Here's what you need to do in this order:
1. Sign up an account with Payoneer (unless you have a US, UK, Australia or NZ bank account) http://bit.ly/PayoneerUSABankAccountThe Best Way to Get Paid
bit.ly
The Payoneer account takes 2-3 week to activate as they have to mail you the debit ATM Mastercard then once you confirm receipt of the card you can login to activate the account.
2. Register for Amazon. I registered a Pro seller account straightaway as I as determined to sell at least 40 items a month and also only pro seller can sell in some of the restricted categories. You will need a US address for this. You can sign up for on at viabox or vpost or comgateway. You can leave the bank details blank till you get the US bank account number through Payoneer. 3. Register a free account with My Inventory Team aka The Bullards. All items you source from online retail or US wholesalers should be sent to them. This is because Amazon requires all products sent to their warehouses for FBA are prepped according to certain requirements - Amazon barcode labels, polybags with suffocation warnings, Amazon shipping label on each box, send various items to different warehouses all over the US, etc. The Bullards charge from $0.40 to $1.00 per item for prep. Register here http://bit.ly/TheBullardsMIT
Maeja Associates
bit.ly
Setup the above first, then while waiting for approvals, you can source. Otherwise once you start sourcing, it might be hard to find time to do the above admin.
Sourcing can be done by going to the thousands of online retail stores in the US. Just order and use the Bullards shipping address. Sign up for these 2 rebate programs which will link you to the thousands of stores. http://bit.ly/MrRebatesCashbackRebates
Mr. Rebates - Cash Back Rebate Shopping at over 2000 Stores
bit.ly
http://bit.ly/EbatesCashbackRebates
Coupons, Promo Codes and Cash Back Savings - Ebates.com
bit.ly
I get between 2%-5% cashback on all my retail sourcing which is quite alot since I am spending at least $500-$1000 every week.
The general rules I use are: 1. Don't bother with anything that sells for less than $11.99 2. Look for products that sell for at least 2.5 to 3 times more than my cost price.
I'll go into more detail later...for now get registered for Payoneer, My Inventory Team and Amazon first. Then I'll help you with sourcing streams.
Regarding Brett's Buying Network, I think it's good if you have about $500 or more to buy products that Brett sources. The only other main consideration is this model requires holding power of at least 3 months to 1 year because we buy in big volume and sales could be spread over a longer period than for example you buy just 5 toys and sell them yourself. The advantage however is that you are outsourcing the whole process to an expert seller and the profit margins are much higher than what any of us can typically achieve.
Link to Brett's Buying Network http://bit.ly/BrettsBuyingNetwork
. Start retail arbitrage. 2a. Then work on online arbitrage. Set up the system so that I can go on vacation and still keep the system running. 2b. Send things to the Bullards. 2c. Have a VA search for stuffs to buy. 2d. Make the buy decision myself first. 2e. Later have the VA buy it. 3. Work on private label. 4. Work on expanding internationally. I see that you are in Barrington's international class. Do you think it is worth joining the class now, or maybe later after I get the arbitrage going? I.e, should I just join now anyways, as they are all related, and get in FBA in other countries while there are not much competition? A bit about myself if this would help you answer my question better: I quit my job awhile back, so I do have time to work on this full time to get things going.
Thanks again!
Wow. Many questions Let me try to answer them. The glove scan thing is from Scanpower. It's a asmartphone/ipad app that you can use with a scanner glove so you can just scan the barcode of anything in a store and it will tell you all the data of the product on Amazon (how many sellers, profit margin, etc.) Are you a member of PAC? If so there is a discount link for members.
Your plan to start with retail arbitrage then online, send to the Bullards, then get a VA followed by PL and expanding internationally is excellent. I can just send you an affiliate link and ask you to join Barrington's coaching but I do not believe it is suitable for beginners. It is excellent for someone who has at least a little selling experience and has gotten a feel of what sells and how the process works on Amazon. So start sending at least 4 or 5 shipments in before thinking of going international.
Another good channel to diversify into is joining Brett's Buying Network. Brett is one of Jim's top students who is now a coach and the trainer for private label on PAC. Essentially, Brett sources, preps, markets and sells on behalf of network members. Because of his experience and connections, he is able to get tremendous deals on products. In fact today the network just bought over a whole company who have a health and personal care product. You can read more on my website at http://www.jasontayonline.com/bretts-buying-network.html
Before that, you should sign up with My Inventory Team aka the Bullards. http://bit.ly/TheBullardsMIT
Maeja Associates
bit.ly
When you source online also remember to always use a rebate program like Mr Rebates or Ebates. It's free money. All the resources I use can be found on http://www.jasontayonline.com/my-toolbox.htmlMy Toolbox
www.jasontayonline.com
I currently have 3 active streams. 1. Online arbitrage 2. Private label brand x1. Developing the 2nd now. 3. Brett's Buying Network
1. Sign up an account with Payoneer (unless you have a US, UK, Australia or NZ bank account) http://bit.ly/PayoneerUSABankAccountThe Best Way to Get Paid
bit.ly
The Payoneer account takes 2-3 week to activate as they have to mail you the debit ATM Mastercard then once you confirm receipt of the card you can login to activate the account.
2. Register for Amazon. I registered a Pro seller account straightaway as I as determined to sell at least 40 items a month and also only pro seller can sell in some of the restricted categories. You will need a US address for this. You can sign up for on at viabox or vpost or comgateway. You can leave the bank details blank till you get the US bank account number through Payoneer. 3. Register a free account with My Inventory Team aka The Bullards. All items you source from online retail or US wholesalers should be sent to them. This is because Amazon requires all products sent to their warehouses for FBA are prepped according to certain requirements - Amazon barcode labels, polybags with suffocation warnings, Amazon shipping label on each box, send various items to different warehouses all over the US, etc. The Bullards charge from $0.40 to $1.00 per item for prep. Register here http://bit.ly/TheBullardsMIT
Maeja Associates
bit.ly
Setup the above first, then while waiting for approvals, you can source. Otherwise once you start sourcing, it might be hard to find time to do the above admin.
Sourcing can be done by going to the thousands of online retail stores in the US. Just order and use the Bullards shipping address. Sign up for these 2 rebate programs which will link you to the thousands of stores. http://bit.ly/MrRebatesCashbackRebates
Mr. Rebates - Cash Back Rebate Shopping at over 2000 Stores
bit.ly
http://bit.ly/EbatesCashbackRebates
Coupons, Promo Codes and Cash Back Savings - Ebates.com
bit.ly
I get between 2%-5% cashback on all my retail sourcing which is quite alot since I am spending at least $500-$1000 every week.
The general rules I use are: 1. Don't bother with anything that sells for less than $11.99 2. Look for products that sell for at least 2.5 to 3 times more than my cost price.
I'll go into more detail later...for now get registered for Payoneer, My Inventory Team and Amazon first. Then I'll help you with sourcing streams.
Regarding Brett's Buying Network, I think it's good if you have about $500 or more to buy products that Brett sources. The only other main consideration is this model requires holding power of at least 3 months to 1 year because we buy in big volume and sales could be spread over a longer period than for example you buy just 5 toys and sell them yourself. The advantage however is that you are outsourcing the whole process to an expert seller and the profit margins are much higher than what any of us can typically achieve.
Link to Brett's Buying Network http://bit.ly/BrettsBuyingNetwork
. Start retail arbitrage. 2a. Then work on online arbitrage. Set up the system so that I can go on vacation and still keep the system running. 2b. Send things to the Bullards. 2c. Have a VA search for stuffs to buy. 2d. Make the buy decision myself first. 2e. Later have the VA buy it. 3. Work on private label. 4. Work on expanding internationally. I see that you are in Barrington's international class. Do you think it is worth joining the class now, or maybe later after I get the arbitrage going? I.e, should I just join now anyways, as they are all related, and get in FBA in other countries while there are not much competition? A bit about myself if this would help you answer my question better: I quit my job awhile back, so I do have time to work on this full time to get things going.
Thanks again!
Wow. Many questions Let me try to answer them. The glove scan thing is from Scanpower. It's a asmartphone/ipad app that you can use with a scanner glove so you can just scan the barcode of anything in a store and it will tell you all the data of the product on Amazon (how many sellers, profit margin, etc.) Are you a member of PAC? If so there is a discount link for members.
Your plan to start with retail arbitrage then online, send to the Bullards, then get a VA followed by PL and expanding internationally is excellent. I can just send you an affiliate link and ask you to join Barrington's coaching but I do not believe it is suitable for beginners. It is excellent for someone who has at least a little selling experience and has gotten a feel of what sells and how the process works on Amazon. So start sending at least 4 or 5 shipments in before thinking of going international.
Another good channel to diversify into is joining Brett's Buying Network. Brett is one of Jim's top students who is now a coach and the trainer for private label on PAC. Essentially, Brett sources, preps, markets and sells on behalf of network members. Because of his experience and connections, he is able to get tremendous deals on products. In fact today the network just bought over a whole company who have a health and personal care product. You can read more on my website at http://www.jasontayonline.com/bretts-buying-network.html
Before that, you should sign up with My Inventory Team aka the Bullards. http://bit.ly/TheBullardsMIT
Maeja Associates
bit.ly
When you source online also remember to always use a rebate program like Mr Rebates or Ebates. It's free money. All the resources I use can be found on http://www.jasontayonline.com/my-toolbox.htmlMy Toolbox
www.jasontayonline.com
I currently have 3 active streams. 1. Online arbitrage 2. Private label brand x1. Developing the 2nd now. 3. Brett's Buying Network