« Side Hustle School

#960 - WEEKLY RECAP: Retail Arbitrage with Fulfillment by Amazon

2019-08-18

In our thirty-third recap of Season III, we'll highlight the lessons learned in this week. Also: an audio update from a previous case study!

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.  

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Show notes: SideHustleSchool.com

Twitter: @chrisguillebeau

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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
friends, community listeners welcome to sign up for school. This is Chris Calico. We have just finished week. Number thirty three season. Three: this week featured a sports writer who wins big, can't blame his own book, a british family who sells political tea, towels and a high school bootleggers who grows up but never loses his eye. Your spirit and know that high school bootlegger was not me. I never actually made my own beer lots of issues, but never did that thing probably escalate and know how to, but still wasn't me now in today's we capital and audio update for you from a previously featured side us or who has since gone full time, interesting news from her. But first, let's talk about retail arbitrage. Okay, so I read an article Finally, and I will end up in the shouts it's from the verge, it's called nomads. Try
to America's Walmart to stock Amazon's shops is about this new side. Hustle, slash career people earning money by buying stuff from retail stores. I then selling it. For a higher price, not when I say new, Sata souls last rear in some ways the more things change them where they say the same, because the first thing I thought, as I read this article was, while you know people are paying attention to this now But this is exactly what I did twenty years ago. Ok, I used to twenty years ago, go to retail stores and then by products and seldom online. As I mentioned from time to time in reselling is probably the easiest business model for anyone to jump into is not necessarily the best thing. It's on a surly, what everybody should be doing all the time, but if you're looking for the easiest simplest thing to start. We need to make money to Morrow. If you want to understand how this road works. It is a great russian forelock people. However, one key thing that's print. One thing that has changed actually over the years is the role.
Amazon, dot com and its fulfilment by Amazon programme. Several other people featured in this article, our minimalist or nomadic, Living in a van or an army troubling the country are otherwise just don't want to own stuff, for whatever reason, which I respect, now. Historically, the way you ve been able to be a successful reseller is by stocking alot of inventory, which isn't really align with those values, when I was resulting in I, I excited about when I would go and see if there is a particular Lego set but I know I can resell you now for twenty dollars more than it costs, or here is a video game, that's popular in its discussion here, but I know I can sought more online or if the store had five of those Lego sets out by all five which was fine, but then you know my apartment. It's gonna, filling up with with Lego sets and like very much stuff is stacked. You know from floor to ceiling, So the way that you're more successful is by having more amatory. But now you can buy a bunch of stuff you can buy off I'd like sets or whenever it is and sent it off to Amazon and it's their promises.
It thus enabling you to continue living in your van, your army, or otherwise just not dealing with it does not deal with the problem, but that is what is interesting were notable. I think because re song it's been around for a long time, even buying stuff from stores and selling it online through actions or elsewhere. What is interesting or different is the role of the filament by Amazon. A couple other fun facts from this article. I said: I'm going to wake up in the sky. It's going to take it out. That would be out of school com ninety six thousand nine hundred and sixty toys r us going out of business some of these resellers. I guess you could call them retail arbitrageurs. I don't know if that's a word, that they are doing retail arbitrage. They travel across the country going to all the toys, r US stores going out of business and buying up inventory at discount prices for this caravan people like room
I'm trying to go to every last twitter restore who knows, maybe some protesters are doing that. Let me not! That was you also. There is an app you can use to identify desirable products that will sell well using this model, and I thought that was pretty cool, because when I was doing this stuff, no such app existed. In fact, no no such smartphone existed. That deafening helps give more people an advantage. Then it from information one of the most desired items, one of the items that the people are really looking for, that they can sell for a big profit is the bounce drier bar. The bounced drier bar is basically like fabrics, oftener, something it's like a five dollar plastic oblong that you have fixed your drier, rather than at A dry sheet, each love for whatever reason the bounds company stopped making these so it's discontinued and a to pack cells on Amis. For up to three hundred dollars, so some people are and a fabric oftener. They don't judge Airbus, nothing. Let this be a reminder of this whole story.
Doug, etc that we are living in the new economy. Opportunities are everywhere and also, if you have any bounds, Our bars in your laundry room. I've got around to using. You just might be able to turn dollars into after three hundred dollars. Who knows anything is possible. Alright, let's go onto the audio update this one features Charlotte, who books, surprise vacations for clients, in addition to other trips actual here interrupted. So here is Charlotte. Hey this is Charlotte Magee from Charlotte North Carolina. My side, hustle is waste away, surprise, travel and it was featured on episode. Three forty six no longer aside her. So I took wisdom eight full time in June. Twenty eighteen and left teaching per day since waste away was featured on side has also I've made some changes based on work.
Plants were saying they loved the easy booking process that they wanted to go to a specific place. So, this, too, is a surprise. Travel company, which means our clients, don't want now, where they're going until a week before they had to the airport Initially, I started planning these non surprise trips on the download, but then I figured I should get the people what they want. This is now a major component of our business won t The advice I have is to listen to what your valued customers want and try to make having for then for a long time I didn't want to provide non surprise trips, because I thought it went against what was to away all about. However, I see realized are real mission, was to get more people travelling without the hassle of research and planning, adding the service has grown washed away and fulfils our mission for the future.
Here I'm looking into how waste away can offset the environmental damage caused by flying. I'm play following Rick Steves model by supporting Eco friendly projects around the world, preach trip booked a new project. Get patient from waste away in that clients honour as waste away grows, we hope to expose more people to the magic of travelling and do some day
awesome Charlotte. Thank you so much. Congratulations, crochet the update and I'm so glad the business is going well, it's fantastic that you were able to take it from a site us or to now you're for time venture. I also appreciate that respective about how you should give people what they want, and I thought this is interesting, because I think you could also have an alternative perspective here. Like obviously you know it's working for Charlotte get people what they want. I said at a lot myself, having generally good advice, but I think what was interesting about her service is is the actual surprise vacation part of it, and so another perspective to have is instead of becoming a full service, travel planning agency or whatever it is, we are just going to
on this surprise, vacation thing and I feature short story and the one that incite US book recently. I think I said something about how you know a lot of people are not into surprise vacations and, like the log people, don't like the idea of somebody saying like here's, here's a week that you're gonna go and spent in a country that you haven't really thought about or whatever, but that's, ok, because her customers are into it right. I think, is also possible to kind of heaven exclusionary perspective and saying like we know who our customers are and who they aren't. So it just goes to show there's a lot of creativity in this process and the key point, as always, is to figure out first of all, what works because, of course, we're trying to make a profit here. This is not just a hobby, but secondly, how do you want to make it work for you so good example there I didn't you can following with Charlotte or book your surprise, vacation or you're, not surprise migration. I go check out, explore whisk away dotcom, that's whisk! W H, I asked K E Deep link it up in the notes, as well:
blood. More updates like these, where you everything a week and if you have a quick Are coming up your own, you, let me know you can call the hustle hotline eight thousand four hundred and forty nine hustle, eight hundred and forty four nine hundred and forty eight seven thousand eight hundred and fifty three or you can email podcast at Titusville school dot com. Since this is the final episode of the week, I want to say thank you first of all, thank you so much to you the listener. You are the reason we make the show nine hundred and sixty episode and counting. I Nineteen fifty nine days ago, that if you make the commitment to make this part of your team, I'm gonna be here every single down to be bringing a different story.
I want to support you as well in your quest to create a new source of income. I ve been thinking about a project for a while, but have not taken action or if you ve, taken action, struggled encountered some kind of challenging obstacle hate, that's normal, and the people who succeed in this are the ones who are willing to keep going, not just doing the same things all the time, but keep going in a sense of regrouping tweaking making changes, learning more apply, more etc. So don't let go that dream of yours? Don't stop believing hold onto that feeling and also to say thanks A few other folks working on the programme, including producer Chuck, Reed content manager, Whitney Corynaeus, diminish, liaison Jed, Cheng CAT hurt or Tina Hearts, and the official show CAT Libby Gill about we're all part of the our project, which is led by aggression, ribbon her show happier if Gretchen Ribbon, as well as happier in Hollywood and a programme from less urban. Do the thing a here's, a super quick requests for me. If you wanna help tell your friends about social school show them how to subscribe. Like it's free, there's, no catch. You know somebody who need another source of income. Tell him about social schools
I subscribe. We will take care of him. I often say inspiration is good, but action is even better because I hope you will take action, but mostly I wanna be here to support you, in whatever way is best for you. You'll join me again violent everyday next week for more stories and actionable ideas. Consider this a short daily investment in yourself purposes. Go online at six hour when I M eastern time, once again, my name is critical about, and this is side us from the onward projects.
Transcript generated on 2020-04-26.