What We're Doing Now Archives | Pro Books Arbitrage

Category Archives for "What We’re Doing Now"

Amazon FBA Raised it’s Warehouse Storage Fees Again: We Did This.

Changes to Amazon's FBA Fees?

This image expresses what I imagine some vendors were feeling when they heard the news. Was that the look on Jim's face when he told me?

Not really. 🙂

So, if Jim made that face after he read about the changes to Amazon Warehouse Fees, I didn't see it. Maybe he'd digested it before he told me about it. Yes, we will be making some changes in which books we purchase based on the news, but the opportunity to make a great profit selling books on Amazon FBA hasn't changed. 

In Fact, this is what we did following Amazon's news:

  • 1
    We went to a library sale in Arkansas and bought 4 boxes if books there.
  • 2
    We went to a used books sale in Jeff City and bought around 10 boxes of books more.
  • 3
    We bid on an online on an auction and bought 6 pallets of books
  • 4
    We continued buying books online, as we had the money, the whole time.

It doesn't seem like we're very shaken up by the changes Amazon made. We just made sure our buying reflected those changes so that we don't end up losing money by selling books that sit around on the shelves too long.

Really, Amazon is just trying to take care of it's business by encouraging vendors to only send in what will sell in a timely manner.

We have just changed the numbers that we use when we're evaluating books to send in to Amazon FBA and that evaluations begins when we're shopping. We are always looking at the price, how much we can sell it for and how long it will stay on the shelves before it sells. 

Business is still good. 🙂

Our BIBS is still growing (BIBS is the Business of Internet Book Selling.) How is your BIBS? Could you use some help figuring out all of them moving parts? Read through some of our articles and consider joining our BIBS Basic Membership.

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!

The Basic BIBS is complete now (no almost about it!)

All of the Basic BIBS Lessons are uploaded!

That's exciting. In the Basic BIBS you'll find tutorials which will teach you to be discerning as you build your online book business (your BIBS.) We believe the Basic BIBS can help people avoid some of the pitfalls with online booksales and give them the tips about what has helped us thrive in this business.

With all of the video tutorials uploaded, Jim and I have taken some time to think through the structuring of the courses and how to move forward from here. 

First of all, those who are already Basic BIBS and Advanced BIBS Members will find that you still have your membership, we haven't removed anyone. Enjoy 🙂

With much thought, these are the changes we made to the membership plans... 

Ways we can teach you the BIBS:

These are the options available for you

Other than only buying individual sessions with Jim, you can one of the following options if you are interested in learning the BIBS.

  • The best deal for you to get started will be the Basic BIBS Membership.
  • We feel that the best deal for those who want to earn significant money doing this part time or full time would do best purchasing our Advanced BIBS course.

Continue scrolling below to see your options laid out for you.

Basic BIBS Membership:

  • Full access to Basic BIBS Training Videos. Clear video tutorials covering Buying, Tracking, Listing and Shipping, Repricing and Reputation Building for your Business of Internet Book Selling so you can avoid pitfalls and learn to buy well-ranking, profitable books for your business.
  • Weekly Newsletters giving you information about our Facebook Live Events and any updates on the website.
  • PDF of the tools we use and the settings we use for live sourcing.

One-on-one training with Jim online.

This cost will be $100 for 90 minutes.  Feeling a little stuck? Have Jim help you with your specific questions as he works with you online. You can pay using the button below, then you’ll receive a link to set-up the appointment day and time which works for you.

Best Deal!

FREEAll-inclusive Advanced BIBS Membership Package

Purchase Book Trades System using our affiliate link & receive this FREE Tutorial Package for learning the BIBS:

  • 1 of One-on-One Mentoring (online) Session with Jim (1½ hours long. $100 value.) Schedule it right away or save it until you’ve watched the training videos. You can schedule additional sessions as you desire for $100 per session.
  • Full access to Basic BIBS Training Videos ($49.99 value)
  • Full access to Advanced BIBS Training Videos and Newsletters.
  • PDF of the tools we use and the settings we use for live sourcing.
  • Access to Jim’s Monthly Live Training Online with the Advanced BIBS Members for as long as you continue using the Book Trades System.

Advanced BIBS Membership Package

→ If you prefer not to purchase the Book Trades System or have already purchased it but would like:

  • 3 of One-on-one Mentoring Sessions (online) with Jim (1½ hours for each session.) You schedule them according to your desire: all in the same few weeks or once a month.
  • Full access to Basic BIBS Training Videos ($49.99 value.)
  • Full access to Advanced BIBS Training Videos and Newsletters.
  • PDF of the tools we use and the settings we use for live sourcing.
  • Access to Jim’s Monthly Online Live Training with the Advanced BIBS Members for one year.

We recommend purchasing the online Book Trades System, instead, and gaining access to the BIBS training tutorials, 1 personal mentoring session with Jim and the other perks of Advanced BIBS with no extra cost. Be sure to watch the video on the Book Trades Link as it will give you a very valuable coupon that you will want to use when you purchase the system!

However, we know that not everyone is ready to do this yet, so we offer this Advanced BIBs Membership as an option to those who aren’t ready to try out Book Trades yet.

Are you new to of all this?

Would you like to know a little about our Basic BIBS Tutorial before you decide whether it might be for you?

You can click on the offer below to get a free preview of the Basic BIBS.

Grow a thriving BIBS.

Lesson 1 available for preview!

Grow a thriving BIBS.

Lesson 1 available for preview!

screen shot of books we sold that we already owned

Business Tip: Keep Track of Your All of Your Expenses

Business Tip: Keep Track of Your All of Your Expenses

Selling Books Online: What expenses are you keeping track of?

Books are the first thing that come to mind, right?

When you buy and sell books you need to be sure that you keep an accurate record of your expenses. This isn’t only for tax purposes, but also so that you can decide how much you need to charge to make a profit on a book.

Right off the bat, of course, you have the price of the book you buy. You can create a simple spreadsheet for that, and if you’re just starting out, you can add the information by hand like we did when we first started. This was a process we refined after a few months, adding more information to the spreadsheet which we knew would help us to assess whether or not to buy that book again if we saw it at a good price. Jim enters that information into our spreadsheets when he purchases the books online.

Additionally, we now have the ability to enter some of that information into our spreadsheets using a scanner when we purchase books live (like at a garage sale or from a book sale we go to.) That makes some of the process quicker.

Are you keeping track of mileage?

If you drive to another town to attend a book sale, are you keeping track of how much it costs you to acquire the book? Now if you’re buying the books online, you are probably including the shipping and handling costs in the cost for you to get the book into your hands. If you are driving out of town to get books, be sure to calculate that into the cost. This is more important if you’re making a journey that requires buying a plane ticket (Yes, we’ve done that) or driving more than an hour or so to get books (my son is doing that right now for our business.) We keep track of the travel expenses and factor that into the cost of the books.

I’ll add that when we’ve traveled far to get books, it’s always been because they were a great deal and we counted on making at least a hundred percent return on our investment in them (which included the expense of travel.)

One benefit of buying online, from home, is you don’t have the inconvenience of travel, but it can be more than worth it if you know how to find good enough deals.

Do you know how much it costs to ship your books?

If you use Amazon to sell their books, you can use Amazon’s Profitability Calculator to help you figure out what your profits will be after shipping costs. You can also use it to tell you how much your fees will be if you sell it using Amazon’s Fulfillment Center. When we decide what to set as a minimum for our books, we use data from the Amazon’s Profitability Calculator to help us do that. We want to make sure we are making more than we are paying!

Whether you sell books by shipping them straight to customers from your home, or if you’re sending boxes of books to Amazons to have them process them for Amazon FBA (Fulfilled by Amazon) there are going to be some supplies that you need to take into account. In our business, we don’t do it minutely, we generally figure about one dollar per book for our shipping costs to get them to Amazon. In reality, it may be a little less, but it’s a big mistake not to factor that in when you’re setting prices.

We have our adult sons packaging our books to send to Amazon and we pay them well to do that. By the time we factor in the cost of hiring them, purchasing boxes and our other shipping supplies it really does come out to about one dollar a book. It would be a mistake for us to just ignore that cost. By factoring it in, if we decide we need to lower prices to get them sold quickly, we really have a sense of what that book is truly costing and can make a more informed decision about how low we are comfortable for the minimum price on it.

What are some other costs we factor in?

We also factor in any equipment we’ve bought to make our business better or faster. This could include software.

We don’t tend to factor these tools into the cost of each book as much, because many are purchases we might make only once every few years, or, as we expand, to add to the number of people who can be buying or shipping books at the same time. Our purchase of a table would fall into that category and we expect to purchase another computer, monitors, and scanners soon.

We do have a software we purchased which helps us quickly source online books which are at a good price. To keep it up we pay a monthly fee (which, during slow months, we are able to pay for with only one day’s worth of sales.)

Here’s the spreadsheet I’m working on. I put in the date, a link to the invoice and the amount spent. This includes equipment and shipping supplies.

What to take away from this if you’re just starting out?

When you’re just starting out, you may not be purchasing any software to help you source books online quickly, or extra tables to help you process a dozen boxes of books at once.

However, don’t make the mistake of only thinking about what the book cost you when you think about how much profit you’ll be making on it. Make sure not only include the expense of postage for mailing it, but also the supplies you use to mail the book. This will give you a clearer idea of where to set your prices to ensure that you are making a profit on the books you sell.

Grow a thriving BIBS.

Lesson 1 available for preview!