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#40Before40 Friday: First Round Selections

by Scott on April 29, 2016

See a March Madness Game Live

See a March Madness Game Live

Last Friday, I wrote about Creating Categories to organize ideas for my #40Before40 list (click here to read the post).

This week, I posted on Facebook, Twitter and Instagram asking for suggestions of items to include on the list. Below is the first round of selections for the final list.

So far I have selected 25 items. I’m planning on having a completed list by May 8 (my birthday), so I’m looking for 15 more items to complete the list.

Which of these ideas do you like or dislike? Do you have any other suggestions that I should consider adding to the list?

Adventure:

  • Road Trip to Alaska
  • Hike Macchu Picchu in Peru
  • Hike the Grand Canyon
  • Climb and Active Volcano
  • Go Dogsledding

Career:

  • Create a Successful Online Business
  • Learn to Trade Forex
  • Be included on Edmonton’s Top 40 Under 40 List

Charity:

  • Host a Charity Event that Raises $10,000 or More for Charity
  • Help Bring Water to Someone Who Does Not Have Access to it.

Creative:

  • Learn to play the guitar
  • Create a piece of art

Events:

  • Throw a Massive 40th Birthday Celebration

Experiences:

  • Meet 4 People I Never Thought I Would Meet
  • Read 40 Books
  • Let Someone Else Select One of the Items on My #40Before40 List
  • Learn to Ride a Horse
  • Try 40 New Restaurants that I Have Never Been To Before

Health & Fitness:

  • Be in better shape at 40 than I was at 30
  • Run a Half Marathon
  • Learn to Swim
  • Human Flag

Relationships:

  • Have 40 People Help Complete My #40Before40 List in Some Way

Sports:

  • Go See a March Madness Game Live
  • Watch a Game at 14 Different Sporting Venues

If you have any ideas for the last 16 items, send me your suggestions via Twitter, Facebook or email me by clicking here!

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Retail Arbitrage Vs. Private Labeling

by Scott on April 25, 2016

Reason for Online Business

Last week, I wrote a post about one of the items on my #40Before40 list that I’m most excited about. You can check the post out here: Starting an Online Business: Amazon FBA

Lots of people have already created successful part time and full time income streams with Amazon FBA. There are 2 business models that we will explore that you can use to make money with Amazon FBA:

  • Retail Arbitrage
  • Private Labeling

Let’s take a deeper look at each of these options.

Retail Arbitrage

Retail Arbitrage is when you purchase products at a discounted rate and then list them on Amazon for a profit.

Discounted products found at Walmart, old textbooks from used book sales or even sourcing products from Ebay can all be used as sourcing strategies for a Retail Arbitrage business.

Once you source your products, you package them up, send them to one of Amazon’s warehouses and list the product on Amazon’s website. After that, you wait for the product to sell and Amazon sends you your cut.

The important thing to remember with Retail Arbitrage is to source products that have enough of a profit margin for it to make sense to sell. Also, it’s important to check that comparable product listings have a best seller ranking of 100,000 or less. I’ll expand more on Best Seller Ranking in a later post.

Private Labeling

Instead of sourcing existing products or brands, you research products that are currently selling on Amazon, then find a manufacturer to produce a similar product and build a brand to sell on Amazon.

Product selection is extremely important here. You do NOT want to select a product that doesn’t have enough demand, or a product that has too much competition. You will also need to make sure that whatever product you select has enough of a profit margin that it isn’t wiped out by the fees you will pay to Amazon.

My Choice: Private Labeling

For my Amazon business, I’ve selected private labeling. I don’t want to have to worry about inventory levels disappearing or price undercutting to remain competitive with other sellers who might be selling the same product.

Private labeling also allows you to grow a brand that you can expand with new products and expand into other channels such as Ebay and other ecommerce opportunities.

Next up, I’ll show you the strategy that I will be using when looking at potential products to use in my Amazon Private Label business. It’s called “The 10x10x1 Strategy.”

Is there anything in this post that you’d like me to expand on or explain in greater detail? Let me know by sending me a quick message by clicking here!

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#40Before40 Friday: Creating Categories

April 21, 2016

A couple weeks ago I announced that I was going to be creating a #40Before40 list (see the blog post by clicking here), which is 40 items that I wish to accomplish before I turn 40 years old. Since I’m turning 37 at the beginning of May, it gives me 3 years to work through […]

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My Top 5 Reasons to Start an Online Business

April 18, 2016

The idea of starting an online business scares the crap out of me. What if I fail? Or even scarier, what if I’m successful? Either way, I decided it would be a good idea to write down My Top 5 Reasons to Start an Online Business to help keep things in perspective. These 5 reasons […]

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Starting An Online Business – Amazon FBA

April 18, 2016

One of the items I’m most excited about which will be on my yet to be completed #40Before40 list is, Start an Online Business. You can read my reasons for wanting to start an online business by reading this blog post I wrote: My Top 5 Reasons for Wanting to Start an Online Business. Over […]

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#40Before40

April 9, 2016

I don’t think I would go as far as to say that I’m going through a mid life crisis but, I definitely have experienced a shift in my thinking over the last several months. If we rewind to this time last year, I was still processing the loss of my Mom a year earlier, I […]

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