You pay a modest 15% commission to Amazon when the book sells and you keep the rest of your Internet profits to cover your expenses.
The trick is to buy right so you can sell high and make the greatest profit in the least amount of time. That way you really do make lots of money quick for your efforts.
How To Earn Fast Cash Now!
For years my most closely guarded "secret" has been the art of the quick flip.
To flip books you must buy them with a low Amazon sales rank. The lower the rank, the faster the book is likely to sell.
For example, if you look at the webpage of any book on Amazon's website you'll find a number that reads like this:
The above number can range from a low of one to a high in the millions. If you want to make lots of money quick you want books with a sales rank as low as possible but with a price that's as high as possible.
Selling textbooks online is a great example of low rank and high prices. As long as you're buying textbooks that are in demand for the next semester, they'll sell within days if not a week or two.
How Does Sales Rank Work?
Of course, the actual formula used by Amazon is a tightly guarded secret. But based on publically available data, you can be fairly certain that competitively priced books will sell at a predictable rate within certain ranges of sales rank.
To illustrate, if you buy a book with a sales rank between 1 and 10,000 and you match the lowest price on Amazon, you're pretty much guaranteed that book will sell in a matter of days, if not hours.
Typically, books with a sales rank below 100,000 will sell within 30 days if competitively priced. That will certainly make lots of money quick for a cash starved business.
Sales ranks between 100,000 and 500,000 will sell at a more moderate pace, but usually less than six months. Books ranked higher than 500,000 will sell considerably slower, like when you sell old books, but they also fetch the highest prices.
However, you also need to understand that the sales rank can swing wildly because it's updated every hour. Just what does that mean?
Don't Be Fooled By False Sales Ranks
For sales ranks to be a reliable indicator of the sales velocity of a book, (that's how fast a book is expected to sell), you need a fairly good idea of the average sales rank for that book to achieve online business profits.
That's because a book ranked 600,000 at 10am in the morning might be ranked at 50,000 by 11am that same day.
That happens when one or two books sell in quick succession, which can easily happen. However, another copy of that book may not sell for six months or a year. A close look at the average sales rank of our hypothetical book may show that it normally hovers around 2 MILLION.
That's why you need historical data to track sales ranks and not just the rank of the hour to make lots of money quick selling books on Amazon. It's the most profitable home based business I know.
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