SourceMogul – The Number 1 Tool For Online Arbitrage

SourceMogul – The Number 1 Tool For Online Arbitrage

In this post I’m going to introduce you to SourceMogul, a powerful browser based software tool that enables subscribers to run an online arbitrage business as an Amazon Seller using the FBA process.

That’s quite a mouthful, so let’s break it down into plain English and then I’ll describe several very good reasons why I think you should subscribe to SourceMogul.

What is Online Arbitrage?

First of all, what do we mean by online arbitrage?

In simple terms this is the process whereby goods are bought at their retail price from one retailer and then re-sold at another at a higher price, in this example, on Amazon (either in the USA or the UK).

This is made possible by the fact that some retailers want to shift stock to make way for other new stock, so they discount the price on the existing stock to sell it more quickly. If you can find this stock in time, buy some or all of the surplus, and ship it to Amazon as your own stock, you can sell it at the higher price and pocket the difference.

What is Online Arbitrage?

Is it legal? Is it ethical?

Yes, and yes. It’s perfectly legal and entirely ethical.

Look at this way; twenty years ago I opened an account with Amazon. 20 years is a lifetime ago in internet terms, but like many millions of others I started shopping online with Amazon because the prices were usually low.

Naturally, over the years the prices have changed, some are still bargains while others are higher than elsewhere, but I’ve grown used to the convenience. I know that if I need something for the house or garden it can be on the doorstep within 24 hours.

For me, the convenience, the reliablity of delivery times, and the no-quibble returns is more important than finding the same item elsewhere for $5 less. Time is more important to me so I don’t want to spend 30 minutes browsing and comparing prices.

The same is true for millions of other consumers and that’s one of the reasons why Amazon is so successful. People are willing to pay extra for the reliablity, convenience, and to save time.

This situation produces an opportunity for people like you and me.

What is SourceMogul?

SourceMogul is a browser based software that collects data that Amazon freely provides about its best sellers in each category.

It also searches other online retailers for those same products, and then it compares the prices and other details. When it’s found some matches it presents them to you in your dashboard, along with lots of statistics about prices, sales volumes, and trends.

All you have to do then is to analyse the results and pick those you think will sell for the most profit. Once you’ve selected a few product lines you can then buy them from the retailers who still have stock.

The goods are then delivered to you just like any other online shopping purchase. You then ship the unopened goods to Amazon where they become part of your inventory. All being well the goods will sell and Amazon deposits the funds into your account.

What is Amazon FBA?

What is Amazon FBA?

This is what is meant by FBA – fulfilled by Amazon. You send them the goods and they take care of all the storage, marketing, transactions, delivery, and processing returns.

From time to time they’ll deduct some fees for this fulfilment process but as long as you buy and sell correctly you’ll make a profit.

SourceMogul will search hundreds of stores in the US or UK, finding products that match your chosen Amazon category. Once set up it will continue to work for you in the background and then present you with the results. You can cherry pick items and add them to a wishlist for deeper analysis. Once your satisfied with the products and the profit percentages you can arrange to purchase the stock.

Low Risk and Scalable

The great advantages of this model is that it’s both low risk and scalable. You can start small with an initial budget of a couple of hundred dollars and reinvest your profits to scale up. You can do as little or as much as you want each week, and even take a break for a while but I think once you get started you’ll want to keep going.

SourceMogul‘s documentation and YouTube videos contain all the instruction you need and together they explain all the fine detail of the data that’s presented in your dashboard. There is also a Facebook user group that contains additonal files with instructions and tips.

For example, one document explains all the ways you can maximise your profits by buying your stock using promo codes and cashback deals, or how to at least gain from the purchase by collecting retailer loyalty points or air miles on your credit card.

I first came across this software three years ago, under its former incarnation when it was known as Profit Sourcery.

X4 Software, the company behind it, won the 2016 Wales Startup Award and have continued to develop the sofware so the product you see today has matured and become hyper efficient for the task for which it is designed.

Getting started with Source Mogul

Getting started with SourceMogul

To get started I recommend you follow these three steps.

  1. Open an Amazon Pro Seller account.
  2. Read the SourceMogul guides on their website and watch their videos on their YouTube channel.
  3. Register for your 7 day free trial and start trading.

Once you see those first sales registered in your Amazon dashboard you’ll be hooked, but in nice way. Each day brings fresh opportunities and you’ll soon get into the habit of running new searches or analysing those you’ve already completed. There’s pleny of help from the SourceMogul team and there’s interaction with other users in the SourceMogul Facebook group.

From time to time I’ll publish new posts here, reporting on progress.

If you’re already using SourceMogul or if you’ve got any questions, feel free to comment below.

How to build a dating site business

How To Start A Dating Site From Scratch – Update

This post is a supplemental update to a video I created in February 2017 entitled “How To Start A Dating Site From Scratch – Make Money Working From Home”. You’ll find that video at the foot of this post.

Since uploading that video I’ve received numerous questions and requests for additional advice from people considering this business. In this post I have I’ve re-written the original script, made some alterations, and additional information.

So if you’re thinking of starting a dating site for a particular niche, read this post to the end before you make any decisions.

Your first site could be a part time job that brings in a little extra income each month but it could expand into a full time occupation consisting of one large site or a portfolio of several sites.

My Dating Site Webmaster Experience

I started my first site in 2004. The following year I started several more. I sold one of the more successful ones and have kept most of the others going since.

So how can you be part of this industry? What options and opportunities are there for a newcomer?

Even though online dating has been around for a long time now there are still opportunities for anyone with the dedication to succeed.

It’s not a path to instant riches but if you invest your time and money wisely you stand a good chance of generating a healthy return.

You should not underestimate the effort involved. Like any business it takes time, persistence, and a certain amount of risk to succeed.

Building an online dating business is like creating a vineyard. You’ll have to nurture it carefully for a while before you can pick the grapes and enjoy the wine.

Three Main Types of Dating Site

But first, let’s begin by looking at the three main types of dating site:

  1. The stand-alone, independent dating site.
  2. The white label dating site.
  3. The affiliate dating site.

Below this post you’ll find some links to companies that provide the resources you need for each of these types.

The Independent Dating Site

The independent site means that you, the owner, retain full control over the site. This means you have full autonomy and can change it in way you like at any time. You retain all the income that the site generates.

Obviously, when the site is new, you’ll probably be spending more on marketing and development than you receive in income but if the site succeeds then you keep all the profits.

The disadvantage is that you’re also responsible for all the day to day administration. This means you have to check all the profiles, answer all emails, and deal with all other aspects of administering an online dating site.

You can outsource these tasks to a contractor or delegate it to an employee if your company is large enough but either way you will have to pay for someone else to do the administrative tasks.

The foundation for your successful independent dating website is the software. Get that right and it makes the whole job so much easier for you and for your members.

Skadate have been developing their software since 2004 and it’s packed with features – all the functions you’ll want as an administrator and all the features your members would expect of a modern dating site.

The White Label Site

A white label dating site is one that brings you into partnership with an existing online dating company.

They provide the platform, access to an existing database of members, and all the technical and administrative support.

You can make your white label site as small or large as you like. You can develop it into a multi page site and add a blog or even a shop if you think it’s a sound business idea but remember your prime purpose is to convert visitors into new members and existing members into subscribers.

The partnership with a white label company will involve sharing the site’s revenue. What percentage you receive each month depends on the agreement and how well your site performs.

You may find that there are variations created by any temporary promotions or deals but you should be able to collect at least 35% of the site’s revenue each month.

Your role in the partnership is to start the site, develop the design, and market it to the target audience or niche (more on the niche sites later).

The advantages are that all the the back-end tasks (technical and administrative) are taken care of for you. All you have to do with the site is to market it month after month.

Another advantage is that the white label company could be a leading brand in the online dating world, so your site might be able to display links to Customer Charters and other reassuring evidence of high level of integrity.

The disadvantage as you’ve probably already guessed is that you have to give up a large proportion of the site’s income.

Here’s an example of a white label dating site:

The Affiliate Site

An affiliate site is similar to the white label site but it’s generally a simpler process to set up. The revenue share is usually a fixed rate which may be a choice between a small sum for new members and and a larger sum for new subscribers.

The advantage of this type of site is that it’s quick and easy to set up and most affiliate companies have niche networks ready for you. All you have to do is to choose the niche you want to develop a site around.

The disadvantage is that it can take a little while to make changes to your site if you want to amend or improve it in any way.

Here’s an example of an affiliate dating site:

Here’s an example of an affiliate scheme you can join to promote online dating for the over 50s.

Online dating for the over 50s

Choosing Your Target Market

General or vanilla dating sites are those that try to match -make straight single men and women.

A niche (or niche as our American friends say) dating site is one that targets as specific section of the community.

This could be anything from a group based on religion, sexual orientation, hobbies, age, profession, ethnicity, and many other factors.

You may be able to think of a new niche that hasn’t been targeted yet. Alternatively, you could create a site for people who belong to an existing tried and tested niche that still has plenty of scope for growth.

You will need to do some market and keyword research in order to determine the size of the niche. Take into account the demographics of the people and any seasonal trends.

It’s an advantage to choose a niche that interests you. The reason being that you can save money by writing new content for your site yourself if it’s a subject with which you are familiar.

If you can draw on personal experiences then your writing will be of interest to your target audience and you can provide this content at no cost to you other than the time it takes to write it.

Marketing And Promoting A Dating Site

Once you’ve chosen your niche and set up the site you’ll be ready to start the next phase.

Before you begin your marketing and promoting, make sure you’ve thoroughly tested the site and all its features and functions.

Sort out any bugs and fix anything that doesn’t work.

Obviously, you’ll want to use the free social media; Twitter, a Facebook page, and perhaps a blog or a YouTube channel, or all of them.

It all depends on how many resources and skills you have in your team.

Social media is an important tool but again, it takes time to build a brand and to develop the trust that will persuade people to follow your links.

You’ll also have to make use of paid advertising in the form of things like Google Adwords and perhaps print advertising in magazines that are for people in your niche.

Adwords takes some getting used to but there is plenty of free instruction online. It can be particularly useful if you develop a YouTube channel and then promote your best videos as video adverts.

I hope you this post helpful. If you have any questions please post a comment below.