How to make money when you buy inventory

When you are running your business, your goal should be to maximize profit whenever you can do so without sacrificing the quality of the experience for the consumer. Here are a few quick tips to get some extra profit while you are buying your products to sell.

1) Use a rewards credit card. If you are buying and selling items frequently, that is a lot of traffic on your account. Translate that traffic to a 1-5% bonus by using a rewards credit card for every transaction. Not only do you get bonus cash for using the card, having a designated account for all of your business expenses makes it much easier to track come tax time. You can also go through the preferred shopping networks on several cards, and save an even higher percentage.

2) Member cards. Most retail stores have some kind of membership program. Signing up for these programs can give you special access to sales, discounts on merchandise, and exclusive coupons. I recommend setting up a separate email account for these types of offers exclusively, then searching that inbox just prior to a trip to the store.

3) If you frequently shop at the same stores, consider looking into PlasticJungle.com. Plastic Jungle buys and sells used gift cards, often at a discount. For example, when I floored my entire house, I bought over 5,000 in gift cards from there for Lowes. At a savings of 5-7%, that saved me about $300. If you already know that you will be spending money at a specific location, take a few minutes to see if they have cards that can benefit you.

4) If online shopping is your go-to method, then always make sure to check out retailmenot.com. Although their interface has changed lately and in my opinion not for the better, they still remain an awesome place to check for discount codes for most online retailers. A few other sites to check would be slickdeals.net and fatwallet.com.

5) Keep an eye on your local newspaper. Many manufacturer’s still have sales fliers, discounts, and coupons that you can stack to receive significant savings. Especially useful are the offers for XX% off entire store! Unless specified on the coupon, these are good for clearance items also.

6) If you are doing garage sales and estate sales, always bundle your purchases for a better price. Emphasizing the amount of work they would have to do to handle the inventory at the end of the sale is a good way to buy the lot of it at a discount. I bought an entire garage worth of items for $50 because the seller told me she didn’t want to deal with the clutter. The first item we found was a complete set of 9 seasons of Star Trek, which we sold for 75. Every other item in the garage was pure profit.

Remember, that selling is a percentage game. If you can add 1% profit here, a 2% discount there, and then get rewards on top of that, you can significantly improve your bottom line.

Adding an Item that does not come up with UPC

When you are adding items to your inventory, occasionally you will find an item that does not have a UPC. Sometimes the UPC is not linked properly to the product, or it is linked to multiple products. Here is a quick fix. Look up the item using a regular Amazon window. (www.Amazon.com)

amazon search

Once you have found the specific item you are looking for, look in the address bar.

In this example, the address bar looks like this:
address bar

http://www.amazon.com/Xbox-360-Component-HD-AV-Cable/dp/B000B6MLPU/ref=sr_1_2?ie=UTF8&qid=1364839032&sr=8-2&keywords=xbox+360+HDAV+cable

The area right after the /dp/ that says “B000B6MLPU” is the information you are looking for. That is the ASIN.  Copy and paste that into either the “Add a product” page on Amazon, or your Scanpower lister.

Congratulations, you have exactly the product that you were looking for.

 

If the product you were looking for does not exist at all, then you will have to add the product.  For information on how to do that, click here. (Article to follow)

Quick Tip – Goo Gone

Goo-Gone is one of the products we used to remove sticky residue from our items left behind from tape or price tags. It works pretty well.

googone Goo-Gone

It can be oily and we suggest using just a drop or squirt on a rag or napkin.

A little goes a long way. I sometimes can use the same drop on the napkin to clean several surfaces. It works best on surfaces that are plastic or have a plastic coating on them. It also works well on finished wood and metal tins. However, you should not use it on paper, un- coated cardboard or glass.

Here’s a tip or two we learned while using Goo-Gone.

TIP 1 : When using Goo-Gone on a dust jacket or cover to remove adhesive, ensure that you remove the cover from the item. For example, if cleaning the front of an Xbox 360 game or DVD movie, remove the cover art.

paper insert

Most cover art will slip right out of the plastic of the case. The Goo Gone can seep around the edge, and will leave an oily stain on the artwork.Using too much goo be gone can leave a product greasy feeling. Be sure to wipe of with a dry rag or paper towel excess goo-gone.

TIP 2: When using Goo-Gone on game boards or coated cardboard pieces. Always test a small spot first lightly. Some coated items including games boards and box covers can spot through the coating and leave a stain.

Game_Board

Also be careful of wiping the edges of a game board. The edges are usually not coated. They will absorb the oil leaving your board possibly damaged.

game1.1L

If it looks like the finish is fragile it probably is…so be careful using Goo-Gone on it. Oil damage will lower the value of your game or item.