Dollar Store items are high margin
Million-dollar sales: How a 28-year-old made a fortune on Amazon
Buy cheap, sell high. With this simple principle, 28-year-old Ryan Grant made a fortune on the Amazon platform. He was so successful that he quit his employee job and can pay himself a salary of 130,000 euros a year. And he says anyone can do that. Incidentally, too.
"I quickly knew I didn't have the job I wanted," Grant told CNBC Make It. After graduating, he worked as an accountant in Minneapolis. "I then looked for other ways of earning money and being able to organize my time myself." That is why he resorted to the business that he used to finance himself during his studies. At that time, he was selling his fellow students' used textbooks on Amazon.
And this is how his business model worked later: Grant wandered around the shops after work and on the weekends, buying special offers. In quantities. Toys, video games and household products. His secret weapon was the Amazon seller app, with which he calculated his profit. If he found cheap deals, he bought.
$ 1,000 for ten hours of work
His preferred stores were the US discount stores Walmart and Target and the toy store Toys‘R‘us. He sold the goods as a marketplace retailer on Amazon. Since the start of his business, he has sold products worth eight million dollars, and the profit, according to him, is ten to 15 percent.
The Amazon app allows the barcode to be scanned and then displays the corresponding price on Amazon. Grant says if the price on Amazon is around 50 percent higher, he could make a profit. Seasonal goods sell surprisingly well, such as reduced Christmas chocolate after Christmas or Halloween sweets after Halloween.
"I started out ten hours a month and made $ 1,000," he says. His business grew, and when his earnings eventually reached his bookkeeping income, he quit. Three months later, his profit was already 9,000 euros a month. That was four years ago.
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