Amazon is an ever changing platform. What you were doing six months or a year ago doesn’t necessarily apply today to bring you success. If you’re struggling to put money back into your pocket, these 5 reasons could be why. And we’re going to tell what you can do about it to grow your Amazon business and be a success.
The products selected don’t have a great return on investment. Products with a seemingly high profit margin can be deceiving. There could be high minimum orders, which ties up thousands of dollars and delays your profit. You need to focus on your cost of goods, how much stock you need and understand your cost structure.
- Financial management usually in disarray. Most people are focused on top line sales but you need to focus on how much profit you make each month. That’s how you get money back into your pocket.
- Spending money on things that are not needed. Some subscriptions or services claim they can cure your business, like a keyword or email tool. But after you’ve purchased, are you really using the services? If it’s not building an asset or creating a return, cancel it.
- Starting to sell random products. Trying to find that one product that will make you a millionaire will lead to an inconsistent portfolio in multiple markets. By not selling to the same customer and needing to start over with each product, you’re doubling your time and spending. To be successful on Amazon, you need to focus on who you are selling to and not what you’re selling.
- Not knowing how to properly plan for success. Focus on your goals and engineer your daily tasks in order to achieve those goals. Business is organic and knowing how to combat change is the best way to success.
If you want to learn how to take back control of your Amazon business, check out Amazing Accelerators, a program designed specifically for Amazon sellers to transform your business from floundering to prospering.