Week two of the 100 Book Challenge is complete. I came home with 101 books, making it a success. But how long does it take to actually find 100 books? How many sources do you need? I'm gonna be covering all of that in today's update of the 100 Book Challenge.
Welcome to week two of the 100 Book Challenge. I came home this week with 101 books. Should have been 109, but I'll get to that in a moment. Instead of going day by day like I did on the last update video, I'm just going to give the highlights since I'm sure you prefer that anyways so let's get into it. Week two, I scanned a total of 7,904 books; that's almost a thousand more books scanned this week than I scanned in the first week of the 100 Book Challenge. I did it in one less day. Last week I scanned books all seven days. This week, I was busy one day so I went out six days and got in just a little more scans than I even did that first week.
But what was different a little bit this week was the accept rate. Last week's average accept rate was about 1.04% and that was pretty even all throughout all week through every source I went to. Now this week, I went to almost entirely new sources. I think I repeated two different locations, but the overall accept rate was similar at 1.2%. But this week, I had two different locations where I got 0% accept rate. I didn't take home any books from all of the scans that I did. Then I had two locations where I got a little over 5% accept rate, which was encouraging given last week I never really got over 1%, or barely got 1%.
It was a little bit better this week on accept rates. I'm starting to figure out which locations are giving me more books, which ones are updating their book supply more often, also which ones have more scouts. The total list price for all 101 books that I got this week was lower than last week, $2,205, about $300 lower than last week because the books that I got were worth a little bit less. The average list price was $2,183 with the total estimated profit of $1,087. Now again, that's not gonna be 100% profit that I can expect to take home. It's probably gonna be closer to 80% of that number,but that's something that you can't really control. The sources that I went to this week had slightly lower priced books.
I seemed to get a little more fiction books this week than the non-fiction, which normally has a higher price point. But, either way, it wasn't that far off. It still ... $2,183 is still a pretty good number. The books this week, even though I listed them for a little bit less, they weren't worth quite as much, I did pay less for them too though. Last week, the average price I paid for each book I got was $2.40. This week was $1.70. It saved me some money this week in how much I had to pay. Now, I haven't had any sales yetto recover the cost that I've been spending on these books. The first shipment that I sent in last week arrived 14, 15, and a couple of them today, or one them today.
A lot of those books were just listed or just posted actually as active on Amazon. The sales should start coming in this week and next week I should be able to report some revenue. Hopefully I'll have a payout from Amazon in the very near future to start covering the cost of these books because getting 100 books a week, if you're paying for them every single week,it does add up. There's only so long you can bank roll it before you're gonna need to get that money back from Amazon and start paying for future books,future weeks.
Now let's get into one of the questions I'm sure a lot of people have, especially that haven't done this before or have done it very little, it's how long does it actually take to get 101 books? Now, at the beginning of this challenge, I told you that I would keep doing my normal job,everything else would be the same. I'll be doing this on the side and mainly hitting up normal sources everyone else has access to like thrift stores,libraries, library sales. I don't have any special arrangements that I'm doing.We'll talk more about developing special arrangements soon, but I'm just going to the normal sources.
This week, I think I went to a total of seven different sources. Last week I went to a total ... I think it was something like nine,maybe it was a little more than that. I'll have to check and see what the numbers were from last week. But, either way, I think I only repeated one or wo sources this week. I went to almost entirely different sources. I've had atotal of somewhere close to 20 different sources that I've gone to around this area. If you're in a metropolitan area, it's very, very likely you got 20different sources to go to, probably a lot more than that.
Here in the Denver area, I've barely even scratched the surface. There's a lot of places people don't think of like university libraries. A lot of people don't even go to libraries in the first place. They don't know about certain thrift stores so really explore what sources are available to you. Look at places you wouldn't think maybe most people would goto, and expand where you're looking for books. If you're going to the same place every single week, especially if other people are going there as well,you're not gonna have very much success and it's gonna be very different to find 100 books. But to get back to the time it actually takes, I tracked my time a little bit better this week. I'll do even better next week, but I've gota rough estimate for you.
The most time I spent in a single day was about three and a half hours and that was on Saturday, I believe it was. Most days I spent between an hour and two hours going and finding books. Normally I did that a little bit later on in the day. The total amount of time I spent this week, in the six days I went out, plus counting the time it took to list, was about 14 hours, almost exactly two hours a day, which seems like a lot time maybe, but I think for most people, it's actually achievable.
I got this app a little while ago to put on my phone to see how often I was using my phone, how much I was actually unlocking the phone and doing something kind of activity on the phone, and getting off the phone. I made sure I wasn't tracking any work I was doing. I spent something like two and a half hours a day on my phone. Now, it sounds like a lot 'cause it is alot, but I don't think that's actually average. I think the average person,believe it or not, spends more time than that on their phone every single day and that's not even counting the time people are taking watching TV, just doing basically mind numbing things that they could be devoting to something a little more productive.
If you take a look at your day, I can almost promise you,even if it doesn't feel like, you probably do have an hour or two hours you could spare to go out and look for books and get close to somewhere around this 100 book mark in a week. If you just find some things to take out of your schedule, maybe you're not watching as much TV as you were before, you're not spending as much time on social media, whatever it is that you do that seems to be a little more of a time waster for you, maybe cut back on that and it'll be a lot easier to achieve that 14 hours in a week, especially if you're doing a lot of that time on the weekend.
It took 14 hours of my time this week to be able to do that and something around, I don't know, $180 or something of dollars out of my bank account since Amazon hasn't paid me back yet. But, what I wanna get across to you is that the total profit from those books was about $1,087. Let's take 80% of that. Take that number, divide it by 14 hours, the amount of time I spent, and it comes out to somewhere around $62 an hour. How many jobs can you make $62 an hour at, spending 14 hours a week doing. $62 an hour is probably crazy compared to what most people are making at their day jobs so the 14 hours a week is very worth it.
If you do it consistently, if you're actually listing these books every single week, and you can start getting to the equilibrium point on Amazon where you're listing 100 books, and you're selling 100 books,which is the goal, then you can be making very good money even just doing 100 books a week. Depending on how much money you're making now, 100 books a week could potentially even allow you to step away from your job. It might take more than that, it might be a little less than that for some people, I'm not saying that's what you need to do, or that's what your goal should be doing, but what I'm saying is at 14 hours a week, getting 100 books it is a little more than some pocket change for you. If you do this for year, look at the spreadsheet,put these numbers in yourself, but I'm pretty sure the first year, somewhere around $25,000 profit. And the following year, when you reach the equilibrium point I was talking about, is somewhere, I think, around $39,000 to $40,000 a year you can be making spending something like 14 hours a week flipping books.
In my book, that's a really good income; that's a really good side income, a side job, for only 14 hours a week, and something that can be fairly reliability, fairly consistent I should say. We'll see how consistent it is as I go forward and finish up this challenge. But two weeks, two weeks strong, I'm happy with the profit. I'm happy with the books I've gotten. I'll go in a little more depth next week on how I'm finding the sources I'm finding and also some plans I have for developing some relationships to make this a little bit easier and to maybe even get more books and spend a little less time, make the process more efficient. I'll share those results with you.
But thank you for watching this update. I hope you are able to learn something from it. Oh, and then last thing, I said that I brought home 101 books, I should have brought home 109 books. I was debating whether I should even mention this or not, but I might as well mention mistakes that I made. When I got home at the end of the week, I added up all of my books. It should have been 109. I counted 101 books. I looked in my cars. I looked in the back of the car, everywhere I could think of, closets that they might have been put into, couldn't find them anywhere.
Long story short, I went back and looked at the log I've been taking and there was one store that I got exactly eight books at, which is what I was short. I remember specifically that the books were in the box. I was carrying them all back to the car. I set them beside the car, I don't remember if it was beside or on top of the car, to open up the door, to try and open up the door, and something happened. I think I got a call, something along those lines. I don't remember exactly what happened, but pretty sure I left eight books in the middle of the parking lot at a thrift store and didn't even notice since I collected the books and didn't take them out of the car until half way through the week.
Don't make that mistake, even though I'm sure very few people will ever make that mistake. It's probably mostly me. But I could have had a little more profit, could have had some better books in there, but I left them in a parking lot. Don't leave your books in a parking lot. I guess that's the takeaway from this week. But hope you guys have success in week three. I'll keep you guys updated on how I'm doing. Good luck scouting.