Guessing the topics before watching to see if i’m right: 1. Unsubscribe from Retro Rick 2. Stop buying shovelware 3. Hire your sunday school buddy for nickles on the dollar
Thanks for inspiring me so much to commit to business opportunities in tandem with collecting! Today I snagged a sealed copy of Super Smash Bros. Brawl at my local Goodwill for $2.99!
One of the key takeaways for me is optimizing your workflow. If you find consoles are suboptimal remove it, if you find changing batteries in games are suboptimal remove it. A simple and linear process is the most efficient. For those wanting to get into console repair that’s a whole different process and it has a lot of dependencies and checks it has to go through before listing. In a perfect world you have the factory machines that run the consoles in diagnostic mode, but that’s very high cost for throughput, unless you’re like checking 20-50 consoles an hour successfully.
I do have a Q. Why did you opt to make a new channel for this kind of content, rather than your main channel. This is great info, and i feel it would have done well on your main channel too, maybe even grown it more. but idk much aboit this stuff at all. Thanks
Are you at all concerned with putting all your eggs in one basket, the Amazon basket? They have in the past made quick moves to shut down or limit their own programs they thought were not advantages to their core business. What do you do if tomorrow Phoenix Resale can only sell or list X number of item per month without paying higher fees or penalties and puts you in a much less profitable position?
@@bingevintage8124this is a super reckless mindset. Part of any successful person is being good with risk management. Completely disregarding hypotheticals because “you only focus on the here and now” leaves you wide open to get railroaded by something because you were too naive to think about other possibilities. It also shows that you just have no long term vision.
Yeah I think about this all the time tbh. Definitely scary. I think I'm confident enough in my ability to shift gears and figure out new platforms that the fear of losing Amazon isn't paralyzing. I'm just trying to take full advantage while the opportunity is here, knowing one day it probably wont be.
Very interesting I decided controllers and consoles weren’t worth the hassle to sell as well, I usually offload consoles at local video game stores and a nice discount, I don’t have to deal with it, store gets inventory. Win win for everyone
I don't sell in Video Games, But Sometimes, I like what what Caleb Says and I applied it to my own vintage toy reselling. When I put limits on things that don't well for me. that is Less Better. :)
Any tips on what to or how to do better with a small budget? I usually have about 100-150 to flip with. I don't ever get to keep more, the extra I make goes to bills. Do I need to buckle down and keep the "profits" to use to flip more items?
I dont have enough inventory or means to get inventory to only focus on games, even though you can process more games per hour. Console are way better for me.
Wonderful advice!! Wondering how to advertise in purchasing games. So far the hardest part of reselling for me is being able to keep stock. And not get blasted with shovelware.
Here’s a suggestion: I noticed that you never answer comments or even do a thumbs up. If you spend just 5 minutes per episode doing that, I think there would be more people commenting cause almost everyone like interacting with the creator. More comments = Good for the YT algoritm = More viewers = More money for you.
Your thumbnail should’ve been a book cover with the same/similar title. Also, I would probably buy such a book should you ever write one. I’m a big fan of your business and videos!
To add to point number two (which I think was moved on from a little quickly), one concept I've been guilty of not following is goals vs. systems. A goal is great, but if all you work toward is achieving it, then what? For example, if you have a sales dollar goal that you want to hit for the month, and you go all out and work a ton of extra hours, pull all the strings you can, call in favors, and run yourself ragged to hit it, what good does it do your business in the long term? You haven't actually built anything sustainable. Goals help you succeed once, systems help you succeed over and over.
I think you could optimize your process of processing consoles quite a bit. If you have the space, I’d suggest having a couple of TVs set up with power and video cables already hooked up. Then all you’d have to do is plug in each console and test if it reads the disc. This works especially well for pre-internet consoles. Some of the more modern ones like Xbox ones require more time to configure and test and I’d avoid Xbox ones for that reason. Some people like to test consoles to see if they connect to WiFi and that’s a time intensive process so I’d also avoid consoles that require that. Regarding cleaning them, I’d limit your console trade ins to consoles in very good condition so you don’t have to worry about that. If someone sends in a bad looking console you can deduct for it and maybe hire someone locally to clean/prep inventory if you don’t want to do it in house. And I’d require all consoles come with all needed cables and an OEM controller. Having a supply of backup power cables and video cables for each console is nice too. Also, for some consoles, you could require people to factory reset it prior to them sending it in to help save on time. I used to be a reseller and consoles were how I made most of my money on FBA. Even 5-10 min of work per console is a really great ROI if each console brings in $50+ in profit. Just something to think about as it could really help you earn more money.
The wording you are looking for is the "time value of money". When considering any investment, you need to consider the return on the investment over time against the return on other investments. In your case, the potential return from consoles versus games over a specific time is lower for consoles than games.
This isnt specifically, what time value of money means, but its the same concept. Time value of money basically states money is worth more now than in the future. The inverse of TVM is that time also has a value and maximizing the value of time is the objective.
Yes! I hear Reserved Investments talking about that all the time. I don't think I have a great handle on the concept yet but could be great for a future vid!
Repairing a pokemon game should not take more time than it takes to send it to being repaired. I think you could simply learn the skill to make it fast. Then it would be worth it for you to repair it yourself.
Amazon restricts access on most of their best selling products. The average reseller can't get authorization to resell Nintendo games in particular. That's how they artificially keep item prices high.
Or a table lying on the floor isn't a table at all and doesn't fulfill the purpose it was intended to do Plus anyone with wisdom knows over time everything needs to be mended maintained and repaired
Hey it seems like you are finding your way through a lot of business concepts as a result of improving your resell business I think based on what you've learned in the past year you should look into complexity reduction (another reason to avoid consoles and battery repairs) and lean six sigma (systematic approach to solving problems and exposing opportunities for improvement) Seems like youd be interested!
I'm 28 literally losing functionality of my limbs...it's been 3 years, no I am not as happy as I was when I was 25. able bodied and working. Please be more tactful in examples you give, I get it was a study, but that was just upsetting to hear.
I figured a comment like that would get an answer…I made a bunch of positive comments on your videos and this is the first that get an answer… Always the negative ones that get peoples attention.
Yo fellas, lets practice what he said about opportunitiy costs. Unsub and close your youtube account so you can maximize your income by trading the 14 mins that you could've spent on watching this video for money.
How about getting a real job with insurance benefits and 401k? You are not doing the gaming community any good controlling the market with your buy list prices. RU-vidrs and these turn and burn resellers ruined the video game market.
I've actually talked in a previous vid about how sellers can't set prices in a market with high competition, I think it was two vids ago if you're interested!
