In book arbitrage finding profitable books is easy. There are so many of them, truly!
Sometimes, however, we can buy the right book at the right time, or too many copies of a book & over estimate it’s selling rate, or just make a bad decision.
When that happens it can be tempting to hold onto the book to prove ourselves right or ‘wait’ for the market to correct itself for us, lol (laugh out loud)! Isn’t it funny how our minds work?
After you buy a book, in order to sell effectively, you must forget what you paid for the book – well nearly!
It’s not about being cavalier & reckless. It’s about trusting that you made a good decision when you bought the book – if you did & admitting it if you didn’t.
In book arbitrage when we do it right, which we do at least 90% of the time, we make profits.
How many other investments yield that kind of return??
However, if we become too attached to individual ROI on each book, we can delay our selling (re-pricing) decisions. You might say, well it’s only on one book but if you repeat this strategy over & over you slow the whole train down over time.
“Making a bad decision is one thing, but hiding or covering up bad decisions is another.” ~ Ken Johnson
In our community Luke Sample says over & over, “The market doesn’t care what you paid for the book,” so when it comes to selling it behooves us to remember this. The market isn’t personal so don’t make it so.
Since profitable books come so easily, then it stands to reason that we be as easy as letting them go (sell) whether they’re profitable or not.
I can hear your mind jumping up & down saying “Are you crazy?”
A book that is no longer profitable or could take months to rebound is a potential liability. Liabilities don’t create profits. Assets do.
By turning that money over & recouping your money & reinvesting it, in the mean time, your money is once again working for you.
This thinking may require a mind shift. It did for me. It took me quite some time to really understand & apply this in our business.
The real power of this business is in the compound effect. Selling books over & over with constant profits daily even if each book isn’t yielding 100% profit is where the magic happens & the momentum builds.
Think about how 50% ROI on 10 books, 10% on another, 30% on 5 others, 100% of 3 others on a daily basis for example over the course of a year is more effective than doggedly holding on for no less than 100% on fewer books or worse still holding onto books that no longer sell.
It’s a no brainer when you consider the bigger picture, right?
“Champions keep playing until they get it right.” ~ Billie Jean King
Expecting 100% perfection even from the top sports people of the world is not attainable, so why would we demand that of ourselves?
Using Billie Jean King as an example above, in her career it wouldn’t be wise to expect her to serve 100% aces but if she was serving say 90% then I wager that put her in the top of her field.
If however, she dwelt on her bad serve & kept doing it over & over, progress would be more difficult to make.
The book business is exactly the same. Celebrate what you do well. Do more of that. Take inventory of your weak spots & work on correcting them.
When you buy a book that is not good, or the market changes from when you bought it, then selling it as quickly as you can & recouping your money is efficient. A bad decision doesn’t get any better with time.
Correct & continue & at least 90% of the time you’ll be golden. At least, that’s what works for us. Now, I’ll take that!
Next, I will discuss the necessity of growing outside of what was previously comfortable as a strategy for success & how to make it easy, well easier……