I am consistently hitting a net profit of $4-6k through wholesale & arbitrage. I started with $8k and my current net investment is about $25k. I have already achieved six figures in sales within 7 months. I want to make it even bigger and would appreciate your precious advice. What do you suggest for the next steps to increase my monthly revenue to $15-20k? I also have a partner living in the US, which is a positive aspect.
I have an active website and I am looking to expand my business there as well.
Should I consider hiring? If so, what should be the hiring strategy? How many virtual assistants (VAs) should I hire, and how should I manage and assign tasks?
Is it the right time to consider getting a loan to further increase my investment? (I have 4 years of experience on Amazon and I am familiar with all aspects of selling.)
Should I stick to the same plan and reinvest the current profits to grow further?
How can I leverage my physical partner in the US effectively?
I have many questions but I hope you can provide me with good advice.
My advice would be to find genuine People on YouTube that are already doing it and watch as many videos as you can. When it comes to Va’s - start with one.
These are very broad questions, and no one can really tell you the exact right thing to do. However, I will share a few things that I hope will help.
At your stage, I would recommend continuing what you’re doing and aim to grow to seven figures a year. After reaching that milestone, you can look into expanding to your own website, etc.
Regarding Hiring:
When to Hire - You should hire when you know you can’t handle the tasks anymore and need help.
If you don’t have deals and need more time for sourcing, it’s a sign you need a VA.
If you need to do admin work but don’t have the time, it’s a sign you need to hire.
I hope you got the idea
How Many to Hire- Hire enough to get all your tasks done.
Start with one VA for the most urgent tasks. Gradually, you’ll figure out what else they can do.
My Business Structure:
Admin VA- Handles all admin-related work (collecting invoices, reconciliations, adding orders to the buying sheet, inventory, repricer, account health, etc.).
Purchase Manager- Checks and buys deals from the sourcing VAs.
Sourcing VAs: -Focus solely on sourcing.
PPC Manager: - Manages PPC campaigns.
Take a loan whenever you feel it’s the right time. If you think you can invest wisely, then go for it.
Investors and Partners:
For questions about investors and partners, I don’t have an answer as I’ve never dealt with such things. It’s not my type.
Simply improve your sourcing methods for suppliers. Wholesale is a volume game; you need to open as many accounts as possible and scan their price lists.
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