INCOME REPORT FOR AMAZON BUSINESS
JUNE WRAP UP
June was an interesting month; I launched an effort to grow my Amazon business so that I can walk away from my 9-5 to pursue other interests. Reflecting, June was a good month, I may not have hit all-time high numbers in terms of sales or units listed, but, I laid the foundation to get things rocking and rolling through the summer. I started to think about how I am going to grow the business if I am the one doing all of the work, it simply doesn’t work. There is only so much time in the day to get things done. I decided I needed to have some people come on board to expedite my progress and help me grow the business faster. I posted an ad on craigslist. This still all books. I haven’t added any additional inventory and I do not plan on adding in inventory other than books unless I have an amazing month where I come across a few thousand books that are good to send into Amazon. The plan is still in place.
“Currently looking to hire book scouters. Get paid by going to thrift stores, library sales, estate sales, garage sales, etc. We pay a fixed fee per book that meets our guidelines.
If interested, please reply with a few sentences about yourself. Also, explain why you would be a good fit for the position. A resume is a bonus as well. A reliable method of transportation is required. You can reply with any questions as well.
Please keep in mind that this is an independent contractor position and you will only be paid based on performance. Please address the email to Danny.”
The ad was straight to the point and generated a ton of leads in which I interviewed a few people and ultimately brought three people on board with the last person coming on board as of 6/25/2018. I pay $2.00 per book that meets my criteria. Now for the problems:
- The 1st person that I hired has not brought me any books at all; she claims that she is traveling back and forth to different states, which I thought would be a good idea because she would have an opportunity to source in different locations. She came on board on June 7th and hasn’t provided a single book. I gave her to the end of the month to see what she would do in terms of results for books.
- The 2nd person came on board 6/22/2018; he received the scanner on 6/26/2018 and should be out scanning. I have not received any items to date from this person yet either.
- The 3rd person came on board 6/23/2018 and I gave him a scanner in person and walked him through everything and sent over several emails. He started scanning the week of the 25th and I am waiting on him to call me to come and pick up the books.
One thing that I learned from the process is to set expectations up front with the number of books that I am expecting on a weekly basis. I didn’t do this initially because I didn’t want to scare of the scanners that are going to be out working for me. What I wanted was to have people out getting books for me, any additional books get me to my goal quicker. I don’t think I am going to hire any more book scouters at this point; I want to work with the ones that I currently have and get them up to speed so that I can focus on other aspects of the business. What I ultimately want is to have someone running the book side of the business and “managing” all of the other book scouters while I focus on other aspects of the business like retail arbitrage, online arbitrage and wholesale. The structure that I want to get to is the following:
With this structure, I think the business will grow extremely quickly. Right now I am in the early stages of hiring book scouters on which I currently have 3. After that I will be looking for one of the book scouters to come on board as the Book Manager and share in more of the profit of the book business and manage the book scouters while I grow the next part of the business: Retail Arbitrage/Online Arbitrage. I will repeat the process until I fill in all of these items and allow myself to step out of the business so I can work on the business instead of working “in” the business. The goal is still to take out approximately $2,000 from the business to start up another part of the business which is trading. I stated this is a previous email. This will allow me to speed up the process of growing the business.
INCOME REPORT FOR AMAZON KINDLE BOOKS
Deposit from Books – roughly $10 bucks this month. This is not a substantial part of the business. I do no promotions at all but it is good to have these funds coming in. It lets me know that this part of the business is viable. I do plan on writing more books in the future geared to what I am currently doing right now.
PLANS FOR JULY – AMAZON BUSINESS
I do not expect to hire any new book scouters that activity took away significantly from my ability to source more books:
- Send in to Amazon approximately 1,000 books by July 31, 2018:
- Nextdoor – Free books from individuals in the neighborhood
- Facebook – free books and paid books
- Library Sales – Best source of books for a cheap price and abundant. A lot of competition from other book sellers
- Thriftshops – These books are harder to come by as the prices vary considerably but can be a steady source if a specific route is developed which I need to do.
- BookScouters – (Currently have 3 scanners with 2 actively scanning)
- Freecycle – Haven’t used this source yet but it may be a good source to get as it could lead to a steady supply of books
- Auctions – These are some of the larger book sources but I haven’t found a good one to go to.
- Gaylord – a cheap number of books but a lot of works for minimal profit.
With this new arsenal going forward, I should be able to hit this goal easily. When solo sourcing, I can get approximately 250 to 400 books on my own. Now that I have potentially three people on my team, I should be able to easily hit my goal. Hopefully, I exceed it. So my only focus in July will be to hit my 1,000 goal target which is approximately 250 per week. I have the 1st three weeks of July off and I should be able to significantly increase my inventory from sourcing during the week which I wasn’t able to do before because of my personal time constraints – This experiment will definitely be interesting. Hopefully, the individuals that I contracted with to work as book scouters come through with some good inventory. I also may be bringing on a family member to the operation. This is going to get extremely interesting quickly. Right now, I don’t I have enough revenues to support my team but as their work product grows, it will get easier and easier to have the book scouters bring in more than 100 books each a week. In the month of June, I currently have one book scout out actively finding books, another book scout started the last week of the month and they are already outsourcing and finding a few books. As the book scouters get up to speed in the next couple of weeks, I should have enough funds from the book donations and the books that I am finding myself to be able to pay for all the books that these individuals find.
NEW SIDE HUSTLE
After googling side hustles, I came across this side hustle. Becoming a Notary and having people sign loan documents to make sure they are who they say they are. Here’s the breakdown. I am potentially going to start this process next month and should be up and running before the summer is out.
Notary Public – Loan Doc Signer
Make from $75 to $200 per appointment (usually takes less than 1hr.)
- Background on learning what a loan signing agent is. I am taking a course on loan signing to get a head start. Cost – $78 per month for 4 months. Seems simple enough to go through the documents have the individual sign it and collect on the end.
STEP BY STEP TO BECOMING A NOTARY PUBLIC IN CALIFORNIA
California Notary Process
Here are step-by-step instructions for California residents who are interested in becoming a Notary Public:
- Make sure you meet all of the requirements noted above.
- Take a six-hour training course from a state-approved vendor. Use the California Secretary of State’s database of approved vendors to help you locate a Notary training course in your area.
- Complete the application form, which is available on the California Secretary of State’s website
- Pass a state-administered exam. Give your application, $40 application fee, and 2” x 2” color passport photo to the proctor when you check in to take your exam. Find information on exam schedules
- Submit the “Request for LiveScan Service” form with your fingerprints for your background check. The Department of Justice has a list of Live Scan locations.
- Receive your commission certificate from the state.
- Get your $15,000 surety bond.
- Within 30 days of your commission date, you must file your bond and oath of office with the county clerk where your principal business is located.
- Purchase your Notary stamp from a designated vendor (a list of approved vendors will be mailed to you along with your commission packet) and purchase a journal.
- Purchase errors and omissions insurance (optional, but strongly recommended).
- If you want additional training, look for continuing education courses or consult Notary experts for guidance.
COSTS INVOLVED IN BECOMING A NOTARY
- Notary Supplies– Anywhere from $75 and up depending upon what supplies you purchase.
- Fingerprint Fees – $32 to the Dept. of Justice, and $17 to the Federal Bureau of Investigation plus $31.00 “Live Scan Fee”.
- Passport Color Photograph – 2″x 2″ passport-type photograph of yourself, $10 to $15
- Application/Exam Fee – $40 for first-time applicants and renewing notaries ($20 application fee and $20 State of California Exam fee).
- Notary Seal and $15,000 state required notary bond – $14 to $18 notary seal and $38 for the notary bond.
- Filing Fee – $40 to $90 County Recorder fee for filing your $15,000 bond.
Total startup costs to become a Notary: $351. Not too bad considering the potential of this type of gig. You can recoup your cost in about a month after getting everything completed. Me being conservative, I will use the $75 fee per loan signing: all you need to do is 5 signings a month. I would basically recoup my cost after the 1st month of completing everything.
That is the wrap up from June, there was a lot going on and a lot of building but, I think it is worth it. I am slowly building up the business and working “on” the business instead of working in the business. July should be a pretty interesting month with a few things going on. The main focus for me in the month of July will be to get 1,000 units in inventory. My average sale price (“ASP”) for the month of June was $14.09 which isn’t that bad, I would like to get it higher which I will focus on in July. If I get a thousand units into inventory my average profit after all expenses have been somewhere around 45% which would yield a payout of approximately $6,300.