How to Sell $100,000 on Amazon in a Year by Sourcing Used Books

Introduction

• Presenter: Avery (aka Rome of the RoR)
• Goal: Show how to sell $100,000 in Amazon in the first year by sourcing used books.
• Why Used Books:
  • 10% of Amazon sales are book sales.
  • Millions of used books are available in all cities.

Key Numbers

• Target Sales: $100,000 in the first year.
• Average Sales Price: $22 per book.
• Books Needed: 4,545 books/year (~120 books/week).
• Estimated Profit: $40,000-$50,000 (at 40% to 50% margin).

Methods & Strategies

Sourcing Books

1. Thrift Stores

   • Books on shelves and in the backroom.
   • Ask for backroom access.
   • Be there when fresh inventory gets on shelves.
   • Make friends with store managers and employees.

2. Libraries

   • Participate in Friends of the Library sales.
   • Attend library sales early & help set up/take down.

3. Used Bookstores

   • Scan fast (500+ books/hour).
   • Focus on fresh inventory.

4. College Campuses

   • Ask each department for textbooks.
   • Set up tables during finals week.
   • Look for used bookstores on/near campuses.

Consignment

• Benefits: No upfront cost for inventory.
• How to Do It: Track books’ sources and split the profits 50/50.

Technology & Tools

1. Scout IQ

   • For scanning books and determining their profitability.
   • Uses triggers and comparison prices based on sales rank.

2. SellerAmp

   • Useful for online arbitrage and wholesale.

3. Go-To Lister Software

   • Speeds up listing books on Amazon.
   • Offers smart pricing to maximize profit.

Pricing Strategies

1. Don’t Always Be the Lowest Price
   • Utilize Amazon Prime to price higher due to faster shipping.
2. Understanding Sales Rank
   • Books with lower sales ranks are fast-moving.
   • Price faster-moving books higher.
3. Monitor & Adjust Prices Manually
   • Go-To Lister helps in notifying pricing opportunities.

Measuring Success

1. Track Buy Costs

2. Monitor Inventory Turnover

   • Aim to sell 20% of inventory every 30 days.

3. Assess Average Sales Price

4. Reprice Regularly

   • Adjust prices to maximize profit and turn rate.

Recap & Additional Insights

• Network & Be Informed: Join Facebook groups and engage with the seller community.
• Continuous Learning: Ongoing education through free resources and challenges.
• Stay Organized: Track sources and keep an efficient workflow for listing and shipping.

Final Recommendations

• Focus on High-Profit Inventory: Prioritize sources that consistently yield good books.
• Efficient Listing: Use bulk listing software to save time.
• Build Relationships: With thrift store managers, library staff, and other book sellers.

Resources

• Free Course: StartHumble.com/slbe for comprehensive education on selling books on Amazon.

Conclusion

• Efficiency & Consistency: Key to achieving the $100,000 sales target.

• Use Technology & Tools: To streamline processes and increase profitability.

• Supportive Community: Engage with other sellers, share knowledge, and learn from their experiences.