It’s more important than ever to find ways to boost your income these days. Inflation is through the roof and gas prices continue to surge. A lot of families are having a hard time making ends meet. Luckily, there are a number of ways to make extra income with a side hustle. Many of them can be done in your spare time.
In fact, retail arbitrage is one that many people are not very familiar with which can be done easily and make a tidy side income. This is the act of finding cheap goods at yard sales, estate sales, and going out of business sales. Then you send the unopened boxed product to an Amazon warehouse where they pick and ship it when it gets sold through their website.
In this article, we will go over exactly how to make this work so you can start making money right away.
1 – Plan out your workflow
The basic idea of how this goes is that you find a source for heavily discounted goods. You can find them in going out of business sales mostly since that’s where there will be plenty of goods that are still in their original boxes with the UPC codes still on them. There are also auctions where you can do the same thing. The trick is finding these opportunities, to begin with.
The next step is to set up an account with Amazon so you can become a seller. This should be done in advance as it can sometimes take several weeks. Once you have an account then you can start sending in your purchases. As soon as they arrive and are accepted they can possibly sell right away.
Lastly, you have to have a delivery or courier service that will get the products to the respective warehouses as quickly as possible. Find the ones with the best rates that can get them to where they need to go fast so they can get listed on Amazon before the competition. Finding a local service is ideal since they can usually pick up quickly. For instance, if you are in the Chicago area then going with www.courierschicago.com is the way to go.
2 – Do your research
Knowing what to buy is the most important part of the process. You have to understand what the chances of the product being sold quickly are, so you aren’t listing products that sit for a long time without selling.
Take some time to look through the Amazon best sellers and get an idea of the types of products that are most in demand. This way when you head out to the auction or going out of business you will know what you are looking for.
3 – Calculate your ideal ROI
When you’re doing your research you may settle on some products that sell very well and usually quickly also. However, these products might not give you a return on investment that makes it worth the effort.
Look for products that are selling for a good markup over what you expect to pay and focus there. That way you always have a number in mind and can steer away from low-profit margin products.