Blog & Podcast - Page 20 of 22 - Amazing FBA - Expert Info for British Amazon Sellers
Adam Hudson

How Adam Hudson REALLY got to $1 million a year in Amazon sales - Free course on how you can duplicate his success.

Sounds like the usual Amazon FBA claim?  Well, this is different. Why? The "Reliable" strategy. Adam Hudson is a friendly but brutally honest Australian. He's outlawed Bullshit in his businesses. He gives the TRUTH of what works and what DOESN'T in Amazon.


  • FIND OUT  how Adam ACTUALLY built a business to $1 million/year

  • SAVE YOURSELF FROM BS -  what it's like to be in the Amazon business

  • LEARN WHY it's still a great opportunity -even in 2017


1

#21 Money Clarity for Amazon Business Owners – Part 1 of 2

This Episode, #21 ,  is the first of 2 that will deal with the area of money basics and accounting. This episode is about basic principles  – the next will be much more specific to Amazon businesses.

Understanding and dealing with finances can be both intimidating and boring! Not a great combo! Sadly, this is one area of business you really cannot afford total ignorance of. However, once you gain clarity in the basic principles, it is easier to automate, outsource or even eliminate certain processes or records, meaning you get a more stable, safe business while costing yourself less money, less time and less worry.

SHOW NOTES FOR EPISODE #21 -Money Clarity Part 1 of 2

  • Basics of accounting:
  • Books:  Phil Stone: Understanding Small Business Accounting  (Amazon link)
  • Penny Lowe:  (Penny is my accountant and advisor) Understanding your accounts (Amazon link)
    1. Balance sheet
      1. assets
        1. Current assets
          1. cash in hand
          2. bank accounts
          3. INVENTORY!
        2. Fixed assets
      2. liabilities
        1. Equity
        2. Debt
    2. P & L
      1. meaning- change in value of equity
      2. includes value of inventory!
    3. Cashflow
      1. Cashflow vs. profit
  • Types of Accounts:
    1. annual
    2. management
    3. projected
  • Capital requirements
    1. Sources of Capital
    2. Equity
        1. Your money
        2. investors
    3.  Debt
      1. bank
      2. loan from family etc.

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

2

#20 Amazon Private Label Sourcing Mistakes – Part 2 of 2

This Episode, #20 ,  is continuation from episode #18 of my personal Sourcing Mistakes and the solutions I’ve found.

Choosing Suppliers, Communication, handling Financial Arrangements, and  Quality Control and Freight/US Customs can be some of the scariest things for a newcomer to a product-based business. They are also  the source of many of the frustrations and blocks to progress for any Amazon FBA business owner, however experienced.

Here I continue to share with you all the mistakes I personally have made, and the solutions I had to find!

If you have similar stories to tell, please share them with your fellow Amazon sellers, either here, or in our Facebook Group. Let’s help each other!

For a detailed step by step guide to the  sourcing process, listen to Episodes #6-#10, which  are part of the 10-step Amazing FBA Startup System.

SHOW NOTES FOR EPISODE #20 -Sourcing Mistakes

            1. Going to the same place as everyone else to find suppliers
              1. HKTDC
        1. Getting exactly  the same kind of product!
        2. Not verifying supplier hard enough- solutions- checklist
        3. Not checking about details of product
        4. Not getting samples
        5. Not ordering exact model (eg blue vs. black colour) with total clarity
        6. Address errors (continent!!)
        7. Over-long or native-speaker only english
        8. Having only one possible supplier ready to go
        9. Letting supplier change carrier to non-standard.
        10. Not allowing for random delays eg typhoon, suppliers’ supplier (boxes!) delay, customs, supplier gets big order from big customer, hazmat
        11. Picking a product needing or including batteries!
          1. not understanding the technical info for batteries
          2. not getting technical info from supplier upfront
        12. Not getting products inspected in China
              1. At the very least, get them inpsected in the USA
              2. NEVER send in uninspected products to Amazon!
        13. HAZMAT (“Hazardous Material”) or other Amazon technical delays
          1. Not preparing MSDS exemption doc
          2. Not allowing for Hazmat delays
        14. Not allowing for delays by Amazon in receiving goods or Hazmat issues
        15. Not moving other parts of the business forward when sourcing isn’t going to plan
        16. Expecting the Chinese to give a straight answer to a confrontational question
        17. Getting angry about things outside your control. Remember the ideal:

The Serenity (calm) to accept the things you cannot change; The Courage to change the things you can; and The Wisdom to know the difference.

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

#19 Amazon FBA Seller Interview with David Aggiss

This Episode, #19,  is a very exciting first for the Podcast: our first interview!

David Aggiss was one of the first to join our Facebook community and has been a very active member, including taking the initiative to reach out to me and meet up in person at a conference.

David took some great training, and has been very committed to working his business. As you would hope, that has resulted in some very quick successes. Here, David shares his journey, what worked, what challenges he has had to overcome.

** REVIEWS CONTEST!**

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA!
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST EXTENDED to the end of November or 1st 25 reviews, whichever comes first !

SHOW NOTES FOR EPISODE #19 David Aggiss Interview

  • David’s Background: got into property as an investor then moved into mortgage broking.
  • Was drawn to Amazon FBA private labelling model because it offered Passive Income.
  • Passive Income is important to him as a way to get to spend time with his young family and to escape office culture.
  • Also it can be as hands-on or hands-off as you like (Amazon handles sales and can do customer service – you can outsource a lot as well)
  • David started with Amazon training in April this year and his first product went live in September.

GIVEAWAYS and REVIEWS

  • He allocated 200 units to dollar giveaways, targeting 100 reviews (because of the psychology of triple digits of reviews, and because biggest direct competitor has 200+ reviews)
  • Aim was to give away 10 units a day for two weeks
  • Put in three batches of 50 codes to AMZTracker
  • Turned on PPC Amazon Ads after about 20-30 reviews
  • He actually gave away just 150 units, for about 100-110 reviews (so about 66% converted to reviews) as he was running out of stock and had hit his target no. of reviews.
  • David was able to be selective as his product was popular, so he tried to select reviewers who had reviewed similar products, had given a few video reviews and gave decent length reviews [i.e., not just one short sentence!]

SALES

  • Sales got quickly to 10 a day, then went up to 15, then 20, then up to 25 sales/day
  • Sales: Month 1: including $1 giveaways, $5000
  • Month 2: $6000 but that includes running out of stock!
  • PRODUCT SELECTION:
  • Don’t overanalyse
  • Avoided oversize items because of upfront costs and cost of Amazon fulfilment
  • Went for something that could be bought for about $2 a unit
  • Did due diligence and made sure the numbers stack up
  • Not too competitive
  • Happy to go for 10 sales/day

SOURCING AND FIRST ORDER

  • Manufacturer’s MOQ was 1000  to have his logo on product plus customised packaging
  • David negotiated down to 700 units only with custom packaging (no logo on product)
  • But then after firming up the order, he said to supplier he was going to be ordering more, so negotiated including logo on product on the 700 unit order

CAPITAL and CASHFLOW

  • David has only used his capital for stock ordering. Other costs e.g. Amazon Ads etc. are on the Credit Card for cashflow reasons.
  • He needed about £2000-3000 upfront to order inventory and launch the product

AMAZON ADS

  • David turned these on after about 2 weeks and about 20-30 reviews
  • He ran a manual and auto campaign alongside each other at the start
  • He put a $20 daily budget to Manual and $10 to Auto
  • The auto campaign only produced 1-2 sales and those were for a Keyword he knew already was important
  • He then paused the auto campaign
  • He launched with bids of about $3 a click to get onto page one with ads while product was on page 14 or so of organic search results
  • He then gradually reduced the costs per click over time.
  • ACoS (Advertising Cost of Sales)  started off over 100%; then it went down to about 65%; last month it was around 45%.

BIGGEST CHALLENGES AND HOW DAVID OVERCAME THEM

1. Stock management

  • running out of stock happened because he didn’t expect sales to take off so fast
  • The solution is that he will over-order (now has 1500 units in transit either in China or in the USA) and have 3-4 months worth of stock of his first product so he can focus on buying and launching product no. 2

2. Quality issues

  • These weren’t so terrible but there were higher returns than David wanted.
  • He is having the returned units shipped to him in the UK
  • He will then inspect these and then ship some on to China
  • David uses Viabox to receive returns, which gives a free USA Address. They’ll also store packages for up to 30-60 days and arrange shipping pretty cheaply.
  • David’s shipping 18 units for $40 (1.6 oz weight/unit). I make that 1.8 pounds in weight, so that’s about $22 a pound of weight or £14.75/lb (or about $49 a kg=about £33)

3. Reseller on his listing

  • One of David’s buyers for $1 (giveaway for reviews) listed his product for sale.
  • David had saved the URLs of the profiles of all of his reviewers
  • So he was able to track down the reseller and sent them a stern email
  • The reseller on his listing disappeared!
  • David had been prepared to just buy the product to get rid of the reseller anyway.

4. Time management

  • During the set-up phase, because of doing the Amazon business on top of having a full-time job and a young family, David was having to work evenings and weekends, sometimes 2-3 hours late evenings.
  • His solution is to commit to the business, and to try to fit in an hour whenever it’s possible, even if that’s 11 pm after a full day of work and family life!

BEST THINGS ABOUT THE AMAZON FBA BUSINESS MODEL

  • It can take off very fast
  • It requires very little input to maintain once set up
  • The money to be made is very substantial

ADVICE FOR NEWCOMERS TO THE BUSINESS

  • “Jump in and get going!”
  • Don’t over-analyse. For example, in his first batch of products, David had no inserts and no instructions. He’s just sorted both out for his last (2nd) batch.
  • If start-up capital is an issue, you can do what David did and use capital for stock but put the recurring costs on a credit card.
  • Have enough stock to not run out if you can!

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

2

#18 My Product Sourcing Mistakes & Their Solutions Part 1/2

This Episode, #18,  is kind of a confessional: My Product Sourcing Mistakes & Their Solutions. To be fair to my past self, when I first got into creating an Amazon Private Label business with ASM 3, Amazing Selling Machine was a little light on detail of how to source from China. I did lots of research and have made many mistakes. If experience is the best teacher, it’s still cheaper, quicker and less painful to learn from others’ mistakes! So I hope I can help you avoid mine!

** REVIEWS CONTEST!**

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA!  
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST EXTENDED to the end of November or 1st 25 reviews, whichever comes first !

SHOW NOTES FOR EPISODE #18

      1. risking money without diligence
      2. excessive fear of fraud
      3. being too perfectionist/scared
      4. FNSKU
      5. not re-ordering soon enough
      6. setting up a shipping plan and activating it without being ready to ship boxes within 24 hours!
      7. not using clear paperwork trail

My Two Personal Checklists for Doing Supplier Due Diligence all the way to ordering product follow here:

CHECKLIST ONE: Chinese Suppliers- Due Diligence
 
COMPANY DUE DILIGENCE
Pre-contact checks:
IF Alibaba Supplier:
Gold Supplier
Verified Supplier?
Assessed Supplier?
Onsite Check?
Escrow
If HKTDC Supplier:
Dun & Bradstreet Check?
Invertek verified?
Detailed Check:
Do you have an export license?”
Do you have a business license?”
“What is the business owner’s name?”
 
Email check:
is email@website.com or free email address?
Address check:
find address on website or ask for it
request they mail copy of catalogue
check whether factory address is printed on this (if no address, probably not manufacturer)
Tel check:
find or ask for tel no
check if tel.  area code corresponds to address location http://www.china.org.cn/english/MATERIAL/120745.htm
Trade shows
Please could you confirm which Trade Shows your company has attended?
 visit the Trade Show’s official website and verify that the supplier has in fact attended.
Pass ** owner’s name, co address, co tel no for checks
Co. Passed **’s checks?
Please can you let me know your Skype contact details if you use Skype?
 if not, please can you give me a direct contact telephone number for you personally?

PRODUCT DUE DILIGENCE

Is it the right one?
Can you do Private Labelling (OEM)?
IP (Intellectual Property)
Is there a patent or trademark on the product?
If so, do you own it?

If no, are you a licensed reseller?

Safety certificates:
check with Customs Broker what safety certifications are needed for this product type
Do you have these certifications for the product:
CE?
UL?
FCC?
Others needed?
Chinese Suppliers – Product Negotiation & Ordering 
PRODUCT INITIAL CHECKS
Check product is generally the type you want
if YES-check they can Private Label product (with logo) & Packaging
IF YES – Please can you send a product sheet with details of the product?
PROCESS/PACKAGING
Do you sell this product under your own brand? If so, where can I see it? (website address)
We have our own graphic designer- Can you give packaging specifications and sample artwork?
What is your usual lead time for first order between order and delivery EXW, FOB, landed in LA?
What is your usual lead time for FUTURE orders between order and delivery EXW, FOB, landed in LA?
What is your monthly fulfilment capacity?
(Once we provide the packaging design, are you able to look it to check it meets all USA regulatory requirements?)
PRICE / MOQ
Ask for Quote for PL (Private Labelling) at 5-10X the quantity you actually want
There are 3 IncoTerms (freight terms) that you will be quoted: EXW, FOB, Landed cost in Los Angeles (Air Freight). I prefer always the DAP (Delivered At Place) cost, aka, Door-To-Door, but not including US customs clearance costs or US customs duty.
Never ask upfront for MOQ
“We are looking to run a market test for this product as it is in a new category. What is your minimum order quantity?”
(“What is the price per unit at [the MOQ] & what about at these price points: 100, 250, 500, 1000, 2500 units?”)
Request a formal written quote on their own stationery
SHIPPING INFO
Request no. of cartons, weight, dimensions
If price is too high, politely thank them for quote but say have lower quote from competition.
Remove all company identification from competitor’s quote – names, addresses, tel nos, logos, chinese characters, company nos, product no.s
“What is the next step to getting our first order if we decide to move forward with your company?
“What is the next step in the Private Labelling process?” (aka “OEM” in China)
SAMPLES
(wait until you have received a catalogue before ordering samples)
Find out package weight & Dimensions
Check with own courier how much for Freight Collect door to door delivery from dispatch location in China to you.
Double check price includes customs clearance
Get this quote in Writing
Go back to supplier and ask how much they would charge for a pre-paid package.
If you do not have a courier account:
plead that freight collect charges are very high and see if they will accept pre-payment
OR say:  “All our suppliers pre-pay the freight and that is why we do not have an account”
Check rates via Hong Kong post offices here: http://www.hongkongpost.com/eng/postage/ 
FIRST ORDER
Don’t tell supplier what quantities you intend buying in future
if they ask, generalise or evade the issue!
Try for an order of about 10-20% of their quoted MOQ
Get the quote in writing
Ask about Payment Terms and Process
Request a Pro Forma Invoice (PFI)
Double check Pro Forma Invoice:
price
dispatch date
freight method
payment terms
Carefully confirm the order – including:
quantity
quality
price
freight method
freight term (e.g. EXW, FOB, DDU)
dispatch date
packaging requirements
weight
colours, size etc.
Please could you send written confirmation & notification on dispatch?
when you get written confirmation back: check it thoroughly
PAYMENT
arrange payment as agreed
remind supplier that you must have a commercial invoice to accompany the goods
also ask for a copy of commercial invoice by email
Specify that one copy of the Commercial Invoice be attached to the outside of the parcel
and one copy packed inside the parcel
HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

#17 How to Create an Email List of your Amazon Customers

This Episode, #17,  is a tactical one by popular demand: How to Create an Email List of your Amazon Customers. It’s  a popular topic and rightly so. It’s a bit of a technical area, so it may be something that you want to outsource. But I still highly recommend you understand the process so you have some understanding of what you are asking someone to do, how much work is involved and what a reasonable fee would be for that work.

**STOP PRESS** REVIEWS CONTEST!

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA!  
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST EXTENDED to the end of November or 1st 25 reviews, whichever comes first !

SHOW NOTES FOR EPISODE #17

Why do this? Strategic goals:

  • Part of audience building
  • Build a business  that is independent of Amazon
  • Connect more with customers – what do they want/need? what would they buy?
  • Create those products – physical or info
  • “The money is in the list”
  • How (tactics)

Join Amazon Insider Secrets and I will do a video on this

  1. Website (LANDING POINT)- let me know if you need help on this, I’m not covering this in detail in this episode – I will add video to Amazon Insider Secrets if asked
  • Choose domain name – I recommend Blue host. Cost: around $12 pa.
  • choose hosting – I recommend Blue host. Cost about $6/mo
  • Choose CMS – I recommend WordPress (1 click install with Blue Host). Free.

2. Email autoresponder (EMAIL)

  •  choose one – I recommend aWeber (cost $18/month)
  • sign up
  • create a List of customers eg Product Warranty
  • create a sign-up form
  • create first email (eg welcome)
  • optional – create follow up sequence

3. Opt-in page

  • choose one
  • – WordPress does “Optimise Press” theme, which is cheaper than LeadPages.
  • I recommend Leadpages (cost $25/month if you pay annually -! or $37/mo if you pay monthly-PLEASE NOTE!) 
  • Sign up
  • Integration with email service provider:
  • Create a new leadpages template
  • At top bar, click “Leadpages”
  • Click “Create a new page”
  • Choose a template – if in doubt, keep it simple
  • Choose industry – “Retail” probably
  • Edit form – fairly intuitive
  • Click on edit opt-in box
  • Under integration settings,
  • Under integrate form with, choose “aWeber”
  • Under Using, choose “name of your group eg Product Warranty”
  • Save, publish
  • Check the published page works

4. Website redirect

  • Create a page named “warranty” or other
  • Get it to appear in menu bar
  • Create a redirect to the Leadpages page
  • Use the plugin “Quick Page/Post Redirect Plugin”
  • Test it!

5. Product inserts(driving traffic)

  • Create wording – e.g., “To activate your Lifetime Warranty, go to  mybusiness.com/warranty
  • Create PDF
  • Ask Chinese supplier to create and print and insert into each unit
  • Specify size, type of paper if possible

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

2

#16 How to Deal with Increased Amazon Private Label Competition

This Episode, #16,  deals with another hot topic area: How to deal with Increased Competition among Amazon Private Label Sellers. It’s  a topic that intimidates  some, but it’s a reality you need to deal with if you want to develop a real business and actually make profits in 2015 and going into 2016.

**STOP PRESS** REVIEWS CONTEST!

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA!  
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST EXTENDED to the end of November or 1st 25 reviews, whichever comes first !

SHOW NOTES FOR EPISODE #16

The 7 Mistakes Amazon Private Label Sellers make that let the Competition beat them – and 7 Strategies to Overcome Them!

Mistake #1: Going for Individual Products not a market.

Strategy #1: Go for a niche market of people you understand, and to whom you could potentially sell a whole host of products – including training or informational products

Mistake #2: Not differentiating your product/ Copycat products

Strategy #2: Be clear about who your customer is: the Person and their Problem – and find a solution to their problem – don’t just copy everyone else’s products.

Mistake #3: Expecting “easy money”; Not planning for and then putting in Time, Money & Focus

Strategy #3: Prepare to put in serious money (See Episode # for details on this), Time and Focus.

For full details of what it takes to run an Amazon business, see Episode #13 show notes, and listen to the podcast episode.

Mistake #4: Over-committing to one product initially; Relying on Research not Testing

Strategy #4: Test every assumption! Two tactics:
1. Get  MOQ of unbranded product, Market it normally and see if it sells; if yes, go and get a branded (Private Labelled) version.

2. When you go back to your supplier for new inventory, order an MOQ of an  (unbranded) additional product to test.

Mistake #5: Relying on one Traffic Channel (Amazon!)

Strategy #5: Develop new Traffic Channels –  e.g., YouTube videos, Facebook Page/Ads, Google Ads, Own Website (more a brand reassurance than a traffic source).

Caveat – one at a time! Don’t spread yourself too thin. Firstly,  Test properly what works, then systematise what works. That includes eliminating time and money wasters (campaigns that bring little or no result), automating (e.g. using software to post content), and eventually delegating to VAs etc.

Mistake #6: Not building your own customer lists

Strategy #6: Build your own customer lists- mostly email

Tactic: put in inserts in your product packaging “To activate your Warranty, go to www.yourbusiness.com/warranty. Then set up a Landing page aka opt-in page with say WordPress on a Bluehost hosting or Leadpages, and an email autoresponder, e.g., aWeber. If you don’t have the know-how, outsource this, e.g., try fiverr.com. I’m about to create an episode dealing specifically with this. Stay tuned!

Mistake #7: Having a Small Back End! Trying to make all your money in the first sale to a new customer

Strategy #7: Create a suite of products that you could sell to existing customers. Especially aim to create and/or sell digital (information) products because each sale of those is  nearly all profit!

You can sell other people’s products initially (try clickbank.com) as an affiliate if you don’t have time/inclination to create your own products at first.

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

3

#15 Planning for your Amazon FBA Business

This Episode, #15,  deals with a big area: Planning for your Amazon FBA business. It’s not as sexy a topic as some, but it’s a must if you want to develop momentum and hit big, exciting goals.

**STOP PRESS** REVIEWS CONTEST!

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA!  
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST EXTENDED to the end of November or 1st 25 reviews, whichever comes first !

SHOW NOTES FOR EPISODE #15

See below Shownotes for Your Free downloadable Excel spreadsheet for Quarterly planning! 

    1. Overview
      1. Targets (money in) & Resources (money out)
      2. Approach/Mindset
        1. “Planning is indispensable; Plans are worthless”
    2. TARGETS/ Needs
        1. Financial
          1. sales targets -$/units/mo
          2. gross profit
          3. net profit
          4. free cashflow
        2. Exit strategy?
          1. timeframe
          2. value/money
          3. marketplace?
        3. time
          1. time to x sales/month
          2. time available (hours/week/month)
        4. contacts/prospects/customers  (if any yet)
          1. existing lists (if any yet)
          2. JVs (joint ventures – if you have industry contacts)
        5. Products
          1. Amazon Top Level category?
          2. no. products
          3. no units sold (inventory)
        6. skills areas to develop
          1. business building!
            1. mindset
            2. skills
            3. business structure (blueprint)
            4. planning
          2. product research
          3. sourcing
          4. marketing Channels
            1. Amazon PPC
            2. Email list building
              1. Lead Pages
              2. aWeber
              3. inserts
              4. FB marketing?
            3. Social media
              1. FB
              2. Youtube
              3. Twitter
          5. marketing calendar – depending on your market…
            1. Halloween
            2. Thanksgiving
            3. Christmas
            4. Mother’s day
            5. Father’s day
            6. Valentine’s day
            7.  4 July
          6. customer service
          7. financial planning
        1. professsionals/outsourcing
          1. photographer
          2. designer
          3. sourcing agent
          4. book-keeper/accountant
          5. Social media/blog VA
          6. customer service?
        2. mentors/peers

Your Free downloadable Excel spreadsheet for Quarterly planning! This is roughly the process I use but it is something of a first draft, so let me know how you would like this improved.

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

#14 Why you should love Customer Service

This Episode, #14, is an “in-between-isode” dealing with one particular area: Customer Service for your Amazon FBA business. From this grows the whole area of your Brand and reputation, and your connection to your customers.

**STOP PRESS** REVIEWS CONTEST!

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA!  
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST ENDS Sat. 27 Sept. 2015, so hurry if you want to win!

SHOW NOTES FOR EPISODE #14

  1. Customer service – why you should love hearing about your customer’s problems
    1. hearing from your customers means they are not yet leaving a negative review
    2. You can find out what aspects of your product are a problem for your customers – this is very important for improving the product.
    3. It’s a chance to connect with them. This is huge!
    4. Saying sorry and making someone happy who was in pain creates much more rapport than having little emotional interaction.
    5. It’s more likely that you’ll get a 5-star review from great customer service from a former 1-star review than an average buyer! (in my experience so far)
  2. Customer reviews – responding
    1. respond to ALL reviews – to encourage any behaviour, feed it with ATTENTION!
    2. to negative reviews, tell them you’re sorry, give them a way to contact you e.g. support@yourbusiness.com, and promise to put it right
    3. to positive reviews, thank them, put in plenty of keywords to help your listing rank for those!
  3. Brand Building
    1. Brand=total association a customer has with your product, company or you personally.
    2. It’s not just a logo or packaging. The latter are just a sub-set of Branding. For example if I see the Nike “swoosh”, I think of their running shoes. But I also think the same when I hear the word.
    3. Brand includes Reputation – i.e. what people say about you to others.
    4. It also includes the unconscious associations, e.g., for Nike, glistening sprinters (adverts), “Just do it” logo; also street wear in certain parts of certain cities! Positive AND negative.
  4. Positioning
    1. is different again from Branding – even more powerful.
      1. e.g. If you say “running Shoes”, you probably think of “Nike” – so you have got “top of mind”
    2. to start with, you won’t have that.
    3. You won’t even have any associations with your logo or visual branding, except the immediate type of impression that the visuals give. Important but not  the whole picture.
  5. Connecting with your customers off Amazon (marketing channels)
    1. Email lists – put an insert in your product packaging driving traffic to an email sign up page e.g., www.yourbusiness.com/warranty. – idea is to sign up for a product warranty.
    2. Social media followers,e.g.,
      1. Facebook Pages and groups
      2. Twitter followers
      3. Youtube subscribers etc.
  6. Sales channels off Amazon:
    1. Your own website
    2. other places e.g. eBay
  7. It’s not necessarily just about physical products
    1. You could also sell information products
      1. Physical ones
        1. Books! – Amazon started with this
        2. DVDs
      2. Digital ones
        1. Online training e.g., Amazing Selling Machine
  8. Don’t look for more Customers for your Products;                           Look for more Products for your Customers!

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

2

#13 What does it take to create an Amazon FBA Business?

This Episode, #13, deals with one basic question: What does it take to create an Amazon FBA Business?

If you think you have what it takes, then  subscribe to listen to the whole Startup System. Start from episode #3 and go all the way to Episode #12  (episode #1 is a quick intro from me about the podcast, feel free to skip it;  episode #2 gives you the overview of the process I used to get to $20,000 in total sales in 7 months so that might be useful).

**STOP PRESS** REVIEWS CONTEST!

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA! 
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

CONTEST ENDS Sat. 27 Sept. 2015, so hurry if you want to win!

SHOW NOTES FOR EPISODE #13

  1. What does it take?
    1. Training/Inspiration/Guidance
      1. inspiration to start!
      2. structure from someone already achieving what you want
      3. guidance (mentor/coach)
      4. community (see later )
    2. Money
      1. training
      2. inventory
      3. China inspection
      4. freight
      5. USA Inspection
      6. inbound shipping
      7. FNSKU labels
      8. Giveaway costs
      9. ALTERNATIVE BUSINESSES if you want to build the  Capital to do Private Label products:
        1. non branded products (Lower MOQ)
        2. retail arbitrage Anybody Can Do It Podcast
        3. eBay
        4. Freelance work – e.g., teaching, consulting
    3. Time
      1. TIMEFRAME
        1. 2-3 months to live
        2. 1-3 months to breakeven
        3. 3-12 months to profit as a whole
      2. TIME COMMITMENT
        1. 20-40 hours/week
        2. 10-20 hours/week possible
        3. competition!
    4. mindset
      1. DOUBLE VISION
        1. “Vision” (Imagination of ideal future)
        2. Seeing clearly (Reality)
      2. Reason Why -strong strong motivation
      3. trusting your intuition – whatever it says
      4. finding a true match
      5. persistence
      6. beware paralysis by analysis!
      7. Take daily action
      8. Surround yourself with like minded people
    5. Community
      1. online
        1. podcasts
        2. facebook groups
        3. blog
      2. offline
        1. Skype accountability group
        2. face to face meetings

HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.

#12 Essential Daily Amazon FBA Actions

This Episode, #12, deals with your Essential Daily actions to run and grow your Amazon FBA Business.

It is  part 10, the final part, of the “Amazing FBA Startup System”, which is a very highly structured series of podcasts (with very detailed show notes) designed to take you from zero to having a product launched and selling on Amazon.

If you haven’t already listened, you’ll want to at least listen to episode #11,  which deals with Product Launches .

Ideally, subscribe to listen to the whole Startup System, and start from episode #3 (episode #1 is a quick intro from me about the podcast, and episode #2 gives you the overview of the process I used to get to $20,000 in total sales in 7 months).

**STOP PRESS** REVIEWS CONTEST!
As announced on the show:

The first 25 people to review the show on iTunes will be entered into a draw. The winner will receive a £50 Amazon Voucher from Amazing FBA! 
Head over to iTunes now and leave your review! If you haven’t  already, you can also subscribe through iTunes to get all the info you need to start your own successful Amazon business!

SHOW NOTES FOR EPISODE #12

    1. Daily Actions – on Amazon
      1. Customer service
        1. Amazon 24 hour message rule
        2. communication with buyers
        3. replacements
        4. refunds
      2. Sales stats review
      3. Amazon Ads costs
    2. Daily – non Amazon
      1. Emails – do this AFTER you’ve checked Amazon & Done your most Important Tasks for the day! Don’t do it first!
        1. from suppliers
        2. customers
        3. other
      2. (Paid advertising – check stats, set up or pause/end campaigns – OPTIONAL)
        1. Facebook Ads
        2. Google Ads
      3. Social media (OPTIONAL to start with)
        1. Facebook Fan Page – update with posts, drive likes, etc.
        2. Instagram – post pictures
        3. Twitter – create posts
        4. Pinterest – find content for Facebook Fan Page
        5. Youtube – create videos, check stats, tweak
    3. WEEKLY – on Amazon
      1. Sales Stats
        1. by product
        2. daily, weekly, monthly
        3. trends
        4. conversion %age
      2. Possibly tweak price or other listing elements
        1. KEYWORDS(Use AMZTracker to check your optimisation for keywords versus your competitors)
          1. Bullets
          2. Description
          3. Bullets
        2. Photos – try swapping the main image for a week and check conversions
      3. Amazon ads stats review
        1. overview:
          1. check ACoS
          2. Sales in absolute terms
        2. Auto campaign
          1. Download auto campaign report
          2. check which KWs made best sales
          3. best ACoS
          4. most sales in absolute terms
          5. least sales
          6. worst ACoS
          7. break best performing KWs into manual campaign
        3. Manual campaigns
          1. monitor ACos by keyword
          2. increase bid on those KWs with ACoS under 100%
          3. decrease bid on those KWs with ACoS over 150% or so
    4. WEEKLY- non Amazon
      1. Emails
        1. TO suppliers
        2. customers
        3. other
      2. Paid advertising
        1. Facebook Ads
        2. Google Ads
      3. Social media
        1. Youtube
        2. Facebook Fan Page
        3. Instagram
        4. Twitter
        5. Pinterest
    5. MONTHLY or (minimum) QUARTERLY
      1. Monitor Inventory Levels
      2. Big -picture planning: Vision
      3. Growth plans e.g. possible new products (research)
      4. new product launches etc. (I’ll do a future episode on Planning)
      5. HOW TO SUBSCRIBE TO THIS PODCAST

A podcast is a free downloadable audio show that enables you to learn while you’re on the go.  To subscribe to my podcast for free, you’ll need an app to listen to the show from.

For iPhone/iPad/iPod listeners – Grab your phone or device and go to the iTunes store and search “Amazing FBA”.

This will help you to download the free Podcasts App (produced by Apple) and then subscribe to the show from within that app.  Every time I produce a new episode, you’ll get it downloaded right on your iDevice.

For Android listeners – Download the Stitcher Radio app (free) and search for “Amazing FBA Podcast.”  Or, if you have already downloaded a podcasting client, follow the directions in the next sentence.

For podcast enthusiasts – If you already listen to podcasts and have a podcatcher that you prefer, the feed you’ll need to add is: http:// amazingfba.com/feed/podcast.

For those who don’t have a mobile device – You can always listen to the show by clicking the audio file at the top of this page.

If you have any queries, just go to www.amazingfba.com/ask.