Introducing Ben Thorne – Starting The Online Arbitrage Dream – The Journey So far
I’d like to introduce Ben Throne – Leading Success Partner and all round badman. Ben has been smashing Online Arbitrage since the moment he got involved and is a great example of what can be achieved when you take massive action and apply yourself 100%!
Ben is an incredibly valuable member of the Life Success Accelerator program and my other Facebook masterminds – Online Arbitrage Mastery and Life Success Engineer Mastery. I’ll leave you in Ben’s capable hands…
My Introduction to the Life Success Engineer Group.
Good evening all, my name is Ben Thorne and I would like to introduce myself as one of the new success leading partners. I currently work full time for the police in a civilian role which requires me to work shifts (earlies/lates/nights), I balance my job with my family life of my partner and 2 young children (2 year old boy, 3 month old girl) so naturally there has been little free time to work on my OA. I have always loved a challenge and have a problem solving mind so OA is a perfect fit for me, it has often been ‘a problem to solve in between doing the things I have to do’ which has resulted in the business being neglected from time to time as other responsibilities have taken priority.
Signing up to Kev’s Life Success Engineer Group has opened my eyes to how I have many opportunities to professionalise and improve efficiency in my own business, I am well adept at doing every stage of the business model so it is time I implemented procedures and employees so I can take a step back and work on my business strategically rather than in the trenches.
Where did I start?
I began my journey into Online Arbitrage in late October 2016 and like many learned from my mistakes quickly, I managed to hit £5k in sales in December 2016 and sold out of everything which proved to myself that the business model worked. In 2017 I stepped up my volume of sourcing and was able to hit at least the same sales figures of December 2016 throughout every month. I tried a few VAs but couldn’t find any which were anywhere near as good at sourcing as myself and did not seem to be able to pick things up very well, guess I just had a bad bunch at the time.
I began using a prep center in March 2017 which enabled me to outsource one of the major time-consuming tasks of this business, I found I was able to source far more products due to not having to prep them myself and constantly missing parcel deliveries, annoying the neighbours with the steady stream of delivery drivers knocking their door to see if they could have my parcels (lol).
The great prep service along with various sourcing sheets and my own scans on FBA wizard enabled me to scale up the business, although due to time constraints I would often buy more expensive products or going deeper than I should in order to meet my spending targets. This technique was born out of necessity as fewer products = less time reviewing, adding to inventory and recording on spreadsheets etc.
This technique was effective to a point and allowed me to hit figures north of £10k sales per month.
During this period I approached the VAT threshold and contacted an accountant who advised me to register as a limited business and effectively reset my VAT allowance, I became a Ltd Business in August 2017.
Registering as a Ltd Business for some reason was a reality check, somewhat of an awakening, up until this point I had the mindset of ‘I am buying these things and reselling them on Amazon’, I even knew in advance that as soon as I became a Ltd Business I would have to step up my efficiency and truly recognise and appreciate the business in its own right. I was proud that something I could have put much more into had been successful to this point and had outgrown being a one-man show. I knew my business was running at perhaps 30% of what it could but I could not afford to sacrifice any more of my family and work time to complete the menial tasks of the business, it was at this point I knew I had to bring people into my business and implement processes and procedures to ensure any person who works for me knows exactly what I want them to do on any particular task.
I have dipped my toe into Shopify and Cryptocurrencies, I learnt a lot when working on Shopify and believe I have also learnt many internet marketing skills which will never leave me, it is something I would like to re-visit in the future but maybe with a UK producer to dropship items or employing someone to create custom products I have in mind..
Cryptocurrencies are exciting and I was successful in a number of trades, the market is now quite low but I have increased my investment by about 300%, when the market picks back up I will make more trades.
Where I am now
I put my foot down in Q4 2017 and hit £21k in 15 days and £33k in 30 days which was amazing.
I hit the VAT threshold as a Ltd Business in February 2018 so have registered for VAT at the end of March.
I have re-evaluated my business for 2018 and identified I need a part-time UK based purchaser and a senior VA reviewer.
Senior VA role profile:
- Review my leads spreadsheets and upload products to Amazon, record on purchasing spreadsheet and prep spreadsheet.
- Work my re-pricer, calculate min/max ROIs and upload once a week.
- Use the replenishment spreadsheet and record recommended quantities on purchasing spreadsheet and prep spreadsheet.
Part time Manager/Purchaser role profile:
- Buy items at recommended quantities from live purchasing spreadsheet
- Download repricer prices weekly and send to Senior VA
- Receive returns, log on spreadsheet and update with condition, sell as appropriate(ebay, shpock, facebook etc.)
Kev’s business module really hit home as I can see how even small changes can make a difference to a business, working on all of the processes can result in HUGE results.
Business Goals for 2018:
- Make £20k sales a month my ‘baseline’ sales figure for every month from now.
- By the end of the year sell £30k per month consistently.
- Have £50k sales in a rolling 30 days in Q4.
- Fully outsource my reviewing and purchasing.
- Attend at least 1 trade show.
- Have another passive source of income.
A massive thank you to Ben for sharing his introduction and expect to see more great advice from this man in the future!
I hope you enjoyed Ben’s first contribution! Leave a comment for us if there’s anything you’d like Ben to discuss further!
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