I finally decided I would share my recent experience selling N95 particulate masks online. I really debated about this as I thought some would regard me of being greedy or taking advantage of people.
And yet some of these same people don't mind finding a product on Alibaba and selling it for 10 times what they paid for it.
Go figure.
This post isn't really about the money I've made, though I've done extremely well.
It is more about the mindset.
About recognizing an opportunity, and after recognizing it, stepping out and pulling the trigger.
On January 24th one of my manufacturer reps emailed me letting me know that they were already out of 3M N95 masks but had several other brands still available. It was on a Friday. He told me if I was interested in some, that I should buy soon.
That is when I really took notice. Normally they carry 10's of thousands.
Over the weekend I began to read as much about what was occurring in China as I could. From news agencies to reddit to various online forums. By Sunday, I had decided that I would pull the trigger on purchasing at least 200 to 400 boxes (20 per box) of N95 masks.
Monday morning I placed an order, (they would only sell me 200 boxes) and had them arrive two days later. As soon as I was emailed the tracking number and knew they were on their way, I added them to my websites online and Amazon. I only added 10 boxes at a time and within half an hour they would sell out.
Every time.
I repeated this for several days and kept the price in-line with other vendors, as they were raising the prices sometimes within hours.
The prices got so high I began to reconsider everything and decided to keep half the inventory I had left as I believed that they would become completely unavailable.
That is, unless I found another source.
By January 30th, All my suppliers were completely sold out, though I was lucky enough to order another 44 boxes from one vendor.
I even had one N95 manufacturer finally tell me that they had several large shipments scheduled to leave China, but were confiscated by the Chinese government to supply their own people. All N95 shipments were 'rerouted'.
That is when I decided to scout around the local stores and began purchasing boxes off of retail shelves. I usually bought half the inventory and left half for others.
No one locally was really taking this seriously yet.
I really got lucky at a local discount freight store that had 50 cases of N95 masks on the shelf for $2.49/box! These boxes usually sell for $20-$24 in many stores. No one was buying these masks! I went back 3 times that day as I didn't want to bring attention too much on my purchases hoping they would maybe restock if they had more.
Sure enough, the shelves were restocked two days later and I proceeded to buy like I had before.
The third time I went back on day 2, the shelves had been cleared out. I had pick up about 80 boxes total for an amazing price.
I missed picking up about 25 boxes, which I am glad to see that maybe someone else recognized the opportunity that was available to anyone.
It is hard for me to understand why others don't jump on these opportunities when they are presented to them.
I had mentioned this opportunity to 4 or 5 other friends so that they at least could go there and stock up on masks for themselves if not for profit.
I also told 9 employees the same thing, and had thought that perhaps one of them would want to make some extra coin with very little effort.
No one grabbed the opportunity, even when they saw the insane profits I was making selling them online! They were literally shipping these masks out for me and they were still available to go and purchase themselves.
They could have made their wages that day by going down there at lunch and buying 2 boxes of masks for $5!
Do I feel bad about making a great profit on N95 masks?
No.
Why would I feel bad about selling a product that anyone who made a little effort to obtain when they first heard about the virus, could have most likely found them at the local hardware/home improvement store. Now are selling for double and triple online?
Finding the product is just a barrier of entry.
Even if it is for your own needs.
Is it morally wrong to sell this product 2,3,4 times the normal price?
How about 10 times?? 100 times?
The pharmaceutical companies are doing that every day.
It is just part of capitalism.
It basically is about supply and demand.
You demand it, Someone will try to supply it.
Focus on being the supplier rather than the consumer.
And yet some of these same people don't mind finding a product on Alibaba and selling it for 10 times what they paid for it.
Go figure.
This post isn't really about the money I've made, though I've done extremely well.
It is more about the mindset.
About recognizing an opportunity, and after recognizing it, stepping out and pulling the trigger.
On January 24th one of my manufacturer reps emailed me letting me know that they were already out of 3M N95 masks but had several other brands still available. It was on a Friday. He told me if I was interested in some, that I should buy soon.
That is when I really took notice. Normally they carry 10's of thousands.
Over the weekend I began to read as much about what was occurring in China as I could. From news agencies to reddit to various online forums. By Sunday, I had decided that I would pull the trigger on purchasing at least 200 to 400 boxes (20 per box) of N95 masks.
Monday morning I placed an order, (they would only sell me 200 boxes) and had them arrive two days later. As soon as I was emailed the tracking number and knew they were on their way, I added them to my websites online and Amazon. I only added 10 boxes at a time and within half an hour they would sell out.
Every time.
I repeated this for several days and kept the price in-line with other vendors, as they were raising the prices sometimes within hours.
The prices got so high I began to reconsider everything and decided to keep half the inventory I had left as I believed that they would become completely unavailable.
That is, unless I found another source.
By January 30th, All my suppliers were completely sold out, though I was lucky enough to order another 44 boxes from one vendor.
I even had one N95 manufacturer finally tell me that they had several large shipments scheduled to leave China, but were confiscated by the Chinese government to supply their own people. All N95 shipments were 'rerouted'.
That is when I decided to scout around the local stores and began purchasing boxes off of retail shelves. I usually bought half the inventory and left half for others.
No one locally was really taking this seriously yet.
I really got lucky at a local discount freight store that had 50 cases of N95 masks on the shelf for $2.49/box! These boxes usually sell for $20-$24 in many stores. No one was buying these masks! I went back 3 times that day as I didn't want to bring attention too much on my purchases hoping they would maybe restock if they had more.
Sure enough, the shelves were restocked two days later and I proceeded to buy like I had before.
The third time I went back on day 2, the shelves had been cleared out. I had pick up about 80 boxes total for an amazing price.
I missed picking up about 25 boxes, which I am glad to see that maybe someone else recognized the opportunity that was available to anyone.
It is hard for me to understand why others don't jump on these opportunities when they are presented to them.
I had mentioned this opportunity to 4 or 5 other friends so that they at least could go there and stock up on masks for themselves if not for profit.
I also told 9 employees the same thing, and had thought that perhaps one of them would want to make some extra coin with very little effort.
No one grabbed the opportunity, even when they saw the insane profits I was making selling them online! They were literally shipping these masks out for me and they were still available to go and purchase themselves.
They could have made their wages that day by going down there at lunch and buying 2 boxes of masks for $5!
Do I feel bad about making a great profit on N95 masks?
No.
Why would I feel bad about selling a product that anyone who made a little effort to obtain when they first heard about the virus, could have most likely found them at the local hardware/home improvement store. Now are selling for double and triple online?
Finding the product is just a barrier of entry.
Even if it is for your own needs.
Is it morally wrong to sell this product 2,3,4 times the normal price?
How about 10 times?? 100 times?
The pharmaceutical companies are doing that every day.
It is just part of capitalism.
It basically is about supply and demand.
You demand it, Someone will try to supply it.
Focus on being the supplier rather than the consumer.
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