Category Archives: Getting Started

One Page Workflow – CD’s

I have been thinking a lot about processes and streamlining. Having an established process helps you to eliminate sticking points, and allows you to train your replacement. It also eliminates the number of decisions you have to make each day, which allows you to focus on better and bigger decisions. In part inspired by the Four Hour Workweek, and in part by the E-Myth Revisited, here is my one page CD workflow for resellers.

Before you start:
-Determine your low price threshold. 19.99 is a good one for most prices at most sources. You may elect to use a formula (3x price + 2$ as an example), but I find just setting a floor to be an easier strategy.
-Determine your level of comfort for sales rank. Higher sales rank = sells less often.
-Print the condition guidelines for CD’s, keep them near your desk.
-Look up professional CD refinishers on Ebay. You can get good prices when you do them in bulk. This also allows you to add the words “Professionally refinished” to your description, and guarantees that the CD is functional. (For more information about faulty CD’s, check out the article on pin-hole faults due to age.)
-Have some new empty CD cases standing by. This is optional, as you can sell CD’s with cracked cases. Buying them in bulk saves you money and increases the quality of your product.
-Decide on your pricing strategy. If you use a repricer, set the levels now. If you prefer to manually price them, jot down your way of thinking when you set the price. This allows you to standardize your pricing, and not make individual decisions for every CD.

Now it is time to find some money!!

1) Go to your source – for CD’s, I find thrift stores, Goodwills, Salvation Army’s, and estate sales to be the most profitable. You should track your mileage, costs, and profitability of each source. There are multiple programs that help with this. You can also just keep a spreadsheet.
2) Scan them for potential profitability – I use Scanpower right now, but any scanning program would work.
All ones with a purchase price of $19.99 (or your floor) or more, with whatever sales rank you are comfortable with, go in the cart.
3) Visually inspect, if any scratches whatsoever, place them in groups of 100 and get them professionally refinished. You can find someone through Ebay for about $1.00 – $1.50 per CD.
4) Rematch CD’s with cases and list. You can use whatever scanning or listing program you prefer.
5) Attach labels. (Optional, you can use Amazon’s labeling service for a small fee.)
6) Send in boxes to Amazon.
7) Profit.

Now obviously, each one of these steps can be broken down into much smaller chunks. If while reading the steps, there is something you are not familiar with, now is the best time to ask questions. If there is something you are not familiar with, such as sales rank or refinishing, then it is time to do a little research. If you have specific questions, you can contact us at amusingtreasures@gmail.com.

Once your processes are smooth, you can outsource, eliminate, or delegate these tasks to someone else. Remember, it is the processes that make your work easy or hard. Take the time to establish good habits and groundwork, and it will pay large rewards in the future.

Yard Saling Tips – At The Sale

While you are driving around yard saling, make sure that you write down your initial and final mileage!

One of the most important things that i have learned is that a lot of opportunities present themselves at yard sales if you just talk to the people running it. Talking to them allows you to build rapport, and gather valuable information. If someone is moving soon, there is a lot more room for negotiations than if they have a yard sale every weekend as a means of making a little extra money. Great example, we got to a yard sale a little early one time. The woman was setting up, and as we talked to her she stated about 5 times that she didn’t want to go through the work of setting everything up. After the 5th time I (finally) got the hint, and made her an extrememly low offer for the whole garage. She accepted, locked the door, and we were off to the next yard sale. While you are talking to them, make some small statements that they can agree with. The gnats are really biting, the weather is great today, etc. Having them agree with you now makes it really easy for them to agree with you later!

People often ask us what we buy at yard sales. The easy answer is almost anything, if the price is right. What people really want to know is where we find our profit. The key for us is in bundling, and analyzing on site.

We normally skip dishes, Christmas decorations (except Hallmark ornaments), clothing (don’t know enough about it, yet), and loose toys. Our best deals have been on media, followed by kitchen items and electronics. Anything in a box with a barcode obviously gets a scan. While we are talking about scanning, another question that comes up often is what to do if people ask you what you are doing. Opinions differ, but I always tell them the truth. There are a few reasons I do this. One, I just like to be honest with people. I like what I do, I think it is interesting, and I find that a lot of other people like learning about the technology. They can use the same items to get better deals when shopping, so I am offering them valuable information. Second, when they know that I resale items, it gives me more room to bargain. They know that if I can’t make a profit on the item, then they are stuck putting it back in their garage! Knowing that you are reselling the items also gives you room to negotiate on missing boxes, roduct condition, etc. When they know you are willing to purchase a large number of items, they want you shopping with them.

If there are several books or DVD’s that we want, we will often make a lowball offer for the entire lot. What kind of offer? We like to get books for around .25 to .50 a piece, and DVD’s for under a dollar. One tip I learned from a very good presentation on real estate investing is that you should almost feel embarassed when you mention your first offer. Remember, the worst that happens is that they say no. Most likely, even if they say no, you can get the savings later on a different item because they feel guilty for “being ornery” earlier. Don’t be afraid to get extra inventory, we will talk later about how to maximize the profit on it. Say that there is a box of DVD’s, a few boardgames, and a few toys you want. Offer a bundle price for the DVD’s, then set them aside. Same for the boardgames (always price older boardgames, you will be surprised at the margins if you are willing to count pieces). Once all the different bundles are placed together, try rounding the total down again. If they can’t do that, mention that you are buying a lot of their items, and ask if they can throw in something else for free. If they say no to any of your offers, just leave your name and number with them. Make sure to browse a little more. You wuold be amazed how many times people say no, then call you back right as you start to walk away. They see the money walking away, and they know that they may end up stuck with the item. They are having garage sales to get rid of the items. Help them out.

One final tip on negotiating. Some people become overly attached to a certain item, and lose objectivity. You can tell when this has happened because they say something like, “Oh, I can’t do that, I got it at….” or “Well, I paid… so I really can’t take less than….” . The easiest way to still get the item that you want is to agree with them, offer to pay the price that they want. Then look for other things that you would like. They will often be even more willing to lower the price on other items. I know it doesn’t necessarily make sense, but it is true. Quick example, there was a pair of roller skates that we wanted. She was unwilling to come down 5$, and said she “MUST” get the asking price. On the way out of the sale, she threw a bicycle that she had priced at 10$ in the bed of the truck, without us even asking! Remember, all money is not even if people are attached to something. Find out the things they want to get rid of, and help them do so.

Stay out late. In our area, late is 1pm or later. When people are faced with the task of putting everything back in their garage, and they already have a pocket full of money, they are done with the whole idea. Often heavy items like books or furniture are given away on late afternoons, especially on Sundays. If you are willing to accept some less than excellent items, you can still get some really good ones.

While you are buying, track your inventory. The method that works best for us is itemizing items in a receipt book. we list “box of DVD’s – 5$”, not every single DVD. Experiment for yourself. The only important thing is that it is easy for you, and becomes part of your process.

Stay tuned for Part 3, where we talk about how to get rid of the great (and not so great) items that we found while out treasure hunting!

Yard Saling Tips – Before you get in the car.

It is Friday night. If you are like us, you are looking forward to a weekend of people basically giving you money, in the form of getting excellent deals at local yard sales. Here are a few quick tips that will help you to get the most bang for the buck, keep your paperwork in order, and find the best deals ever.

Preparing to go out.
The first thing to do is plug in any and all devices that you need to assist you while you are out sourcing your products. Plug in your cellphone, tablets, barcode scanner (link), GPS (if you are not using your cellphone or tablet), and anything else that you might need. You should have a backpack in your car with the following items, that is on standby for storage auctions or yard sales.

Backpack – Sunscreen, bugspray, Notepad (in case your batteries die), 2-3 padlocks with keys, and some water.

The tool that I like to use is “Yard Sale Treasure Map” (YSTM). This is an excellent application for Android (link) (and iphone?) that imports all of the yard sales listed in your local Craigslist area and puts them into Google Maps. It includes functions that allow you to add your own sales, and even optimize your route so that you hit the most sales. This tip alone means that you will hit the most yardsales that you could possibly find.

I recommend that you use your local Facebook groups to find more sales and add them to your map. Search Feedback for your area (using both city and county names). Add the words resale, thrift, yard, deals, etc. Find some groups with active participants and add those addresses to YSTM. This will help you find even more sales that are not listed on Craigslist. When the addresses are all entered, click Optimize.

You now have a list of great yard sales, that you can search by keyword, and the proper tools to analyze the deals that are available. Look for future articles on methods to get the best bargains while you are out shopping.