Great sellers are made in Q1. It is (relatively) much easier to sell during Q4 than any other time of the year. Unfortunately, many sellers become so discouraged by the plummeting sales after Q4 that they slow down their businesses.
Q1 is not a time to slow down!
You should be exerting just as much effort in these quarters as in Q4.
Think about it…does it make sense to slow down when it is more difficult to make sales? Does it make sense to cancel subscriptions to paid services? You need all the help you can get more than ever.
So, what can you do during Q1 to ensure that you keep growing your business?
How you can continue to grow once your sales slow:
1. Reinvest your Q4 earnings
If you leverage it properly, Q4 can be the turning point for your business going forward. If you reinvest the earnings you made in Q4, you will be in a good place moving forward.
Million-dollar sellers get to where they are because they worked hard for capital and reinvested it continually. Million-dollar sellers are able to leverage economies of scale to grow their businesses constantly.
I am talking most about reinvesting in products, but you can also consider investing in…
- Better warehouse equipment (if applicable)
- Better tools for sourcing
Without reinvesting exponentially more capital, you will not grow. Period.
2. Diversify your product sourcing methods
If you are 100% RA or OA, I highly recommend you use some of the extra capital (and free time) you will have in Q1 to find new sourcing methods like private label and wholesale.
Do you have to do this? No, but I think everyone should at least see what else is out there. You may be better or prefer one over all others and that's fine, but give yourself a chance to understand your options.
3. Expand to an additional channel to help diversify on Amazon
What!?!? Sell off Amazon? Yes… there is no better time to start to build your off-Amazon business presence than during Q1.
I am talking mainly about Shopify.
Can you imagine being able to “own” your audience and reach out to them at will?
4. Learn more about the Amazon business
Q4 is not a great time to have your nose in books and eyes glued to courses, but Q1 is a great time
5. Make next year the most well documented year of your life (financially)
I have screwed up my accounting for years. It is one of my biggest weaknesses as an entrepreneur. I have cleaned up my act a lot and anticipate 2017 to be a beautiful year for me in terms of knowing how much I am making, what I owe Uncle Sam and what I need to do to continue to grow my businesses.
If you haven't already, look into Shoeboxed.com. I can't imagine selling on Amazon without it.
6. Join me on Facebook and stay in the know during 2017
Q1 and Q2 are great times to up mingle with other sellers. Join me and 6,000+ other at FBA Today.