Joe Waynick Interview
How to Make Money Selling Used Books Online
Joe Waynick is the author of Internet Bookselling Made Easy! How to Earn a Living Selling Used Books Online, which teaches entrepreneurs how to start and operate a profitable online bookselling business. He also hosts the Internet Booksellers Forum - a bookseller discussion board set-up exclusively for his readers and students.
Joe Waynick started selling books part-time out of a spare room in his home. In less than a year his business out large enough to move into a commercial warehouse where he operates his business today. He has sold tens of thousands of books on the Internet and remains a full-time online bookseller as well as an in demand book sales coach and consultant.
Joe's Internet business has grown into more than 100,000 titles offered on Amazon.com, and he has also established a retail bookstore in Phoenix, AZ as well as supplying wholesale to other local bookstores.
Now he wants to help others achieve their personal and financial dreams by teaching them his time tested techniques for operating a home-base Internet bookselling business, a business that has the potential to earn a full-time income for those willing to 'think outside of the box'.
Welcome Joe. I'm delighted that you've agreed to share your success story with Successful Home Based Business.
How long have you been selling books on the Internet and why did you choose this as a home based business idea?
Joe Waynick: I started selling books on the Internet in 2006 after an exhaustive year-long study of various home-based business opportunities. I literally scoured the web, hunkered down in several public libraries, and bought dozens of books online about every conceivable type of business opportunity you can imagine. Finally, after buying yet another business book from a website called Half.com, I thought to myself, “With all the money I’m spending buying books; why not sell them yourself on the Internet?”
In was in that very moment I realized that the vast majority of books I purchased online were from third-party sellers and not the marketplace itself. Third-party sellers are regular folks selling used copies of every book under the sun to other regular folks. After my “Eureka!” moment, I decided to learn all I could about selling books online.
How much knowledge did you have about the book selling business before you started?
Joe Waynick: Zero. Zip. Nada. At the time there were a total of three books on the market that claimed to teach someone about how to sell online, so I bought all three. One was woefully already out of date, one was a little light on content, and one was pretty decent. But even the decent one lacked a lot of detail that would have been tremendously helpful to me.
What do you cover in your book ‘Internet Bookselling Made Easy!' How to Earn a Living Selling Used Books Online’?
Joe Waynick: After I had been in the business for several years banging my head up against the proverbial brick wall, I found that I was constantly saying to myself, “Boy, I wish I had known…(pick your poison) ahead of time. It would have saved me a lot of time, grief, and money.”
It was then that I realized there was room for another book about selling online. But not just any book. I was determined that it should cover absolutely everything a bookseller needed to know to run a successful business.
For example, where are the best places to find books to sell? What are the best strategies and techniques for finding inventory at the “right” price? How much money does one need to start this business? How does one deliver world class customer service? What software, supplies, and equipment should be purchased from day one? How do you keep track of thousands of books so they’re easy to find after a sale?
All those topics are covered plus hundreds more in my book. I can proudly claim that "Internet Bookselling Made Easy!” is the most comprehensive encyclopedia of information about online bookselling available anywhere.
How much time and money does someone need to invest to make this a real business rather than a hobby?
Joe Waynick: I'm so glad you asked that question! Most people tragically underestimate how much time, effort, and money is needed to sell anything online, not just books. But I devote two whole chapters to helping my readers understand just that.
For example, I walk the reader thorough understanding the necessary formulas required to accurately measure the profitability of the business, the amount of time it takes to generate a certain level of income, and how much money is necessary to make it all happen.
A beginner can spend as little as $50 to get started, or he or she can spend $5,000. It all depends on the goals and objectives of the individual and how fast that person wants the business to grow.
What are the best ways to find books to sell?
Joe Waynick: I don’t believe there’s a single “best way” to find books to sell. Nevertheless, I list nearly two dozen methods for finding books to sell online. The methods and strategies you use to find inventory are heavily dependent upon your specific circumstances. That includes your financial means, (which can be very modest), your geographic location, and the availability of salable merchandise in your local market.
Is it vital to be able to identify rare books or ‘first editions’ – or can you start up without this knowledge?
Joe Waynick: It’s not vital to understand rare and collectible books, including first editions, before starting this business. In fact, 99% of my book talks about what I call, “bread and butter” deals. Those are books commonly found that can be purchased for a dollar or two and sold for $8 - $25 online in a very short period of time.
Understanding how to buy rare and collectible books is an entirely different business model, and I strongly encourage beginners to start educating themselves about that business early on, because rare books can be incredibly profitable. For example, I purchased a copy of 'Metal-Ceramics: The Principle and Methods of Makoto Yamamoto' for seventy-five cents, and sold it in less than a week for $400!
I list a number of good reference books my readers can purchase that will help them start to learn about rare and collectible books.
If someone has never sold goods online, do you recommend selling on Amazon, eBay or someplace else?
Joe Waynick: The 400 pound gorilla in the world of ecommerce is Amazon.com. You can list for free and only pay when an item sells. They make it very easy to sell on their site. I also recommend about eight other marketplace sites in my book that allow you to list books for free, and only pay a fee after a sale is made. That’s the easiest and least expensive way to get started.
What are the biggest challenges for someone who wants to earn a living selling books online?
Joe Waynick: I would say the biggest challenge is finding the right kind of inventory at the right price. There are a number of methods to do that, and if properly mastered, will yield significant profits.
What other advice do you have?
Joe Waynick: I always tell my readers that if you want to be successful in this business you need to do just a few things well, and do them consistently! If you’re not committed to your success then you’ll fail. You’re the master of your own destiny because only you can determine your fate. With the proper determination and commitment your success as an Internet bookseller is all but assured.
Thank you very much Joe for taking time out to give us such great advice. It's fascinating that you chose online book selling as the best home based business to start after carrying out such detailed research on many different small business ideas. I also know that you're a fan of Michael Gerber's bestselling small business book The E-Myth Revisited - and that your own book is focused on advising readers how to build a real money making home based business.
You can find more details of Internet Bookselling Made Easy! How to Earn a Living Selling Used Books Online and read more advice from Joe Waynick at Internet Bookselling.com - or follow him on Twitter
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