Matt Kostan from Microbranders.com shares his 5 tips to creating your own micro brand on Amazon. Matt has sold over seven figures on e-commerce sites and is sharing his tips so you can build a profitable business online, too. Read More
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.
Should you focus on one product or try selling multiple projects on Amazon FBA? Discover how to build a successful business with Amazon – FREE Training Series.
We’re going to teach you exactly why focusing on more than one product at a time could be deadly for your business and the three questions you want to ask yourself to know if you can handle selling more than one product at a time.
#1: Are you a beginner, or are you an established seller?
Because if you’re a beginner, you know, your priority is to learn Amazon. There’s a lot of things that come when you’re learning the platform, you’re trying to understand how Amazon works, all the tools Amazon has, and you will find that it’s overwhelming at first. You start missing things and, you know, there’s a lot of terms of services with Amazon as well that you have to be on top of, so if you’re trying to learn this as a beginner, starting with more than one product? That’s a considerable risk.
You need to understand what it is you’re learning, and your priority is getting your product up and selling, and once you get it selling and start to get it established, well, then you get to another level.
It’s a relatively simple business model. Especially with Amazon FBA, they make things so much easier, they take a lot of the equation, versus in the old days, pre Amazon FBA, and you need to give yourself the time to learn these things and adjust and learn the ropes, and that’s why you start with one product, to learn the ropes. Once you start getting better then you can do all kinds of crazy stuff, but until then keep it simple.
#2: What are your budget and capital?
Because you don’t want to tie everything up, because then you have no room for marketing, and the other end of that is inventory, because what happens if you run out of inventory?
Bad things happen, your rankings plummet, and it’s harder to get back to where you were, so you lose traction, it’s like one step forward, two steps backward.
Another thing to think about too is if you’re brand new you’re going to do your best to estimate things like shipping. You’re going to do your best to estimate packaging and all those little things that go into making your listing, photos; you name it. So it’s best to give yourselves a little bit of padding.
#3: How much time do you truly have to focus on this?
Because time is money, time is a resource, you’ve got the money resource, and you’ve got the time resource. Some people have more time than money; some people have more money than time. Chances are if you’re starting this business, you’re probably someone that has a little bit of time, you’re probably working a job trying to get something going, you know, and we all did that.
I remember, what I used to have to do is I’d wait until my family was in bed and then I’d get back up out of bed and work a couple of hours. You try to get that time in there, and you need to be as focused during that time as possible. You want to make sure you shut off all distractions. And if you’re sitting there trying to manage multiple products while trying to learn the new platform, trying to set up marketing for different products, trying to do all of these things, and it’s divided over multiple products, you’re not going to be effective.
If you wanna learn more about selling on Amazon, we have an excellent course for you, free training 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.
People often come to us who are already selling on Amazon, and they can’t figure out why they can’t make any sales. They maybe did some marketing on Amazon, and they couldn’t figure out how to produce consistent sales.
We’ve seen this time and time again, and the number one reason why people are struggling to generate sales on Amazon is that their listing is no good.
Your product page on Amazon is what we call the listing. If a seller is not getting consistent sales, it is usually because their listing page is terrible and then they’re trying to run ads, and they’re trying to send people their terrible page. And they don’t understand why nobody’s buying.
This is your store. This is what people come to 24 hours a day, seven days a week, every day of the month to buy your products. If your page or your virtual store on Amazon doesn’t look as good as it possibly can, then you’re missing out on sales every single day.
Yes, so you could take say this is the product you want to sell which is a makeup organizer pretty basic product. We’ve pulled it up on Alibaba which if you’re not familiar is just a supplier sourcing site where you can go out there find suppliers and buy inventory from, and they can create your brand and that kind of thing. So we found one over here. It costs about five dollars or less to get these.
We talk about the certain parts of the listing of the page you want to pay attention to. Number one is going to be your pictures. You want to pay attention to the title then the bullets. And then also to the description at the bottom. This seller has checked all those boxes, and it doesn’t take a lot of time to do that. It just takes a little bit of planning and a little bit of knowledge that you’re learning right now to create a great listing that others will want to purchase from.
One last little tip: if you’re wondering how could I compete with that product’s already got a good number of reviews? They’ve done an excellent job with their listing, but they haven’t done a great job with some of the other aspects. Their packaging isn’t that good, and this instructional manual was also not very good. It’s not even written in very good English, and it’s just not a great experience for people.
If you already sell on Amazon or you want to sell on Amazon and plan to in the future make sure that one of the first things you do whenever you start selling your product great high-quality product photos.
Do some lifestyle images. Look at some good examples on Amazon and then create the rest of your listing. The bullets and the description and the title; make sure all that’s done first before you start worrying about traffic on Amazon. Get the listing right first then worry about traffic and make everything way more efficient, and you’ll waste less money.
If you’re interested in selling your product on Amazon check out our free training series where we go over everything you need to know from not only why is Amazon the source that you want to start with but also how to find products how to source those products. More importantly, how to launch those products in front of millions of active buyers, take care and check out the free training series now.