Friday, February 1, 2019

Man Makes Millions Buying From Walmart and Selling on Amazon


This shows how you can make money any kind of way is willing to put the time into it. Ryan Grant, a 30-year-old entrepreneur whose company notched over $6 million in sales last year, in part by buying items at his local Walmart and reselling them on Amazon.

“My initial goal with this was just to replace the income that I was making from my accounting job, which at the time that I quit was $50,000 a year,” he said on Yahoo Finance’s live show YFi PM. “This has definitely exceeded what I thought possible and it has definitely exceeded my initial goals.”

“At the very beginning it was just me doing this out of half of a duplex that I was owner-occupying so there was product literally in every room of the house,” he said.

When he started making just as much through his side hustle as he was from his accounting day job, he decided to quit in 2013.

“It’s turned into a lot more than that today,” he said. “We’re still doing the retail arbitrage where we’re buying in retail stores and it’s expanded into buying from manufacturers and distributors of existing brands as well but it really all began with retail arbitrage.”

Source

Now, Grant has moved his flipping operation to a 3,800-square-foot office with a staff of about 10 employees helping ship in bulk to Amazon. Selling through Amazon’s “Fulfilled by Amazon” program means individual orders are processed by Amazon out of their own warehouses, sparing Grant and his team the pain of shipping each individual order. He’s also started to branch out into selling on eBay and Jet, as well as his own e-commerce sites rather than relying solely on Amazon.

That said, sales continue to grow — from about $3.5 million in 2017 to $6.1 million in 2018. Despite the sales increase, Grant has dialed back his own annual salary to around $60,000 to instead opt to reinvest profits into the business. While that seems low, Grant said he’s only spending about 15 hours a week on the project as his staff handles day-to-day logistics, and is free to travel and work remotely.

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