Starting the Amazon Seller Journey!
I know I've talked about planning for about two weeks, but it's time to put my plan into action!
Plans Are Useless Unless Acted Upon
An issue I have with pretty much anything is not starting something, but it's going from planning into executing a plan. Since it's Amazon, money is involved, so you can imagine how much stress is on me. What I decided was to start finding a product and start finding ways to improve it.
This process is a lot easier than I thought. Even though it'll probably be a month to a month and a half before I buy a full stock of something, I decided to start at least getting into the mindset of going forward, even if everything is not perfect. Plus, I might need more time than normal to find a product, since this is my first time doing this.
It Can't Hurt If There's Nothing To Lose!
Really, the stage I am worried about is actually getting my supply, but I have a long ways to go till that. Since I am doing research, the only thing I'll lose is time. Even then, this is time spent exploring and training a new skill that will help me later on, so is it really lost time? Plus, if I find multiple good products to sell, then I can build up my business faster!
How Am I Doing Research?
I am using a Google Chrome extension called Jungle Scout. If I look up something on the search bar, and stay on the results page, I can see things like how many sales the products have gotten per week, how much revenue they are bringing in, and more things like that.
Basically, I'm analyzing the data and looking for lower competition product searches that still can make about 10,000$ in gross revenue a month. An easy way to see if I can make a 10k /Mo product is to see if other people are making 10,000$.
The second part takes a lot of time. If I find a good product, I need to read the reviews of my competitors, and figure out what I can improve what they are doing. I have to wait to talk to suppliers, as I am still saving money to buy my supply. And I still need to find a product ;)
Great write-up and good luck with your business. Thinking of getting into Amazon myself. Is Jungle Scout free?
No, the main version is 97$, and the super pro version is 197$.
I'm interested in how selling through Amazon this way works. Are you buying your stock in bulk and reselling at a markup? Is it more like best buy where they get a small percent of each item sold? What type of products are you focused on?
Good luck!
Product wise, I don't know yet. I'm still figuring that out. For selling, I am buying in bulk, whole sale from a factory somewhere. I basically buy it, send it to Amazon directly from the factory, and Amazon takes care of shipping. They get a tiny cut, but I set the price and basically control how much profit I make.