How To Make It As An Entrepreneur On Amazon
The life of an entrepreneur is not for the weak, and it takes a special dedication to make it out of this crazy jungle. Think you got what it takes? If so, allow us to shed some light on one topic which might interest you, and could very well be your next career choice.
Achieving a six figure payday is nothing more than a dream to a lot of people, but judging from the experiences from top sellers on Amazon, it’s entirely in the realm of possible. Still, how do you do it?
FBA All the Way
The abbreviation above stands for Fulfillment by Amazon, a popular service that changed the face of trading forever. Gone are the days of crowded storage units and long working hours, Amazon does all of the dirty work for you. The only thing each seller needs to do is come up with a bulletproof plan for the future.
In case you choose to work under FBA, Amazon will make sure your items are stored properly, but that’s not the whole story. They’ll also deal with packaging and shipping, and all for a very reasonable price. It seems that it’s never been easier to run a business.
Start Slowly and Work Your Way Up
While it’s entirely possible to start earning six figures from FBA after only one year, take into account that this road comes with a few bumps. Even if you stick to every procedure and work your behind off, you’ll run into some hardships sooner or later. Things aren't all bad though. There comes a point where your business is simply going to explode in popularity, just be patient and make smart choices along the way.
Use Advanced Tools To Your Advantage
Some of these tools don’t come free, but trust me, they’re worth every penny. Because this isn’t a paid advertisement, we won’t go into details and name any names here, but trust me, you’ll quickly understand what we’re on about.
For instance, you’re going to want to acquire a profit margin calculator. These smart programs were developed specifically for retailers, and are very universal for every line of business. By taking into account all the factors, including the base price, Amazon fees, and shipping costs, you’ll be able to find out what your profit margins will look like ahead of time. Truth is, these things aren’t 100% accurate, but it’s worth giving it a look. It might help you when you’re having second thoughts.
Invest Time Into Finding the Right Products
If you have a gift for writing, your items might lure customers with descriptions alone, but more times than not, people already have a good idea of things they look for in a product. You have to be able to find that perfect balance between making instant profit and providing customers with products that have true value.
Honestly, sellers often choose one or the other, and that’s why their business model fails. Even if your items start selling in great numbers, and your profit margins climb through the roof, if the quality is terrible, expect some negative reviews to come flying your way, thus putting the entire operation in jeopardy. On the opposite side of the spectrum, some sellers trap all of their funds into finding the best products out there, but their profit margins are so low that even the slightest of market crashes can shut them down. Finding this balance isn’t easy, but luckily, after a while, you’ll be able to learn how to quickly adapt, and become a shark in your small tank.
Create a Brand Customers Will Respect
Items with strong brand recognition will always be sold in greater numbers compared to other „no name“ products. Our brains are used to recognizing these patterns, whether we’d like to admit it or not. Even stranger, people aren’t opposed to paying more for a well known brand product, even if the quality between the two is virtually identical.
Instead of fighting with the windmills, use this to your advantage. Build a retail website, find a designer to come up with a catchy logo and company motto and strengthen your brand in no time. In the early stages, this might seem like a total waste of money, but if you plan to hit six figures, it’s a must, believe me! Good luck!
Connect with Peter Koch at: Seller At Heart