4 Bottlenecks In Your Online Arbitrage Business That Are Preventing You Growing To The Next Level?
Hello, this is Kev from LifeSuccessEngineer.com! Today I’m coming to you with 4 bottlenecks you’re going to experience in your online arbitrage business!
Watch the video below:
This is coming from my experience starting an online arbitrage business from zero, to scaling above six figures in six months, having over £100,000 in sales, quitting my job and continuously improving my systems to the point where I am today, where I have full operations.
You can experience any one of these bottlenecks at any given time, and if you can identify that you’re in this bottleneck, you can then resolve the bottleneck and grow to the next level.
A bottleneck is whatever that is preventing you from growing to the next level. If you overcome it, it will allow you to scale to the next level. That could be the difference between going from £10,000 a month to £30,000. It could be the difference between going from £30,000 a month to £50,000.
When you identify and resolve bottlenecks, it simply means you will grow to the next level.
You simply don’t have enough time in the day to do the things you have to do. For example, I was working full time as an electrical engineer and I simply did not have the time to do all the sourcing, reviewing, prepping, packing and sending that I wanted to do. I had to do whatever I could to find that time.
That was making sacrifices, getting up earlier before I went to work, I would come home for dinner and I would sacrifice my hour off, I had to stay up later at night. You have to do whatever you can to overcome that bottleneck of time.
The best way to overcome to bottleneck of time, apart from simply working earlier and later, is outsourcing.
Two examples of outsourcing:
- Virtual assistants
- Prepping centres
You simply need more capital to purchase more products. The more capital you’ve got, the more products you get, the more sales you have.
There are a number of ways you can find capital if you’re resourceful enough. If you say you don’t have the money, you’re simply not being resourceful enough, because in this day and age, you can get the money.
How you get the money is up to you but what I did was I had some money to begin with but I invested in getting capital from loans or credit cards. Whatever it was for me to find that capital, because I believed that the model worked and I was making money.
If I have a bottleneck of a lack of money, I am seeking more capital. I will have a video up soon about how Amazon themselves offered me £30,000 in loans. That is one way of getting out of this bottleneck.
If you can find more products, you need more money. If you can find more money, you can overcome this bottleneck and grow to the next level.
I experienced a huge bottleneck when it came to online arbitrage because of the space that I was in. I started in my living room and the room is simply too small, so we had to move into a warehouse.
If you start in your bedroom, your living room, wherever it is, you will eventually get to a point where the room is simply your bottleneck.
The way to overcome this bottleneck is by moving. You can either move to a warehouse yourself, which is what I did, or you can go to a prep service.
By this point, you have the capital, the time and space, and now you just need more products. You need to source more stuff.
The way I overcame this was by spending whatever extra capital I had on leveraging virtual assistants. Virtual assistants are automated programs that bring me more time.
So it was a combination of outsourcing to a virtual assistant to find more products, which brought more revenue, which means more money, which means I have more products, more time because I was bringing in virtual assistants to do the work and space was no longer a problem.
So depending on what stage you’re at in your business, you’re going to experience this and you may well be thinking one of these is your main issue right now. It’s about identifying what your main problem at this point in time is, that is preventing you from scaling to the next level.
Let me know in the comments if this helps you deal with your arbitrage bottlenecks! 🙂
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