At just 30-years-old, Ryan Grant was able to quit his accounting job that banked an annual salary of $50,000 and embark on an entrepreneurial venture of his own design.
During an appearance on Yahoo Finance’s YFi PM, the millennial revealed his business plan involved buying merchandise from Walmart and reselling it on Amazon.
According to Grant, it was a business venture he initially explored with the hope of replacing his accounting job income.
“At the very beginning it was just me doing this out of half of a duplex that I was owner-occupying so there was product literally in every room of the house,” Grant dished as he recalled how he kicked off his reselling business.
When Ryan was attending college, he learned how to track the supply and demand of used text books, so he could sell them at a profit. After becoming bored with his job as an accountant, he revived his tracking and reselling methods using a local Walmart.
According to the millennial he would track items in all aisles of the store and pick up merchandise he found to sell for a higher price tag online.
What started out as a side job to bring in some cash while working his accounting job quickly turned into something profitable and he made the decision to leave his accounting job back in 2013.
While Grant acknowledges his company was founded on the concept of purchasing retail merchandise to resell it, he reveals his company has since expanded to purchasing from distributors and manufacturers as well.
This is an amazing statement about Walmart's cost structure. https://t.co/AeO3C044LT— Jonathan Williams (@j2dubyas) February 1, 2019
Today, his business operates out of a 3,800-square-foot office space where he employs just shy of a dozen employees. One of many tasks his employees assist with includes shipping merchandise in bulk to Amazon to utilize the Amazon Fulfillment Program where customer orders are processed through Amazon warehouses. By using this program, Grant is able to avoid having to ship out each individual customer order.
The millennial has also recently started to expand his business to sell on other e-commerce platforms, including eBay and Jet, as he does not want to rely exclusively on one platform for his income.
“Amazon is making reselling a little bit more complicated than it has been in the past,” he said as he explained his reasoning for branching out.
In 2017, his business banked $3.5 million in sales and nearly doubled that number last year.
Despite the continued growth in sales, he revealed the decision to limit himself to an annual salary of $60,000 so he could invest profits into expanding the business further.
Grant estimates that he puts in roughly 15 hours a week while trusting his employees to handle the rest.