There are many ways to make money on Amazon…and many ways to be right.
And, to paraphrase the father of capitalism in China, the great Deng Xiaoping
“….It doesn’t matter if the cat is black or white as long it catches mice, it is a good cat.”
It’s about what works. So, here then are the 6 rules that have worked best for me…
- Thou shalt go for the smallest MOQ’s (Minimum Order Quantities) possible when ordering your first product. Later on, once the product’s a proven hot seller you can scale up in order to get cheaper prices. But start small – ideally 100 units or so – for your first test.
- Thou shall go into non-competitive markets. There are many ways we determine this. But one way is to simply look at the listings on the first page of Amazon for your product. If there are many competitors with great reviews, great listings and photos etc. then it could be tough going. Keep looking. Very hard to knock big established sellers off the perch.
- Thou shall brand with a ‘high end’ look and feel. I add “high end” branding to my products and make them high quality and I price them high. There are many people who shop exclusively in this part of the market. After all, there are over 10 million millionaires in the USA. I’ve found my profit margins can be much higher this way.
- Don’t rely on Software alone to find products. My students and I go through a multi-step product selection process, of which software validation is just one step. The reality, is no one really knows Amazon sales data except Amazon – so the results are ‘indicative’ only. I’ve seen many examples of software getting it wrong. So, use the tools with this in mind.
- Thou shalt launch multiple products. You never know for certain which product is going to be a big winner, because as mentioned, the software results while indicative are not accurate. So, test multiple products – with small orders – till you find the golden gem.
- Thou shalt be persistent. Like anything worthwhile, you’ll run into challenges in launching your Amazon business. So, when you hit a brick wall, go under the wall, go over the wall, go around it. But don’t let it stop you – because the prize of making great income from an Amazon business is worth it!
Hope that helps in launching your Amazon business!
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