Monday, June 27

Young entrepreneur earns millions buying clearance sales at Walmart and selling them on Amazon

Ryan Grant found reselling products online a way to achieve financial independence.

Foto: Artem Beliaikin / Pexels

The dream of many people is to start their own company to stop having a boss, to dedicate themselves to what they like and achieve economic stability. Ryan Grant found the formula and shared it with CNBC. Make It, he buys clearance merchandise at Walmart and Target stores, then resells them on Amazon.

30-year-old Ryan says He left his accounting job six years ago to dedicate himself fully to his current business. He buys and sells products full time, his business employs 10 people and is earning six figures in profit per year on revenue that he says was around $ 6 million in 2018.

The money comes from buying everything from toys to clearance appliances that you get in your visits to retailers and then sell them online, mostly on Amazon, where Grant says “most” of his company’s sales come from, though it also trades items on eBay and, among other sites.

In his attempt to leave his old job, Ryan began to explore possibilities, one of them was to resort to a job he did years ago, to cover his expenses at the university.

As student hosted textbook buyback events on campus twice a year. He listed the books on Amazon and shipped them to customers across the country for a profit of up to $ 10,000 a year.

He used the Amazon Seller app to see how much profit he could expect for each book and over what period of time. The process of packing and shipping each order proved excessive.

From there, he turned to Fulfillment by Amazon, the service with which he shipped all the books in bulk using UPS’s preferred rates to an online retailer’s warehouse, where for a fee, Amazon handled the processing and shipping of each. individual order.

When the young entrepreneur felt most dissatisfied in his accounting job, the idea came up to go online to sell more than just textbooks.

After work he walked the clearance aisles at Walmart, scanned a few items with the Amazon app, and selected the ones he could resell for profit.

“I was putting in about 10 hours a week and making about $ 1,000 a month,” Ryan recalls. Once he was able to make the same amount of money reselling on Amazon what he had earned from his accounting job, in September 2013, decided to quit to dedicate himself full time to his business.

The road has not been easy and he has made mistakes, but he has also learned a few things, for example, he realized that seasonality was a key factor, he could buy discounted candy after Halloween and Christmas decorations at half price during the New Year. Ryan was surprised at how quickly the business took off from there.

By 2019, Ryan already projected that his young company would reach $ 8.5 million in annual revenue, up 45% from the previous year.

He comments that one aspect that contributed to the rapid growth of his business was buying wholesale products directly from brands or manufacturers before selling them online.

Today, with the business going, Ryan also teaches e-commerce classes through his website, in the hope that he can help people who may not be happy in their work to achieve the same independence as him.

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