. Let’s say you download/withdraw $100 from your account and you paid $100 for a massage. You give $100 to the masseuse. The masseuse then buys groceries with that $100 and gives it to the store owner. The store owner goes for a haircut & pays $100 to the hairdresser, who goes to the movie and on and on.

If that $100 gets exchanged once a day (which is a very low number of times) for 30 days. That $100 would still be fully intact on day 30 and has provided $3,000 worth of value.

To return to the music download analogy, as many people as would like can listen to the song as many times as they like and the song is still fully downloadable.

If when you spend money you think about it from this vantage point, you would feel no stress or concern.

On the other hand if when you withdraw/download money from your account and you think of it as being depleted, then you keep recreating this outdated experience in your life.

Approaching money in this physical way means you are working off an old system that no longer exists. Your outdated GPS is set on San Francisco even though you now live in New York. Make sense?

Do not be hard on yourself, we were hardwired to think about money this way before because that is what money was – physical e.g. gold/silver/physical notes. That is no longer the case and it hasn’t been for a very long time.

We switched over many years ago to a whole new system of money/wealth/abundance.

Music used to be physical too on gramophones, then vinyl, then CD’s, now it’s downloadable instantly. It is experienced but not seen physically and still we listen to it anytime, anywhere, any day on our devices.

pexels-photo-843633.jpeg

Think about how really wealthy people experience money. They have instant constant access to as much money as they like anytime, anywhere. What if you can download money in the same way any number of times any time of the day as you do music? Do you think that could change your experience of it?

If you say that’s OK for wealthy people they have money. But, if you begin approaching money with the same ease, you will experience the same ease and create that experience for yourself.

Music is no more physical than money and yet both are instantly infinitely available.

It may take a little consideration for this to land or perhaps you’ve known it all along.

Thinking about money this way has changed my relationship with it and my experience with money is changing as a result.

I realise this post is a departure from the usual blog on Book Arb. But this change in my thinking has changed my approach to Book Arb. The results that are unfolding are indeed exciting as our business is growing and accelerating.

Next time, I will discuss how we’re getting ready for the upcoming bumper summer textbook season. It’s gonna be fun……

Click Here To Start Making Money100% risk free, secure checkout.

The Benefits of Challenges

What if instead of balking at challenges and being guarded about them we welcomed them as the next building block for success? Would that change our perspective and our response?

Most people see challenges as something that is happening that should not be happening i.e. this isn’t fair, this shouldn’t be happening to me.

However, when you look back on your life, it will likely be that you did not go through unscathed and unerringly and that is a good thing. Life isn’t static and neither are we.

silhouette photography of boat on water during sunset

“Smooth seas do not make skillful sailors.” ~ African Proverb

How could you ever learn to run faster as a child if did not you fall down or start off slow?

Yet, as adults we tend to veer away from life’s challenges as something unwanted. We seek to avoid them or desire someone else to sort it out for us. As children we just naturally problem solved i.e. got back up again.

As adults we tend to wrap a story around why we fell and whose fault it was, lol!

In our Book Arb business we have made tons of mistakes and that is how we have learned. Each time we have encountered a new challenge, we have had to learn to flex a new muscle and to eliminate the challenge and thereby become stronger.

That is why our business continues to grow because we continue to grow. It’s not an absence of challenges that brings this about but the very presence of them.

It’s called natural evolution. How could we become super successful unless we passed through the successful phase?

A life without challenge is like an ocean without a tide. It doesn’t exist. Nor do we really want it to.

scenic view of beach

What if instead of balking at challenges and being guarded about them we welcomed them as the next building block for success? Would that change our perspective and our response?

What if we celebrate the challenge as a fantastic way to grow ourselves and our business, answered prayers as it were, do you think the solutions would come easier and the whole journey would be made more fun?

“An obstacle is often a stepping stone.” ~ William Prescott

So if challenges are a good thing. Then surely the opportunity to find fun ways to interact with them is a good thing. We move forward and gain another victory – a good thing.

By eliminating them not as something unwanted but as making room for the next stepping stone our forward motion and success is assured.

When we bought books that were not that profitable, we learned to read the Keepa charts more accurately and to buy books that were more profitable. When we repriced in an unproductive way, we learned to reprice much more effectively. When we had gated books we found a solution for that. You get the point.

We have become more skilled at making money in our Book Arb business because we met challenges, not because we didn’t.

sunset beach people sunrise

That is why we are becoming so successful now. Plus, our road and learning curve to success has been made all the more pleasant and short by travelling this road with other book arbers who are also meeting and eliminating challenges in their businesses.

“Success is a continuing thing. It is growth and development. It is achieving one thing and using that as a stepping stone to achieve something else.” ~ John C. Maxwell

Next, I will discuss how creating financing for our business has changed my approach to life and the success we are experiencing…..

Click Here To Start Making Money100% risk free, secure checkout.

Learning From The Best

Why struggle to figure out how to get there when someone has already walked the path you are now walking and they can help guide you along the way.

“If you ask any successful businessperson, they will always (say they) have had a great mentor at some point along the road.” – Richard Branson

Mark Zukerberg, Bill Gates & Richard Branson have all talked about the benefits of learning from mentors.

No matter what stage your business is at, a start up, established and/or expanding, learning from someone who has done it before just makes sense.

It amazes me still how some people view asking for help as a sign of weakness instead of the smartest thing to do.

Why struggle to figure out how to get there when someone has already walked the path you are now walking?

The biggest investment you ought to make by far in any business is in yourself. No business plan or any amount of money can overcome a confused mind.

Think about it. You can have a co pilot in the plane with you who is vastly more experienced who can show you how to fly a plane or you can jump into the pilots seat by yourself and either crash & burn or take a lot longer to land safely at your destination. Your choice.

“One of the greatest values of mentors is the ability to see ahead what others cannot see and to help them navigate a course to their destination.” — John C. Maxwell

In our Book Arb community we have both coaches and mentors who are showing us the way in specific detail. Because they are in our industry and not just general business mentors they are keenly aware of the specific challenges we meet.

Their attitude to the person is “‘Let’s go do it,’ not ‘You go do it.’ How powerful when someone says, ‘Let’s!’” — Jim Rohn

In addition to all the other supports in our community this kind of mentoring delivers awesome reinforcement. Their intention as I continuously experience it is not just to empower us to make book arbitrage a successful business. They are actively developing entrepreneurs which goes far beyond this current business model.

Their vision is much more expanded than book arbitrage alone and it is a privilege to be a part of such conscious empowerment. Jon & Luke are changing lives forever.

“Vision is the art of seeing what is invisible to others.” ~ Jonathon Swift

They are changing the way we see ourselves and providing the practical steps to achieve our goals. It really is incredible.

If you are in the Book Arb community, in addition to buying books to grow your business, be sure to invest in yourself so that your business and you expand side by side.

That is the formula for success i.e. constant expansion and in our community success is the culture. How can we fail?

Next week, I will discuss the importance of challenges in your business and why they are a positive.

Click Here To Start Making Money100% risk free, secure checkout.

Profits Everywhere

The ability to sell lots of good quality very cheaply sourced books and to turn them over for profit just makes sense.

“There are so many opportunities out there when you take a peak outside the box.” ~ Unknown

One of the areas of growing interest in book arbitrage is local sourcing. By that I mean, attending local thrift bookstores, library sales, college campuses & book fairs etc. and picking up books for $0.50c – $1.00 and selling them online for $12.00-$15.00 in a lot of cases & for $80.00-$100.00 in fewer instances but those are still available.

photo of book collection on top of table

The profit margin on the smaller priced books in themselves (in small volume) are not earth shattering after fees etc, however from a business ROI standpoint are still pretty healthy.

As discussed in previous blogs, to date some of the main reasons US based Book Arb business owners local sourced was for the benefit of feedback which is incredibly valuable in your health score but also for the benefit of velocity of sales.

In short, a busy store brings more customers. Amazon rewards busy stores with more customers.

The ability to sell lots of good quality very cheaply sourced books and to turn them over for profit just makes sense. Increasingly some Book Arbers in (and outside) our community are specializing in this model as way of creating compounding sales and profits.

pexels-photo-279222-878432626-1560447963356.jpeg

It’s a question of volume with locally sourced books but you get the picture. Truckloads of good quality cheap books sold quickly and easily every day doesn’t take long to grow into a big operation and big success.

Our US Book Arb community have the ability to physically local source, very inexpensively, adding this wing to their business. They store the books at home then when sold they pick & pack and ship the books to the customers themselves saving costs & making money.

Obviously there is more effort off-line with this model in the U.S. but this too can be outsourced & automated over time which is another huge benefit to the book business.

“Always think outside the box and embrace opportunities that appear, wherever they might be.” — Lakshmi Mittal, Chairman & CEO of ArcelorMittal

Even we as internationals who cannot physically local source are working on ways of benefiting from this avenue of income because of the ability to automate it.

We are members of a team of international sellers (from our Book Arb community) who are actively working on cost effective ways to add this structure to our business.

Initially we didn’t focus on local sourcing as a form of additional income that was feasible for us. Now we realise the potential in it for our business especially as it is something that we can set up once and then enjoy automated profits and sales on a continuing basis.

apple devices books business coffee

As internationals we have even tighter margins involved in local sourcing (they’re already pretty tight). We have additional costs of paying locals to find the books for us, the warehouse costs to store the books then the pick & pack fees when the books sell.

However, this method once set up will be hands off for us which is a huge benefit. We love automation, it’s automatic, hands free success……

“If opportunity doesn’t knock, build a door.” ~ Milton Berle

In the next blog I will discuss the benefits of being mentored by the best in the Book Arb business & why it’s so important to continue learning and growing.

Click Here To Start Making Money100% risk free, secure checkout.

The Book Biz

There are many beautiful nuances to master and opportunities to grow this business that makes it fun to be where we are & to grow as we choose.

“Remember, it is not about luck. It is about doing the right things the right way.” ~ Jack Canfield

We’re a bookstore. The most fundamental thing we do is buy books and sell books. Period.

pexels-photo-256455.jpeg

Obvious right? Well you would think so. And yet, if we allow it our days can be filled with doing things that just don’t matter that much e.g. answering emails & messages. This is especially prevalent in today’s instant social media culture.

Doing what is essential first to move the needle in our business i.e. the act of buying books (if you don’t have a daily budget yet, you can set Keepa alerts) and selling (daily repricing) is key.

“Either you run the day, or the day runs you.” ~ Jim Rohn

We begin our days with this every day. Once this is done, then we have time to answer emails and return messages etc.

With this wonderful Book Arb business so many of our tasks can be automated i.e. Keepa alerts, trade-in alerts, refunds, follow up emails to customers to emails, feedback requests. These are one time set & forget tasks that take care of so many daily duties.

people in a meeting

We have discussed the power of automation & systematisation in previous blogs but it is important to remember that compounding success means doing the basics really well i.e. showing up every day to buy & sell books.

In time we will be able to outsource these tasks too but for now we are happy building our 6 & 7 figure business and really getting to understand the art & the science of this business.

There are many beautiful nuances to master & opportunities to grow this business that makes it fun to be where we are & to grow as we choose.

“Everyone wants to live on top of the mountain, but all the happiness & growth occurs while you’re climbing it.” ~ Andy Rooney

Where’s the most fun when cycling your bicycle? Is it in being at the bottom of the hill or is it when you are freewheeling on your way down the hill? It’s the same in business & life.

pexels-photo-1619299.jpeg

The most fun is in the living of it & because the Book Arb business is so easy & predictable (when compared with any other business I’ve done) there is no guess work, just progress.

That just leaves doing the tasks that are necessary every day (buy & sell books) to grow our business. Easy.

Next, I will discuss the gift of Local Sourcing in this lucrative business.

Click Here To Start Making Money100% risk free, secure checkout.

 

Maintaining Focus

I would ask you to reflect on where you lose your focus in your business. You will find it shows up in the same ways over and over until you address it.

“You can’t depend on your eyes when your imagination is out of focus.” ~ Mark Twain

Since no one can think for you or live your life the importance of maintaining your focus on your own horizon is essential.

photo of a woman thinking

Sometimes people around us are afraid we’ll fail and sometimes they’re afraid we’ll succeed. Either way their dominant focus is based on fear and if you allow that into your world, their focus on fear can influence you too.

For the most part we are surrounded by well meaning people. However, even when they share your goals & dreams their fears can distract you if you allow it and if you are not in charge of your own mind.

With our Book Arb community we are very fortunate to be surrounded by so many powerful leaders who are succeeding & their collective success is a persuasive example for individual success.

Since however, we are each responsible for our own journey, and there are many ways to continuously achieve that, it is possible to become distracted by other’s experiences.

It is vital to help others through your own achievement of success and not at the expense of it. It is easy to get caught up in helping others, especially when you live to serve, but it is vital to remember that you are in charge of your time and the ways in which you spend it. Period.

group of people watching on laptop

In the last blog I shared my work flow. In it you can see how important it is to prioritize achieving daily goals in order to achieve overall goals. Then you are in a position to help others. It’s about saying ‘Yes’ to the right things & equally important to say ‘No’ to other things i.e. demands by others.

This balancing act of growing my business & loving helping others is something of an ongoing challenge for me. I love love love to share what I am learning and what is working for me. It is the coach in me.

However, this is where my diluted focus can show up when this is out of harmony.

“As you grow older, you will discover that you have two hands, one for helping yourself. The other for helping others.” ~ Maya Angelou

Helping myself is as important as helping others. That’s where my learning is.

By focusing on enjoying my own journey and helping others as I go, this allows me to experience my definition of success. Maintaining my balance in this is what brings fulfilment.

Do you lose focus when you don’t know what to do next and therefore procrastinate? Or does it happen because of other’s demands on your time be they family obligations or children? Is it because you have a very active social life?

“Focus on remedies, not faults.” ~ Jack Nicklaus

There is power in identifying where you leak focus because it will be habitual i.e. automatic. You can only change it when you see it.

What one thing could you change today that will help you maintain your focus in a clear way?

Once you are clear on the change you require, consciously create a new habit to combat it. For me, for instance in not answering emails or social media in the mornings, I achieve my goals first. Then I am in a position to help others.

Next, I will discuss the fundamental tasks of this Book Arb business and how best to apply them.

Click Here To Start Making Money100% risk free, secure checkout.

Work Flow

Lining our ducks up in a row with our daily habits simply means more progress daily, weekly, monthly & yearly. That’s how we like things – simple, easy & effective.

“Success is the sum of small efforts repeated day in & day out.” ~ Robert Collier

Our daily work flow looks like this:

Buy & Sell

  1. Tom checks previous days sales, buy more if they are still hot.
  2. I check Keepa alerts in my email for profitable books.
  3. I check our hot list of year round sellers.
  4. I check this months shopping list for buying opportunities.
  5. I fire up Book Arb software for more opportunities if I have not spent our daily budget already.
  6. Tom reprices (Sells our books).
  7. Tom lists our books & takes care of admin e.g. returns.
  8. I go to give on Facebook to contribute to others & to help elevate success of our community.
  9. I attend live webinars every Tuesday & Thursdays afternoons.
  10. Wednesday mornings I write my blog.
  11. Thursday mornings I look at ways to expand our business e.g. sell on other platforms, learn new ways to accelerate our efficiency e.g. research faster processes for systemising etc.

person holding pen drawing on paper

Every second Monday night we attend our mastermind group to brainstorm ways to support & accelerate our businesses. Accountability is a powerful strategy in our group and this ensures our ongoing individual & collective success.

Repeating these daily habits over and over ensures that the fundamentals of our businesses are being met daily – we buy & sell books. Also consciously & actively looking for ways to improve our practices ensures steady growth.

“Never stop learning ; For when we stop learning, we stop growing.” ~ Loyal ‘Jack’ Lewman

Scheduling time to learn new information about our business/market & techniques for applying what we learn means that we are always growing – ourselves & our business.

“The best in business spend far more time on learning than in leisure.” ~ Robin Sharma

Our work flow as we expand will change again but for now, this work flow is taking us from where we are to where we desire to go next.

black board bright bullseye

Lining our ducks up in a row with our daily habits simply means more progress daily, weekly, monthly & yearly. That’s how we like things – simple, easy & effective.

Next I will discuss the importance of staying focused even when others around you are ‘not on your team.’

Click Here To Start Making Money100% risk free, secure checkout.

Streamlining into a Slipstream

When we do the right things in the right order it makes them well, automatic. The trouble with habits or the way we habitually do things is that we do them on auto pilot. This can be very powerful when it is thought through and we choose our habits deliberately & our tasks on purpose.

When we started in Book Arbitrage we thought consciously about the importance of being organised because so much of this business can be systematized and handed over to let technology do a lot of the work for us. Love that! So we started this business with systems in mind.

arrows box business chalk

Recently, however, we realized that we needed to streamline (reorganize the way we perform our daily tasks) our business once again as we are getting ready to scale up to the next level i.e. automatically go from a multiple 5 figure business to a six figure business.

This was powerful & necessary to do so that any bottle necks (inefficiency in us or in our systems) could be removed to support maximum growth & eliminate any drag.

What we have done up until this point was necessary to reach this destination however,  new standards of operations are required for the next part of our journey. In becoming more conscious & efficient in our daily tasks & thus making them automatic, we are setting ourselves up for success in easier ways.

When we do the right things in the right order it makes them well, automatic. The trouble with habits or the way we habitually do things is that we do them on autopilot. This can be very powerful when it is thought through and we choose our habits deliberately & our tasks on purpose.

However, if our habits are unconscious, chaotic, disorganized or sporadic then those are the kinds of results we can expect in business too. Or even if were good up until this point, we require new habits to go to new places. Makes sense, right?

“A good system shortens the road to the goal.” ~ Orison Swett Marden

Scaling our business means scaling up our personal systems (the way we approach this) in addition to the required daily tasks.

How we have done this is? We formed a plan. Then we took action.

“Planning is bringing the future into the present so that you can do something about it now.” ~ Alan Lakein

Firstly, we looked at the way we were doing our daily tasks & made a plan to upgrade them. Without a clear plan, the way is not clear, it is a wish or a hope, but not a strategy. We had our goals when we started but we have revised them once again and are clear on our target, once again.

“The time to repair the roof is when the sun is shining.” ~ John F. Kennedy

Then, in order to maximize our return on our effort so far and to speed our book buying we culled the lists we were working from as we had set lots of Keepa alerts when we first started that were not profitable.

So that meant going through all our Keepa alerts (we had thousands of them) & deleting ones that were not profitable & resetting others to trigger in only good or better conditions. This was not sexy work but it is effective.

Next we culled our shopping lists. The monthly shopping lists we had set up where we kept record of what books to buy for the most profit in each month. We know this by looking at Keepa charts. This again was a laborious task but one that has made us much more efficient.

In the meantime, we changed our criteria for the ways in which we search for books. In this, our parameters are completely different now & much more profitable. It takes the same time to search for mediocre profit books and very profitable books. We chose the latter.

We worked on refining our searches with our mastermind group & we now all have become more disciplined & profitable in our searches.

“Deliberately seek the company of people who influence you to think & act on building the life you desire.” ~ Napoleon Hill

Next, knowing that a mini textbook season is coming up shortly, (May), where trade-ins are particularly profitable, using the Book Arb software, we have created our lists for trade-ins that we know can be very profitable so we are ready for that. Again, this took some time but is worth it.

Next, as I have discussed in a previous blog we changed our method for repricing and our daily objective with repricing which takes less time and is more profitable.

In participating in the Group Coaching and learning from world class coaches we have been fortunate enough to have found ourselves in their slipstream.

black and white nascar car

The definition of a Slipstream in “auto racing, it is the zone right behind a moving car. This zone has reduced air resistance and thus, allowing higher speeds…”

This has helped us to become very clear about where we are & what it takes to go to the next level.

This level of culling has inspired us to create a stop doing list as well. I have stopped answering emails & messages in the morning until I have both bought & sold (repriced) books. We are a book store, that’s what we do. This comes first every day.

Tom has been pivotal in all of these changes. We have been merciless in our approach to streamlining & streamlining once again until we have an efficient rinse & repeat operation working to maximum efficiency.

He has learned to load lists of books for sale & in our spreadsheets in one go as opposed to copy & pasting individually. This was thanks to a brilliant Book Arb community member who shared how to do this. This has saved hours of work.

person typing on laptop

He has overhauled our spreadsheets and we only have completely essential information on them now so the back end of our operations has become super efficient as well.

Our mindset has shifted so our approach to our tasks has become upgraded & streamlined. This has caused us to experience our own slip stream in addition to being buoyed by our amazing coaches in that we experience less resistance in our motion forward.

This is something that we can & will continuously revise, however, for now we are enjoying the feeling of freedom that comes with clarity & efficient success.

In my next blog I will share my daily work flow that has resulted………

Click Here To Start Making Money100% risk free, secure checkout.

Return On Investment Today

Repricing (selling our books) is part of our daily work flow. When we reprice our books, it keeps our books competitive and ensures more sales, if you do it right!

If you’ve been reading this blog for a while, thank you for that, I really appreciate your time, you will have heard me mention the term ROI i.e. Return On Investment. Everyone has at least heard of ROI.

How is it then that I have been speaking about ROI and hearing about it since Day One on our Book Arb journey and only now am I really starting to apply it properly?

pexels-photo-2068975.jpeg

It’s funny how we can think we know something and still not apply it or think we are applying it.

“There is nothing so useless as doing efficiently that which should not be done at all.” ~ Peter F Drucker

Let me explain how that plays out in Book Arb. Of course I have been familiar with the concept of buying and selling books and making a profit, I run an online bookstore after all.

However, I was applying the concept in a micro management way thinking that I was being “penny wise” i.e. looking after the profits on each book and that would take care of the overall profits.

Repricing (selling our books) is part of our daily work flow. When we reprice our books, it keeps our books competitive and ensures more sales, if you do it right!

“There seems to be some perverse human characteristic that likes to make easy things difficult.” ~ Warren Buffett

Now obviously making a profit on each book is important but because we were focused on getting as much profit out of each book individually we squandered time, momentum and compound interest.

Over the past year and half I have spent countless hours repricing our books daily. It’s part of the business and also shows Amazon, Big Daddy, that you are actively selling your stock as opposed to using Amazon as a warehouse for products that may or may not sell. This brings other benefits other than profits alone such as more exposure to more buyers thereby increasing your market share.

However, we were way too focused on holding onto our books to get a better price as opposed to selling as much stock daily for an overall ROI. We forgot to think about ROI on our overall investment monthly.

“Compound interest is the eighth wonder of the world. He who understands it, earns it…he who doesn’t, pays it.” ~ Albert Einstein

The chart below demonstrates how the same $10 compounding with only 20%, 25% & 30% profit over the course of a year way out performs holding out for a 100% profit every 8 weeks.

COMPOUNDING at 20% 25% and 30%

When I think about how much time I spent ‘nursing’ books i.e. repricing every day but not effectively I scratch my head. When I think about how much compound money I left on the table by not selling and turning over profits I am astonished.

For the record we have found that the longer our books are on the market, unless it’s a textbook season, the more inclined the price of the books are to decrease over time unless they are year round books. Hold that thought in your back pocket when repricing as it will serve you well. If you can sell for a profit today, sell.

Our strategy was ineffective on both a profitability and time wise front. Man, I didn’t really get it until recently. This business is about turning over as much inventory every month to compound the money for a staggeringly high year round ROI.

Can you see how ineffective our strategy was? We thought we were doing it right but man were we off?

Remember, it’s not about being busy, it’s about being effective. We have still made a lot of sales over the year but this one strategy slowed our progress big time.

group of people in a discussion

I would add that it’s not to say that it’s not possible to make 100% profit on most books, it’s just don’t delay holding out for it. A bird in the hand philosophy in this business will serve you much better.

It’s just all about buying the right books at the right price at the right time. When and where to look for these books and knowing how to read the Keepa charts makes this easy.

Do not be the bottle neck in your business by being ineffective. Buy and sell books every day. Compound your money by selling as much as you can as quickly as you can and you will be astonished at your progress.

Now that we have corrected our approach to repricing our profits are already increasing exponentially and we have more time back to ourselves. Repricing used to take me hours every day. Now, it takes a lot less time. Less time and more money, who knew?

Next, I will discuss the power of streamlining daily tasks & how we are doing it in our business.

Click Here To Start Making Money100% risk free, secure checkout.

Changing The Rules

From childhood we are all prescribed with rules to live by, be they verbal or non verbal and unless we question those rules we can live out our lives following someone else’s conclusions for what is a good life.

Sometimes those rules make sense, like be kind to others and they will be kind to you. And sometimes the rules don’t make sense at all like, this is the way our family thinks about X, it’s the way we have always thought about X and it’s the way you should think about X.

Image by <a href="https://pixabay.com/users/geralt-9301/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=3256330">Gerd Altmann</a> from <a href="https://pixabay.com/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=3256330">Pixabay</a>

When it comes to owning a business the rules of the game usually state that for the first 3 years, if you make it that far, you will not make any money. What kind of rule is that? And yet people just seem to accept that as fact because someone told someone who told someone until it became accepted “wisdom.”

“Know the rules well, so you can break them effectively.”
~ The Dalai Lama

Well first of all Book Arbitrage in the way we have been taught to do it blows that out of the water. From month one, if you follow the guidelines, you can expect to turn a profit. Well now that’s a little bit different from 3 years of stress and struggle isn’t it?

But these are not the rules I am talking about changing today. I am speaking about creating the landscape we wish to create in order to make our success even more automatic and momentous. Why not, we get to approach this anyway we choose.

In changing rules I often remember the lessons I learned when we were travelling around the world a few years ago. When we were in Cape Town, South Africa, we desired to visit Robben Island where Nelson Mandela had been in prison for many years.

When we tried to make the arrangements to go we were told that there was no availability and that there was no way we could visit this tourist attraction in the next week.

Because I had been in South Africa previously working as part of the Peace & Reconciliation effort I knew how important visiting this site was to understanding the history and spiritual heart of their story and I really desired to share this with Tom.

Image by <a href="https://pixabay.com/users/geralt-9301/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=2275729">Gerd Altmann</a> from <a href="https://pixabay.com/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=2275729">Pixabay</a>

Anyway, instead of accepting the story, the rules, that it was impossible to go to the site we decided to change our approach and thereby our experience. We were staying in budget accommodation but decided to ring a a local upmarket hotel and asked to speak to their concierge.

We asked him if he had tickets to Robben Island and naturally enough he did. The hotel kindly came and picked us up at our hostel, we didn’t even have to make our way to them and we visited Robben Island the next day. Robben Island was a powerful experience as expected.

We repeat this experience over and over in our lives by not accepting what we are told as the way it is and instead creating what we desire. We can all do this anytime we choose.

“You can create whatever you want. You just have to know what you want and take the opportunities as they come you way. We are who we choose to be.” ~ Will Smith

Getting back to how we are changing the rules of the game to improve our success we decided to go right to the source and ask for what we desired.

To date, Amazon have had a 5% Cashback card on all purchases for it’s US customers (including sellers) only. This amounts to hundreds of thousands of dollars in extra funds for our US counterparts.

Not accepting that it had to be this way, we wrote and asked Amazon to consider changing this rule. To others it may have seemed like the David and Goliath story with us a small bookstore asking this multi-billion dollar machine to change their rules for us.

It was one simple polite email and now Amazon have agreed to change their policy for all internationals. Soweet!! Others had told us that Amazon would never agree to any change but we just asked and got a good result.

It’s still in process but this should make a big difference to the bottom line of international sellers.

Just because something is the way it is, does not mean it has to continue to be the way it is.

We are also working on eliminating barriers to local sourcing which is not currently available to us or particularly profitable but it does have a huge advantage for volume of book sales, access to cheaper books and brings an abundance of feedback which is so important to a healthy book store score, especially on Amazon.

Remember Amazon rates your store by activity, sales and feedback and being able to switch this on, very inexpensively through local sourcing, is a huge advantage.

Image by <a href="https://pixabay.com/users/icondigital-1559658/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=2714998">icondigital</a> from <a href="https://pixabay.com/?utm_source=link-attribution&utm_medium=referral&utm_campaign=image&utm_content=2714998">Pixabay</a>

So, we are currently sourcing book preparation centres that in addition to working with FBA (Fulfilled by Amazon) the core of our business will also work with FBM (Fulfilled by Merchant).

Having access to this could bring us a step closer to local sourcing. Having an affordable FBM service also helps if international sellers become gated (blocked) by Amazon for selling some books even after successfully listing them on Amazon. To date we have had no way of storing our gated books until they become ungated. Our US friends however are able to remove them from Amazon to their own home and fulfill them themselves.

Or, if sales diminish on a certain title of a book we would then be able to change the status of the book from FBA to FBM thereby making at least some of our investment money back on that book.

Currently, as international sellers if we can no longer sell this book FBA, it means a loss of that capital. These small differences can accumulate to make a significant difference in our business over time.

There are other things in the works too. My point however is this. We can either complain about things as they are or change the rules of the game and thereby eliminate the barriers and play our own game. That is our choice and decision as individuals.

Next, I would like to share how one simple mind shift that is transforming the way we are approaching this business model and how it is leading to more rapid success. Now, we all love that!

Click Here To Start Making Money100% risk free, secure checkout.