Many people still believe that selling on Amazon is an easy way to make money and a create a passive income.....
I blame the twenty-something year old YouTubers posing on the beach, claiming to make seven figures working part time...Because they learned a secret... that they'll teach you as well....by simply "investing" in their special system.....for just a few grand.....
In the words of Dr. Evil from Austin Powers: "Riiiiiight!!"
FACT: The average Canadian Amazon seller has less than $5,000 cash on hand to invest into inventory. And also work full time. Yet somehow, they expect to be able to quit their day job within six months and live the FBA good life on the beach sipping a cocktail.....
Errr, sorry it ain't happening.....
REALITY CHECK: Amazon FBA is a side income at best for most people. Nothing wrong with that though!
Full-Time Amazon sellers like myself are the exception.
I decided to take a risk and borrow from my home equity to scale my business. And I was highly persistent and reached out to so many people, consistently, while also doing a lot of online arbitrage to keep sales coming in while I added wholesale accounts.
I also HAD to make it work because I didn't have a fall back option. I had no job when I started selling on Amazon. So my hustle was real. Not an option.
In fact, those of you with steady jobs doing this are lucky. You have security. And a steady income. That takes away a lot of the pressure. And it will likely also prevent you from being insane like I was and going all in. That's not a bad thing though.
But please, be realistic. Selling on Amazon isn't going to make you rich in all likelihood.
And do you really want to replace a job with relying on Amazon for your sole source of income? How could THAT possibly go wrong?!
I diversified from day one, selling on eBay, Shopify and even Craigslist. Then I got into consulting, helping small and large business owners and providing training for Canadians. Which is why you're here now!
But maybe, like me, you're not "typical" and truly believe that you can scale this into a full-time business along with diversifying like I did? If so, welcome to the freak show my friend! Nice to know I'm not the only one!
I hope this post has helped set expectations for you and give you a little more of an insiders view of the realities of selling on Amazon?