PromoStar Review – Work Smart - not Hard
Official Site: https://goo.gl/xrv9Nv
Did you know that promostar review sells 90% of private label ketchup nationally? I didn't until I did some research. I'm sure you've seen this brand before: What store carries this? Yes. It's Walmart. Until I started getting into private label I never really gave this much thought, but Walmart doesn't have a factory that processes tomatoes to make ketchup or a facility where they bring in fresh green beans and can them. They leverage a company like Red Gold that is already doing it and slap their brand on it.
It's the same ketchup and the same green beans, but with a different label. While I wouldn't recommend trying to come up with your own line of canned vegetables, the principles are the same for the product you end up private labeling. Find a company that is already making the product you're interested in and inquire about doing a private label.
As we'll soon see some companies already have a private label program and are eager for your business. You just have to find them. For those that don't it can be as easy as asking, but we'll get to my easy way method soon. This chapter could also be called “Why you should be doing Private Label.” I'm assuming you already sell on Amazon. If you are just getting started some of the examples may not make sense to you.
In my previous book, Beyond Arbitrage, I introduced what I call the Pyramid of Inventory Sourcing. Here it is again: What does the pyramid mean? At the low end of the pyramid closer to the ground are the inventory sourcing methods that have the lowest barrier to entry. The lowest level is the items you find around your house. Most sellers get their start here to learn the ropes and to raise funds to buy more inventory.
You don't have to start here, but the point is it's not hard to grab a used book and list it on Amazon or to put an ad on promostar review for that treadmill in the corner of your basement that is collecting dust. The next level up is consignment. Have you seen the TV show “Hoarding: Buried Alive” about people that never throw anything away? When you watch that show does it remind you of anyone you know? That's an extreme example and while I don't personally know anyone that I would consider a hoarder I do know people that collect a lot of stuff that they don't need.
Those people or anyone else you know that has stuff to sell are perfect candidates for consignment. You sell the items online for them and split the profits. This is a free way to get inventory to sell and you're solving their problems at the same time. It's a win win for both. One level up from consignment is thrift stores and garage sales. This is the first level of the pyramid where it requires an investment of cash.
It's below all the other levels that require cash because it's by far the least expensive inventory you'll come across. It's not unheard of to buy an item for $2 and $3 and sell it for $20, $30, $40, or even $50. I've heard about sellers buying rare books at thrift stores and selling them for hundreds of dollars. While that might be a rare occurrence it does happen.
If you're like me and you don't like going to garage sales that's okay. Maybe you know someone that does and you could task them with finding promostar review for you and splitting the profits with you. The next level is retail arbitrage. Since you're reading this book you probably are already doing this type of sourcing, but in case you aren't or don't know what it is, retail arbitrage is basically finding items at retail stores that are selling for less than they are online.
The margins aren't usually as high as what you might find at a thrift store, but unless you live in a very rural area you have access to so much inventory. Every store is a potential goldmine. There are certain stores I used to dislike going into with my wife one of them being fabric stores. However, now I'm eager to see what profitable inventory might be sitting on some shelf just waiting for me to grab.
She'll go one way and I'll head straight to the clearance aisle to start scanning. I've found some great inventory in stores that I would have never set foot in before selling online. For a much more detailed look at retail arbitrage I highly recommend my friend Chris Green's book Arbitrage: The authoritative guide on how it works, why it works, and how it can work for you.
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