EntreResource.com is focused on all things small business, but I do not hide the fact that I have a special place in my heart for Amazon FBA.
Roughly half of my income comes from working with Amazon sellers in various ways. The people I have met along the way (other sellers and other service providers) have been amazing and have helped me tremendously.
I wouldn't be where I am today without their help.
The following people know Amazon because they are immersed in it. They either sell on Amazon, provide services to sellers, coach sellers, or all of the above.
I asked each of them to provide their top tips for getting ahead in the Amazon FBA.
If you're a beginner, you don't have to follow the crowd. Many sellers spend all their time and money chasing wholesale and private label products too quickly, and they crash and burn. Instead, start by sourcing products locally. For instance: used text books from libraries, used toys (Amazon calls them ‘collectible') from yard sales, and new-in-package baby and household items from thrift stores. Most other sellers are too afraid to source those ways because it's “beneath” them. I’ll seek those items out, pay $1 to $5 each and sell them on Amazon for $9 to $25 and up. Granted, sourcing that way is not a ‘scalable' business model unless you hire others to do the sourcing for you. But you can still making at least a three-to-five net multiple on your spend.”
Jordan is a long time Amazon and eBay seller and one of the most highly trusted names in the e-commerce community. You can check out his work at JordanMalik.com.
There are many different ways to run an Amazon FBA business. It doesn't mean that one is better than another, just that they are different. I have found it is best to focus on one technique and either master it or give it up before moving on to “something else”. Working on a bunch of different techniques and learning from a bunch of different people often leads to information overload and a business that is stuck not moving forward. Once you have mastered a niche or style of working, then it is time to start looking at more techniques.
Jessica has been making a full time income selling on Amazon for over 5 years, while working less than part time hours. She provides step by step trainings that are easy to follow for anyone interested in the Amazon FBA business. Check out her products and services at thesellingfamily.com
The first thing is to JUST GET STARTED! It’s SO EASY to sit there in “analysis paralysis” with all that there is to learn in the beginning. Get over your fear and START SCANNING/PREPPING/SENDING!
Start with things around your house: books, video games, board games, unopened presents, etc. to free up extra capital. Also, think about starting in areas that you might already have connections with…do you have any access to products that others might not? That could be a killer niche that “the herd” isn’t all looking for and could be easy money for you!
Rob Anderson is a serial entrepreneur who hasn’t had a boss for 12 years and has been selling via FBA for 5! He has helped TONS of people learn about Amazon and making money on his popular Dollar Moves Youtube channel: www.Youtube.com/DollarMoves. His website www.DollarMoves.com is a killer resource of: Tools, Quality Information Products and Services to help the FBA/Online seller!
Stop looking at all the sales screenshots and shipment pics that everyone posts and comparing yourself to them. Use them as motivation, but your only competition is yourself. Are you improving your business processes, making better decisions, buying and selling more? Then keep pushing forward.
If you're really wanting to succeed in making some good money on Amazon, then it all comes down to your mindset. Do you have a growth mindset or a fixed mindset. Those who see failures as opportunities to grow have a growth mindset, while those who are tempted to quit and move on have the fixed mindset. Do you have an abundance mindset or a scarcity mindset. The Amazon seller who expects to find inventory almost anywhere has the abundance mindset, while the person who gives up sourcing for inventory after finding only a few things at the first place they source from has the scarcity mindset. It's amazing how the right mindset can become a self-fulfilling prophesy. You are what you dwell on… So are you focused on growth and abundance? If so, you're more likely to grow and see the abundance of opportunities around you. Your mindset is like the fuel for how far you can go. Anyone can succeed a little by doing the basics, but those who are commtted to a growth and abundance mindset will still be in this business (and thriving) a year from now.
Stephen has been turning part time hours into a full-time income selling via Amazon FBA. In his free time, he and his wife blog about what they have learned during their Amazon journey over at fulltimefba.com.
Get your books in order – from day one! You do not need an overly complicated process to account for your eCommerce business, but be sure whatever you do, you do something beyond accumulating receipts in an envelope and then hoping for a “good year” when your tax return is prepared. Be sure you understand how to account for inventory. This is an inventory based business and as a business owner you need to understand when inventory is an asset and when that same inventory is an expense. Cost of Goods Sold is just that, items SOLD. Keep an eye on your balance in unsold inventory and its relationship to debt. Understand your true cost when borrowing money and when using credit cards. Please hire a CPA. I suggest your CPA prepare your taxes and provide guidance about entity structure and appropriate deductions and exemptions. You should review your financial statements at least quarterly, both the Balance Sheet and Income Statement. Have a plan for growth; not only in sales but in your bottom line!
Anna Hill is a CPA and eCommerce seller. She is the founder of the free Facebook Group, Accounting We Will Go, which currently has 3,500 members. She has over 20 year’s experience as a CPA and has assisted numerous sellers who now have their books in order after working with Anna.
Regardless of if your goal is to do wholesale, private label or online arbitrage, New sellers should always start with Retail arbitrage. It is a lot cheaper to make a $10 mistake than a $2,000 mistake. Use RA as a way to master the way Amazon works, then move up to other areas of interest.
Sara & Mendy Lipszyc are full time sellers and loving it. They are founders of The Million Dollar Ideas Conference, the only fully interactive virtual conference for Amazon Sellers. As well as host of the weekly show “The Coaching Hour with Mendy “. You can find them on facebook by joining their group “race to the million”
Do something you love! Everything else can be subcontracted out. When I stopped trying to handle every aspect of my retail business myself and started hiring experts, in their respective fields, my business flourished. I am lucky enough to shop for a living now and have experts ship my product and complete all of the backend paperwork.
Joann started selling on eBay in 1999 and Amazon around 2007 and was one of the 1st Amazon FBA sellers back in 2008. She also runs a few online sourcing Groups on facebook (Great Sourcing Services).
Do you have desire, good ideas, and an admirable amount of intelligence?
It's not enough. Taking action and hard work will, 99% of the time, help you achieve your goals; just having “potential” will often fail you.
Curtis is a full-time online seller for over a decade with a penchant for small children, beef jerky, and beards. He is also the lead admin of The List, a premium inventory sourcing service.
Learn some techniques or use some tools to gather large amounts of data and use the power of a spreadsheet to help you sort through data to find the best inventory to resell. This can be done through obtaining/compiling lists, getting wholesale lists, data mining or using a tool like OAXRAY.
Todd Noren-Hentz is the co-developer of OAXRAY, which gives you X-Ray vision for online arbitrage.
Consider using the Pack Mentality. Multiple heads are better than one. Surround yourself with other sellers and entrepreneurs. Network, team up, brainstorm. You never know what can come out of it. Don't settle for just buying and selling, that gets boring.
Ken Szovati is an Amazon Seller, Entrepreneur, and Author, and is the Creator and Co-Admin of Reseller Central.
Know your numbers! Whether it be researching possible winning products or knowing what your profit REALLY is. Also don't get caught up in thinking you need a certain software or access to a certain resource to succeed. Amazon gives you more than enough to get started, so just start.
Ry Rice has been importing for over 11 years. She has sold on Ebay since 2005 and has sold on Amazon for the past year. She has leveraged the power of online selling to quit the job she hated. Follow Ry at ryansfbajourney.com.
Know your limitations, and replace yourself in your weak areas as quickly as possible. If you are good at sourcing and horrible at accounting, you would be much better off outsourcing the bookkeeping part of your business before hiring an additional shopper. Put the people in place early that can support your growth strategy. Greg Purdy is a serial entrepreneur who has worked full-time in Ecommerce for over a decade.
Network with others doing the same thing you are. We can't live and do business in a bubble and expect to be successful. Get out there and establish relationships with others that are doing the same types of things that you are. Don't be secretive, share both your struggles and successes. The knowledge you can gain from others will push you and your business to new levels.
Travis Ross sells on Amazon, is the admin of several FBA Facebook groups, and the co-creator of the upcoming Rocky Mountain Reseller Conference. Find out more at http://resellerconference.com
So you want to have instant Amazon success without learning the fundamentals? Good luck! Take the time to build your business with solid information and surround yourself with smart, positive sellers.
Nathan is a passionate Amazon seller who majored in finance, became a fully-licensed financial adviser, and built a successful Amazon business at the same time by the age of 22. He is co-creator of the training program Slamazonbros.com
The beauty of online selling is you are not tethered to a brick and mortar store. Always look for ways and resources to perform your business activities ANYWHERE. Use resources like Wi-Fi hotspots, inventory prep services, mobile tablets, Google Drive & Google Sheets apps, Evernote, etc… Set up a system where you can source at any time at any place with OA programs like CyberMonkeyDeals, OAXray, VA lists, RA scanning/listing apps, etc. Sourcing doesn't need to be a full day activity if you have good resources. You can still scale your business part time with the right systems in place. Pay for the tools, delegate what you can, and work at it every chance you get…from any place on the planet!
Stop looking for the Amazon success secret, the secret is mastering the basics. It just like weight loss, there is no secret, no magic pill, it's the basics, eat less and exercise more! Buying another course or joining another group will NOT suddenly make your business successful. Business success requires mastering the basics. There you go, that IS the secret.
John Lawson is an e-commerce coach and renowned speaker on all things related to the subject. Visit his latest project www.Ecom360Summit.com.
What has helped me become the most successful is action and accountability. Learn something, practice it, and put it into action. Don't let fear stop you from taking small steps. Consistent action steps produce big results. Accountability is EVERYTHING. Find someone who will keep you accountable.
Creator of Mommyincome.com, Full time Amazon FBA seller, author, mentor & business strategist.
The first step to success is to accept responsibility for what you have or don't have in life. If you are blaming anyone or anything for your lack of success, then you aren't ready to succeed. Next, don't listen to the advice of unsuccessful people. That is most likely all the people you work with and probably everyone you hang around. They don't know jack about success if they ain't got it themselves. Don't be afraid to pay for knowledge to fast forward your success. If buying a $10 book or $100 Udemy course is keeping you from starting or moving forward, then you're wrong and you're not ready for success. Don't think you need to know every single detail before starting. Being anal or a perfectionist is the path to failure. Take the first step, make mistakes, learn from your mistakes and that is how you grow. Network with like-minded people. Try to get into a mastermind and once you find one, try to be the dumbest or least successful person in the group when you join, that way you have people to learn from. Don't feel guilty when you have success. It isn't your fault that you are smart or work harder or saw the light when others didn't. You are no longer part of the masses and everything is different for you. And finally, realize that life isn't about making money. It is about family, friends, and experiences. Money is just a tool to help you have the time for all of those.
Jason runs Arbitrage411.com and is a former “30 year and out guy” that turned into a “99-weeker” and now a full time FBA seller.
Stop trying to copy other people's success. Don't try to be something that you're not. Figure out what you are good at and be the best at that. And stop hanging around toxic people.
Chris Green is the co-founder of ScanPower and author of Amazon Best Sellers Retail Arbitrage and Online Arbitrage
Live life with a dangerous wonder. Be like a bride married to amazement and like a bridegroom take the world into your arms. Do not end up simply having visited this world. Live with passion and purpose.
Andy Slamans is a full time Amazon seller who sold over $1,000,000 in products on Amazon in 2015. Follow him and his fellow-seller/nephew Nathan Slamans at www.slamazonbros.com
Don't be afraid to take some risks. If you are thinking about an inventory purchase and debating what to do, just go for it. You will learn so much more by buying it, regardless of the outcome, compared to leaving it behind. Don't risk more than you can lose when doing this, but testing things out first hand can lead you to finding profits that you otherwise would have missed out on.I have gone for it in these types of situations many times in my business, and if I hadn't taken some of these chances or tested the waters, my business would not be where it is today.
Ryan is a full-time seller and documents his journey at onlineselingexperiment.com
Write down your goals! If they are not written down, then they are just dreams. Putting your goals on paper will help you develop a clear sense of direction. It will also motivate you to take action and help enable you to track your progress.
Brenden Sullivan is the President and Co-founder of Prime Zero Prep, a pre-fulfillment center that aids Amazon sellers in the packing and shipping process.
Learn to create your own listings. Not just the mechanics but the elements of successful listings. You don't have to jump into a private label to do this. There are so many items that are not on Amazon. Think of all the things you scan and are not there. I've literally earned tens of thousands of dollars from seasonal bundles and clothing listings.” Also, “Make friends. A lot of people approach networking with the wrong attitude. It's about being generous and getting to know people. PM someone, ask for their phone number and just say hi. Get to know each other. You do not need a conference to do this. I love my Amazon seller friends! They have made my whole life so much better and my business so much more profitable.
Cordelia is an Amazon seller and co-founder of ScannerMonkey.com
Take all of the lists you’ve previously searched and discarded. Identify all of the items you overlooked because the sales rank were missing. RE-research those items. Maybe some have changed rank and have a better BSR. Now, find all of the ones that still have no rank returned. Look at those with the best margins to see if they have a large number of reviews. Chances are that they are selling well but just don’t have the rank being displayed due to an Amazon glitch. Be sure to sort by number of sellers so you choose the items with the least competition. Take the very best items you find and follow them upstream and contact the manufacturer directly.
Know your hourly worth and then buy time, you can make as much as you want in this business as a function of your time, so if you can pay someone else to do it for less, buy all the time that you can, spend this time on the most profitable activities, new creative directions for the business, or to do things with your family…. Which is why we all wanted to start our own business in the first place, flexibility to do what we want when we want with those that we care about.
Mitchell is a full-time seller who specializes in retail arbitrage.
Don't be afraid to partner up with someone and share your ‘secrets'. You'll never imagine how much further teaming up with someone will take you as a team.
Part Time Amazon Seller and CoFounder Elite Product Sourcing
Don't sit there and think about what you can do. Do it and then reflect on the experience.”
Chris Wilkey is Co-founder of www.fbamaster.com and cat lover.
For more Amazon FBA related tips, tricks and conversations, check out my FaceBook group FBA Today.