In this episode, we are going to be talking about the foundations of selling on Amazon. If you have been thinking about selling on Amazon this episode for you as we focus on the basics of starting your Amazon business and are picking sourcing models. If you are already an Amazon seller and have income coming in, then you probably have been asked by others how to start their own Amazon business.
Don’t worry there is some information that would apply toward existing sellers, especially if you are looking to move to another sourcing model (about minute12 in this episode).
When you start to sell on Amazon that you begin with used books and that you focus on getting your first thousand dollars in sales. We recommend that you do not jump straight into Wholesale or Private Label sourcing until you have had some experience. You will make mistakes on purchases, even if you have thousands of dollars in startup capital, you want to save the bulk of your money for when you have a better grasp on exactly what will be profitable buys. This method allows you to make your mistakes on inexpensive inventory. If you start with wholesale sourcing or private label (importing items from China) plan on making at least $500-$5,000 in bad buys in the first 6 months.
Selling on Amazon is not get rich quick. It is a real business, and it takes a lot of work. Even if you are using a prep service, so you are not “touching” your items, it will take a lot of time to vet the right inventory to purchase. Selling on Amazon is simple- it is buying low and selling high. However, it isn’t easy. It requires consistent work over time.
Today we are also talking about how to decide which sourcing methods are right for different people depending on their personality type and available capital.
We also don’t recommend that you start with expensive coaching. The best way to learn the early steps of getting started on Amazon is to follow some step by step tutorials (we have that a bestfromthenest.com/startfree), and you get on the court and take some action. It will be tough to get a good return on investment from a significant investment in a coach to get started on Amazon as it will take you some time to get enough momentum to be able to financially benefit from an Amazon coach.
Amazon has given me a life I could have never imagined. There is so much opportunity. Before you begin to start to think about what you want your business to yield. As you are getting started you want to make sure that you are following teachers that, as Dave Ramsey says “has a heart of a teacher,” but also have similar ethics and goals for their business as you have for yours.
We also talk about the different type of sourcing models (used books, retail arbitrage, online arbitrage, wholesale, and private label) and things to consider about each model. This section of the podcast is good to listen to even for advanced sellers. We also touch on some of the pitfalls of going straight to more advanced sourcing models (wholesale and private label).
We also focus on what we look for in inventory and some of the considerations, especially if you come from a retail or google background.
We have extensive information about selling on Amazon in our Unstoppable Amazon Academy. Membership starts at just 49.99 a month! You can find out more at BestFromTheNest.com/academy
Just getting started on Amazon, let us help you begin your Amazon business for free. We have a free getting started guide at Bestfromthenest.com/startfee