In this article, let's talk about what an online arbitrage virtual assistant does for you, and why you should get one if you want to become successful on your online arbitrage journey.
In today’s day and age, a virtual assistant is paramount for every business. A virtual assistant can give you more time and freedom to focus on improving your business while also keeping the same efficiency. They can provide inexpensive yet invaluable services to your company, allowing your operations to reduce costs.
Topic Rundown:
- What is online arbitrage?
- What is an online arbitrage virtual assistant?
- Virtual assistant vs. online arbitrage virtual assistant
- Why are online arbitrage online assistants important?
- Advantages and disadvantages of an online arbitrage virtual assistant
- Tips on choosing an online arbitrage virtual assistant
- Final thoughts
What is online arbitrage?
Online arbitrage is a business model that refers to buying products from retailers or brands for lower prices and then reselling for a profit. There are always fluctuations and inconsistencies between price points in different marketplaces. An arbitrageur takes advantage of these fluctuations between marketplaces to make a profit.
What is an online arbitrage virtual assistant?
A virtual assistant is an independent contractor that provides administrative support and services for you and the business you want to build from outside the confines of your business premises. They can be part-time or full. They manage the technical aspects that happen behind the scenes, allowing you, the owner, to focus your time and efforts on larger projects.
Virtual assistant vs. online arbitrage virtual assistant
A virtual assistant is a professional who provides administrative and personal support services to clients remotely. An online arbitrage virtual assistant is a virtual assistant who specializes in the practice of buying products online from one marketplace and selling them for a profit on another marketplace. This type of virtual assistant is specifically trained to support online arbitrage business operations, while a general virtual assistant may provide support across a wide range of tasks and industries.
What can online arbitrage virtual assistants do for you?
Administrative Tasks
An online arbitrage virtual assistant can support you in completing repetitive and simple tasks related to your Amazon account and business, including managing shipments, tracking inventory, listing products, and handling FBA orders.
Product Sourcing and Market Research
Product sourcing is widely recognized as the most difficult aspect of running an Amazon business due to its demanding and time-consuming nature. For this reason, having a dedicated Amazon Virtual Assistant who is diligent in finding profitable online arbitrage deals is crucial.
Additionally, your online arbitrage virtual assistant can aid in researching potential products for future sale by analyzing market competition, identifying current trends, and uncovering the best-selling items in your target market. This will provide you with valuable insights and help you grow your business effectively.
Purchasing
What you'll want is a purchasing manager that will do the purchasing for you. Some of their responsibilities include reviewing online arbitrage deals, analyzing risks, keeping a record, setting minimum prices, sending daily reports, monitoring profits, and more.
Why are online arbitrage online assistants important?
If you intend to start an online arbitration business and intend to run it on your own, you will soon find out that you can’t do everything on your own. Though there may be a sense of comfort in handling every little piece of the business that you build and micromanaging every aspect of it, it is always wise to employ the skills and experience that can you will find when hiring a professional to do the job for you
You can trust an online arbitrage virtual assistant to help with your business’ unique process flow for efficient sourcing. As prices between marketplaces frequently fluctuate at regular intervals, it is better to have an extra pair of eyes looking for new doors and opportunities opening for your business rather than just yourself.
Get the 15 Top Tasks to Outsource to Amazon Virtual Assistants
These 15 Top FBA Tasks To Outsource To Amazon Virtual Assistants are based on my own experience of running an Amazon Arbitrage business. I have taken the key tasks that make the biggest impact on my business and put them into this list, to help you in your business.
Advantages and disadvantages of hiring an online arbitrage virtual assistant
Advantages
Having a professional work the job for you
You may be knowledgeable about the surface-level ins and out of the position, but having a professional who specializes in the field that you hire them for is much more cost-effective than having yourself work the position and in turn have lackluster returns due to your lack of experience
More time to focus on projects you want to accomplish
If you work in every position by yourself, you’ll be stuck running the business and not innovating for the business. There’s an old saying that says that one should “Work smart, not hard” and that extends to the workplace. If you keep focusing all your energy on running and micromanaging every part and facet of your business, you won’t have the time to innovate and improve upon it.
Increases efficiency
Having another set of hands working on the company lessens the load on you, while also allowing the business to finish work more efficiently in a set time. Having an extra worker or two, allows the business to flourish by almost doubling or tripling the amount of work done in a single day.
Allows the business to grow
As a business grows and expands, it is evident that the workload also increases, due to this, having more workers to split the workload onto will inadvertently affect the business in a positive way. Increasing the number of workers in a specific job allows the business room to breathe when the workload increases.
Disadvantages
The selection process will take time and money
By opening up the doors for your business to other people, it will take a considerable amount of time and resources to conduct the interviews and background checks needed for each applicant who wishes to fill the position of an online arbitrage virtual assistant.
No personal supervision
Any entrepreneur has the intention of working the business the way that they like it but allowing another worker whom you have chosen may seem scary because you’ll be entrusting an important part of your business to someone you do not necessarily know.
Variable work ethic
You know how hard you work for the business, and you control how much you put into the business. But hiring an online arbitrage virtual assistant will not ensure that the employee will have the same work ethic in doing their job the same as you will. An aspiring employee may say that I will dedicate them to the position and the responsibilities that it entails, but subsequently, underperform
Tips on choosing an online arbitrage virtual assistant
Decide what skills and background they would need to fill the position
As an online arbitrage virtual online assistant, they need to have a special set of skills in terms of the market that they are in. In any employment process, the aspiring employee applicant needs to have the specific skills that they need in order to do their job satisfactorily.
Research virtual assistant companies
There is a multitude of virtual assistant companies that have a plethora of options for you to choose from in order for you to receive the VA that your business needs.
Know what your business really needs
Once you’ve acknowledged the specific requirements that your business needs in order to succeed, then it is only a matter of time before you find the perfect virtual assistant that fits your specific needs.
Final Thoughts
Growing your team is an ordeal that requires a considerable investment of time and resources, but rest assured that the rewards of taking your time and finding the right virtual assistant for your business greatly outweigh this. Hiring another set of hands to help around the business it allows you to use your valuable time for larger projects.
If you’re curious as to the process of hiring an online arbitrage virtual assistant, you can use an article we’ve made in the past as a guide. And if you still want to know more, you can also check if your Amazon virtual assistant makes you money.