Inventory Lab – A New Standard For Amazon Sellers

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March 31, 2016

Inventory Lab - A New Standard For Amazon Sellers - TaughtToProfit.com

Inventory Lab is a comprehensive solution for Amazon sellers. It has features for a number of aspects of your Amazon business such as: accounting, sourcing, inventory management, reporting, and listing. While the accounting, inventory management, and reporting features are great, I want to discuss the most important solutions Inventory Lab provides for an Amazon seller: listing and sourcing.

For sourcing, your Inventory Lab subscription includes sourcing built into Inventory Lab AND the popular Scoutify sourcing app. The Scoutify sourcing app is much better in many respects than the Amazon Seller App in that it provides quick links to CamelCamelCamel, eBay, and Amazon Prime. This can make your retail arbitrage much more productive as you can quickly see if an item is worth purchasing for resale. Below is the description from the Scoutify app page:

Scoutify is a robust scouting app that allows you to research competitive offers in the Amazon marketplace straight from your mobile device. Scoutify is available as part of your Inventory Lab subscription.
Features:

* View Competitive Pricing offers from all channels and conditions (Merchant, FBA, Amazon)
* Bluetooth scanner compatible
* See gross profit on every item, add cost to calculate net profit and ROI
* Add items to a buy list including cost, supplier, date purchased and more. Email your buy list to a CSV file
* View entire search history
* View an entire net profit breakdown, set sales tax rates and inbound shipping costs
* Quick links to CamelCamelCamel, eBay, Amazon Prime Comparison and more.
* Buy box clearly marked for all offers
* Sales rank, weight tier and category shown underneath title
* Quick and easy setup, login with your InventoryLab account and you’re set to start scouting!
* Developed by Inventory Lab, you will have the satisfaction of knowing you have support when you need it, and all suggestions will be taken into further consideration for later versions.

The listing functionality of Inventory Lab is where the bulk of you or your staff’s time will be concentrated. This is also where Inventory Lab is worth every penny of the $49 monthly subscription fee, even if it did nothing else. If you have listed any items on Amazon and then tried Inventory Lab you will immediately appreciate the amount of time saved when listing. If you have a Dymo Label Writer another time-saving feature of Inventory Lab is that you can have it set to automatically print the FBA label for the item(s) after each SKU you list.

If you have ever listed items that may be the same item, but different colors or styles, you can see the outstanding benefit to having the FBA labels printed up immediately after you list a SKU. Instead of looking at labels at the end of listing your items that may say, “Girls 5 Pocket Pants…” and trying to determine if that goes to the pink one or the green ones you listed, you apply the FBA label as you list. There is no hunting for items, or having to look up the items to match the FBA label to them. This cuts out a lot of time upon boxing up your items to ship after listing them. After listing all your items, instead of having to dig through your listed inventory to match the FBA labels with the items they go with, all you have to do is pack the box up with the already labelled items, seal it, weigh it, and ship it off.

The great thing is that Inventory Lab offers a 30 day free trial, one where they do not even require a credit card. So you do not have to be worried about getting charged if you decide it is not for you. I was using some other software before using Inventory Lab and am disappointed that I did not sign up sooner. I had heard from other Amazon sellers that they used it, but no one told me the time it would save and how much more efficient it would make my Amazon business. It has cut out dozens of hours in time it takes to list all our inventory on Amazon each week. This time can be better spent sourcing, researching, or even taking a break. Give the 30 day free trial of Inventory Lab a try and let me know what your impressions are of it.

Inventory Lab – Subscribe Now!

Newbie Help – Summary Of A Few Business Models

By

Ryan Hicks

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March 30, 2016

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Ebay And Amazon Business Models - TaughtToProfit.com

It is easier than ever before to generate a full-time income by reselling online. With Amazon’s Fulfillment By Amazon (FBA) service you can ship your products to Amazon and have them pick, pack, and ship the items when they sell. The most common method of obtaining products for resale is through arbitrage. In this context arbitrage is the buying of an item in one marketplace and the reselling of that same item for a higher price at another marketplace. The difference between the purchase price and the sold price is the profit.

For Amazon FBA, products bought through arbitrage (in retail store or online), thrift stores, estate sales, or even garage sales are shipped directly to Amazon to have them handle all aspects of the sales, shipping, and support. With Amazon FBA when your item sells they pick, pack, ship the item, and handle all communication with the customer. All you have to do is list the products and ship them to Amazon. They handle the rest.

Buying products from wholesale sources can be another method to obtain products to resale on Amazon, eBay, or other marketplaces. Wholesale purchases may have some hindrances for new businessperson, as tax permits and business licenses may be required to even purchase the items in the first place. Wholesale companies may also have minimum order requirements that put purchasing from them out of the price range of a new businessperson.

Another method to earn money online is to dropship on eBay (or Amazon, though Amazon can be less favorable for this business model). Dropshipping is when you sell a product and then buy it from another retailer or wholesaler to ship to your customer. This is the opposite of Amazon FBA where you buy the product and then sell it to your customer for a higher price. The price you sell the dropshipped product for is much higher than the price you pay to have that product dropshipped to your customer. The nice thing about dropshipping is that you do not need to purchase any inventory in advance. You only purchase inventory after you already sold the product.

Both Amazon FBA and dropshipping are forms of arbitrage where you find something at a lower price in one market and resell it for a higher price in another market. “Buy low, sell high” is the basic idea behind all retail sales, except they purchase directly from the manufacturer or a wholesaler.

Another business model that applies to Amazon, eBay, and any online or offline sales channel is private labelling. This is where you have products manufactured for you under your own brand name and sell them exclusively or sell them to others to resell. The largest drawback to this model is the expense to get an initial product designed, produced, and marketed, but the rewards can be dramatic.

Ebates – A Must Have Tool For Online Arbitrage

By

Ryan Hicks

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March 30, 2016

1

Ebates The Must Have Tool For Online Arbitrage - TaughtToProfit.com

Ebates is a cash back website where you earn a percentage back from all the items you purchase online at participating retailers. While not every site participates, there are a huge amount of sites that do like Target, Walmart, Amazon, Kmart, Sears, Kohls, and hundreds of others. If you do any online arbitrage or just make purchases on these sites then you need to sign up for Ebates free cash back program.

Ebates offers a extension or add-on for a variety of web browsers like Firefox and Chrome, so when you are on a site that has a cash back offer it will let you know to activate the cash back. You just click one button and shop like normal, earning a percentage of the total purchase in cash back. Besides the obvious savings for your online arbitrage and normal purchases, it also will let you know any coupons available for that site that apply to your shopping cart. This is a huge time saver over the old way of searching Google for coupons to try to save money. Ebates does this for you for free. Besides the cash back, the automatic coupon locating is a huge time and money saver.

Below is an example of how it works. I was doing online arbitrage on Walmart.com and the Ebates Button Extension notified me of 1% cash back available on Walmart’s site. I click the “Activate Cash back” button and it refreshes Walmart’s page and now my current shopping will earn 1% cash back. It is literally 1 click to earn cash back. Nothing else to do. At the time I am writing this Walmart is 1% cash back, but I have seen it at 10%. The cash back changes and can be a great boost in income, simply doing the shopping you are already doing.

Ebates Walmart Activate Cash Back - TaughtToProfit.com — Ebates Walmart Activate Cash Back – TaughtToProfit.com

Ebates Walmart Cash Back Activated- TaughtToProfit.com — Ebates Walmart Cash Back Activated – TaughtToProfit.com

Now Earning Cash Back At Walmart.com – TaughtToProfit.com

They have a mobile app where you can shop retailers and earn cash back should you prefer to do it that way. I prefer the standard Chrome browser and the Ebates button extension to click for cash back when I am making online purchases.

One of the best things about Ebates is that they actually pay. I have tried other cash back sites that seemed great, but they were random in what purchases they credited or did not credit for cash back. I just want the cash back program to work, and do not want to have to contact the cash back site every purchase because their system failed to properly record the sale and the cash back owed.

If you are wise you can use a combination of Ebates, an individual website’s own cash back or rewards programs, and discounted gift cards for the site you are buying from to save a lot more. These savings can add up really quickly. For example, if you were buying some items on eBay to flip on Amazon you could buy a discounted eBay gift card, use eBay’s “eBay Bucks” cash back program, and use Ebates cash back to earn a total of 20% in savings (as of the time of writing this). That is 20% more profit you can be earning from your online arbitrage. Another way to look at that is for every $500 in items you are buying that 20% combined savings is earning you $100 worth of items for free! With online arbitrage this becomes more valuable because that $100 in free inventory might actually be worth $200 or more in actual cash once the item(s) sell!

Time is important to me and Ebates saves time with the instant availability of coupons for the site you are on and it also saves money with the generous cash back offers. If you are not using Ebates or are using another cash back site that is unreliable in paying the cash back, I strongly recommend trying Ebates today.

Click Above To Sign Up For Ebates

Useful Apps – Toggl – The Simplest Time Tracker

By

Ryan Hicks

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March 29, 2016

1

Toggl The Simplest Time Tracker - TaughtToProfit.com

Toggl is a free app that keeps track of your time. You click the “Play” buttom in the app, add what work you are doing and what project it is for (i.e. your business), and it starts keeping track of the time. It stops tracking when you press the “Stop” button.

There are apps that kind-of do this automatically, but one of the major ones is made by a company that also sells user data to advertisers, employs key loggers, and is ripe for hacking. These “automatic” time trackers also are sloppy in their time tracking. These automatic time trackers could track a user using the Chrome browser as work when the user is playing games on Facebook. It could also count Facebook as personal and not business even though you are answering customer questions on Facebook. You can adjust what these “automatic” time trackers say is business or personal, but if you have to continually adjust the automatic time tracker then it is not automatic and is more work than the few seconds Toggl takes to implement.

I find Toggl’s simplicity makes it accurate and reliable, if you use it. It cannot track time if you do not set it. You can adjust the starting and ending time of your activity if needed, so forgetting to start Toggl doesn’t mean that time was lost and cannot be tracked.

Using Toggl Is Very Easy - TaughtToProfit.com — Using Toggl Is Very Easy – TaughtToProfit.com

Toggl is basic and does exactly what you need it to do. If you do not currently track your time this is a great way to see inefficiencies in your business and correct them. I realized I was spending almost 2 hours a day on email after using Toggl. I have this down to about 30 minutes a day now. That is a huge time savings by simply realizing the inefficiency and implementing autoresonders and bots to handle the bulk of it.

They do have paid versions that help with billable rates and team time tracking, but if that does not apply to you the free version is simple and effective. It is available on almost every operating system. They have an:

Android app
iPhone app
Windows desktop app
Mac desktop app
Linux desktop app
Chrome extension

I highly recommend it, especially if you are one of those people that feels always busy. This can help you focus on what is most important and see areas where you are misusing time or plain wasting it. Download for free at: Toggl.com

Toggl Time Tracking App – TaughtToProfit.com

MileIQ – Automatic Mileage Tracking App

By

Ryan Hicks

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March 29, 2016

0

MileIQ Usage Screenshots - TaughtToProfit.com

Meet MileIQ.

Automatic detection. One-swipe classification. Mileage logging has never been easier.

This is the claim of the MileIQ app for Android and iOS. I know that it was personally a lot of work writing down all the miles on sourcing trips, shipping trips, and other business-related drives. The first day I used MileIQ I had 8 different drives and it logged them all perfectly and automatically. Swipe to the right to classify the drive as “Business” or to the left to classify it as “Personal.” That is all you have to do. You do not have to open the app, set it up, or do anything to get it to log each drive you take after you initially install it and turn on the Drive Detection. Once you have done that you are ready to automatically log your miles. It is a claim that it actually lives up to.

MileIQ Drive Detection - TaughtToProfit.com — MileIQ Drive Detection – TaughtToProfit.com

As business owners we always are looking for ways to save our valuable time, and this app is an easy way to do that. If you do not do much driving then MileIQ gives you 40 drives logged a month for free. If you need more it is a low price per year and it will quickly pay for itself in tax savings when you deduct the miles. The paid version also gets you extra benefits like logs being automatically emailed to you and other important features.

I tested it for a few days and it was so convenient that I bought the paid version and have been using it ever since. Gone are the days of my mileage log blowing away in the wind when I open my car door, or me just completely forgetting to write down my miles and missing drives being logged. As long as I have my phone with me my miles are automatically logged and it is one less thing to hassle with.

Taught To Profit

Inventory Lab – A New Standard For Amazon Sellers

Newbie Help – Summary Of A Few Business Models

Ebates – A Must Have Tool For Online Arbitrage

Useful Apps – Toggl – The Simplest Time Tracker

MileIQ – Automatic Mileage Tracking App

Meet MileIQ.

Automatic detection. One-swipe classification. Mileage logging has never been easier.

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