One of the quickest ways to get started selling on Amazon Canada is Retail Arbitrage. For those of you who’re brand new, retail arbitrage is where you purchase goods from retail stores either online or in-store, and then sell the goods for a profit on Amazon.
Note, I said quickest way to get started, not easiest. In fact, selling on Amazon is far from easy. It takes a lot of ongoing work, and there are many things to learn up front.
But for those willing to hustle, and who enjoy a treasure hunt and the potential to make some really healthy profit, read on. If you’re looking for a quick way to make money with zero effort, this isn’t for you though.
Still here? Good! Let’s get started.
So the #1 question I’m asked by new sellers is “Where are the best places to source? And what products sell best?”
This isn’t the right question though. It says a lot about a person’s motivations when they’re asking for the profit without learning the process.
I liken it to fishing. I’m not an avid fisherman, but I’ve done my fair share of angling over the years. And I know first hand, that just because I’m in a great spot where the fish are biting, doesn’t mean I’ll catch anything.
Because other, more experienced anglers are going to be there first, and they know exactly what to do, how to cast, what bait to use, what tools to help them, and what techniques work best on what day etc.
Selling on Amazon is the same deal. You can’t just show up in a store I tell you is a great place to source from and expect to rake in thousands in profits on your first few attempts.
In fact, I could send 20 people into a local Walmart and I bet 18 of them would come out empty handed, and two would absolutely clean up and leave with tons of profit potential.
The #1 difference is this: Those who are successful have a plan. And they understand the process and how to use it.
But learning the process is only the first step.
There’s no substitute for practical, hands on experience.
And that means going out a LOT and scanning items in stores. Learning the retail sales cycle. Learning where to look, and how to negotiate lower prices with a store manager. Learning how to recover sales tax paid on inventory, and using cash-back credit cards, gift cards and coupons.
Frankly, most new sellers winging it don’t stand a chance. They watch a few YouTube videos from some guru and go off and expect to make a fortune.
Then they come back and gripe saying “I tried it and couldn’t find anything.” I always chuckle when I hear that. I once found a single product in a dollar store that made me over $5,000 in profit! All while other’s in my Facebook group told me there’s never anything profitable at Dollarama. Tell me more!
Bottom line: If you think this is easy, and aren’t willing to invest at least 20 hours a week after work or on weekends to learning the process, forget about selling on Amazon. A day job is far more lucrative and you’ll just experience frustration.
But if you’re the type who wants to learn the ropes, put in the hours, and master the process, and who looks at small failures and setbacks as essential to learning, you’ll likely do very well.
I teach Arbitrage in detail, along with many other ways to make money selling on Amazon and even outside of Amazon in my Seller Academy. I encourage you to check it out and join by clicking below:
It’s ongoing training, and you’ll get so much more value than just watching the occasional video online from some guru. And I add new content at no additional charge to you regularly as well.
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