A college student with a new family to support reads between the lines and turns a $20 used textbook into almost $70,000 within two years. This episode will flip your lid!
Side Hustle School features a new story EVERY DAY of someone who started a hustle without quitting their job. You’ll learn how they got the idea, how they overcame challenges along the way, and what the results are. Share: #SideHustleSchoolShow notes: SideHustleSchool.comTwitter: @chrisguillebeauInstagram: @193countries
Learn more about your ad choices. Visit podcastchoices.com/adchoices
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Welcome back. This is critical about foresight, us no school, I'm so glad you made it because we're kicking off a brand new weak, leading up to episode of five hundred early next week. Now we like to start with a really strong story, on mondays at least for those who listing in real time. You know we do their weekly recap on Sundays than we start a new weak and it turns out the more Well listen to the Monday episode than any other episode during the week. So We try to make sure we have an especially strong story, and today, of course we do. This story is close to my heart for at least three reasons why the story called flipping. One thousand and twelve college textbook edition The first reason is: it features a guy who's originally from Ghana and then emigrates to the United States. I used to live in western. For several years on board a hospital, Shepherd least right off the coast of West Africa, we were in Ghana for about four months. So I know that country quite well. It's fun to focus on someone coming from that part of the world My second reason is this: guy side. Hustle is about textbook reselling or flipping. He actually does really.
Well if it makes five figures in a pretty short period of time- and I like this because back when I got started side one hundred and twenty years ago I was also reselling or flipping things, and I did some textbooks as well. I didn't know you specialize in it and the way this guy did, but I do relate to this kind of side hustle. It kind of has this little throwback elements For me and number three ask actually read the hundred our start up, which was part of his inspiration for the business. That is a book I published about six years ago. So I am happy to be a small part of inspiration, although I have to give him credit, because he beat me by eighty dollars, his start up costs just twenty dollars. So will be on the lookout for the twenty I started from him and in the meantime, this episode will flip your lead. It's a college student with a new family to support who read between the lines in terms of twenty to start up into almost seventy thousand dollars within two years. Like I said it's a good ones, let's say thanks. You today sponsor and then on what the show support for them. Broadcast comes from C D. W and HP.
C d w we get that an unsecured laptop can put your companies data at risk, making you a little paranoid, I'm apparently you're paranoid seedy w can implement a secure mobility solution using the H Billy Book, with until a generation, processors ensure view privacy to protect your screen from prying eyes. Did you follow me here? I t orchestration by C D, W people who get it find out more at sea, w dot com, slash HP security What was that let's face. It. College is downright expensive between increase Intuition and the necessities of living close to or on campus students in their parents are often desperate to find ways to trim the fat on higher education, where the most surprising expenses, at least for a lot of students His textbooks, which tend to cost way more than most other bucks when you're hoping to cut
there is often no easier way than to look outside your favorite money, hungry, university, bookstore and been listening to the show for a while. You know that, where there's a problem, there is a side, so just waiting in the wings. That's what story begins today. And ironically, it all starts with a book that you're not likely to find and you're typical university bookstore. Much to my annoyance and disappointment, you could say that book is a bit unconventional but hold on a minute. Let's talk about today's featured case study, Marcus Chiusi found himself between a rock and a hard. Says he was a full time student at a university in Vermont heading toward a promising degree and computer information systems, but money was tight You see Marcus had recently emigrated to the U S from Ghana and West Africa, and when he wasn't cramming for exams, he was working part time, manufacturing, furniture and providing I t assistance at the university of when he was also a new father. His wife actually stay at home, with their daughters that they didn't pay for child care and other outright the expensive industry by the way and markets was the main breadwinner, despite also being a full time student,
how to be a better way to make some money and that's when he stumbled upon the hundred our start up with it. Is he read about everyday people who are taking small amounts of money and turning them into larger amounts of money? It was for the kind of motivation that markets needed since he didn't have much cash despair. He took five dollars each month for four months. That's right! Five dollars a month for four months and set it aside for historic cos. Those costs totalled well, I guess you can added up twenty dollars and then he got to work because on some of the people he read about in a case studies from the buck Marcus needed money like yesterday. That's when you just go the wonderful world every site. Not only was it low risk, it was something he could start right away. A time frame. That was a feeling. This version of Riesling was called flipping, buy something at one price, resell it for another and preferably a higher one. It was pretty simple: all he needed was something to flip.
Marcus, do if you're gonna resell something you had to a make sure that what you're saying was in high demand and be no your product, like the back of your hand from his own experience markets do that college book prices are a common pain point with university students. If inflation continue to drive the price of textbooks sky high, cheap textbooks were never Stop being in high demand now here's a fine fact for you by the way the average cost of college textbooks has risen four times faster than the rate of inflation over the past ten years, and who knows more about textbooks and a college student. It seem like his best bet Marcus began his heart where every resource for college student finds themselves when it comes time to purchase books that look, she was a little website called Ebay dot com without twenty hours he purchased two bucks and turned her I saw them almost immediately for seventy dollars the experiment work, but was it sustainable instead of pocketing that initial prophet, he reinvested A more bucks and created an Amazon seller account ass. He sat Ebay was fine for one and done transactions, but the right
You end up selling is mostly driven by the consumer on Amazon You have more control, including the ability to set your price, which means you can set your profit margin within its first year, flipping tax, on Ebay and Amazon, Marcus Poland, twenty thousand dollars in you we're too, he was just below fifty thousand dollars a total of seven, thousand dollars into years over the course of those two years market, flicked, almost five thousand college textbooks. It all started with that. Twenty dollars saved in five dollar increments across borders Now, at this point in the store, you may have some questions. You might wonder, for example, how did he managed to score bucks so cheaply and how did you know which books would sell. Well. You'll. Never guess what comes next, I'm gonna tell you, make us realise that many students didn't actually the value of their books. They buy their books from the box.
Only to find later that either the bookstore wasn't planning on selling them next term, or we're only linked to accept him for much much less than they originally purchase them, for, in other words, there were a lot of students who needed to sawbucks who also had a problem and once a broke student to do with this excess of seemingly worthless books. Will you saw them on E Bay of court not from August came in. He found that students are often desperate and incredibly motivated to get rid of those books. When he found a book he wanted to purchase on Ebay Mark has discovered he could reach out to the SAR directly with an offer, thus going outside the auction process. He says that the impatience of youth often work in his favour, induces technic early in a bidding when the bids were low. Made his offer like more desirable in comparison? Ok, now for the second, and how did he know which books would sell? Let's not magic. It's actually pretty simple. First Marcus chose to specialise in books for chemistry biology mass because he noticed they were the most in demand across the board. Second, he learned to pay
engine to Amazon Dotcom sales ranking system when markets would find something promising on Ebay before he made a purchase, reform contacted the seller. He'd had straight Amazon to check it sells rank and for every book that southern Amazon. By the way you can look and see what Cells rank. Yes, this is public information, so I was an easy way for him to determine whether or not it was high in demand and thus potentially a worthwhile investment. Just puts a numbers to Marcus knew that if a book had a sales rank under a hundred thousand, it meant that that title was sold at least once a day and any title with a sales rank under seventy five thousand was being purchased with consistency, so markets do that those tiles were well worth flipping. Now what were the challenges with this hustle, because, of course, it wasn't all poetry in prose, obviously big success, but at the same time, flipping five thousand textbooks is no small project Mark has got to know the employees at the Post office on a first name basis, which was fun at first, but then he realized he was spending a lot of time sending in line. He also found it. After a while but he was spending more time chasing beds on Ebay and chasing him
kids around the house. So when you graduate from university, started working as an ip business analysed. Suddenly there was a bit more room to breathe for the quasi family, Marcus gradually start reselling textbooks and took on new projects that would allow him to be more present at home. Among other things, he started a resource blog complete with a podcast. He did that, together with his wife, Ashley and specifically focused on newlyweds. A textbook site hustle had proved to be a much needed lifeline for him and his family. They provided them with a to pay their bills and save up an emergency fund, which was something it seemed impossible in earlier days, when the wash. Heat or broke. It was annoying, but not the end of the world. Speaking of ending, this chapter may have concluded for our resourceful side, Hustler Marcus, but the next is just beginning. And whatever happens, I'm sure it will be a real page turn possible. I love story so much twenty thousand dollars and net income. Your one, never having done something like this before.
May. It really is the kind of sight I saw where you can experiment and learn as you go its low risk, a twenty dollars start up here that turns into seventy two hours in the first sale and on and on from there. This is gonna time intensive, so it's not for everyone out there. But if you're trying to do your first hustle Do something where are the worst case scenario? Is that you lose twenty dollars or a hundred hours or whenever it is recycling, is really rate sandbox complained sandbox. If you learned a few things just like Marcus dead, you get paid for your experiments, and I also had a note specifically about recent.
Textbooks ass compared to reselling other items, perhaps not surprisingly. Reciting textbooks is a seasonal business in the sense that the busiest period is always gonna, be at the beginning of each school term to Marcus paid attention to this, and he would prepare for the over achievers who came to their first class prepared for those students. He would have books listed in advance. So for students who are beginning in the fall he would sell them their books in the summer and then he would catch those who are scrambled to get a look at the last minute in the fall after class classes, it already started, which was perhaps a larger market, so that was a pretty predictable cycle. So here plan to spend a lot more time on the business during those periods and in less time during the other months. I will, I hope you enjoy the story I enjoyed, bringing it to you. Ve got a lot more coming up. Dump
Inspiration is good, but inspiration with action is so much better. Today, flipping stone, Osrs Titus will school dot com. Four hundred and ninety two has episode. Four hundred and ninety two I'll be back tomorrow at forty nine thousand and thirty four side hustle school.
Transcript generated on 2020-08-05.