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Full Time Bibber Journal: Month 1 Day 12

Month 1 Day 12

Long day today, but a good day, in which I attempted to put into action my new parameters for sourcing live books.

I need to refine it a little more.

And, as I tend to break my own rules, I need to use the parameters as guidelines only. I’m getting better at seeing more opportune books, and being willing to take a few more buying risks. Today I went to a library sale in Arkansas. It wasn’t a big library or a big sale, and there weren’t that many people there. I was there when it started, and there were a couple of other scanners working the room. They left within the hour, and they were very haphazard. I basically scanned every book (with obvious exceptions) in the sale, staying about 5 hours.  

My take was 97 books.

That doesn’t count a couple of slow-moving but high-dollar books I bought for doing Merchant Fulfilled, and one book that Jenette stole from me when I got back. I think she would have stolen more if I’d let her. One other book I came back with I think the people working the sale must have snuck into my stack. They counted all the books for me, so maybe they put that extra one in my pile, hopefully by accident.  

I spent $162 for the 97 plus books, and after I listed them all, my total potential profit as I have them currently priced is $567. The average sales rank of the 95 books is 472,754. Assuming that I can sell 60% of the books within 90 days or so, as is typical, I think I can safely say that I will have attained about a 200% profit on my $162 within 90 days. We’ll see if that holds up. I bought all the books today, and listed them all today, so that the kids (my prep center) can ship them tomorrow. I am really wanting to get my turn rate moving faster. Plus, I’m going to another book sale tomorrow.

I said I wanted to try to get 500 books in these April book sales.

So I’m off to a good start today: only 403 more to go. I need to not just buy them, but get them shipped in April. Being a full-time entrepreneur (bibber) means I have to take full advantage of the opportunities I am given, and then move the books as fast as I can.    

April Library Sales Tracking Chart:

SALE

# of BOOKS

$ Spent

$ Profit

Avg SR

Harrison

97

$162

$567

472,754

Ozark

       

Springfield

       

Grow a thriving BIBS.

Lesson 1 available for preview!

Full Time Bibber Journal – doing our book business full time.

Month 1 Day 11

Being a full-time entrepreneur is much different than having a “side hustle.”

I talked to a guy the other day who has a full-time job in advertising, but he also has half-ownership of a retro arcade and he also has a DJ lighting and audio system that he takes to kid’s birthday parties. I kind of wondered if he really needed more than one “side-hustle” or if he just really enjoys them. My side hustle has now morphed into my full-time gig. If the family eats and thrives, it’s all on me. If they don’t, it’s all on me.

I have no doubt that this BIBS (Business of Internet Book-selling) works.

I have done it quite successfully part-time as a side-hustle, but now, it’s a fledgling family financial make-or-break. It’s do-or-die. So, the side hustle has become a real effort to thrive. That sounds a little “doom-and-gloom,” but I don’t really think of it that way. I am very motivated. I started this side business because I needed to make money.

I couldn’t not succeed.  

Now that I have proved the BIBS model works, as a full-time BIBBER I need to not fail on the constant issue of cash flow. The only way to make money as a full-time BIBBER is to buy and sell books. I can’t buy books without money to buy books. So, for the moment, I have been buying lots of books, but they have been cheaper, locally sourced books.   

I am going to going to two different library sales this week.

I have priced and prepped about 350 books in the last two weeks, some for my own bookstore, and some for another guy. I weighed nearly every book so I could dial in what my buying parameters will be at these book sales. Amazon’s fees have changed how I look for cheaper books.

So these are my new parameters:  

Average Sales Rank has to be 1 Million or better. I will buy books with ASR between 1-2 million if they have a minimum price of $50. Some of those I will sell merchant fulfilled. Here are the pricing parameters, roughly based on getting 200% ROI. :

If my buying price is $1:

  • Small books (½ pound) – $10 sell price on FBA
  • Medium books (1-2 pounds) – $12 sell price on FBA
  • Large/heavy books (above 2 pounds, most textbooks) – $13 Sell price on FBA

If my buying price is $2:

  • Small books (½ pound) – $11 sell price on FBA
  • Medium books (1-2 pounds) – $13 sell price on FBA
  • Large/heavy books (above 2 pounds, most textbooks) – $14 Sell price on FBA

If my buying price is $3:

  • Small books (½ pound) – $12 sell price on FBA
  • Medium books (1-2 pounds) – $14 sell price on FBA
  • Large/heavy books (above 2 pounds, most textbooks) – $15 Sell price on FBA

If my buying price is $4:

  • Small books (½ pound) – $13 sell price on FBA
  • Medium books (1-2 pounds) – $15 sell price on FBA
  • Large/heavy books (above 2 pounds, most textbooks) – $16 Sell price on FBA

Grow a thriving BIBS.

Lesson 1 available for preview!