thoughts about buying on Amazon

Discussion in 'Off Topic' started by kenny1999, Aug 11, 2019.

  1. hmscott

    hmscott Notebook Nobel Laureate

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    I've found self-employment has it's own satisfying rewards even without the rewards of profit and success. It's a journey unlike employment working at the direction of someone else, and both have their benefits and joys.
     
    Last edited: Sep 18, 2019
  2. 2.0

    2.0 Former NBR Macro-Mod®

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    Platitude-city, mates.

    (Plus didn't see a "yes this is what I do and am so successful at it I was thinking to producing an infomercial and training pack for $99, cause that's where the money's at.")

    I'm from the old school: if it don't make dollars, it don't make sense. <--- an axiom and a platitude, all in one.

    Anything you engage in must have a reasonable probability of success that outweighs other opportunity costs. Otherwise, why bother? There's risk tolerance and then there just plain old risky behavior. The former assesses risks and costs and plans accordingly. That latter shoots for the moon with bottle-rockets strapped on their back.

    In any event, can one be successful at it? Absolutely. But you're going to need quite a few things first but most importantly:
    • Time (lots of it for unboxing your loot, organizing storage space, listing items, printing shipping labels, boxing items up, handling customer service, etc).
    • Money (for product acquisition, storage space, shipping packaging, postage, transport, utilities, labels, etc.)
    • Storage space (a warehouse preferably since you need to move things in volume, accept things in volume, and ship things in volume)
    Consider also that your margins (item acquisition costs - [sale price - postage - packaging - labels - platform commission - carrying cost]) will often be tighter than a wholesalers.

    And then you will inevitably have to deal with returns which for you will likely be a loss. Why? Well to protect your seller rep, you will have to lose money on shipping, often both ways. If you decide to resell it, the price may have to be lowered as it may not be saleable as new - which of course means the decision to resell may end up costing you more than the item is worth after expenses.

    Food for thought. All that glitters isn't gold. Think before you leap.... [and other varied platitudes]

    [insert smiley face emoticon with twirling right side of mustache animation here]
     
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  3. KING19

    KING19 Notebook Deity

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    That is true you gotta have the work ethic in order to run your own business and to know how to turn a profit but you're not going to turn much of a profit by buying items from Amazon/Ebay and then reselling them at a higher price. Also brick and mortar stores are slowly closing these days sadly and also when you trying to sell items online you gotta add the cost of shipping and materials.

    Yup, Thats how video creators make easy money on Youtube including donatons, same goes with Twitch.
     
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  4. hmscott

    hmscott Notebook Nobel Laureate

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    It's fun seeing people that have no direct experience with something figuring out how it can't possibly work, when clearly it does.

    Perhaps it's simply that you don't know whether or not you have the experience, knowledge, and skills required to be successful yourself and that's holding you back when trying to imagine how someone else is successfully doing it?

    How about what you do know how to do? Did you sprout fully formed 100% capable and fully able to do what you do? Or, did that take years of learning, making mistakes - having successes - leading you to your success today?

    Don't knock it till you've tried it ;)

    Also, no I don't do this, but I know people successful at doing various specialties of this, and have been for decades. Having been exposed to what's involved directly for many years through friends, I know how hard they work physically, and how much they love what they do.

    I've mentioned many times that I have been doing electronics / software for a long time, I don't do this myself. I am very happy I trained myself in computer science and electronics from an early age, as I enjoy what I do too.

    If anyone here does give it a real go, please let us know how it works out for you in a few years. :)
     
    Last edited: Sep 19, 2019
  5. saturnotaku

    saturnotaku Notebook Nobel Laureate

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    Gimme a P
    Gimme an L
    Gimme an A
    Gimme a T
    Gimme an I
    Gimme a T
    Gimme a U
    Gimme a D
    Gimme an E

    What’s that spell?


    Sent from my iPhone using Tapatalk
     
  6. hmscott

    hmscott Notebook Nobel Laureate

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    Here's how to turn an almost failure into a success that allowed a developer to continue developing games, after his game languished in mediocre sales after 1.5 years. By considering potential ways to re-compute your product(s) sales model(s) you create a new world view for yourself and your customers.

    Gaming the system with deals: Switch gamers love bargain bin games and so do developers
    Game makers see increased revenue when deeply discounting their Switch games
    By Cal Jeffrey on September 17, 2019, 5:31 PM
    https://www.techspot.com/news/81946-switch-gamers-love-bargain-bin-games.html.

    "...Hitcents suggested to Bitner that he try the same thing with A Robot Named Fight.

    "I was vaguely worried that it may devalue the game, but it was already out on [the eShop] for a year and a half," said Bitner. "So I didn't have a lot of reservations."

    His game normally sold for $12.99. He marked it down to $1.99 and saw a 1,500-percent increase in sales and put it on the Best Sellers page.

    "It was night and day," he said. "During that sale, it performed better than launch. It's done well enough for me to continue making games."

    The discount had the added effect of free exposure from gaming news outlets who publicized the sale and players who streamed gameplay and tweeted about it.

    It may seem like a no-brainer that games that go on sale sell more than when they are first released, but it is not that cut and dry. Many small indie studios do not see the exposure that triple-A publishers do at launch, sometimes even flying entirely under the radar. A sale is an effective way to get that game out there and increase sales significantly.

    The math is simple: Would you rather sell 10 games at $10 or 10,000 at $1. That is the real no-brainer."

    The lesson here? Don't be greedy. Think quantity vs unit price. You can make a small amount on every transaction rather than a killing on a single transaction.

    That's how independent people succeed, by finding small profits and repeating them. Sure the big scores matter, but they aren't what puts food on the table in a day to day reliable income stream to get by between miracles.

    Better to work out a mix of smaller incomes to create a steady stream of income than to sit there accomplishing nothing, trying to figure out that one big score.

    That way if one income stops or gets delayed the others will continue to bring in the food and bill money.

    In order to succeed you must be frugal in your expenses, generous in your exchanges, and above all else, never be greedy.

    If you lay low and do your business on the side - without violating any contractual obligations you have with your employer - you can build income streams to release you from being a wage slave, a little at a time.


    Here's a great story of how to win, lose, and still be doing it like it's just another day...one quarter at a time. Language warning - New York.

    Losing Millions on the Homie Vending Machine Empire: Profiles by VICE
    VICE
    Published on Jun 9, 2014
    We traveled to New York City's forgotten borough, Staten Island, to find out how Sugarman created a small vending empire—and how he subsequently lost it—one quarter at a time.

    In 1996 Bradley Ellison, a.k.a. Sugarman, started Sugar Daddies vending company in Staten Island. He placed thousands of machines throughout New York City in pizza parlors, supermarkets, and corner shops.

    Due largely in part to a cash economy, his business flourished, shaking down every neighborhood kid for their milk money in exchange for a sticky hand, bouncy ball, or a handful of candies.

    In 2004, he finally made it big with the "Homies" series (arguably the most popular vending toy of all time), grossing over $1 million in sales.
     
    Last edited: Sep 20, 2019
  7. Fishon

    Fishon I Will Close You

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    @2.0 and I are successful business owners with a lifetime of experience. I've been in sales my whole life and have been exposed to many a business/ sales propositions. You speak of the value of small transactions as a way to success, but generalities like this are often not true. Take a large and a small insurance policy. Which one do I have to spend less time on? Neither. They both require the same amount of marketing, servicing, and explaining/convincing to the customer. And often times it takes more time for the small sale because the guy with less money has to be more protective of his smaller pile of cash. So yes I'll write a small policy if it presents itself, but marketing and perusing policies like these do not net the same as the larger ones. The game developer is a poor example of any sort of formula for success. Why? He already put in all the time and effort into the thing, grossly miscalculated what people would pay for it, then in desperation gets lucky and sells something he just needs to flick a switch to- with minimum additional time and effort. . When I was selling equities, the firm required me to understand the amount I made on an average sale. From there I needed to understand how many presentations I needed to achieve a sale. How many dials per hour, leading to how many contacts, leading to how many leads into how many I closed. Any weakness in the system and you improve in that area, or understand you're just not putting in the work to make it happen. I knew my numbers (at least attempted to) and this is what I see woefully missing in all of this. Also mentioned as a way to get out of the wage rut. Well, working for a wage or exchanging time for money is relatively the same. The real win is to find things that requires very little time to manage down the road. And that is why I do see some extremely intelligent people look into MLM (multilevel marketing) and the like. Horrible stuff, but if you can get a residual income on something you hardly touch, that's what everyone is looking for.

    No. It's a story about a street hustler who got lucky and happened to be at the right place at the right time, thought it never would end thus doubling down on his investment when he should have known it was a fad, and is now in an extremely bad place (or right back where he started).

    Got you covered...

    [​IMG]
     
    Last edited: Sep 24, 2019
  8. KING19

    KING19 Notebook Deity

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    I never been a business owner but i used to sell items that i found at my old job. I worked at a junk company where we take out people junk mostly from middle class and upper class houses. They threw away flat screen Tvs, laptops, car parts, tools, old records, brand new mattresses and so on and i would sell the items on craiglist and/or sell them at pawn shops, It was good extra income plus some stuff i gave away to family and friends, Customers at times would gave away free liquor and wine bottles as tips. For me that grew up in the lower class it still a shock to me of the stuff they would threw away. Obviously this didnt happen everyday it was something that happens every now and then, Hard to explain.

    Anyways if you're going to open a business by buying items and then reselling them then its already a failed business plan if you cant manage to sell most of the items and as stated before in this thread storage will be a problem, Thats what people who make youtube videos telling people you can make 6 figures by doing this wont tell you about.
     
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  9. Jarhead

    Jarhead 恋の♡アカサタナ

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    Everything is fine! Please don't ask about the shed in the back nor the credit card bills piling up in the mailbox...
     
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  10. hmscott

    hmscott Notebook Nobel Laureate

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    The best part are the constant visits to the UPS, Fedex, and USPS daily, knowing the fine group of hardworking shipping guys and gals on a first name basis, and the stream of notifications / updates for listings sales and delivery confirmations to monitor day and night. The "Do not disturb" schedule and options are your best friend.
     
    Last edited: Oct 2, 2019
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