What does it take to succeed as an Amazon seller?
1) Patience. There's a lot to learn so start slow and build your knowledge.
2) Choosing a path that bests suits your personality and finances
3) Low on funds? Start with sourcing textbooks - You can get these at thrift stores for under $10 and sell for upwards of $50, sometimes $150 USD!
4) Like shopping? Consider downloading the Amazon seller app and start scanning items in store (Retail Arbitrage)
5) Do you like to stay home and use your computer to source for you? I know I do! Online Arbitrage is a great way to find profitable items to sell on Amazon. You shop at retailers sites and have the goods either shipped to your home, or to a prep and ship company so you never have to see or touch boxes. the best part is, the boxes come included.
6) The ability to scale your business with replenishable inventory you can purchase every month? Wholesale is where it's at! This is where I source most of my products.
7) Private label: This is the graduate level of Amazon selling. It's where you have products created for you, or have a somewhat generic product slightly modified and designed with your branding and custom packaging. It takes time to learn the ropes though and there are many things to be aware of before jumping in.
8) Automating your processes: You don't want to be the person doing all of the physical labour in your business. I always tell people to design systems and automate, vs working IN your business.
9) Use prep and ship companies to receive your goods for you. They'll inspect them, label them, package them correctly, even create bundles for you. Then send them to Amazon on your behalf. Free up your basement and let others handle your inventory!
10) Get a GST/HST number: This way you can claim back the GST or HST you pay on all of your purchases. I'm in BC, but get all of my Canadian Online Arbitrage items shipped ot Ontario. Sure, I pay 13% HST vs 12% GST/PST in BC, but I can claim that full 13% back vs only 5% in BC since the 7% PST is non recoverable. On 100,000 worth of purchases, I save $7000 on this alone!
11) Ask questions: Our community of over 4,700 entrepreneurs.
12) Get a mentor: Know someone already succeeding at selling on Amazon? Consider getting them to coach you.
Are you a Canadian itching to start selling on Amazon? Then be sure to enrol in my Seller Academy. My grads succeed! Details here