Questions

Hey, I assume you are just getting started with Amazon FBA as this is a pretty broad topic. I've sold on FBA for almost 5 years. It's mostly been a side hustle for me, but the extra income has been great!

First off, you should determine how much you can invest initially. You can get started with as little as $100 but it will take awhile to get traction from there. You'll have to source, ship to Amazon, sell products, and collect money (Amazon pays out every 2 weeks for pro accounts). Then you start the process over while hopefully reinvesting profits to source more products.

Next, figure out how you will find products to sell (called sourcing). Most beginners practice retail arbitrage by going to local stores, scanning products, and buying ones that are selling at a higher price point on Amazon. Clearance sections are a good place to start so you can get a few wins under your belt and build confidence. For scanning, there are paid apps like Profit Bandit but Amazon has a one you can download and use for free, which I would recommend. There's also online sourcing and private label options as well.

Do your research to understand all of the nuances to selling on Amazon: fees, sales ranks, pricing strategies, and keeping inventory in stock are a few I can think of.

As your budget allows, make sure you are always buying and sending inventory to Amazon so you can keep selling. The quickest way to stall out is not sending inventory to replenish your stock.

Don't forget to track your business costs (mileage, shipping supplies, Amazon fees, etc) for tax time.

Hope this helps you get started. If you need some more information let me know and we can set up a call to discuss specific strategies for your success.


Answered 8 years ago

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