I spent the vast majority of this semester looking for a Subject Matter Expert to interview from the Inc. list that was provided in the assignment description. After waiting far too long to hear from anyone, I had a mini-revelation! I have been reading all the posts from people who are already running their own business, but I don’t have one myself. I decided that, while I was studying in the ME program at WCU, I should try to start a small side business so that I can put these teachings to work, for real! I was listening to a podcast about being a “10% Entrepreneur” and these are the folks who have a day job, but do something on the side until they get the hang of it and then work on growing it once they’ve mastered the basics. This is the type of entrepreneur who is in no hurry to quit their day job. I fall into this category because I really like what I do right now, but I know I don’t want to be an employee forever. With that being said, I started reaching out to YouTube personalities who focus on Amazon FBA and ones who grew their “brand” from basically nothing to, probably, the most popular channels in their niches. I had no luck on that route either, but I did want to post something for this assignment. While I never actually interviewed anyone, they post so many videos with valuable input about growing your business, or your brand, I learn a lot each time I watch one of these videos. I felt like I could post a summary of the things I’ve learned about scaling an Amazon FBA business because I will be starting one in January once I get a bit of capital.
One YouTube “Instructor”, Adam, runs a channel called Homemade Entrepreneur. He has been working in Amazon FBA, YouTube, and Private Labelling for some time now. He has plenty of experiences to share and valuable insights.
When it comes to growing an Amazon FBA business, there are several tips that he gives. One is time. Time is valuable because what you put into the business is what you will get out of the business. When becoming a reseller, sourcing will become a big part of how you conduct business. Sourcing is going out and finding the products that are profitable. Using the Amazon Scanner app, and even a portable UPC scanner, you can scan products while you’re out sourcing and see information regarding the product you are looking at. This will help you to determine whether or not you want to take a risk on this product. He also says to use lists when starting out. You can purchase lists or hire virtual assistants to let you know which products are selling well for the week or the month. This will help to ensure that when you are selling a product, you are getting the margins you are seeking. Adam goes on to mention that you should be aiming for 30-40% margins on items you want to flip quickly. For items that you are willing to hold on to for a while, you should be aiming for 80% margins. On another channel, called FBA Rockstars hosted by Coach Chaz, he says you should be looking into opening more than one store…meaning, open an eBay store for items that will sell, but don’t meet Amazon’s quality standards or aren’t in boxes. On amazon, unboxed items sell for less than they do on eBay. Chaz also says that ordering bulk pallets are a great way to learn about products and how they can sell. Building on this principle, finding a niche can emerge from selling different types of products. Once you find a niche, you can think about private labelling. Private labelling is buying products from manufacturers, putting your branding on it, and selling it from your own store or website. This Is a great way to expand and grow your business. Following these principles, any FBA business owner has a proven path of success…it’s up to the entrepreneur, at this point, to put in the hard work and effort to make sure the business grows.