Some goals are stupid. We hear people say that it can be true. In this episode, we talk a bit about our obsession with goals and also about the importance of setting clear buying criteria.
We believe that everything in our business has to have a level of intentionality. I value the time with my family, my friends, and hobbies to waste time working in my business just hoping it will work out. Goals in my business allow me to focus on the activities that will help move the dial on bringing in the revenue and building the infrastructure for my business to be healthy and profitable.
Having clear goals and buying criteria allows me to make results predictable. Being clear on my buying criteria lowers the number of bad buys that I make, how much will I need to do in my business, and to make sure I generate the income I need in my business.
Now you might say, “setting a buying goal is dumb! You have no control over how much inventory you find!” That is true, however, by having clear buying goals allows me to set up the actions I need to take in my sourcing to make hitting my buying goal predictable.
Our buying rules for inventory for our Amazon business also helps us to reduce the bad buys that we make. It allows us to consider before we get into the store if our buying criteria even make sense. While looking at ROI is important we also need to think about a minimum profit per item since 500% ROI on a 50 cent item isn’t very much for having to label, prep, and pack an item.
We also look at the source. Is this a national sale, it is easily found, what is the scarcity level. This allows us to take in special consideration circumstances. This stops us from emotionally sourcing and to get increasingly jaded in the inventory that we buy.
Sourcing and building your business with intentionality helps make sure that you focus on the sourcing models, buying criteria, and sources that you need to get the results that you want long term from your business.
We have extensive information about sourcing skills for Amazon in our Unstoppable Amazon Academy. Membership starts at just 49.99 a month! You can find out more at BestFromTheNest.com/academy
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