Ways To Make Quick Money
By Joe Waynick
Selling Used Books
Many people looking for ways to make quick money start selling used books.
But few know how to systematically buy and sell books to maximize their return on investment (ROI) to make quick cash fast.
Today you're going to learn one of my most cherished secrets about doing just that.
I'll cover the basics here, but for a thoroughly detailed explanation of this marvelous technique, get yourself a copy of Internet Bookselling Made Easy! How To Earn A Living Selling Used Books Online.
Inventory Turnover Is The Key
To maximize profits you need to turn your inventory. But most used booksellers don't know how to do that and miss ways to make more money.
The magic is how fast you turnover your inventory. When you scan a book or punch an ISBN into your book scanner it'll tell you how many copies are currently for sale online, the lowest five prices, and its Amazon sales rank.
The Amazon sales ranks you're interested in when you want ways to make quick money are between 1 and 25,000.
When you're book scouting you're looking for books with the lowest possible number. So the closer you get to the number one, the faster that book will sell.
For example, books with a sales rank below 10,000 that are competitively priced will often sell in a matter of days if not hours. Booksellers who want to make money need to pay attention to ranking.
The next component to this technique is price. You'll discover that the lower the sales rank, the price will most likely be low as well. The average online bookseller will bypass books that don't meet a specific minimum sales price.
That's perfectly acceptable, but you want to go a bit further if you want ways to make quick money. In addition to having a minimum sales price, like $8 and/or at least four times your cost, you want the quick flips. An online bookseller wants books that sell in hours or days, not weeks and months to make money easily.
|Quick flips will improve your cash flow.
Therefore, what you're going to do is buy any book with a sales rank below 10,000 no matter how small the profit! An expert book scout is always looking out for those.
Astonishing Annual ROI
Let's see why this works. If you spend $1 on a high turnover book and make a 50c profit after all expenses in three days, you just made an astonishing 6,083% annual ROI.
How is that possible?
It's because the book sold in only three days, and there are approximately 121 three day periods in a year.
If after your book sold you took that same $1 and bought another book that sold in three days, you could do that 121 more times without investing another dime in your online used bookstore beyond the original dollar.
Now take $100 and do the same thing. How much money would you as a used bookseller make? A shrewd bookscout will instantly see the potential.
You'd make $60.83 for every dollar invested, or $6,083 by the end of the year from a single $100 investment.
Profits like that are what used book dealers dream about.
The Devil Is In The Details
What you have here are broad brush strokes. There's a bit more to it to work this technique properly.
When you have your first book scouting experience you'll be amazed at how easy it is to make so much money.
As stated previously, this is just a brief overview of this amazing concept. If you want the complete details on ways to make quick money buying used books for fast turnover click here to learn more about Internet Bookselling Made Easy!
Properly implemented, it's the easiest and fastest way to sell used books on Amazon.
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