In this article, learn from no other than the 10 million dollar Amazon Seller with 26 Virtual Assistants and know the ropes from his experiences.
- Who is the 10 million dollar Amazon Seller with 26 virtual assistants?
- First two-year journey with Soros’ virtual assistants
- When to hire a virtual assistant?
- How did he become the 10 million dollar Amazon seller with 26 virtual assistants?
- Advise for Amazon sellers
- What happened to the 26 virtual assistants?
Who is the 10 million dollar Amazon Seller with 26 Virtual Assistants?
The man himself, Tim Soros. He started retail arbitrage, scanning items in a store before that he was a CPA 2:10 trying to break out of that. Then he got a mentor scan in the story. Next thing, he is earning 10 million dollars with 26 employees. This year, they had to restructure because the business atmosphere has changed mainly because they got a little ahead of themselves.
Soros said that 2022 was a year of growth and a year of restructuring and it didn’t hit the bank account the same way as it was in 2021. People in the markets, a lot of times the recessions the down period. All the time that’s been the true building and all the true major decision-making comes into play so that you can soar when the market lifts again.
First two-year journey with Soros’ Virtual Assistants
When he saw the operation of his mentor, he made some crazy goals and set that he will do a million in his first year. He is now starting his goals for 2023 and it excites Soros to toss out his goals and thought in the back of his mind; how to make 100,000 a year. If he can make proof of concept that he can live a life of this business. This will be life-changing. He is just having faith and listening to his mentor’s method who he said is really big on mindset over tactics that said to always gets in everyday with an optimistic attitude.
What did he learn?
You spent a ton of time sourcing, so Soros recommends sourcing as long as humanly as possible because sourcing is your highest value activity in Amazon. It’s the one valuable thing you’re doing in your Amazon business. You are finding gaps, you’re finding cheap things to sell on Amazon. Every other thing is a small value, but this is the biggest value. So, develop your edge and don’t just go have someone else do that for you right away. Get your hands dirty on a lot of different products, watching the prepping, and setting. Hitting a lot of confidence from the numbers that are working for a month, then work your way up.
Soros got a prep center, then hired his first virtual assistant. Then his second virtual assistant doing online arbitrage. For him, it’s actually blurry after the team grew from 3 to 4, and how it got to 26. At one point, they are making so much money that they focused on buying and adding sourcers. But something started happening where they were buying too much inventory and not understanding their returns. Ending with a decrease in their quality.
When to hire a virtual assistant?
Putting money into this business and taking leaps to buy things that you don’t think you can afford is something Soros did. He got himself a nanny for his newborn baby saves about 4 hours every morning and that saves him 20 hours a week. Getting yourself a prep center will save you possibly 20 hours a week of the amount of you prepping yourself at home. Now, he has 40 hours extra hours to do high-value things like sourcing. He out emphasizes how intertwined business and personal, so both are important.
Soros got his first virtual assistant because he was doing another low-value task and that was dropping items at the prep center. In short, inventory listing. He also got a virtual assistant to do his spreadsheet tasks and that also saved him 1 hour a day. Basically, hiring his virtual assistants is just winning back high-value time, and that’s what ended up leading to the company structure he has now. Simply, taking all his time that isn’t valuable and then hiring staff for that task to do it for him is what he did.
Tips from Soros when hiring a virtual assistant
He mentioned that when you hire your first virtual assistant, is to take care of them properly. As Soros said, treat them like they could be your next CEO, although most of the time that doesn’t happen. But if you’re always looking for that and when you hire 5 or 10 virtual assistants, most probably that 1 or 2 would be an absolute star. Always know how people are going to turn out.
The most important thing when hiring Soros is to know if they’re persistent, they don’t do the same mistakes thrice, turn up day in and day out, and finally, if they want to learn more. Teach them everything you know, and set them up to succeed. It’s better that you already have the strategy and tell them about the rack. And eventually, your business will sky rocket like Soros’.
8 Things I learnt about reselling on Amazon from Soros
Going to $10,000,000 in 2 years is not easy and building a team of 26 really helped, but things didn't go according to plan, and now it's only a team of 13. See the entire journey here and my learnings.
How did he become the 10 million dollar Amazon seller with 26 virtual assistants?
As far as he remembered, Soros had 13 sourcer virtual assistants looking for products to sell on Amazon. A head reviewer, a head accountant, and a person that was doing 100% wholesale. You may start noticing, Soros was spreading very thin here. He likes to niche down into one product type, or a couple of products type. Talking about retail arbitrage, he got a buyer then probably hired 3 more, 4 people in the American team, a CEO, an account health person, 1 buyer, and 2 warehouse communication people who are tasked with the tracking of products.
How did he manage 26 virtual assistants?
With hiring 26 people, they no longer feel full responsibility for the success of the company. They are now responsible for the success of their tasks. Soros likes to look at his Amazon company the way he wants to have a company. A lot of people are great at building these systems and he is not there yet. He wants a collaborative team where everyone feels responsible for the good of the whole.
You have got a corporation and you have to build systems and procedures for doing things. Remember, you just increased your workload and built a system so that the people your hire will do the right thing.
Advise for Amazon sellers
Always count your inventory
That’s the inventory you have sitting at the prep centers, and also the inventory you just purchased that is in transit to your prep center. These are different places where your inventory is and count that every single month and compare it to your profits. Not going to talk about the whole accounting, but see if you have any inventory loss each month because it’s not going to be exact. It’s hard to get the inventory account exact, but you’re going to have an estimated idea as if there’s some leakage somewhere and that’s really going to tell you that you could be losing money.
Hire a virtual assistant
Sourcing is your most important high-value activity. You got to spend a lot of time sourcing for products and it’s probably a one-man show. If you have another person, then you won’t spend 20 hours looking and just make sure you’re getting the proper money back.
What happened to 26 virtual assistants?
He now got his sourcing squad to 4 and 1, who is a head repricer. Sales are very important actually when you have a lot of actually making sales. Repricing tactics make sense. When you’re early on turning on a repricer and checking things here and there is probably enough. Soros has someone that does his store since they do accumulate bad inventory, they can fulfill that directly from Amazon. He has 2 people in the warehouse, 1 for warehouse communication and 1 for tracking. They help each other out and the third one in that department is the checkout person.
He is starting with his private label company and then he has his CEO and his account help person.
Ready to earn like the 10 million dollar Amazon seller with 26 virtual assistants?
What we learned from Soros today, the person who is a 10 million dollar Amazon seller with 26 virtual assistants is beneficial for people who are on the same journey as most Amazon sellers. Hoping it could be a guide to everyone traveling the same path as he is.
If you want to contact Soros, the best way to do so is by Twitter (TraderSoros). He commits to get a lot of content out for 2023, so be sure to check that out. Also on his Instagram (arbitrageops), if you want to talk about business.