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RE: Mastering the 40 Minute Work Week
You know the hardest part for me (which is also one of the most important parts)? Calculating profit margins. I had to kill off one product because it took me a whole year to realize I was only breaking even on it.
Kinda lame 'cause I'm good at the product descriptions, pictures, sourcing, finding a not-too-competitive product, etc.
This is super fascinating. I've thought about sharing my experience on here too but haven't yet.
Totally! Me too! Those FBA fees make it so the profit margin has to be pretty huge to to still be profitable after the fees, but for me, FBA is totally worth it to get the buy box and have them manage each order and customer service. But yeah, there was definitely a steep learning curve when I started!
Lol I've been doing it for three years 😂 still end up miscalculating things haha. You're totally right though, over time I've had to change things. One product I used to be able to sell for $15 I can't for the life of me sell for more than 6 now. Even with persuasive copy and all that. A lot of people came in and drove the price down, including Chinese sellers using FBA. So time to change products cause you're so so right about the profit margin thing. Thankfully Amazon small and light helps make some difference now for products like that