The long-anticipated FINALE!!
We discuss how to adapt Ed’s wildly successful system for when you can only devote a few hours a week to it for the people who are still working a day job.
00:00 “It’s always the same. You want to have a system and then adjust, adjust, adjust”
01:15 “Of course, my system is not the only system” Ed says his high ROI books mean that he has fewer inventory to reprice, which allows him to reprice very frequently and give good attention. He then goes on to discuss how to adapt his system for people who can only source part time.
03:45 Shanna discusses the lack of organization on the part of clients and how they can overcome it.
05:00 Ed calls buying “Fishing”– the fun part of the business. The rest is work, and you have to treat it like work.
05:30 More discussion about how to adapt Ed’s high-turnover system for people who can only apply it part time.
06:30 Ed shares his tracking spreadsheet so that people can learn more quickly
08:45 Pricing strategy & psychology
11:00 Discussion about grading and managing returns
12:30 Time is money, and work on being more efficient- don’t track things that don’t matter
15:10 Make the distinction between things that matter right now, and things that would be interesting to know after one or two years.
19:10 Ed’s desired salesrank and ROI while “fishing”
22:00 Don’t wait until you’re sure. 100% sure doesn’t exist
24:00 Have a reason for this to be interesting to you so that you will invest the time and energy.
Here is a link to the more sophisticated book arbitrage spreadsheet that Ed and I developed. It is totaly overkill for other types of inventory but for booksellers it offers fine-grained control and transparency. You can make a copy and add it to your shared Drive folder, and move your current inventory over.
Buying using Ed’s parameters is only half the battle. After that, it’s all administrative. You must have time to update your spreadsheets, review your orders for problems, reprice your books, deal with returns and emails from us 🙂
Ed also has shared his tracking spreadsheet and his repricing tracking spreadsheet. Note that on his repricing spreadsheet Ed links an ASIN to the Amazon detail page. I would suggest linking the SKU; it just makes it easier to track each item’s sourcing price. I might also suggest that instead of deleting the third day past on the spreadsheet, just hide it instead. By tracking the prices/rankings especially, you’ll really learn the business fast.