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Some people are wildly obsessed with how much profit myself (and other sellers) are making.
It’s time for a thread
It’s time for a thread
1/ With all due respect, that information does you literally zero good. There’s so many factors that go into profitability. You should be focused on how much profit YOU make just like I focus on how much profit I make.
2/ Set goals for yourself, watch & learn from others, but it does no good to compare yourself to anyone else. Everyone’s situation is different. Keep doing you. Here’s some advice regarding profit...
3/ Maximize margin by cutting costs.
A relatively small increase in costs can cause a relatively large decrease in your profit. Likewise, a relatively small decrease in costs can lead to a relatively large increase in profits.
Costs are everywhere. Be sure to account for all.
A relatively small increase in costs can cause a relatively large decrease in your profit. Likewise, a relatively small decrease in costs can lead to a relatively large increase in profits.
Costs are everywhere. Be sure to account for all.
4/ As a reseller, I generally shoot for 30-40% margin on average, but some months fall short while some exceed it.
Keep in mind that my focus has primarily been in-store retail arbitrage and all FBM up until this point. At my scale, you better believe serious costs are incurred.
Keep in mind that my focus has primarily been in-store retail arbitrage and all FBM up until this point. At my scale, you better believe serious costs are incurred.
5/ My recommendation to new sellers (or those looking to scale up) to maximize profits & increase margin is:
1. Hone in on your strategy (buy parameters, target ROI, hold vs quick flip, etc)
2. Look for cost savings wherever possible (goods, supplies, services, etc)
1. Hone in on your strategy (buy parameters, target ROI, hold vs quick flip, etc)
2. Look for cost savings wherever possible (goods, supplies, services, etc)
6/
3. Manage your cash flow (avoid fees, earn rewards, leverage credit, etc)
4. Study (read guides, watch videos, use tools, join a group)
And as always work hard, but work smart! Posting screenshots of success is fun & all, but you have to realize what it takes to get there.
3. Manage your cash flow (avoid fees, earn rewards, leverage credit, etc)
4. Study (read guides, watch videos, use tools, join a group)
And as always work hard, but work smart! Posting screenshots of success is fun & all, but you have to realize what it takes to get there.
7/ In summary, don’t worry about others people’s profit. You could get discouraged if you aren’t there yet. It could be unrealistic for you right now. It just doesn’t matter.
Focus on yourself & your business. Be disciplined. Your profits will come. Don’t give up.
Focus on yourself & your business. Be disciplined. Your profits will come. Don’t give up.
If you are struggling to make profit, have questions about scaling or any other parts of this post, feel free to DM.
Good luck!
#FlipLife
Good luck!
#FlipLife
