I recently purchased the Source. Sell. Profit. course by Dan Meadors and Eric Lambert. These two generated over $850,000 in sales during their first year selling on Amazon using the Retail Arbitrage sourcing method. That is impressive! What’s equally as impressive is that they started their business with $600.
Right now they’re kicking it with wholesale and have generated over 10,000,000 in sales. They are the creators of The Wholesale Formula. However, if you’re not ready for wholesale, don’t worry because Source. Sell. Profit. (SSP) is all about Retail Arbitrage.
Why I Bought SSP
I almost didn’t buy the course because I’ve been doing Retail Arbitrage for over 2 years and feel that I already know what I’m doing. I have scanned thousands of items and bought thousands of dollars worth of inventory. I know how to keep my costs low and I have a list of replenishables.
But then I thought about it again and I’m not going to hit $850,000 this year!
Now, there’s nothing wrong with not doing $850,000. I learned long ago that you can’t play the comparison game with others. Plus, my dream isn’t to grow into a multi-million dollar business with a warehouse and employees. A lot of Sellers (including Dan & Eric) grew into that, but that’s not my dream.
My dream is more like what Cliff and Jessica Larrew (The Selling Family) have. They both stay home, work on Amazon FBA and other income streams and have the freedom to enjoy time with their family. From what I understand, they have virtual assistants and outsource a lot of their tasks. However, they don’t have a big warehouse and employees to manage.
I bought SSP because I want to know how Dan & Eric reached $850,000 in sales their first year. My dream is for my husband to quit his job and stay home and before that happens, I need more sales!
The SSP Courses
After I purchased SSP, I went into the opening Dashboard and read their course introduction. They recommend that new sellers start at the beginning and that veteran sellers start at the “Product Analysis” module. So, that’s where I started.
Product Analysis Module
The Product Analysis Module consists of the following topics:
- How to Analyze Products
- Importance of COGS
- Sales Rank Analysis
- Competition Analysis
- Winning the Buy Box
- Width vs. Depth
- Pricing Theory
I watched all of the Product Sourcing videos in less than an hour as the videos are short and to the point.
Core Strategy Videos
Then later I watched the Core Strategy Videos. In the first video, they have a chart that tells you which strategy to concentrate on based on your amount of capital.
I fall in the lower end of the large group so I’m going to concentrate on the Balanced Growth Strategy. There’s a video that goes over this strategy in detail and I started putting it into practice with my last two RA trips.
If you have a smaller amount of capital, you would start with the Thrifting Strategy and medium-capital sellers would start with the Terminal Velocity Strategy.
I watched one of the webinar recordings and it was the one where they interviewed Kenny Lok. Kenny really focused and quickly jumped to $100,000 months doing retail and online arbitrage. He’s full of energy and fun to listen too.
From the interview, I learned that being focused and having a no-excuses attitude are keys to success. It’s a great interview and if you purchase the course, I highly recommend that you listen to it.
Next I went “backwards” and watched a few of the Prep Guideline videos as I’m very slow at prepping and shipping. The videos are very detailed in what they teach. Just a small sampling of what they go over:
- how they hold their smart phone while scanning
- the type of velcro they use to attach their Scanfob to the back of the phone. See my Resources & Supplies page for a Scanfob coupon code!
- the most common box size they use and where they buy the boxes
- how to pack the box
- the shipping tape size
- how to label an item. See the 5 types of labels that you should know about!
If you’re new to Amazon, definitely watch these videos. It’ll save you time from having to figure out these things out on your own. If you’re a veteran seller, I still recommend watching the videos as you’ll probably still learn something. As for me, I’ll be changing my shipping tape size!
Sourcing and Live Shopping
I watched the last 3 videos in the Sourcing Section (I tend to skip around). In one of the videos, they discuss a very specific Disney Toy Line that they do very well in. This toy is in just about every store and they tell you which characters from this toy line to watch out for.
In the Live Shopping section, they go over sourcing at Tuesday Morning, Family Dollar, Fred’s, Walgreens, Target and Kroger. I like that they don’t just say, “scan every shelf in every aisle.” Instead, they give you store-specific strategies and show you the actual products that they purchased.
Throughout the course and from Facebook posts and videos from Dan & Eric, I learned that you need to have a no-excuses attitude, be laser-focused and take action. These are all 3 areas that I do struggle with.
Sometimes I’ll skip going out to do RA because the weather is bad. Staying laser-focused is a big challenge for me because I tend to jump from one thing to the next. One minute I’m focusing on shoes, then books, then toys and then I also want to focus on Merch. Sometimes I don’t take real action and just dive into some busy-work because I don’t know which area to concentrate on.
Since it’s Q4, my priority (my main laser-focused action) is to get as much product as I can into Amazon. I have made a few tweaks to my game plan due to this course. I’m saying “no” to products that have a higher ranking and I’m saying “yes” to products that have a lower ROI. Source. Sell. Profit. helped me define my parameters and I’m truly glad that I purchased it.