Welcome to the first lesson in the 14-Day eFLIP Challenge series. In this lesson we will discuss how to create a strategy for eFLIP on any budget. The goal is sustainability and profitability. To download the corresponding eFLIP Tracker/Planner, click on the link above.
Video Transcript (unedited):
What's going on everyone, Matthew Osborn
here and I'm excited to kick off the 14 day Eclipse challenge. Welcome, everyone. Thank you for all of you that signed up already to take this eclipse challenge. If you're watching this video and you have not yet signed up, you can do so in the link below. We'll put all the info for the challenge in there will email you when the video is come out, so you can follow along and they'll be some special offers in there as well.
But let's dive straight in. And I'm going to talk to you real fast about how the content is going to be laid out. So the video you're watching right now is going to be intro video one. In this video, we're going to be developing your online arbitrage strategy, what fits with your numbers and your current situation, we're going to do that in detail, I'll walk you through how to create a plan that you'll be doing every day for the next 14 days.
Video number two is going to be an intro to E flip, how to use the flip what it looks like what the software looks like. And also what is online arbitrage and how does online arbitrage even work.
Video three is going to dive down into the specific searches you can do to find books to flip profitably, we're going to be going over flipping textbooks using a prime bump, even doing prime into prime but the way that doesn't violate Amazon's Terms of Service to me talking through all of those, then I'll tell you guys what I'm going to be doing. And also what I recommend you guys do if you're new to doing online arbitrage with Eclipse. So those are the three intro videos, I recommend you watch all of those, the first day of the challenge, you'll get a good idea of what you should do the next 14 days.
And all three of these videos will be released at the same time. So if you're watching this video, the other two videos have already been released.
So let's dive into creating the plan. Why 14 days, what's the benefit of doing this for 14 days versus 12 weeks like I did the hundred book challenge. 14 days is a good time frame to stick to and stay motivated for it's only 14 days. So doing a daily 14 days is not bad. If I we call it a 12 week challenge and say let's do it daily for 12 weeks, that's a lot harder, a lot more people will fall off the boat, a lot of people will start missing days and they get discouraged. And they just stopped the whole rest of the challenge. This challenge is meant for people new to doing online arbitrage.
And so I want to make it clear, simple, straightforward. And the strategy we're going to be using, it's designed to be used every single day. Another benefit of doing 14 days and doing it every single day rather than spending all your money on one day, once a month. And waiting for the next month to source again, is decision fatigue. If you want to spend $1,000 a month on books and you try and do that all in one sitting on a flip, it's very possible.
But as time goes on, your decision making is going to go down and down and down. And by the end of the five hours you spend on a flip trying to spend your entire budget for the month, your decisions start getting worse, you start getting less picky with what you're choosing. So spending smaller amounts of time, say 10 minutes or maybe 15 minutes a day, you're just decision making is going to be better you can be a little pickier about what you choose to take back and you can make sure every single book fits the criteria that we set up in your plan will do in just a second.
So that's why it's 14 days, I highly recommend you guys stick to the 14 days and try and do it every single day, it should only take 10 to 15 minutes, the more capital you're spending, the longer it's going to take. So if you're trying to spend $4,000, in 14 days time, you're going to have to spend more time finding those books because of course, you're gonna be able to buy more books, versus if your budget is $200 for the next 14 days.
So we'll talk about budgets in just a moment. But everything we do for this challenge and how we create your plan is going to be based off of the capital you have to spend. One of the biggest differentiating factors between retail arbitrage and online arbitrage is the limiting factor that retail arbitrage can take you a long time, it's going to be more limiting on your time, it depends on how much time you have to spend, it takes time to drive out to scan through all the duds to pick the ones you want bring them back home, that's going to take time and you're gonna be more limited by the amount you can spend each day each flip on the other hand or online arbitrage, you can get all your results instantly, you can set your criteria up in the search, hit Search and have thousands of results delivered to you right away, you're going to be limited more so by the amount of money you're able to spend. So that's what we're going to base this plan of the capital you want to invest.
So let's dive in over here on the screen, I'll pull it up and we'll start creating this plan together.
Okay, so I'm going to lay out three potential plans that might fit your current situation, you're going to adjust any of these numbers to fit exactly, these are just three different ideas of what it could look like. So let's do low, medium and high as far as capital you have to invest, this is going to be capital, you're willing to invest in books for the entire month doing online arbitrage. So on the lower side, let's say you've got maybe $500 this entire month to invest.
For this challenge. That would mean of course, it's 14 days would be around 250 that you would invest not 500. But we're going to do monthly figures right here. So let's say 500 for the month is what you want to invest on a medium side, let's say $1,000 a month. And then on the high side, let's say $2,000 a month.
So what we're going to do is you're gonna take this number and we're going to divide it in half, I know it's not exact, it's there's more than 28 days in a month or more than four weeks. But to me keep things simple words can divide this number half, that would be $250. on the low end that you're willing to spend over this 14 days, and then the high end, that would be $1,000, you're willing to spend over the 14 days.
So this capital divided by 30, the averages the month, right is going to be a daily spend of $16 for the low side, $33, medium side and then $66 to the high side. So this is going to be the amount of money you're going to spend on books each day to stay consistent with this challenge and get to your goal that we're about to make. So the number 16 for the low side is going to be very easy to hit, you can probably hit that every single day in about five minutes of time. Even being pickier with what you're selecting. On the medium side $33 again, it's very easy to hit and then on the high side $66 even that is not going to take you more than 10 to 15 minutes to do.
So it's very easy thing to do for 14 days, you just have to stay consistent. If you miss a day, it's not the end of the world, just know that you can spend that money the following day and add it to the following day or example if you spend a little bit too much one day, taken off the next day. But the daily span is going to be kind of your outline of what you want to stick to. So 500,000 and $2,000 investment and then those are the daily things.
Now let's talk about ROI return on investment. Everyone wants thousand dollar return on investment. But of course, that's not always possible. The fuck the I this is the interesting thing about doing all that arbitrage with eFLIP is you got to choose which ROI you want to pursue.
So for the low side, you're going to be spending less money, it's not going to take you as long as you can be picked here with the books you choose to buy. So you can have a hard higher ROI you're trying to hit. And you can still hit that because you can be a little pickier with what you choose, you're not buying as much. So for this example, let's say you want 100% ROI, hundred percent is very possible with a flip, there's a lot of books that hit the hundred percent criteria. And there's even ones that hit higher than that I purchased a book two weeks ago that I made over 250% on just from doing it on a flip.
So 100% is not unheard of, you can find books, and you can do this successfully every day having a goal of 100% ROI. So lower capital less time, you want to have a higher ROI, as capital goes up, you want to bring your ROI, you're shooting for it down a little bit, because you're gonna have to find more books. And the lower the ROI percentage you grow, the more books you'll be able to find. So let's say just for the sake of argument, the medium plan is going to be 75% you're shooting for.
And if you're on the higher side, let's say you're shooting for a 50% ROI. Now the number of books you're able to find between these two, I just jumped down here. Let me scroll down right here. We're going to say all the way up to 100% on this part right here, and then down to 50%. On this part right here, there's pros and cons to each. So the pro of doing 100% ROI is there's actually less risk. Okay?
If you shoot for something that's 100%. And let's say the price drops, you're not in huge trouble, because even if the price drops in half, you're still hitting 50% return on investment, you're not losing money. So you might not hit exactly what you want. But it's less risky, because you'll still get most likely return on your investment either way. So less risky. And one of the first cons down here, it's gonna take more time, right? One of the other pros is higher reward.
100% is going to get you better return on your investment than 50% is that just basic math, you're going to get more reward when you shoot for a higher ROI. But you're going to have less books to choose from, the higher higher you go, the fewer books are going to meet that criteria.
If you're trying to hit 300% ROI, you might be able to do that with a couple of books, but you're not gonna be able to find a treasure trove of those every single day. So the higher you want to shoot for our I know, it's going to take more time to find those specific books, there's gonna be less books that fit that criteria. But again, on the other side, the pros, it's less risk and higher reward. So now let's talk about as you go down the scale.
So as you go to maybe say 50% ROI, one of the big pros of that is more books, a lot more books are going to fall into this category and fit this criteria. So it's going to be more books, and you're going to spend less time more books equals less time I'm trying to pick through and find the ones that fit.
The two cons, of course, the opposite of what's up here, is going to require more risk. If you're shooting for 50%, and the price drops and half, you're now breaking even rather than still making money like you would with 100% ROI. So more risk, and then less reward. So less reward that of course 50%, less than hundred percent less reward. So you kind of have to balance these out.
So it breaks down again to what I said up at the top, if you have less capital take a little bit longer, have your ROI set higher, and like 100%, maybe even a little higher than that if you want to. Because you can take your time to find those exact books that fit that criteria. If you've got a higher budget, you're on the high side, it's going to take you a very long time, if you're really trying to hit 100% on every single book, if you lower your percentage, you're gonna be able to find a lot more books a lot quicker, and spend less time doing it.
So that's how you kind of have to balance these two out when you're doing online arbitrage. And as you you can see here, I'll show the sheet and download below, there'll be a link to download this. It'll have the planner on it, it'll have this sheet, and then it will have the tracking sheet which I'll show you in a second to help you track everything you're buying.
So $500, capital 100% ROI, spend $16 a day, your monthly profit is estimated like set around $500. And you can see that goes down. Of course, if you're spending $2,000 in capital with a 50% ROI, monthly profits going to be $1,000. So plug all your numbers in the year figure out what looks right for you based on how much money you have to invest, and what ROI you want to choose to shoot for. I'm gonna be doing, I'm going to be doing the medium side, I just decided that right now for this 14 Day Challenge, I'll do $1,000.
And I'll set my ROI at 75%. If I need a higher that, of course I will. But 75% is going to be my floor that I'm willing to accept my daily spend, I'll be doing some more around $33. Don't want Welcome to the yet I'm going to think about that a little more and see exactly what I want to do for this one, I might go higher than that we'll see. But $33 spent a day that I can expect a monthly profit of $750. These are not breakthrough numbers, as you guys probably know, you're gonna look at that and say $500 a month.
This is a starting point. And this is to be consistent. If you did this every single month for a year, you're going to have $6,000 even just doing the lower side right there $6,000 a lot of money, that's a couple of vacations that pay off a lot of debt, that can be a good addition to your savings. So don't just because these numbers aren't crazy high, don't. I guess I shouldn't say just because these numbers aren't crazy high, doesn't mean you shouldn't do it, it's a great place to start. And once you get this foundation, you can build off of it, reinvest that capital and raise it so you can start making more money every single month.
Don't let the potential of making $10,000 a month on something else prevent you from pursuing something you can almost guarantee you will be making something on return as long as you spend some time every single day. So this is the foundation you can always build from here. This is just where you're starting. So don't be scared by these profit numbers right here. Even though they might not be exactly what you're wanting to put your day job. They can build up to that this is just the starting point.
Okay, so super quick recap. This is the first video of the intro how to create your plan, pick your capital, pick your ROI based on what we just talked about and figure out what you need to spend daily. Write that down somewhere that's what we're going to be going off up for the next 14 days. Download the sheet below if you want to type in your numbers to this exact thing I did right here. Or you can type your numbers and make a plan that works for you keep that plan set aside.