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.
Isaac Kuhlman and Kirsty Verity, two successful Amazon sellers with over $10 million in sales, share the top reasons why you’re struggling to grow your Amazon business and achieving the lifestyle you want. By avoiding these reasons, you’ll be able to make money on Amazon, stop working for someone else and have the lifestyle you desire.
- You think you don’t deserve it. The fear of failing is a big obstacle when it comes to selling on Amazon. Stop believing that you don’t deserve the lifestyle you want – start believing that you can. You do deserve the best things for yourself in life.
- Thinking it’s impossible to achieve because you have no plan to get there. The adage, “What’s the best way to eat an elephant? One bite at a time,” appies when wanting to sell on Amazon. You need to commit to a plan, so that you have steps to take each day to reach your goal.
- You’re too comfortable to push yourself. You might have a great job with a great salary and you don’t necessarily need to start an Amazon business. But if you commit to yourself that this is the thing that you want to do, you can fulfill your dreams.
- You can’t commit the time to fulfilling your dream. You tell yourself that when something happens, like your child graduates or you receive your pension, that’s when you’ll start. There’s no time like the present to living the life you deserve.
- You know you will make it happen someday. Someday never comes. Take action today and follow the people who have had previous success, like Isaac and Kirsty.
- You don’t think you have the talent or experience. You need to be willing to fail, willing to make adjustments and willing to continue to move forward. Perseverance overcomes experience or talent. A strong enough why will lead to success.
- The only thing you’re confident about is that you don’t have confidence. Do small things everyday that will bring you closer to your goal. Commit to doing just 1% more every day for 30 days. In that time, you’ll drastically increase your output. This daily action will breed a result, which leads to confidence. Celebrate your little wins each day.
If you want to learn how you can take back control of your Amazon business and achieve the goals you desire, check out Amazing Accelerators, a course designed specifically for Amazing sellers to transform your business from floundering to prospering.
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.
Are you struggling to find a product to sell on Amazon? We’re here to help and will show you how to easily find a winning product to sell on Amazon.
We found this cup holder mount on Amazon in just a few minutes. And it sells about $76,000 a month right now. We want to show you how to find products like these so you can be successful selling on Amazon.
The first step in Amazon Product Research is to jump over to Google and search Amazon Best Sellers. What you can do to start is start digging do these subcategories. And so we’ll click on one of these categories cell phone accessories, for example where we found this then we can go to accessories then car accessories and maybe we’ll stop there.
There are only five things you need to look for when you’re looking for a great product opportunity on Amazon.
The first one is the price we wanted to be somewhere between 17 and 70 dollars too low you won’t make enough money too much. It’ll cost too much in your first set of inventory.
#2: Best Sellers Rank
The second criteria then are the BSR or bestsellers rank. And that’s how well a product is selling on Amazon. The lower, the better it sells, the higher, the worse it sells. And we like that sweet spot of 400 to 6000 in BSR.
The third criteria, then, would be the weight of the product. We recommend products are only five pounds or less.
The fourth criteria are going to be the number of reviews you find on a product. Our criteria are trying to look for products that have less than 1000 reviews.
#5: Build Your Brand
Then the fifth criteria is simply making sure that you can build a brand around this product. You can own the brand, and we call that private label potential.
As you can see here, multiple products meet these criteria — this one at the top. We’ve already pulled it up. But this one does about six hundred thousand dollars. And so when you look at a product like this, this is how we initially find opportunities, and this is how we found this one.
We teach people how to optimize our listing. You can check out some other videos on our YouTube channel that’ll show you more about that. These photos are not great. They have a lot of room for improvement. Their bullets aren’t that great. Their title could probably use some work. They have less than 400 reviews, but they’re crushing it.
This one sells for around twenty-nine or thirty dollars thirty-nine dollars. You might think that it’s going to really expensive to get going with this product that your inventory order is going to cost you a lot of money was Matt’s going to film right now the dollar investment to get going for even a product like this is very reasonable.
This is kind of product you could put your brand on then all of sudden you’re one of the products that are ranking over here you’re one of the products that are producing all these sales. And so that is how you tap into that opportunity on Amazon. You know they’re doing hundreds of billions of dollars a year now in revenue, and there are tens of thousands of products out there that you can go out there and sell in the U.S. and some of Amazon’s international platforms.
So this is the first few steps of this business finding a good opportunity than finding a supplier so you can create your brand, which is a critical part of this whole thing. Don’t go out there sell somebody else’s brand. That’s how I started in e-commerce and quickly got away from it fortunately and started selling my brands, and that’s the model Mike’s use to do very well and all the other people that we’ve taught so absolutely want to sell your brand.
This is one product that we found in a matter of a few minutes, and there are thousands of products you can find just as quickly as we did if you want to follow the same system that we’ve used to build our businesses here for sure.
There’s a huge misconception that it takes a lot of capital to start selling on Amazon. Discover how to build a successful business with Amazon – FREE Training Series.
How Much Money Do You Really Need To Start Selling On Amazon?
We have two products that we’re going to show you that can both be sourced for as little as $500, and they do crazy amounts of sales on Amazon.
One of the things that I love about Amazon is that it allows you to start wherever your budget is. Now, we never recommend starting with too big of a budget because when you’re just getting started, you want to reduce the amount of risk as possible. But you can get started with as little as only a few hundred dollars up to as many thousand as you want. It’s just going to depend on how much research you do looking for those products that’ll give you that minimum order quantity.
Let’s talk first about this stethoscope right here. This product sells for about $25 on Amazon, but it does almost a million dollars in sales a year.
Even though it’s selling for 25 and doing over a million dollars a year in revenue, the cost to source this product and buy it yourself: $1.30. They sell it for 25.
The challenge with this is a lot of people look at this, and they wonder, where are you going to find these products? How are you going to source these products? It’s so easy, you use sources like Alibaba, and you can source these products so quickly, start communicating with the manufacturers right away.
For under $500 guaranteed you can get started, well, with both of these products. But a top-selling product that sells over a million dollars a year, getting started for under 500 bucks.
This product, the Finishing Touch Flawless Brows is selling for $20, and you can source this for less than $2. And this product is making almost $1.4 million a year on Amazon.
When we’re talking about getting the suppliers and paying less than $500, there’s not a lot of expenses on top of that. So, when you’re working with the manufacturer, they’ll work with you to be able to create the packaging, to be able to create all the branding, and then you pay, it’s usually about $1 per unit to be able to get it shipped into Amazon’s warehouses. So, really, under $5 you’ve got this product in stock at Amazon that you’re selling for 20, $25 a unit.
Almost every supplier that you’ll find on Alibaba will have some predesigned templates for you. They’ll ask you for your brand name. They’ll go over some options with colors.
Using a product like this, you look at, they have very nice packaging. You don’t need to start with that much detailed packaging. You can begin very plain vanilla, get your product up and selling. Make sure that the consumers want it, that it starts selling.
Another great thing about these, you can quickly build another brand out of it. So, this is one beauty product. There are probably hundreds of other beauty products you could source, maybe from the same supplier. Same thing with any medical equipment. It’s so easy to grow and scale your brand once you’ve picked that first product. But you have to get started to make it happen.
We have a free training series where you can learn the in and outs of being able to find products to sell on Amazon. It’s a six-part training series where we talk about not only why Amazon is such a great opportunity, but also how to find the products to sell, how to find the products, the sourcing, the manufacturers to source those products, and, more importantly, how to launch your product to millions of buying customers on Amazon.