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 wondering how to put more money in your pocket, keep reading! We’ll tell you why your Amazon business is struggling and how to fix it to get sustainable sales!
Here are reasons why your Amazon business is struggling and how to fix it:
#1: 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.
#2: 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.
#3: 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. This is a possible reason why your Amazon business is struggling.
#4: 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.
#5: 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. Planning for success will bring you success.
WE hope this helps you possibly find out why your Amazon business is struggling and how to fix it!
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.
Matt Clark is the Chairman and Co-Founder of Amazing.com, a serial entrepreneur, and investor. He’s been featured on Forbes, CNBC, and Entrepreneur.com.