TAS 231 : How to Raise Money FAST to Get Started in Private Label (30 Day Challenge) Dom Sugar

 

Scott hears people complaining all the time that they can’t do sales on Amazon because they don’t have the cash to get started. Hey, we all know what it’s like to be tight on cash. But if you are honest with yourself you’ll be able to look at the opportunities you have to get the extra cash you need to get started. That’s what this episode of the podcast is all about. Scott’s talking with his friend Dom Sugar about the way he’s gotten started and the simple but significant things he has done to make cash when he didn’t realize he had the resources. Anyone can do what Dom suggests on this episode so be sure you take some time to listen.

From a retail store, to ebay, to retail arbitrage, to private label.

 

Dom Sugar grew up in an environment where business was a significant part of life. As he grew older he began looking for ways that he could “set up shop” for himself and one of the most significant in the early years was through eBay. He learned quickly that he could sell used and new items for a profit and began leveraging the opportunity to increase his own cash flow. As the online space grew and changed, so did he, and the success he’s experienced in his business overall is a testament to the power of diligence and patience. You can hear Dom’s story and get some ideas about how YOU can get started selling items online, on this episode.

There is no excuse for not getting started.

It seems that many of the people who say they want to get started selling products on Amazon just don’t want it badly enough. Dom Sugar is convinced that anyone can scrounge up the money to get started, whether it’s through a garage sale, through selling used or unused items on eBay, or beginning to step into the retail arbitrage area. On this episode he tells the story of how he got going with retail arbitrage, gives some great tips on how to go about it and the types of products to look for, and speaks to why he thinks RA is the first logical step into the Amazon waters. You can learn a lot from this conversation.

Where there’s a will, there’s a way.

One of Scott’s favorite sayings is, “Take action” because nobody ever did anything by waiting for it to happen. If you want to get started selling products on Amazon there is a way. The question is, “Do YOU have the will to see it happen?” On this episode Dom Sugar shares with Scott how he’s been able to make his business grow through consistent hard work and learning, and how he’s now sending truckloads of products to Amazon to prepare for Christmas and the 4th quarter. It’s a long way from where her started, but he’s convinced that you can do it too - and on this episode he tells you where he’d begin if he were starting all over.

When things change in the marketplace, you’ve got to learn how to pivot.

From a big box department store chain to a mom and pop store on the corner of your town, any successful business has to pivot as the market changes. That means the leaders of the business have to adapt, come up with new strategies, introduce new products, whatever it takes to ensure that the business can continue to make sales and expand profits. Dom Sugar has done that as his online business efforts have changed time and time again over the years and on this episode he shares some of his ideas about how you can not only get started building cash for a successful Amazon business, but also how you can strategize to stick with it long term.

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

• [0:03] Scott’s introduction to this episode of the podcast!
• [3:02] Dom’s background in business, retail arbitrage, and ecommerce.
• [5:12] Why Dom got into the online space with his retail businesses.
• [9:53] Why you can’t stick with only one sales platform.
• [11:00] The difference Amazon FBA made to Dom’s business.
• [15:20] The reason retail arbitrage is a good entry point.
• [21:25] The first place to go if you need cash to get started on Amazon.
• [27:13] Why there is no excuse for not starting.
• [28:00] Moving onto the Amazon platform with Retail Arbitrage.
• [36:26] The kind of things that are good products for Retail Arbitrage.
• [41:49] Why you should get started sending in products for Christmas (4th Quarter).
• [47:00] How getting a sale is great motivation to keep moving forward.
• [50:45] The importance of knowing how to pivot when things change.

RESOURCES MENTIONED ON THIS EPISODE

• www.meetUp.com - look for the TAS Canada group.
• www.TheAmazingSeller.com/workshop - get in on the free PL workshop.