Q4 is just a few weeks away and at the time of this blog Black Friday is just a mere 76 days away. We wanted to launch something that could help our Facebook group members and blog readers without costing them a lot of extra money and we’ve come up with creating BOLO mastermind groups, that we are calling BOLOs Simplified. Sharing and networking with other sellers is a great way to help take you to the next level. Sharing BOLOs can be profitable for all but can also be a quick way to devalue a profitable product. Our goal will be to setup the groups and this program in a way that it has the best chance of allowing you all to get value out of the share BOLOs. So how is it all going to work? Check out FAQ below:
What is a BOLO?
BOLO stands for “be on the look out”. It’s an item you’ve found Retail or Online Arbitrage that you believe is/will be profitable to sell.
How will a BOLO Simplified Group Work?
Each member of the group will be required to share at least 1 BOLO a week. We may create some groups that are required to share more, but to start we are starting with 1 BOLO a week.
How will BOLOs be shared?
There will be a google spreadsheet and closed Facebook group for each mastermind group we create. Each person is required to input the BOLO into the shared spreadsheet and post it into FB.
Won’t the price tank if I’m sharing with multiple other people?
This is ALWAYs a risk. There are two ways to help avoid this. Smaller groups. Providing quality BOLOs that can’t handle velocity of multiple new sellers
How large will the groups be?
Groups will not be larger than 30 people. We are going to launch with a 30 person RA group, 20 person OA group, 25 person OA/RA group, 15 person shoe/clothing/bra group, a 10 person Advanced groups for sellers doing more than $15,000/month in sales (sales shot will be required for entry) and lastly another advanced group for those over $25k/month.
What is a good BOLO?
A good BOLO is something that is either hard to find (e.g., limited stock) or sales velocity is fast enough that it can withstand multiple new sellers. An item that is readily available at all the Big Box stores or store like Disney.com or ThinkGeek and has a rank of 200k in toys is not a good BOLO. An item ranked 1,000 in toys and harder to find is a great BOLO. An item ranked 100k in toys but very difficult to find, again a good BOLO.
Who is responsible to make sure everyone is pulling their own weight?
You are. Once the group is created we will ask for 2 volunteers for each group (1 in group with only 10) and those folks are responsible for making sure everyone is pulling their weight. If someone is not posting BOLOs or not posting quality BOLOs they will be removed. If someone doesn’t volunteer to admin within 24 hours the group will be deleted. These groups are NOT successful without a good leader. We will stay in the group but will not be active and will look for you guys to tag us in posts if you have any questions.
I’m a newbie, can I join?
If you can provide 1 quality BOLO a week then yes. If you are uncomfortable doing that, then you should not join.
Will more groups be created?
We are starting with the creation of the 4 groups mentioned above. If there is demand for more, then we will create more groups. If you have ideas for more groups, we’d love to here them. Comment below or on let us know in our closed Facebook group.
What is the cost?
Wait, did you say the cost is Free? Don’t people pay money for this stuff?
Yes, completely free. Our understanding is there are similar services out there that cost money, but we can’t speak for what value they are providing above and beyond facilitating the creation of the group. It is easy for us to create the group and then we put the group members in charge so its not difficult for us so don’t see the need to charge. I suspect the paid groups moderate their own groups and may provide other valuable content to make it worth wild.
When will this launch?
It’s launched. See below
How can I sign-up?
See this Post for more details on sign-ups.