246 - Costco's Big Secret: How to Buy Everything 90% Off with Shannon Jean

MY NEWSLETTER - https://nikolas-newsletter-241a64.beehiiv.com/subscribeJoin me, Nik (https://x.com/CoFoundersNik), as I interview Shannon Jean (https://x.com/@ShannonJean), serial entrepreneur and auction reselling expert who has helped over 1,700 people in his $5/month mastermind start profitable reselling businesses from scratch.Shannon reveals how to make money with auction reselling, liquidation pallets, and government surplus deals—what I believe is the most accessible entry point into entrepreneurship in 2024. Whether you're looking for side hustle ideas, want to quit your 9-5, or need a proven system to flip products for profit, this episode is your complete roadmap.What You'll Learn:The TWO commandments for profitable reselling: "Never buy anything unless you already know what you can sell it for" and "Buy with math, sell with emotion"How to research auction deals on B-Stock, Costco liquidation, Gov Deals, and liquidation.comWhy retail price is a lie (and how to calculate TRUE market value)Real examples: $206,240 MSRP sold for $4,200 | $1 investment turned into $5,000 profit | $3,200 products bought for $326The credibility funnel system you MUST build before buying your first palletWhy 95% of resellers fail (hint: it's not lack of capital or product knowledge)Seasonal arbitrage strategies for maximum profit marginsHow to avoid the $34,000 mistake that kills new flippersWhat NOT to buy: consumer electronics, vacuums, exercise equipment pitfallsLive selling strategies for Whatnot, Poshmark, eBay, and Facebook MarketplaceHow a high school junior made $10K/month reselling furnitureWhy an accountant sold 700+ pressure washers in one year__________________________Love it or hate it, I'd love your feedback.Please fill out this brief survey with your opinion or email me at [email protected] with your thoughts.__________________________MY NEWSLETTER: https://nikolas-newsletter-241a64.beehiiv.com/subscribeSpotify: https://tinyurl.com/5avyu98yApple: https://tinyurl.com/bdxbr284YouTube: https://tinyurl.com/nikonomicsYT__________________________This week we covered:00:00 Introduction to Reselling and Entrepreneurship06:05 The Importance of Systems in Reselling11:52 Building Credibility and Understanding Your Why17:57 Finding Deals and Understanding Market Prices25:12 Getting Started with Seasonal Arbitrage27:35 Navigating Consumer Electronics and Exercise Equipment29:53 Understanding Retail Acquisitions and Auctions33:02 The Importance of Community and Support in Reselling39:38 Realistic Expectations and Learning from Mistakes45:17 Best Strategies for Q4 Reselling