If you don’t want to read it, you can watch this video.
First of all, this will not be easy. This will be hard. It will be a hassle. But, the money is on the table. So, this is for the rugged and the brave.
This works across various business models. This will work for a service business. This will work for a physical product business.
The first thing you’ve got to do is pick a category. You will not be able to do this unless you have a team. If you have a team, you can get away with this.
Pick one category and dominate it. I don’t care if it’s furniture; that was the category I was in. I don’t care if it’s cars. I don’t care if it’s computers. You’ve got to pick one and own it.
Alright, your second step is you many need space. It means you need to make an investment. If you are going to rent a space, get yourself an LLC and set yourself up properly.
Also, if you need licenses, you need to get those. You can only sell so many cars, for example, without a broker’s license. Or if you sell car parts, you need a salvage license.
The third thing and really the most important is to create a marketing plan.
Now you’ve got to make a decision about whether you want to be a buyer or a seller. Many people want to be sellers, but they don’t know what to buy. If you know how to buy really well, it helps you sell better. You have to figure out what your position is.
The real money is in the marketing plan.
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There’s an old saying that you make your money when you buy. What that means is the price you pay when you buy does not change. Market conditions can change. The price you hope to sell it for can change. But, the price that you bought it for is carved in stone.
In my storage auction business, I always overbought. There was anywhere from five to twenty units that needed to be unloaded and bought into the warehouse. I was always pushing.
So, I just sat there at my desk and I started writing ads. I noticed when I wrote 30 to 40 ads per day, I’d get more feedback. I noticed that one to five paragraphs work really well on Craigslist and longer ads of 750 to 1000 words also work, depending on what you’re selling.
I started playing around with the advertising. I placed an ad under the Garage Sale section and I’d get calls that day. It opened up my eyes to Craigslist. I did like $3K on Craigslist that day. They were people I’d never met. They either paid through PayPal or gave me one of their credit cards.
I kept posting and reached a threshold. Under 100 ads, it was hit or miss. There would be good days and bad. But, when I consistently posted 100 ads, we would dominate a section of Craigslist for three or four hours and the sales would explode.
We got to 3K, 4K, 5K and up to $7K per day on Craigslist.
You will not be successful posting one or two ads a day. If you are on Craigslist now and you’re posting one or two ads a day, you need to be posting 30 to 50 ads a day. If you are posting 10 ads a day, you need to be posting 80 to 100 every day.
How do you accomplish this? Because, Craigslist will limit you. If you are in certain categories, you can only post five ads per Craigslist account. So, let’s do the math. If you want to post 50 ads a day and you know you are going to be limited to five ads a day per category, then you need 10 accounts. That’s pretty simple.
You can use Google Voice to voice confirm a Craigslist ad now.
You’re going to need 10 Craigslist accounts or 20 if you’re going to do 100 ads a day. You’re going to need 20 email addresses and 20 phone numbers.
You need to learn how to copywrite. Now I use Craigslist extensively for furniture, vacuums and physical products.
Fast forward to when I started writing erotica. I used Craigslist to test a lot of copy for those books. I used those accounts and the same marketing plan that I used for furniture for my writing samples. The writing samples that tested the most successful on Craigslist based on hits were turned into a book and put on Kindle. The books that did really well on Craigslist did really well on Kindle.
Question: Is reselling a good idea to start with?
Answer: Any business that you want to start with is a good business to start. Everything works if you know how to execute. Some things work better than others. Some things are quicker. It really depends on your resources and what you’re good at, and how much money you want to make.
Question: Would advertising services such as household moving services work the same way as the ads for physical products?
Answer: Yes, because every day someone is looking for moving services.
Here’s the thing. Craigslist is a rolling posting system. Every day, someone is posting something else. If you are in a service business, you’ve got someone posting.
But, if you have a marketing plan and you’re posting 30,40,50, 60 ads a day, you’re going to catch that person that is looking. You always need to be advertising.
If you get into reselling hard, it will teach you how to sell, which is an invaluable skill.
Credit cards will increase your sales. Use Square or get yourself a merchant account.
Your infrastructure is going to determine your income. If your infrastructure is small, your income is going to be small.
The amount of money you can make on Craigslist is amazing, if you have a marketing plan.
You can buy stuff on Craigslist and then sell it on Craigslist. It happens all the time.
You’ve got to scale.
You have to treat it like a business from day one.
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