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.

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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.

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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.

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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.

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Happy Customers, Bottom Line

The bottom line is, having happy customers is our rock star approach to the delivery of service and results in our lives. Our store is growing and so are our ideas on how we can best serve. That’s thriving in our book!

“A satisfied customer is the best business strategy of all.” – Michael LeBoeuf

When it comes to best business practice, having happy customers as a goal is unbeatable and automatically blows the competition out of the water i.e. meaning you will not have competition because your focus will be set on what you can give, not on what you can get.

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When that is your vision, you cannot fail because you will pursue excellence and continue to be innovative in your service. When your bottom line is adding value to your customers they will automatically add value to your bottom line of fulfilment of purpose and of course financial rewards.

With book arbitrage we see our goal as sourcing great quality used books at great prices for our customers. We insist on selling only really good quality used books and return any books that don’t meet that criteria back to the sellers.

We pay extra to have our books checked for quality and improve and upgrade them where possible so that our customers enjoy a better quality book and experience. We enjoy phenomenal partnerships with our book prep centres who are as dedicated to great service as we are.

We strive to deliver the best we can at all times. Even when sometimes things go wrong outside of our power. For instance, just yesterday an unhappy customer contacted us to complain quite rightly that they had paid extra to have their book delivered with next day shipping.

It did not arrive on time. They asked to be reimbursed for the additional shipping. We promptly reimbursed them not only with the additional shipping but also with the cost of the book with our compliments. We value the experience our customers have with our store.

It’s probably safe to assume that this customer may return at a later date and choose our store over another, however, for us, knocking the ball out of the park as a standard operating procedure ensures that excellence is our modus operandi and that we are delivering on our commitment.

“Try not to become a man of success, but rather try to become a man of value.”   ~ Albert Einstein.

Having a higher vision for our book store makes these decisions easy and automatic. The cost of the book for us in this instance is minuscule compared with a happy customer. We are in charge of what we deliver. Period.

Having this approach has ensured that not only are our customers happy, but we enjoy a great quality of life because every day we are involved in a business that is of value and service to others which is thriving. What price can we put on that?

The bottom line is, having happy customers is our rock star approach to the delivery of service and results in our lives. Our store is growing and so are our ideas on how we can best serve. That’s thriving in our book!

Next, I will discuss the power of being surrounded by others who are striving to be the best in their lives too and how that inspires us to reach higher with our goals – business and personal.

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