We’re going to reveal the seven biggest tips we feel will almost guarantee success with Amazon. Discover how to build a successful business with Amazon – FREE Training Series.
#1: You have to have some capital.
The lovely thing is with Amazon; you don’t need to have hundreds of thousands or tens of thousands. I know plenty of people who started with 700 bucks or something. Now we recommend more, and I think our golden rule we like to use is to have two and a half times the amount of capital you need. So if you put your first inventory order in, let’s say it costs 500 bucks, you want to have two and a half times that amount of capital to account for any contingencies.
#2: You have to have time.
You have to spend a consistent amount, as much as possible. We recommend at least an hour a day if possible, but if you can’t do that, if you find every few days you can only fit in a couple of hours, that’s fine,
Also, you want to be focused during that time. Shut off all your distractions, shut off your phone, don’t be on Facebook, all those kind of things. Focus on growing your business during that time, because you will find the black hole of time happens, and if you only have an hour, it goes by quick, so make sure you’re focusing it as much as possible. Alright, number three.
#3: One product at a time.
It’s probably the best advice we can give, and we get that question all the time, because people are eager, and I get it, I get it. You want to ensure your greatest chance of success, but that is actually by doing one step at a time and one product at a time so that you do things properly. If you’re trying to do five products at the same time when you’re still learning the ropes, trying to figure out all the stuff there is to learn on Amazon; you’re probably going to do five products quite poorly, unfortunately.
#4: Make sure your product’s in demand, and don’t get sucked into following a passion.
Just because you’re really passionate about a product, you really think oh my goodness, this product is going to be the best seller in the world, if you go on Amazon and you see nobody else is even buying a product like that, you can’t find any products like that, don’t start with a product like that.
We know Facebook ads and all these social media platforms, any advertising, is always evolving and changing, and you have to recognize that it’s going to be part of your life. In the old days, we could find products, throw them up on Amazon, and they would do well. Does that still happen? Sure, but it’s an anomaly, I wouldn’t expect that.
#6: Know your math.
I’m talking about knowing your profit, your return on investment, your inventory cost, your shipping cost, and learn to use spreadsheets. Learn to use just basic free ones, like Google Spreadsheet where you learn your math. So vital, the people that succeed on Amazon, they know their numbers.
If you don’t have the right attitude, don’t expect good results. We’ve talked about this before. When we both started these businesses, we’re doing other things, and we’re just squeaking the time, but we had that right mindset. We knew we weren’t going to fail because we were going to put the right effort and the right attitude towards it, and you have to ignore what other people say.
If you want to learn more strategies, more tips, more things to be able to help you grow your Amazon business, check out our free training course at AmazingSellingMachine.com.