Every online arbitrage and wholesale business needs this.... Can you guess what it it? Everyone that has been able to be successful in this business model over the years have done so because they began to build TEAMS.
TEAMS is what allows you to get all the tasks done every day that you need to get done. There are not enough hours in the day to get everything done that we need to do. Here are just some of the tasks we need to do:
Sourcing profitable products, reviewing profitable products, purchasing profitable products, unfulfillable products, inventory adjustments, repricing, replenishing, amazon seller central account health and much much more. How do we manage this? THROUGH TEAMS.
In this blog post, I am going to be sharing the steps of how to get this in your business. If you are building an online arbitrage business today, then this absolutely needs to be part of your vision for the future, whether that is right now, next month, next quarter, whatever it is, your goals need to have massive action plans towards this exact thing that I am going to be talking about. I am going to share with you what the massive action plan is, and I am also going to be sharing with you why this is so critical today.
If you are in online arbitrage right now, things have changed over the last few years - lots of things have changed, but one thing that absolutely hasn't changed, if you have got business ambition, you absolutely need this. You need a team.
Let me explain to you why. Today, online arbitrage has become more competitive, more difficult, more saturated, and more everything. Does this mean that online arbitrage is dead? No, absolutely not. Online arbitrage is alive, it is kicking, but the biggest issue people now have is time; they never had time before, but now, more than ever, your resource in time has never been more stretched.
The truth is, you are online one person, whether you have got a full time job or family, there is only so much you can do. And even Kev, back in 2015, first starting this business, he recruited his first team member within 2 months of starting. He started in the June, and the first team member came in in the August.
And the three team members I am going to be sharing in this blog post, are what every single person needs. You may think that you don't have the capital, you don't have the experience, you are just starting out, there could be a whole range of different reasons on why you don't feel like you are in the position, or feel like you are not ready to get a team, but allow me to explain why this has never been a better time, and how you can go about it, in the most cost-effective, most sensible, and ultimately, you making money.
Learn how to hire staff here: How NOT To Hire Staff? Big Hiring Staff MISTAKE Discussed
I don't know where you are at in terms of your life, or in terms of your money that you need to get, to get to the goals you want. Kev's first goal was to be able to quit his job, because Kev knew that if he quit his job, he knew that he would have 40 to 60 hours extra time a week. That is a lot of time. If you think about the 9-5, if you think, you didn't have to travel to work, get back from work, be at work - all that time that you can use to build your own business, that is so valuable. So, the first goal for many is for them to be able to quit their jobs. This gives them freedom and it gives them time. The problem is, when you have got a job, when time is very scarce for you, you have only got a short period of time in a day, this means that you have got a bottleneck in time, it means that you are not going to grow, and that you are not going to grow.
If you think of an online arbitrage business from a sourcing point of view, from a purchasing point of view, from a shipping point of view, from the Amazon seller central point of view, and the management point of view, when you think of everything, all the things that take up time, every single one of those things take up time, replenishing, your inventory health, your unfulfillables, when you think of your repricer, and all of these tasks stacking and stacking, it is impossible for someone to build a business one-man-band. The truth is, you will be left behind, there are people who are getting more done every day, they are miles and miles ahead, where you are, because you may be thinking that it is still not the right time to get a team. But allow me to explain why this is absolutely essential.
Learn how to structure your day better here for more time: How to Plan Your Day for MAXIMUM PRODUCTIVITY
From a major systems point of view, you can split this up into 3 positions, you have got your sourcing, your purchasing and your shipping. The truth is, the shipping, purchasing and sourcing, once that has been outsourced, once you have got operations and the stream of products, you are now able to get work done without you.
Learn what the major systems are here:
The system, the machine, from sourcing, to purchasing those products, to shipping those products - the machine is on, it is operational. From this point, the most time consuming thing is the sourcing, every single online arbitrage business which has been successful, have got 20-70 thousands pounds+ per month, have always had their own sourcing assistant. It is absolutely essential to have your own sourcing assistants. When it comes to sourcing profitable products, you need to not just find profitable products every single day, because that's not good enough, just having a sourcing list or a deal list, something that you have signed up to which is supplying you deals, it should only be supplementary, it is the entry to fuel your business.
What makes the business, then an actual business which you are in control of, which you can work on, which you can grow, which you can optimise and make more efficient, and improve over time, is when you have got your own sourcing assistants. Then you can start to be extremely strategic of what you are doing, what you are not doing, what you want to source and what you don't want to source, what categories you want to source, which stores you want to source, it is so important. That is the fuel. That then opens you up to lots of different things, lots of different resources such as resource pooling, and making the leads per day in your business increase.
When it comes to sourcing, Kev has got some great videos which explain sourcing in a lot of detail, and Kev has some great tips for being able to source profitable products.
See one below:
If you are serious about online arbitrage, you must have your own team.
The next thing, when it comes from the purchasing side of things, the purchasing operations, the purchasing is essential in every single business. If you are reading this right now, and you are in online arbitrage, you need to have a senior assistant that is purchasing for you. It is absolutely essential. Someone who is reviewing products for you, and purchasing them for you. You are not the one who is now reviewing and purchasing. This is something which Kev hasn't done for 4 years now, he outsourced purchasing back in 2016, and the reality of that is, purchasing takes time, reviewing, creating baskets, purchasing, the documentation management, requesting documentation, master sheets, saving, recording all your purchases, all of this takes valuable time which you don't have. You don't have to scale to that next level, because the next day, the same process starts again - this is what Kev calls a maintenance task. You are never going to grow, if you are purchasing every day. Which means that you need a senior assistant. Kev calls them sourcing assistants, then senior assistants. This is in terms of either purchasing managers or growth managers. The purchasing managers are in control of reviewing the products which need supplying to you in your business, deciding on what you want to purchase, then completing that purchase. There is a lot that goes into that.
Kev shares all of this in his Online Mastery Course, if you would like to sign up, please click the link: https://lifesuccessengineer.mykajabi.com/online-arbitrage-mastery-enrolment
Kev also works very closely with his success partners to be able to do this. Kev has gone some fantastic purchasing manager training, and an academy where he can train virtual assistants to go through and become competent at purchasing on your behalf. This is very important.
Learn more about purchasing here: The Ultimate Online Arbitrage Purchasing Amazon FBA Guide
Then from a shipping point of view, you either work with your family, get family around so that you are not doing the shipping, or you go out into a prep service. You have got two options.
Kev runs a prep service, which offers lots of other additional bonuses and training, too. If you are interested in a reliable and trusted prep service, check out Kev's prep service here: https://www.systemisefulfilment.co.uk/
Or schedule a free 30 minute consultation call with Systemise Fulfilment's senior businesses development manager, to see if we can help you and to see what we can do for you. Also providing more information: https://www.systemisefulfilment.co.uk/free-consultation
Now, you have got a sourcing assistant, a purchasing manager, and you may have some family members, like your wife, husband, you may have a girlfriend or boyfriend, or just someone who can get involved at home with you, or a prep service. This is absolutely essential.
The next thing then, is that it becomes growth related. You are not being successful at breaking through to a successful online arbitrage business, because they don't have the systems in place, so that they are looking after their replenishing. Replenishing makes a huge difference. Your efficiency with being able to replenish, your inventory health, the age of your products, being able to get rid of products, to get your money back, get that cashflow, the profit of your business, and the repricing of your business. A lot of people lose money when it comes to leaks in their business, like shipping management systems, for example, reconciles, your inventory adjustments, your unfulfillable items, your suppressed items, the items that need recalled back to you, so you can have a look at them, to get them sent back in or returned back to store.
There are many different aspects that people are struggling with, because you need to systemise your business, you need to have systems in place for absolutely everything - you need maintenance systems for absolutely everything.
Learn more about growth managers, sourcing assistants, and purchasing mangers here:
So, you now have sourcing assistants, one purchasing manager, and a growth manager.
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