Ok I didn't stalk Peter Valley in person, but I did watch 5 hours of video of him sourcing for books (it felt like stalking).
Let me preface this by saying smart online resellers love sourcing used books for several reasons (If you're a regular reader of this blog or a listener of my podcast, I've told you this already). Why?
- The profit margins are ridiculously high - because inventory can be ridiculously cheap
- There is too much inventory with too little sellers out there (this market is nowhere near saturated, no matter what
Facebook trollsangry Amazon sellers tell you.)
- Books are easily shippable, hard-to-break products with generally low return rates
- Anyone (yes, you) can 'start from zero', nada, zilch, and create up to a 6-figure (or $1000 profit/day) business with no employees (there are 'lifestyle' entrepreneurs who are doing this now, but they're a secretive bunch).
Remember I only dabble in used books and I still do very well with it profit-wise.
So if I only dabble, what happens when a guy (like Peter Valley) turns sourcing into an all-day event just by driving around?
You can find out here. See, Peter documented 5 hours worth of him scouting and sourcing local books (some free, the rest very cheap), edited it down, and added a 100-page manuscript. His final work is not glossy/slick (it's not supposed to be) but it is very, very interesting.
See, I learned 10 new things from Peter's DVDs:
1.) Most of your'competition' (local resellers) is amateurs who have no idea what they're doing (they're leaving a lot of money on the table)
2.) Some books that go untouched by resellers (because they have no barcode nor ISBN) can sell for big bucks (when you create the product page for the first time for those books)
3.) You can earn a significant income sourcing and selling used books.
4.) By scanning/scouting consistently, you 'automatically' learn what books to avoid scanning entirely, thus increasing your productivity five-fold. Likewise, you learn how to 'gravitate' towards the more profitable books - automatically.
5.)'Poorer' geographic areas are better for used book sourcing - far less competition and much greater selection.
6.) Used 'Test review guide'-style books can be lucrative - even if they're 10 years old
7.) Weirder = better:If you don't immediately understand what a book's topic is about, there is a high chance it is a profitable book for you to resell.
8.) Vegan cookbooks are "almost always worth good money'
9.) University-published books also have a high chance of being profitable
10.) "[Used book profit] margins are so high [overall], it really doesn't matter if you're wrong [in your sourcing selections] most of the time."
(Read that last one again, out loud).
So if you're hip to the idea of becoming a smarter sourcing powerhouse for used books (locally and yes, online), I highly recommend Peter's just-released Book Sourcing: 1K in a Day. It's his all new box set (it includes the DVDs, this 75-page manuscript and other bonuses, that I also devoured immediately).
Get Peter's box set, and take action!
P.S. If you've never sold used books on Amazon before, you should first download and read this free ebook.