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057 : Mitchell Lipp (aka Harvey Spectre) – Young Gun # 2 – Over $2,000,000 in sales last year out of his house – Scale is where you make it??

Mitchell Lipp

Mitchell Lipp

 

My first takeaway from Mitchell was that he did over $2,000,000 and has failed (in a good way) to take on a personal warehouse. I think he has made me rethink some fundamentals (mine) and self-imposed limits I have. Now he does use a Prep company and credits them with allowing him to scale to the exceptional level he has. He still is a heavy RA buyer (really heavy in the 4th quarter!) and he and two others move mountains of material, so look really hard at whether you really need (or is it just nice to have) a warehouse before you pull the trigger. Mitchell might suggest it is a little premature and put your money into more inventory!

This group of younger, newer sellers really has a bond, almost like they move in sync – as one, so take what you can from each of these interviews and think whether you should consider a group of like-minded sellers and more importantly can YOU add value to their business without expectation? That’s when you hit the sweet spot!

Mitchell mentioned:

Mitchells Facebook

Inventory Labs – We have ambitious goals for InventoryLab. We want to deliver the best product in this space. Our CEO is an Amazon seller like you and this all came from his need for something better. We are committed to getting better and evolving with your needs. Our job is to deliver the best possible experience to you–our end user.

Scanpower – Source. List. Sell. Better. The principles of online selling are very simple. Find stuff to sell (source), offer it online (list), and find a buyer (sell). Then repeat again and again. Selling online has truly never been easier. Pretty much anyone can source products to sell and start selling them online. If you are new to selling online, here is the place to get started.

 

Scanner Monkey –  A Scanner Monkey is someone who is BANANAS for selling online. We are constantly learning and growing. Scanner Monkeys support each other, have fun, & make money!

Duane Malek Interview

Karen Isgur-Bergsagel Interview

Matt Kelly Interview

Quotables:

“Me, Matt, Todd and Agus really don’t have an off switch! We tend to always clear the shelves!”

“I never understood the importance of buying time until I started in this business”

“Amazon is the ultimate meritocracy” Karen Isgur-Bergsagel

“With Amazon, there aren’t any shortcuts and if there are any, they come much later in your business”

Gold-Nugget

 

Golden Nuggets:

When you hit the $30k mark, don’t quit your day job, hire some help in the pinch points of your business, then get wider with your categories, get wider with your product lines and reinvest for as long as you possibly could.

You gain in profit by processing efficiently, buy in higher quantity and process all, then you get the advantage of lower processing costs.

Stephen-Peterson

About the author, Stephen

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