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…so we could talk all about 1K Fast Track. What’s going on brother? What do you think about that?
[00:00:19] Scott: I think that’s good. I think we can maybe make this happen. It only took us about 30 minutes to get that intro. Why don’t we tell people about that?
[00:00:26] Dom: Nice, I mean I’m not used this stuff. You’re the host. I’m just a guest. I’m the side show, that’s all. Chris Shaffer…
[00:00:34] Scott: No, it was awesome, it was awesome. You did a great job and I like that you actually did that because you actually now… You can see what it takes to maybe do an intro. It’s not that easy, is it?
[00:00:45] Dom: It’s not very easy especially if you’re going to try and add lib. I probably have a 45 notes. I started with a pen, a marker, scribbled out about 40 chicken scratches and then I thought, “You know what, just let me use WordPress or something.”
[00:01:01] Scott: Alright, yeah, but we are going to talk all about the 1K FastTrack and I wanted to get you back on because our second group has went through and the numbers are pretty amazing. They were amazing in the beginning when we did our pre-challenge and for anyone that is even wondering what the heck I’m talking about or we’re talking about, it’s something that we created. Gosh going back about three months now. I think it’s over three months now and it’s something we call the 1K FastTrack. And what that basically is, it’s for people that are struggling to just get started and how can we get them to 1K in sales and the way to do it really, and that’s why I reached out to Dom because Dom is the retail arbitrage, the RA ninja as we call him, the master.
And he’s been doing it for 15 plus years. Probably closer to 20 but he decided to help me help you with teaching this stuff and we’ve already had two classes go through it. We’re actually evolving every single time and this second time, with this second group has been crazy on the numbers and those numbers just to let you guys know what we’re talking about, we’re talking $30,772.53 and that’s actually higher than I announced in our private group inside the 1K FastTrack because someone forgot to submit their totals until after we finished our six weeks so we added another four grand there. So Dom, what does this say about retail arb? What does it mean?
[00:02:27] Dom: Well first of all, it’s pretty overwhelming those numbers. The first group we thought was good. The second group far succeeded that group. So I’m very impressive and four weeks the source all that stuff and then by six weeks to have it all prepped up and sent to Amazon or do manual sales, it’s crazy. But what it tells you is that, I mean it’s the same thing we’ve been hearing for the last couple years, retail arb is dead now because of gated categories, gated brands and stuff but again we put lots of volume through every day.
So we know on point, on fact, that it’s not dead. Again, it might have not been what it was five years ago because so many people are into it and there’s maybe not so many retailers now because unfortunately a lot of them are closing down but in reality there’s still money to be made if you want to put the effort in. It’s a simple business model too. You buy cheap you sell high, there’s nothing easier than that.
[00:03:18] Scott: Yep, well and I want to talk about that because I don’t want this just to be us sharing numbers and getting everyone excited. I actually want to go back through and we can retrace those steps that this group did, but the first group did and like what you see moving forward for retail arbitrage. Whether that’s selling on eBay or Amazon and I want to highlight that. A lot of people don’t consider eBay when doing this and I want to talk about like why I don’t think that’s smart. And one of the things I want to again mention and some of you guys have heard this story but I go back to my wooden bridges.
I like that story because that was something that I did and if you guys didn’t hear that story, really quickly, my wife and I when we were still in our photography business before we actually even really got that rolling 100%, we were looking for ways to make extra money. So we started playing around with selling things on eBay. Very, very little. Just stuff around the house and then we started to sell these wooden bridges. They were like these little cedar wooden bridges. They were four feet and they were arched and then you can put then in a garden. That’s what they were for. Just a little decorative type of bridge and we were buying them for $25 and selling them for 140 bucks and that’s what really got me excited about just online in general, that’s going way back.
But that was eBay and eBay was around before Amazon. So there are buyers, search engine, there’s still sales happening there every single day, I know Dom you’ve got tons of inventory in there and you do tons of volume through eBay. So when people would say to you Dom right now like eBay is like dead and there’s no one buying on eBay, what would you say to that person?
[00:04:53] Dom: Yeah, I would say that’s false first of all. Again, I might agree with them that the volume is not like it used to be but it’s not like a drop 50%, 60%. It might have dropped, lost 10%, 15$, maybe 20% because of Amazon’s growth. So fast and FBA process isn’t easy but eBay is an easy solution for products that you can’t list on Amazon or stuff that you have multiples. If you’ve got 20 or something, you might not want to send it into Amazon FBA or manually fulfill it just on Amazon, you want to have it on both platforms. A matter of fact, not even two, three, four, five platforms.
We always forget, everyone… We’re all addicted to Amazon FBA but there’s still Amazon U.K that you can sell an amount, fulfil it or Amazon Canada, fulfill it yourself and eBay and a host of other sites that you could put your product on. So eBay and Amazon are two different monsters, but they’re two headed monster and that’s good for business for a retail arb seller, ecommerce marketplace seller. There’s a blue color, white color. Your high end stuff, you maybe want to put on Amazon. Your collectibles or your used goods, you might want to put on eBay. So those are my thoughts on. Again, it’s far from dead.
[00:05:58] Scott: Yeah, I know and again I mean to give you guys a little bit of what you guys can do like right now if you guys are listening to this and even if you’re… I know people right now that are private labeling. I know actually one guy that’s doing over a $100,000 a month and he’s still doing some RA. Dom you know who I’m talking about and they’re still doing it because to them it’s a system you get in place and once you understand what you’re looking for, then you just go find that. The thing is, with the 1K FastTrack the reason why we did this, is because we know people and we had people come into class and say, “Scott I’ve been a listener of the podcast for over a year and I still haven’t pulled the trigger on a private label product, I just don’t know what product to pick.” And I said, for these people we just got to get them started.
So what better way than to go out and find product, retail product that’s discounted, way discounted and there’s strategies behind that. There’s also how you can get additional coupons and money off and all that stuff which we go through extensively inside of the class. But you can go in there, buy it low and sell it high. You can literally do that in a week. Like you can have a product picked and launched on Amazon live in a week. You can have it less than that. If you want to have it fulfilled by merchant, you can have it done the same day which we have students that have already done that.
But what we did and this is what you guys can do like right now and I actually did it on episode 312 and I’m going to bring it back right now, is you can find the stuff that’s laying around your house right now and this is what we had the class do before we even started the class. We had a pre-challenge. We called it a pre-challenge. So seven days and it’s like the time starts now and then seven days from now, you’re going to go ahead and you’re going to report back what you sold and we’re not even saying you got to go out and find stuff, we’re saying only go into a garage, in an attic or anywhere and you find that stuff that’s laying around that you think that you would put in a garage sale. If you would put that into a garage sale, you can put that on eBay, period. And you should be and we had students do that. The first group did over $3,600 or $3,800.
[00:07:57] Scott: The second group did over, I think it was $6,200 or something like that in, we’re talking seven days guys. Like seven days and they didn’t have a product when they started. So my challenge to you would be, do that? Like right now, depending on when you’re listening to this. I don’t care when you’re listening to this, start right now. The time starts now, boom! I just did the stopwatch. Seven days from now, come back, let us know. Go to this blog post. Go to episode 362, theamazingseller.com/362. You’ll also find the show notes, the transcripts and all that stuff there. But go there and put something in the comments there. What happened after that seven days? I want you guys to start doing that right now because there’s no excuses.
Dom don’t you find that… I mean we just did a meetup together. We were in Canada together. It’s funny when I’m recording this because when it airs it’ll be probably a couple of weeks later. I was just in Toronto. We did a last minute trip which was phenomenal by the way and watched the Cavs and the Raptors and got to hang out with Dom for the weekend and stuff and that was a last minute deal, but we did a TAS meetup in Toronto and one of the biggest things there Dom was people were getting stuck on still what kind of product to pick. So would you say that that type of person might even just want to start with retail arbitrage until they figure out the product?
[00:09:10] Dom: Yeah, I think it’s a simple transition to get into retail arb which will lead you to an easier transition into Amazon FBA. Again that’s one of the reasons we started the course. It’s not necessarily you want to stay in an RA for your whole business life but the transition… I find that people just get even confused with just shipping and what’s an FNSQ, how many products you could have in your account. With RA, don’t forget you could also season your account and give it history, feedback history. You can give it sales history. You can get through those thresholds that Amazon wants you to go through and then when you’re ready to release your private label products, you might have a limit of $10,000 or $15,000.
So now you don’t have to be stopped or slowed down because you can’t send so many units in. So the RA helps you do that and again it’s a quick selling process too. If you know how to purchase right or source right, you’re going to buy products that’s going to be flipping every couple days. Again yeah, so easy transaction and to be honest, I would say 50 percent of the private label guys that I work with or that I’ve talked to, they actually started at retail arbitrage. That was their entry point.
[00:10:18] Scott: A lot of them.
[00:10:19] Dom: And then they want to scale. I’ll be the first to say that you have to put a lot of work and a lot of SKU’s, a lot of revenue, a lot of space, a lot of time, if you want to scale to RA to do seven figures like we’re doing in RA in order…
[00:10:31] Scott: But what if someone just wanted to get to $25,000 or $30,000 net a year?
[00:10:37] Dom: Well, yeah for sure they could easily do that. Easily do that. What I mean by that Scott is that private label allows you to scale pretty fast within a year. You could be doing pretty good. Where RA takes a lot more time, more effort. So that’s why even in my situation that’s why I went to private labeling because I’m like, “You know what, I’ve got my RA business I want to have something a little more lucrative where I don’t have to put as much time a but keep the RA on it.” So like a part time job after my full time job.
[00:11:02] Scott: It’s a side hustle too. You could do it side hustle here, right?
[00:11:06] Dom: Exactly so…
[00:11:07] Scott: And you’re learning through that process?
[00:11:09] Dom: Of course yeah and you’re building your inventory for Q4 like a lot of them in the 1K FastTrack did. The last two groups and the third one and the fourth one will have time still. $20,000, $30,000 is definitely achievable. A year, gross sales for sure, net, that’s achievable too. So it’s an easy process. First of all we taught the group to go thrifting in their house or house hunting, go through and you’d be surprised how much. So I could do it myself and get a whole eBay store if I went through our house.
Like I said, old iPhones and maybe not so good computer anymore or old toys for my daughter, clothing that doesn’t fit us anymore especially me now. All my branding clothes that don’t fit. I can put all those, I can put all those on there and sell them. You’re not going to get retail value for them but you get a few bucks for them and it seasons your account, that’s the best thing. You’re selling stuff for $5 – $6, you’re going to get your feedback for $10 stuff as well. You might not…
[00:12:02] Scott: Maybe before we move on with that, why don’t we talk about why that’s important to have your account be seasoned?
[00:12:08] Dom: Well it’s important because of the way Amazon, especially for Amazon, even eBay, the way they set their algorithm and how they rank you in buy box and stuff like that and eBay with the top rated seller and the free shipping and the 30-day returns. You get discounts on eBay. You actually get 10 percent if you’re a top rated seller and it takes time to get those badges. So the more products you got on there that flips, the more chance that you’ll get those badges and that buy box.
But again if you’re going to transition from RA to private label, eBay is really not going to do anything for you but it’s definitely an asset to have that and Amazon is definitely you’re going to go through all the product. I still get so many people that don’t even know what an FNSQ is but you’ll know that. You’ll know how to print out the labels, put them on your barcode, put them in a box, have to do a manifest type thing, count, ship off your boxes, you’ll know what warehouses your stuff’s going to before you order, you do private label, that kind of stuff. So it all intertwines.
[00:13:07] Scott: Well, again I mean you’re dipping your toe in without a lot of risk, you can get started really, really fast and you can start to understand and learn the process. I think that’s the big thing and once you do then you’re going to see that, what this thing works and maybe I want to keep going in. I talk a lot about that. I talk about it publicly but I also talk about it in any of the classes that we teach and it’s really about like how do we get you started. Like that’s the hardest part and then once we get you started, how do we get your results fast? So this way here, when you get those results it makes you want to keep going and it builds that momentum. Like there’s nothing more than getting a sale and going like, “Holy crap, like this thing worked.”
And then you want to go back out to the stores to find more products or you want to go find your next private label product. Like it just, again it gives you your own internal motivation which we all need but nothing is better than getting that for sale and then from there being able to say, “Okay this thing works, I’m going to keep moving on it.” And that’s really why we decided to do the 1K FastTrack because then it’s going to force you to learn quickly. You don’t have to wait. You don’t have to say, “Well I gotta get freight forwarding, I got to get a supplier, I got to get all this stuff.”
No, you’re just finding stuff that’s currently selling, you’re jumping on that listing because you can as long as that’s not a gated brand which again that’s a whole another thing but you’ll know it’ll say restricted, you can’t sell it and then from there you just move on to the ones that you can. Now, just to bring up that again on a seasoned account. We talk about seasoning your account when you do private labeling. Now when you launch a product, you’re going to be able to rank better because now you’re in their system and you’ve got a good rating on your seller, hopefully you do. A good seller rating and stuff and that’s going to help you when you launch rather than someone that’s brand new.
[00:14:50] Scott: The other thing is and Dom we just discovered this through this last group, where actually my son was looking into selling like certain sneakers and socks and stuff that are designer socks or sports socks and stuff like that, hats and lids and all these different things and we were running across the issue where it was some of these brands were gated. But we also can go to request to get ungated and what we found is, with a seasoned account it was literally one click of a button and then you were approved. That was pretty amazing.
[00:15:21] Dom: Yeah, pretty exactly. I mean we’ve done that and I just did it for fun 10, 12 brands and ungate. It’s stuff that we’ve never sold before.
[00:15:29] Scott: Yeah, Nike, Oakley, Polo, like all those name brands. It was one click and we were approved.
[00:15:35] Dom: NBA, NFL, New Era, you name it. DC shoes, Fox Racing, a million different brands, they can do it. Again now we do try on an account because we had IK FastTracker’s try it, new guys and they couldn’t get it done. Obviously that’s because they… It’s a trust issue. It’s a customer service thing. It’s products they don’t want unexperienced products especially a lot of times because of counterfeit good. That’s why they do it. It’s all about track records. It’s just like a promotion, basically a job. You work for three years, you can apply for an assistant manager. After years the manager liked that. It’s progression.
So Amazon has algorithms in for you and then definitely it’s going to be a lot easier. And if you want, once you get to a private label stage like a few people have already even from or alumni group. I think two or three are already private labeling and our new group actually one or two of them are already private labeling and they want to add retail arbitrage to the crown just to get more income. It’s just a side thing to get more income especially if you’re in the same playground. It’s not like you got to go somewhere else. You can just do two things. I have 2 sets of brands. I have one on this side and I have one on that side but we all hang out in the same area. It’s the same thing.
Why would you have one channel when you can have two or three or you can have two streams of revenue? Especially if you’re trying to gear up to make this a lifestyle change. Scott, this is what we’ve talked about? You want to work for yourself. You don’t want to work for the man, you don’t want to have to punch in, you don’t have to wear uniform, you don’t have to get evaluated. Your evaluation and your raise is every month. I gained 20% income or Amazon tells you that you did 30% more this one, 40% more.
That’s your raise and then you also handle, you have your own destiny. The harder you work, the more products you get the achievements that helps you gain your experience and then financially it’ll help you. And then that’s all in your hands. Again, sometimes Amazon has a little bit hands, if you guys are doing again grey market area or black hat stuff, we can’t help you with that stuff. If you stay up and clean and you hustle again like a lot of people like to use that word and find product and then you find your own niche. Sometimes that works instead of just…
[00:17:40] Scott: Well, I was going to say, let’s dig into some things that these guys can actually take away and if they want to get out there and if they want to go and start finding products. I want to highlight a couple things that you’ve brought up a couple times, both privately and publicly actually at our meetup. You were even talking to some people there and you were actually talking to my son because my son came along for the ride.
He wants to narrow down his market to what he wants to do as far as doing a little bit of retail arb and what you told him and some other people that were at the meetup and me privately was like some people are just, they’re narrowing their focus into just like one category or two categories and then just all they do is go in and look for those things and you brought up a good story. One guy and this isn’t even going out and doing retail arbitrage, but he sells hubcaps. Can you tell that story? Is it cool to tell it?
[00:18:33] Dom: Yeah, he sells on eBay and his name is New York Joe, Joe Hubcap. I mean I don’t know him personally but I watched he’s got a lot of good information about selling online. He’s like, they call him the eBay fanboy. So he’s number one proprietor eBay. He doesn’t sell on Amazon and it’s all about eBay for him. There’s technical things that’s changed or how to operate listings and stuff like that but he sell hubcaps and he’s got a business, a retail business where he buys and sells, close out hubcaps or OM hubcaps. OM means like it’s actual original stuff from like Ford or from Chevy and then his storyline is that he actually goes out once a week or so and he drives around the throughway and the thriftway.
And you can actually see his videos online and he actually picks up hubcaps that have flown off the interstate in New York. He’ll pick up a couple 100 here in a month and it’s all free money because he just puts it on. He throws them on eBay as long as they’re good and then he mixes in with his new stuff and again he’s been effective because he has a lot of the overseas offshore hubcaps coming in that are undercutting him.
But he’s made a niche because he’s got good customer service. He does 100% returns on everything and stuff and it’s pretty cool how he’s built the business. I don’t know his numbers fully but he’s got lots of SKU’s and it’s such a, I’d say niche, if you’d like say ‘ni-she’. So they go to him if they’re looking for a 1965 hubcap for their Mustang 1985 a hubcap for their Corvette or 1983 for their Bug or whatever you name it.
[00:20:02] Scott: I know. I mean it makes sense and it’s funny because so many people wouldn’t think of that. I know there’s another story that you could share about the guy with the keyboard. Selling certain keys. So why don’t you talk about that one.
[00:20:15] Dom: So all he’s doing basically you can’t do it now because people caught it on but he was taking Apple keyboards buying them used on eBay or Amazon or could use your Craigslist and he was buying the keyboards for $20, $25 maybe $15. Keyboard sell for about 100 bucks, the wireless or the non-wireless was actually the cheapest ones he was getting and he pulled out all the keys and sell them individually. So like the spacebar was like 15 bucks, the return key was like 18 bucks and the Y was 10 bucks and because people aren’t going to replace a whole keyboard if only one key is gone. So he made a whole business on that. It’s crazy. He put himself through university and college through it. He exploited it.
[00:20:53] Scott: Yeah, so I mean there’s so many different angles that you could approach this and again so many people and I’m not saying that this is going to be your main business. But if you’re struggling, if you’re stuck, if you’re saying to yourself or if maybe you’re saying like I’ve got a couple of products up but I’m just not sure what that third one is yet, rather than just waiting around, this could be something that you could do on the side and then just add it to the revenue numbers. It’s like your net numbers at the end of the year.
Another story that I like to share that you had said was there’s another guy that all he does is he gets ready for fourth quarter with toys. And he just loads up in fourth quarter and then he makes $200,000/$300,000 for the year and he’s good and then the rest of the year he just slowly builds his inventory for fourth quarter.
[00:21:38] Dom: Yeah, that’s basically all he does. He’s a good friend of mine. It’s actually here in Canada. So it’s a little bit of a process but what he does is he buys, but he only specialized in that market. He doesn’t do anything else. So no clothing, no video games, no anything else. All brand new toys from the major distributors. You’re talking Mattel, Hasbro, Fun for Kids, a million different wholesalers and distributors out of there.
They close all the stuff for him, he takes all the toys, builds it up all year round and he sends it in starting November. Beginning of November, truckload of stuff, pallets of stuff and then just cruises right through Christmas and some of it is old toys, but again you’re talking Marvel toys and Barbie and still top of the line stuff. It might not be brand new stuff, it might be two, three years old but for the price he’s paying you can make margins on it. And he’s working on a 20% to 30% sometimes 50% margins and yeah. He’ll gross a million dollars in a month and a half and walk home with $200,000/$300,000, that’s all he does.
[00:22:35] Scott: Yeah and well let me say this though too because you said that they’re not new. They’re new in the box, they’re just not new as far as like this year.
[00:22:43] Dom: Right, they’re not current, I should say. They’re not frontline, mainline…
[00:22:47] Scott: And one other thing that we like to highlight inside the 1K FastTrack when we’re starting to talk about like and really drill into like how to find product and not have to actually go out there and maybe go to the stores because a lot of people say, “Well I don’t want to go out to the stores or I don’t want to go to the yard sales or I don’t want to go to the garage sales.” You can find gold there. I mean a state sales or any of that stuff. But nowadays they’re making it so easy to sit in front of your computer and have that stuff come to you and we talked about that.
I can almost guarantee that everyone out there right now listening has a Facebook group in their area that is a garage sale site. There’s multiple ones. And what will happen is, they’re going to post things just a regular everyday person, a mom is cleaning out their house and they’re going to go ahead and start listing that stuff on their garage sale site. Sometimes free, come pick it up. And that stuff there can be inventory for eBay. Some of it’s going to be maybe new and box. If it’s new and box you could possibly sell that on Amazon. So this way here, you don’t have to actually go out there.
So you can have that as your side thing and once a day you go in and you just look at the feed. And that’s it. If something catches your attention, you reach out to that person, you negotiate, you get a deal, you buy it. I actually sent this to you Dom and I also posted it in the 1K FastTrack group as I was scrolling through one of the ones I belong to up home. It was a guy selling all the Nascar stuff. And it was a whole collection that he’d been collecting for the past 10 years or 15 years and it was like 350 bucks. Now this was a site that was up home so I couldn’t really do it. I actually I reached out to my daughter and I said you might want to check this stuff out.
But like Dom said, you just go through that stuff and see what it’s going for and then the guy I think wanted $350, you could have offered it maybe 100 bucks. Maybe you take it, maybe 150 you might not have taken it but you at least you make the offers but that deal came to me. So this way here I could react to it. The other thing that we’ve talked about is putting an ad in Craigslist and then basically just saying like, “Hey, if anyone has…” And if you’re going to niche down you’re going to basically just say what you’re looking for.
[00:24:47] Scott: Any new inbox, Hasbro Toys. Any new inbox, Barbie. Any new inbox, this or clothes or whatever you want to do, hats and then from there people are going to call you. And then you can decide if you want to have that. And that way you’re not having to go out there, you can almost put this system in place and then you’re only getting calls or people contacting you when they have stuff that you might be interested in, Nerf toys or something. So that’s a great strategy for anyone out there that’s thinking, “You know what, I might want to do this but I don’t want to go out there and go in the stores and scan items and do that whole thing.” So it’s a really easy way to actually do it.
So it’s endless on what you can do and I want to really stress that. I think people get hung up on, well I don’t have time or I don’t want to do that. If you don’t have time to build this business then you’re not really at the part where you need to make that transition in your life. Because to me it’s like, you’ll know. Like when you create that why, that’s strong why of why you’re doing this, that’s when you put in the work. That’s when you put in the time, “Well Scott I don’t have enough time because I work 9:00 to 5:00.” You got a lot of time because I remember working 9:00 to 5:00, actually I was working 7:00 to 7:00, still having time to build my photography business on the side because I wanted to get out of doing my 7:00 to 7:00 job.
So there’s time, you just have to allocate that time. It could be an hour a day. What’s that going to be, your lunch hour? I know my son he was out to school and he would say, “Hey, I got a break in between class, I’m going to head over to a certain store and I’m going to do a little retail arb. He wants to get into it. So he’s out there doing that on his time that he’s not in school. So anyway Dom, I know a little bit of a rant there, but I just want people to understand that it’s not where you have to go in and put all this time but you can put time in and it’s so available to all of us.
[00:26:31] Dom: Yeah, I mean it all depends what you want to put into it. It’s like anything. It’s your job, your current job or your relationships. It’s either your health. It’s all going to be boiled down to what you think you can put into it and then I think that sometimes you just have to, it has to be some realization. Again, I’ll use my, because I don’t want to rant off on top of it but my weight. It’s always the same thing. I’m busy, I’m busy, I can’t lose weight, but you know what? You get to a point where you got to say, “I got to do it.”
And then really focus on that thing. Maybe not have 10 focuses, not worry about going out with your buddies to play baseball or you drinking after work. If you want to build a lifestyle and you want to change your culture, your living habits, your working, you have to just, you have to commit to it. Right Scott? It’s the same thing.
[00:27:16] Scott: 100%.
[00:27:17] Dom: Just like a podcast. You can’t just do a podcast and do one every three weeks. You don’t even have a podcast. You can say how you want it to be a podcaster or have your own podcast as well as you want but if you don’t actually take action which is your coin term which of course is a registered trademark in 52 States and Canada. Well, what I’m trying to get at is that I’ve dedicated 20 years of my life to do this, to build this. And now I’m giving it back to people because I wanted to see succeed and the best people coming to us and saying, “Look, you’ve helped me, we’ve been financially hardened and now you helped me give me a way to do it even helped me clear out myself because I really didn’t know how to list on eBay or Amazon.”
It’s great and we’ve thrown to them all these little tidbits and all these tricks of the trade I’ve been doing for years. Like the ads in the paper number one that’s one of our best things is the ads in the paper. Final overstock, closeouts liquidation less than what you have brand new case lots or let us know or go in the freebie section and finding stuff or the garage sale section like you said and looking for stuff and say, “Hey, I’ve seen you’ve got a bunch of video games, what do you want for.. Okay I’ll take anything that you have sealed for a dollar each.” Okay this is where I live come and pick it up.” There’s a million things. Again, everyone thinks retail arb it’s just going to Walmart and Target and that’s all they do. It’s more than just that.
You need 50 locations to go to. I’m serious you need to 20 to 50 looking and you’re not going to go to them every day because that’ll be impossible. But you do the main three or four then you go to another three or four. You just keep rotating through them until you know the process and which stores have the best stuff and you just maximize that with your time. Again, if you’re working 9:00 to 5:00, we fully get it. I’m working here but I can still find time to go do some retail arb if I really wanted to.
Bring your family with you, bring your daughter, your son, go for supper. Say, “Hey, we’re going to the mall today, we’re going to go eat, I’m going to do some retail arb.” And then your daughter would be excited by her gift, take ten off the shelf and give her one of those troll watches, so she’s nice and happy. Do something like that, maybe go out with your friend instead of going out drinking for the night or whatever. Just go to the mall and get him interested, maybe he’ll do something. I talked about that too.
[00:29:17] Dom: Maybe one guy wants to do books, another guy wants to do toys or you help each other. Guess what, I thought about your toys, I don’t do it here you can have it. That type of stuff. So there’s a million ways to do it.
[00:29:28] Scott: Yeah there totally is and I think also it’s crazy because like you mentioned, like you with your kids and stuff like I have my daughter Alexis who she’s doing it totally part time. Like very, very little and they’ve already generated over $6,000 the last I checked. It’s not all profit but it’s a side little bit of income and they have a ton of inventory in there still that once they sell that that will be pure profit because it’s all paid for through the money that they’ve already generated through their first set of sales. Which a lot of people don’t consider and I think they’re going to have a phenomenal fourth quarter but there’s so many lessons there. Like she’s building a skill set that she can use now to then take to the next thing and once you learn this I think you have a, you definitely have a head start when you start in this.
And when I first started in this, I didn’t have to sell on Amazon. I was already doing well in our other businesses. So it wasn’t like something that I had to do but of course I’m an entrepreneur. I want to tap into other revenue streams and that’s where Amazon came in. And I tried retail arbitrage and I’ve said this publicly for like a half hour and it was just too much work for me at the time. Now if that’s all I knew and that was my thing, I would’ve did it. I did it with the bridges. After the bridges I actually sold these Garageband loops which was basically digital, these little digital loops that went into a program that I recorded and then I put them up on a CD. I sold those and then I sold projectors.
I told you guys that story, where I built these little projectors that transferred 8 millimeter film. Did over $50,000 in old 8 millimeter projectors that I sold on eBay. So I’ve done it. I’ve hustled. I went through there but this business model for anyone that is just they’re stuck and they just don’t know where to go or what they should do, do this in the meantime because I’m telling you you’re going to get results, once you get results you’re going to get momentum, once you get momentum, it’s going to encourage you and boost your confidence and then from there want to keep going out there and doing it and keep pushing.
[00:31:30] Scott: And that’s why we really wanted to do this. I want to share this really quickly though Dom, the one from Richard. Richard Palfrey, I hope I pronounced his name right but he was in our first group and he admitted that he didn’t even get started until after the class ended. I think he had an issue with his account, getting it set up or something. He’s actually from the U.K. So he posted this after the class was over and this is what he had wrote. He’s got a screenshot here and everything but it says, “Boom, nice British bank holiday weekend result.”
And he gives the screenshot and he says that’s about $3,800 last 30 days. “Just wish I could have opened my seller account six weeks earlier, I might have been able to join in the results party with my first six weeks total private label next up for me. Thanks Scott, Dom and Chris for your brilliant coaching and guidance for making the time and putting in the effort to help all of us newbies.” And he goes on to say how it was just such an illuminating experience and it 100% convinced him that he wants to be in this business and he wants to then get into private labeling.
So perfect example. He didn’t start with the class but it wasn’t the class, it was just like he wasn’t ready or maybe something wasn’t right once he like the seller’s account wasn’t, it wasn’t for whatever reason it wasn’t approved or whatever. But he didn’t give up and now he’s got $3800 in the bank account 30 days later. So again, he still pushed on and pressed on as we say. So Dom, before we wrap up, I want to again just, what are the things that you’ve seen, either with the class because there’s like out of the class there’s probably I would say 10 to 15 percent that are really, really hungry and go getters.
What’s the difference? What are you seeing between the 10% and 15% and everyone else? And don’t get me wrong, everyone in the class pretty much contributed and we have some people that made $50 in revenue, they made their first dollar but we have some people that made upwards of $11,000 in six weeks. So what’s the difference? What do you see? What do you look at that and go, “Okay I see this person and I see this person?”
[00:33:36] Dom: Yeah it could be a number of things. It could be a lifestyle thing, where the area they’re in, they might have a sourcing product, the retailers available, could be a busy time in their life, it could be that it’s just something they thought they would like and then they didn’t want to do it once they thought all the work that goes into it, finding the stuff, taking time away because they’re working full time, labeling it, sending it in. They thought, “I thought it’d be a lot easier than this.” It also could be that I finally if you have the entrepreneurs spirit of the sales spirit already, you’re going to succeed probably a little bit more because you already have that drive to sell whether it’s retail arb or maybe you were selling to other stuff before.
If you’re a distributor or you’re a sales guy already selling pharmaceutical supplies or if you’re selling wholesaling other stuff already as a rep, maybe this is a side thing. So you already understand the business of finding product. So it could be a lot of things. Again, maybe these people just started late and they just got into the course and then first three weeks, they just lost shuffling all and we’ll take it up later. It could be many reasons. Again I think the top guys just take their strengths and they just push through because they want to. People have the top guys. It’s like any business or even in sports or it’s just a competitive nature. Right Scott?
[00:34:56] Scott: Yeah and wait a minute here, let’s just pause it for a second because we keep saying guys, we mean guys and girls because I mean we just refer to everyone as, “Hey guys.” But we got some women in the group too that were doing well. So I don’t want to seem as over just saying that guys are doing it. It’s guys and girls just because it’s how we refer to everyone, “Hey guys, what’s up?” But I just wanted to say that because this to me is for anyone and but the one thing I want to say is a big but here Dom. And I didn’t mean cut you off but I did want to say that like you said and I want to highlight this, is you might have did this and started it and you’re like, “I don’t really know if the entrepreneurship is really for me.” And let’s face it, it’s not for everyone.
Like there’s other challenges that come along with being an entrepreneur. There’s 100 different things that you have to be okay with and a lot of people say, “Well I like a steady paycheck.” Well you might want that 9:00 to 5:00 job that you punch a clock but just understand this too, it’s not necessarily guaranteed, so many people lose their jobs every single day, but it is a little bit more of like, “Okay I guess I’m going to get my check on Friday.” With being an entrepreneur, you’re pushing, you’re constantly pushing and you’re always having that thought in your head, “What if I don’t hustle enough, what if I don’t get enough sales next month?” I mean I go all the way back to my photography days.
We used to bust our butt in fourth quarter so we could have enough money to live on for the next three months and then we’d be always thinking to ourselves, “I hope we can get enough business in the spring.” As an entrepreneur you’re going to have those thoughts and by doing this, this will allow you to at least see what kind of work it takes for this business model and somewhat to be an entrepreneur. Because there’s other things you can do as an entrepreneur, not just this.
[00:36:39] Dom: Yeah, I get it. It doesn’t have to be a full time operation but it’ll get you to decide if you want to do it full time or even part time and then add it to other stuff that you’re doing. Maybe you have a Shopify store already. Maybe you have a retail store that you want to start moving product and you never thought about selling online. It could be lots of things.
[00:36:54] Scott: Yeah, absolutely. Again, I just want people to understand that wherever you are in your journey, this is just something that I think anyone can do. There’s nothing holding you back, zero. And I mean if someone said, well Dom, what if someone said, “Well Dom, I only got 100 bucks to start with.” What would you say to them?
[00:37:14] Dom: Well, I would first say, see what you have available where you live. What your family has, like we said, I go thrifting for finding all that stuff. And if they didn’t have that option because maybe they just moved or parents aren’t near them or they… I would say the $100, you could easily find stuff at a dollar stores. Maybe you go to a dollar max or a dollar tree, try to find some name brand and stuff that you buy for a dollar and sell them for $8.99 or $9.99 or put bundles together. Maybe take $4 pencil cases that cost you $3 and you put them together and sell them for $14.99.
I mean there’s lots of ways to do it. If not, another way to do it is exactly go on Craigslist in those places and try to find products on their. Guys are clearing out. All the VHS $5 and old TV VHS combo for $10, a Blu-ray player for $15 and just do it that way and just scale a little at that time or the easiest way where a lot of guys start is books. For $100, you can buy a lot of books. For 5 cents, 10 cents, 15 cents and then manually fulfill them or ship them to FBA. So I’ve seen a lot of people turn $100 into five hundred five hundred, into a thousand, that’s the same way. Again there’s not too many business models that you can take something and make 50% to 1,000% ROI on your product.
[00:38:27] Scott: You always talk about that. You don’t like banks. I mean you like banks but you don’t like the return you get on your money sitting in a bank because it’s like, what does a bank really give you. You know what I mean? I mean not much but like you said, if you can buy something for a dollar and if you really even only get 30 cents back on that dollar, that’d be a great return.
[00:38:52] Dom: It’s still 27% more than a bank or 20% more than a bank. For a year just like your daughter, in a year she’ll probably, she’ll invest $1,500 or $2,000 and make $10,000.
[00:39:04] Scott: There’s not even a CD on the market that’ll allow you to do that that I know of.
[00:39:07] Dom: I mean you’ll never put $2,000 in a bank and make it $8,000 at the end of the year.
[00:39:12] Scott: Exactly, exactly.
[00:39:14] Dom: Unless you’re a loan shark. You want to lend somebody $2,000 you going to have to payback $10,000. That’s the only way you can make money out of your money if you’re lending it.
[00:39:20] Scott: Right, right. Yeah, so there’s just different ways to think of it but either there was one story I had and I’d have to look up the podcast episode but a guy started with very little, but he bought like $60 worth of stickers on Craigslist but it was a whole batch of stickers. This guy just wanted to clear out his garage with these old stickers but there were new stickers. They were for maybe like a popular movie or something. I forget what it was and then he made little bundles with them and he ended up selling those for… He bought them for $60, he ended up selling $1,800 worth of stickers.
[00:39:52] Dom: Yeah, that’s the easy way to do it. A friend of mine went to a garage sale about two years ago and he found literally about 1,200 pieces. He paid about $100 and they were those little pods with little toys inside of the main brand toys that he put into the gumball machines. A guy that used to be a distributor at gumball machines, I just want to get rid of them and he was selling on eBay. He was putting like sets of six of Mario and six of Star Wars and getting like eight bucks ten bucks a set. He paid a nickel for the set. He goes 2,000%, 3,000% profit. I’m not doing me hundreds and hundreds of dollars.
Again that’s out there, but you got to dig everyday. You got to be on Craigslist, you got to be on those garage sale sites. You got to be on slick deals and the forums. Not the deals on the front and the forums and the back end, “Hey guys, I’m moving, I got to clear myself.” Or all those types of stuff. You’ll be surprised what you find.
[00:40:49] Scott: Yeah, I love it. I love it. I mean I love it now that we’ve been through twice and we’re thinking about opening it but maybe even opening it so it’s not open and close. We’re still working the details out. I would definitely encourage you guys to head over to 1K FastTrack.com. Just head over there if you’re at all interested and check that out. If you’re interested it’s going to help you get through this process and I think a lot of times people want the hand holding and then also all of the resources that Dom brings to the game here.
I mean tons of resources, tons of knowledge and so if you guys are interested definitely head over to 1K FastTrack.com, check out the details over there and like I said it’s a way to kick start this thing and really get you started in the right direction. I would also encourage you to take us up on the seven day challenge. Like literally right now, clean out your garage, call someone that you know that might have a garage and he’s cleaning out or an attic or whatever and just start listing stuff on eBay. Like that’s it.
Like you can literally do that before you even get done with today. Like after you get off of here, you can listen, go home, do it. You’ll have stuff listed. Like it’ll be live in the eBay platform and we had people that did that in the class and before the end of the day they already sale and they were posting it, they’re like, “Oh my gosh, I can’t believe I sold that organ key” or whatever.
[00:42:17] Dom: Or the Wii Video game system for 250 bucks.
[00:42:22] Scott: So I mean you just don’t know what you’re sitting on. So it’s worth a shot. I would definitely encourage you guys to do that and then report back to us in this episode. Episode 362, theamazingseller.com/362. We’ll also have the transcripts, the show notes, all that stuff will be found there as well. So Dom, I think we’re going to wrap this up for this update. Really just want to say everyone that’s listening that’s in the 1k FastTrack, you guys crushed it and we’re super proud of you guys and the cool thing is with that group too Dom that I’m finding is they’re not done.
Like in the alumni group, those guys are still at it. Like our first group, they’re still at it. Like there’s people, they’re still posting screenshots of their halls and out there hustling every single day and some of them that are starting their first PL product and it’s just really exciting to see how everything is evolving from these guys taking action and getting started with the 1K FastTrack. So is there any last bits of advice you want to give us before we wrap this up buddy?
[00:43:20] Dom: Yeah, I want first of all thank you for both groups that started off the alumni group, like I said it’s kicking some butt and the new group which is the alumni group part now two. So they’re doing really well and whoever is out there listening for that, keep it going guys. Keep it going. Fourth quarter’s coming up real fast. Don’t think it’s not.
Keep sourcing the stuff and then for everyone else that’s not part of the 1K, that wants to try this, go to the 1KFastTrack.com and try to sign up for it and then go from there. Read all the resources with everything that I’ve done for 20 years, I give all the tidbits, all the tools that you need for looking for stuff and tidbits and not just the regular just go to Walmart or Target type stuff. We’re giving you all the insider type stuff that I’ve learned over the years and Chris and Scott’s help, we’ve made it really nice and easy process for you guys. Again it’s just to take action thing at that point now. So yeah.
[00:40:49] Scott: Yeah awesome, awesome. I appreciate it and as always I mean it’s a pleasure to have you as a resource for us to be able to pull from and you’re so generous with your time and in those groups and even not even in that group. I’m even the just TAS the main group even in our class. I mean you’re always very helpful. We appreciate it and so glad that we we’re able to finally meet each other and then align each other and help each other and now become friends and we just went to a Cavs/Raptors game, which was freaking amazing, which was just crazy. So we’re going to be doing some meetups here in the future, so just a lot of cool things happening with you, with us and just want to thank you again publicly for doing everything.
[00:44:57] Dom: Thank you very much for all the opportunities to help your listeners. I mean I’ve always known it’s a space that I’ve always wanted to help with and unfortunately in Canada there’s not too many people you could talk to about retailer arb and private label and my staff and my wife are pretty well… They’re up to their eyes with me talking 24/7. So my wife especially is like, “Oh, thank God you found Scott, now you can talk to him for 24 hours if you want to about this.”
[00:45:22] Scott: That’s awesome. Cool. Alright guys, so that is going to wrap up this episode. I am going to close this down with Dom on. Normally I cut and then I do my own outro but I’m going to do it with Dom on. So Dom, you’re going to actually do it with me. Are you cool with that?
[00:45:37] Dom: Yeah, I’m good. I’m good, I’m good.
[00:40:39] Scott: Alright, cool. I’m going to give you something to do here in a second. Are you ready?
[00:45:42] Dom: Yeah, I’m ready.
[00:45:44] Scott: Alright, here we go. Alright guys, so like I said, the show notes, themazingseller.com/362. All that will be there. The 1K FastTrack. So just 1KFastTrack.com. You guys can head there, get all the information on that and guys I hope that you got value from this. I hope you guys see the potential that is here. If you guys are stuck, if you guys are just not sure what to do next, start here. Like this is a great way to get started and also build that account in Amazon so you have a seasoned account.
So guys that’s it, that’s going to wrap it up. Remember as always, I’m here for you, I believe in you and I’m rooting for you but you have to, you have to… Come on say it with me, say it loud, say it proud, Dom you’re going to say it with me on the count of three, we’re going to say it together. Dom, are you ready?
[00:46:26] Dom: Yeah.
[00:46:27] Scott: Alright, on count of three. One, two, three, “Take Action.” Alright guys, that’s it, that’s going to wrap it up. Take care and we’ll see you soon.
[00:46:41] Dom: Okay, ready?
[00:46:43] Scott: Whenever you’re ready, we’re recording.
[00:46:45] Dom: Hey, hey, hey. It’s Dom Sugar and I’m going to sing you a song for you. It’s going to be to show you a thing or two. You’ll have some fun with me and Scott now, with us and all the gang. Learning from each other. We’re going to do our thing. Na, na, na, na. We’re going to have a good time. Na, na, na, na. Going to have a good time. Hey, hey, hey. Everybody this is Dom Sugar along with Scott Voelker here. We’re here for episode number 323 and we’re going to be talking a little bit on a 1K FastTrack and give you some numbers going on, see how everything went and we’re going to start about right now. What’s going on Scott?
[00:47:25] Scott: What’s going on is that you just screwed up the episode number Dom.
[00:47:29] Dom: Okay, we’ll start all over then. Okay, we’re going to do the hey, hey thing. So welcome back.
[00:47:37] Scott: Yeah, yeah. Jump right in there.
[00:47:40] Dom: Hey, hey, hey. This is Dom Sugar. What’s going on everybody and welcome back to episode 362 We’re ready talking a little bit about the IK cash… Oh my God.
[00:47:51] Scott: That’s good. I like it. I like, now you can see what goes into the intro, right?
[00:47:55] Dom: Yeah, yeah.
[00:47:56] Scott: Right everybody thinks it’s easy.
[00:47:58] Dom: It’s easy, exactly. Okay, we’ll try it again.
[00:48:00] Scott: Ready, in take two. Take three.
[00:48:04] Dom: Hey, hey, hey. This is your boy Dom Sugar and we’re live here. We’re going to… Man no, not live, we’re not live.
[00:48:11] Scott: We’re not live. This isn’t Friday.
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