Last year I hustled hard during the holiday season and I plan on doing the same this year. I already have my weekly sourcing goal to shoot for and today is the first day of the coaching group that I joined.
In addition, I’ll be continuing adding to my shoe inventory and working on my next bundle.
Here’s more about the tools and services that I’m using and I hope that they help you too!
4th Quarter Profit Goal & Weekly Inventory Spend
Robyn Johnson’s Amazon Profit Calculator: The 4th quarter is where you’ll see an increase in sales. But to be where you want to be in terms of PROFIT at the end of the year, it’s important to come up with a realistic profit goal and to send in enough inventory every week to meet that goal.
An easy way to get your weekly inventory spend is to enter your profit and ROI numbers into Robyn Johnson’s calculator. By doing so, you’ll get an estimate of what your gross sales, amazon fees and monthly inventory cost need to be to achieve that goal.
For example, if your average ROI is 50% and you have a goal of making a $10,000 monthly profit, you’ll need to plan on spending approximately $20,000 in new inventory or $5,000 a week:
Q4 Coaching from The Selling Family: Some of you may do well in the 4th Quarter working solo, but I do better when I have a plan and guidance. Plus, after my mother’s stroke, I lost some of my momentum that I built during the first half of the year. It’s time to get my “HUSTLE” back on and that’s why I joined Cliff and Jessica’s Q4 Coaching.
The coaching officially starts today (Oct 1) and this morning they posted their timeline of events. Here’s the schedule for next week:
- Oct 2: Introduction to the coaching and what to expect
- Oct 3: Going over the Retail Arbitrage mindset
- Oct 5: Halloween Sourcing Challenge
- Oct 8: What would we do? Purchasing certain products.
On top of their scheduled topics, they have a private Facebook group to ask questions in and a BOLO exchange.
I’m looking forward to the Retail Arbitrage training because I have done very little RA this year as I focused more on online arbitrage and wholesale.
Amazon to Amazon Shoe Flips
Though I’ll be buying more toys and household goods during Q4, I won’t be giving up on selling shoes as they are my top category:
I purchase almost 1/3 of my shoes from Amazon and I use QikFlips to find profitable Amazon shoe flips.
QikFlips isn’t a sourcing list. Instead, it’s a tool that you use to research the Keepa Deals quickly. I have my QikFlips filters so that I’m only shown Keepa deals from the shoe category. Then the shoes are refined further so that I’m only seeing shoes with a rank of 250,000 or less, with 10 or more reviews and a stable price trend of 10%.
There are so many ways that you can filter the data so that you’re not spending time looking at products that don’t match your criteria. Sometimes I’ll have it display only the shoes with a profit of $20 or more or with a user fit rating of 70% of more.
QikFlips isn’t just for shoes and you can currently use it in the apparel, watches, sports, and kitchen categories. According to the sales page, toys and other categories will be added this Q4.
QikFlips comes with two bonus tools and my favorite one is called QikGrab. It’s really cool because once you place your Amazon Flip order, it’ll create a spreadsheet that lists the products that you just ordered!
Bundles Filled with Wholesale Products
Yesterday I finished up a bundle that’s made up of two wholesale items and an item that I created on CreateSpace. My total bundle cost is $4.38 and I’m initially pricing it at $16.99. Once the bundle starts selling and it’s time to replenish it, all I have to do is place orders with the wholesale company and CreateSpace! How easy is that?
For my next bundle, I’m going to look for bundle products with I Need Inventory.
I Need Inventory (INI): INI is a database filled with product suppliers. One you’re signed in and at your dashboard, you search the database by merchandise category, supplier type, supplier name or keyword. The program returns with a list of suppliers that match your search criteria.
Currently, there are almost 2000 suppliers in the database. It’s fun visiting all of the different websites looking at the cool products that they sell. Of course you still have to apply and get approved for an account and you’ll also need to research the products to make sure that you’ll make money from them!
I’ll be honest here, most of my wholesale products are not very profitable because Amazon and/or other sellers came on to the listings and lowered the prices. Therefore, I am no longer looking for wholesale items to sell individually. Instead, I’ll be making bundles with different wholesale products and adding in another product to make it competition proof. For example, with yesterday’s bundle, I added in a recipe book that I created in CreateSpace. My cost for the recipe book is $2.80. If anyone else wants to get onto my listing, they’ll have to pay $9.95 for that same recipe book.
What I like about INI is that most of the suppliers in their database are ones that I have never seen before in my Google searches. If I include products from the INI suppliers, it may be more challenging for others to duplicate my listings if they can’t find the suppliers for my specific products.
Wishing You a Wonderful and Profitable Q4!!
I hope that each you have a great Q4! Send me a note below and let me know what your plans are and if you’ll be concentrating more on RA, OA, wholesale or Private Label.