I have decided to start a little challenge and I want you guys to follow along. This all started when I was chatting with a friend about my recent blogs and I decided to take some action.
So here is the challenge:
Take $100 and buy items that have the following criteria:
- Profit of at least 30% (the higher the better)
- Rank of 50,000 or less
- Product must not be in a gated category
- Try to limit the number of SKUs to as few as possible
Once you send in the items, sell them as quickly as possible and repeat the process with the initial $100 and your profit.
Then you repeat.
How many of you will join me in this challenge? I think you find it to be quite the fun little experiment.
So here is my first check-in for this challenge:
Initial Investment: $140 spilt between me and my friend – It is not $100, because I found one item I couldn’t refuse
First batch of inventory:
2 food processers for $50 each with a rank of 42,000 in home and a return around 60%
1 robot toy for $40 with a rank of 980 in toys and a return around 50%
Summary: This was an easy start. 3 items keeps my SKUs low and these ranks should fly off the shelves.
Share your first check-in below!