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Internet Bookselling News & Views, Issue #004 - Book Scouting Still Turns a Profit October 14, 2012 |
October 14, 2012 Greetings! I'm often asked if it's possible to make money selling used books part-time on the Internet. Well, lets see… So far this month I've only gone out book scouting six times, for about four hours on each trip. As a result, I've listed 196 books for a total of $3,150.45 which gives me an average listing price of $16.07. By the way, my average sales rank is 746,065. Okay, six outings times four hours each is 24 hours which also equals $131.27 per hour of book scouting effort. Does that sound like a living wage to you? Now hold your horses! That hourly figure isn't what it seems. That's only the amount of inventory listed and not sold. As you know from Internet Bookselling Made Easy! I can only expect to see about 1/3 of those books sell within the next 30 days. That's called the new listing sales rate. Now lets take the math another step. Multiply 196 books times 33% equals almost 65 books. Sixty-five books times $16.07 equals $1,044 in gross sales. Here's the formula: As a final step, I can figure on a 50% net profit margin on gross sales, so out of the $1,044 I'll see $522 over the next 30 days. The remaining two thirds will trickle in at a rate of 3% - 5% per month over the coming months and years as residual sales. What's my hourly rate now? About $21.77 per hour -- but that's still a respectable amount annualized at $45,282 per year. Well above the poverty rate, and it beats the pants off unemployment benefits. The above example just goes to show you that while selling books online is NOT a get-rich-quick scheme, you can definitely earn a living. However, you'll have to work more than 24 hours. Good hunting.
RECENT POSTS *************** Oct 13, 2012 Many aspiring booksellers are finding e-Bay is proving to be a very profitable means of selling book collections. For almost two decades, millions of people have learned how to make money with… To read the full blog post click here: e-Bay Oct 12, 2012 Learn how to sell used books with your own Internet bookselling business and make money with your computer from home. To read the full blog post click here: How To Sell Used Books Oct 11, 2012 Every home-based business needs certain basic office supplies to run smoothly and efficiently. Without the essentials, you'll stumble around wasting time and money when you could be… To read the full blog post click here: Basic Office Supplies Oct 08, 2012 I've always said creating a home based business is definitely not for everyone! And this week proves it. Another seven days have come and gone and I must say that it was a pretty "light" week for… To read the full blog post click here: Creating a Home Based Business
NEWSWORTHY CURRENT EVENTS ********************************* Amazon says Kindle users are entitled to e-book refunds Read the full story here: eBook Refunds
Best Buy price match to compete with Amazon and online retailers Read the full story here: Best Buy Price Match Netflix rivalry with Amazon heats up Read the full story here: Netflix vs. Amazon Amazon Acknowledges Uneven Lighting On The Kindle Paperwhite Read the full story here: Kindle Paperwhite Flaw Joe Waynick Know anyone who dreams of running his or her own successful business? Send them to http://www.internetbookselling.com for some of the most valuable FREE business resources on the Internet, as well as how to get the new book, "Internet Bookselling Made Easy! How to Earn a Living Selling Used Books Online." |
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