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An Amazon mastermind: Why You need one- part 2 (episode 205)

“So are you suggesting I just set my own Amazon mastermind group up?”

Absolutely, you can. I’ve set up my own Amazon mastermind myself, as I mentioned earlier.
Here’s the thing – it’s really hard work. If I were just selling on Amazon, rather than also running a podcast and coaching, I simply wouldn’t do it all again. I’d just plug into an existing group.

But, if you want to create something from scratch, I can give you a ton of reality checks form from personal experience:

Finding new Amazon seller peers for your Amazon mastermind

Firstly, and most importantly, you’ve got to gather together a set of people who are worth being peers with in an Amazon group in the first place.

When I first started out on Amazon, and formed my own peer group of Amazon sellers, I looked through the Facebook group of a course that I was in, and searched for people who lived in or near me (in London). I then tried to check out what they had been posting, to see how active they were, whether they were moving forward with the process, etc.

That took a lot of time and effort. Trouble is, that was just a beginning!

Think about it.

Amazon mastermind hurdle 1- Facebook Monkeys

Facebook Groups aka “The tyre kickers’ Club”

There are a lot of people out on the Facebook groups, even within paid courses, who don’t have enough money, don’t have enough time, and don’t have the right attitude.

They hope they can make some money on Amazon. They’ve often been pitched into the idea that they can easily replace the day job within 3 months (if that’s you.

Sure, it happens- but it’s pretty rare. Sorry to burst your balloon. It’s not a business-like attitude. It’s based on hope. Which, as we all know, is not a strategy…).

What I’ve just described sounds, in fact, like a typical Facebook group of Amazon wannapreneurs.

Which is why my first effort to create a little Amazon mastermind faltered. I had found a bunch of would-be Amazon sellers who lived in London and posted a bit online. Not surprisingly, most of them proved to be very much non-action-takers, and the meetings ended up being people fantasising about starting a business, instead of doing it!

Filtering out the tyre-kickers

What you need is a filtering system. And, guess what, that takes time and effort to build. What I do these days for the masterminds for Amazon sellers that I run (through Amazing FBA) is have an application process for each Amazon mastermind.

I ask every single applicant to fill in a form with questions that I’ve honed over a year of working this process. Then in some cases (all cases, for applicants to my $10K Collective Amazon mastermind ), I have a 20-30 minute interview in which I ask detailed questions.

Why bother? Well, see above. What happens to you if you create (with some effort) a peer group of  under-capitalized, time-poor un-focussed people? Oh yeah…

Finding people to put through your filter

Of course, if you are going to filter people out, you need a way of finding possible people in the first place. If you’re going to manually do that, you need to be going to a lot of physical meet ups and other big groups.

That’s great, but there aren’t a whole lot of good ones in the UK. There’s a fantastic Amazon meetup in London once a month, run by the excellent Andy Geldman of Webretailer. Then there are various other meet up groups, some of which might be good, but many of which, I suspect, are run by wannabes not business owners.

Amazon mastermind meeting venue

Finding an Amazon mastermind meeting venue

Once you’ve gathered your troops, you’ve got to find a suitable venue for your Amazon meet up.

Firstly, it needs to be reasonably accessible for your members. So the geography and transport links matter. Then it needs to be affordable (money is whole other issue we’ll discuss). This all takes quite a bit of time and effort. Even in London, I found it took hours, and we have a ton of business meeting venues in this place.

You need a space that enables you all to think clearly. You could use your own house, of course, if you have the space- and the headspace. But do you really want  the kids -or your husband/wife-interrupting a crucial business point? How conducive to clear thinking is that? It’s cheap but brings its own issues.

You could use a local pub but I’ve found (having been in an Amazon mastermind in the past who met in one) that the noise seriously disrupts your ability to hear crucial bits of information. So I can’t recommend that.

A quiet cafe is better – but although I find that works great for one-to-one meetings, it’s not really the right way for a group of people to work, as they have to basically take over the room to do it. And there’s always a screaming infant somewhere (and why should there not be? it’s a cafe!)

 Venue resources

You need decent wifi of course (although I think it’s less important than most people make it. But you shouldn’t spend your whole time online. You need to think clearly. Online is not the place for that).

I think a whiteboard or an easel with a flipchart is very, very helpful for brainstorming strategies, or capturing key resources (eg websites or online tools) for the group.

Coffee on tap is great -free, good coffee even better! Easily available toilets are a mundane but crucial part of a good venue. And finally, you ideally want somewhere easy for new members to find, not a cramped room hidden upstairs behind a noisy pub!

Why choose an existing Amazon mastermind

Conclusions – a reality-check on creating your own Amazon mastermind

I hope that the above experiences save you wasting months of hard work. Frankly, now I know from experience what I know, if I were just selling on Amazon, rather than also running a podcast and coaching, I simply wouldn’t do it all again. I’d just plug into an existing group. As indeed I did myself about 18 months ago!

The only reason I go to all the trouble it takes to create and run a Amazon mastermind (which I detailed just some of above), is that it’s part of my mission at Amazing FBA.

That mission is to help Amazon sellers and those in the process of establishing their own Amazon businesses to achieve REAL goals. Not just fantasies. And not to take 12 months on something that you could achieve in 3 months (or even 2) with some guidance from experience.

Even then, I couldn’t justify the time it takes away from my Amazon business if I didn’t charge a certain amount for all the efforts. The cost is pretty modest, by the way, if you compare it to the literally £thousands I’ve seen some Amazon trainers charge.

Often they turn out to be not true small group masterminds, but actually groups of 30-60 people. There’s nothing wrong with paying £10s of thousands if you get value in the £100s of thousands, but I’m pretty suspicious of the value most of those so-called “Amazon masterminds” can really deliver.

The “Amazing FBA” Amazon Mastermind

So, I guess that brings me fairly unavoidably to mention the Amazon masterminds that I run for Amazing FBA. Again, I don’t want to be self-serving, but it would be a bit strange for me not to mention them in the context of Amazon masterminds and  masterminds as a whole.

I try to practise what I preach, basically. I said at the start of this article that I believe that a mastermind needs to be interactive; needs to be focussed; and needs to lead its members to action, which leads to their progress.

The secret sauce to a successful Amazon mastermind

From the (sometimes painful) experience of trying many approaches in Amazon masterminds (both as a member and group leader), I’ve found the formula to combine all those good things. Like a lot of good formulas, it’s pretty simple. In fact, that’s partly why it’s so effective.

The secret sauce that I’ve found to combine all those outcomes, is the “Hot Seat”.

I’ve found that to be so effective that we’ve made it the overwhelming focus of each Amazon mastermind meeting.

Amazon mastermind hot seat

The Hot Seat Secret

Here’s how it works:

Each participant gets minimum 30 minutes to focus on their own business. Specifically, to focus on ONE thing. Even more exactly, the ONE roadblock that when they break through it, it will really move the needle. Will really move their business on -substantially. 

So it’s very focussed. That’s one secret. It’s also interactive. Because once the member in the hot seat has outlined their issue, all other members are there to bring their experience and thoughts to the issue.

Of course, it’s very helpful if the other members who don’t have anything valuable to bring can keep schtum. That way,  others who do bring value can help.

But it is excellent business training to encounter business problems and brainstorm solutions. That is the real training we all need as business builders. Not an obsession with the latest trick or grey hat technique (useful as they are, of course). But business thinking and mindset.

There is a huge bonus of having a genuine peer group in an Amazon mastermind. A lot of the people in the group share the same set of problems. So by listening to solutions to another person’s problem, you’re hearing the solutions to many problems of your own.

Win-win. 

Implementation is the ultimate test of any Amazon mastermind

SO, the group members can almost not fail to move their business forward. Provided the participants go away and implement this stuff (another crucial word), they Job done! Isn’t it?

Well, almost. The implementation piece has proved to be a real challenge for many Amazon mastermind members. Which is why I’ve recently added in a simple extra process to make sure people are held to account. In other words, to use peer pressure in a very positive way. To get you to do what you said you were going to do!

KLT

Ensuring members do what they say they will!

We’ve simply added in a quick video call check in once a month. The aim? Simple. To make sure people are implementing what they’ve said they would.

It’s early days, but the results already look promising.

It’s fairly obvious where I’m going with this, so I’ll just come out and say it:

-if you’re convinced of the value of being in an Amazon mastermind

-if you’re not wanting to go through the pain, time & effort of creating your own Amazon mastermind,

-AND if you live near London (or can get there)

then obviously I think you should consider the Amazing FBA masterminds!

I’m not going to make a huge pitch for them here; if you want to check them out, there are now two levels:

The Zero to Hero Mastermind, which is geared to those who have not yet launched, and to those doing just a few thousand $ a month (or equivalent) on Amazon (we may form a separate mastermind for the latter as it grows)

The $10K Collective, which is for those doing at least $10K a month on Amazon.

Conclusions about any Amazon mastermind – done properly

The thing is this. Now, you have a process that means you focus on the biggest win in your business right now. You can get the collective mind to break through blocks and find the actions to get that win. You  have a means to hold you to do that action. 

Now you have a really powerful driver to move you forward.

Like I said,  that may be why nearly all the successful Amazon entrepreneurs I know are part of one.

Wherever you live in the world, I’d encourage you to look for a face-to-face mastermind you can regularly commit to.

The word commit is a key one here too. If you put little in, you get little out.Your peer group will massively impact your wealth and well-being. So Choose wisely who you associate with.  

But once you’ve chosen well, commit to your Amazon mastermind. The more you sweat to rearrange your schedule to get to meetings; spend money on trains or planes to get there; in short, the more you put in- the more you get out.


I can give you a promise from my experiences as an Amazon seller and from running groups. The rewards of a really quality Amazon mastermind are truly many times greater than the effort. And the ROI (for the right group) many times greater than the cost. 

To find out more about the regular monthly masterminds for Amazon sellers led by Michael, click here

Amazon masterminds: Why You need one (episode 204)

Amazon masterminds

Why Amazon Masterminds?

Want to double your revenue? Find the latest tactics and stay ahead of the curve?

These sound like a pitch for the latest high-tech software, right?

Well you’d be wrong. I’m talking about good old-fashioned face-to-face, interactive Amazon masterminds here.

Through Amazon masterminds, I’ve personally found an amazing Amazon business partner, learnt many tactics that have made me $1000s extra, and been offered deals worth $100K+ a month of revenue.

But let me you how I got here…

My background with Amazon masterminds

First, I should give some background and confess. I’ve been a member of a private Amazon mastermind of my peers (Amazon sellers) for about 18 months now.

I also set up and ran (free) peer-group Amazon mastermind meetings myself about 2 ½  years ago, which ran for a while. That sputtered out because the people weren’t really committed. And I was wanting to focus on selling on Amazon, not running a mastermind for uncommitted people.

I took the learnings from both Amazon masterminds and created something better.

 So I’ve been running a successful (modestly) paid Amazon mastermind meetings for about a year via Amazing FBA (I recently set up a new  Amazon mastermind for new sellers, i.e., those who haven’t launched yet)

The reality of Amazon masterminds

First thing: yes, of course I’m going to mention my own masterminds, at least in passing . I run two Amazon masterminds each month. I’m writing an article about how important masterminds/masterminds are. It’s bound to come up! But I’m here to share my experiences of masterminds, not to pitch my own (if you do want to read the pitch for my masterminds/masterminds, of course, click here!)

Second thing: there’s a reason why I run an Amazon  mastermind each month. Because I believe it’s one of the most powerful ways I can truly help Amazon entrepreneurs.

Third thing: from everything I can observe of truly successful Amazon entrepreneurs – it’s (still) true that every one of them is a member of some kind of Amazon mastermind or mastermind!

I guess as a person who needs interaction and inspiration, I’m biased. But…

Coincidence? I don’t think so. 

My own wins from Amazon masterminds

I personally have got so many results directly from being in masterminds. I’ve found an amazing Amazon  business partner; sold thousands from secret techniques shared within the closed walls of a mastermind; and been invited into strategic partnerships to do deals involving $100s of thousands in revenue.

These results are not chance. But they equally would never have come about simply from networking on the superficial level(valuable as that is) at Amazon conferences.

Amazon Masterminds meeting

“What do you mean by ‘Amazon masterminds’?”

First, let’s start of by defining our terms.

‘Amazon’ as a business opportunity can be exploited by a huge variety of business models.  There could be around 14 business models, according to some authorities. That sounds about right. Certainly common ones include Retail Arbitrage; Online Arbitrage; Drop-Shipping; Wholesaling.

When I say “Amazon”, my particular focus here (and that of the podcast/blog and coaching programmes) is selling Private Label products via Amazon FBA.

Secondly, what are we talking about with a ‘mastermind’?

When so-called “Amazon masterminds” are not really a masterminds

I think it’s almost easier to say what masterminds are not. They are NOT, as far as I’m concerned, a mass meeting of 100 people where someone from the front discusses or teaches a lesson.

Don’t get me wrong. Big meetings can be very valuable -and by the way, Andy Geldman of Webretailer runs an excellent London Amazon meet up most months, where they have really helpful speakers. I’ve spoken there recently and was very impressed with the setup. It’s a great place to learn new strategies and tactics, and to network. But to my mind, it’s not a mastermind (and nor does Andy claim it is, just to be clear!)

Andy charges about a fiver to enter his meetings and, while I think that is super-cheap (and he could arguably charge up to £50 or so), he’s not charging hundreds, which I think is appropriate.

I think there are various aspects of Amazon masterminds that make them unique.

Firstly, to be really powerful, they need to be very interactive. So all participants have to think hard and engage their brains in a very active way. It develops their business thinking on a deeper level.

Secondly, they need to be focussed. Generalised excitement has its place, but I would argue that place is at a larger conference-type meeting.

Thirdly, they need to move the participants on in their business. How many times have you been to a large group meeting which inspired you to feel excited about business… and when you got home you did…er…absolutely nothing except talk about how exciting it was (it’s embarrassing but we may as well  be honest with each other – I did that for decades).

I don’t believe that really serves anyone long-term. I think the success of a Amazon masterminds is measured in how much action their participants produce and therefore how much progress they make towards their goals.

Which brings me to another question I’ve been asked a few times recently:

“What extra value does this offer compared to online research? Why bother being in Amazon masterminds?”

I love this question because it so clearly illustrates a number of things. This is a really important question.   

My simple answers: Time; Certainty; Motivation; Action; Progress

Amazon masterminds save time

Amazon masterminds value your TIME

Of course, since the invention of Google (and in more recent years, Facebook groups), in theory you can piece together all the knowledge you need to do anything.
The problem is- reinventing the wheel takes a lot of time.


Let’s say you are researching Product Research methods. Let’s say you manage to gather all the information you would get in a 30-minute hot seat at one Amazon  mastermind meeting by taking a week of Google research.

Great. So you saved yourself £49 (or £97 or whatever the mastermind costs). Let’s say you multiply that over 4 different areas of business.
You just spent 4 weeks doing something that could have taken you 4 days (in fact, more like 20 hours – including travel time!).


If your future Amazon business is going to generate say $10,000 a month in profit in a few months, you’ve just incurred an opportunity cost of $10,000.
For the sake of saving £49 (or £97 etc.) 

“Penny wise, pound foolish” is I believe what they used to call that!

If you don’t value your time, you won’t make serious money. Period. 

Amazon masterminds give you certainty

Amazon masterminds give CERTAINTY

Here’s a simple one: how do you know, out of thousands of Facebook posts, which ones are from a solid source, and which aren’t? The answer is that it’s hard to know! And doing much research on that would take even more hours. 


In an Amazon mastermind, you know who you are dealing with; because of non-disclosure and non-compete clauses, you can find out super quickly who to really follow. 

Assuming you’re smart enough to make sure there are NDAs and NCA’s of course (I really, really  would check this. There’s obviously a lot to be gained for an unscrupulous member to exploit others’ product ideas. Make sure there’s quality control about who the members are, and make sure that someone is responsible for policing this stuff).

More importantly, you can judge over time who is being successful and actually implementing stuff, and who is just spouting theory they “read somewhere” or from some guru. There is some value in the latter; but the former is WAY more valuable. The ability to really be able to differentiate between the two is really one of the high values you get from small groups where you can really get to know each other properly.

Amazon group

Masterminds give MOTIVATION

Be honest – how long have you been  “researching” the Amazon private label opportunity? After a couple of months without even buying a small amount of inventory, I’m afraid that “research” is cover for “fear/being lost”. That’s okay, honesty is useful – but why stay lost?

If you’ve been selling but way below what you know you’ve targetted, again, that’s just called being human. But if you do nothing new about it, nothing changes.

Being with human beings is hardwired into us. We’re group animals.  It should therefore be no surprise that your peer group (who you hang out with most of the time and compare yourself to) has a massive impact on everything about you. Your attitude. Your health. And, of course, your wealth.

Getting yourself a peer group and stay actually excited instead of being isolated behind your laptop is simply following fundamental principles of human (indeed, primate) social psychology. We violate those principles at our risk. Why fight nature? It’s so much more powerful to go with our instincts than to delude ourselves that we can ignore them…and frankly, to stagnate.

Build Amazon businessBuild Amazon business

Amazon masterminds promote action

Masterminds create ACTION

This is the kicker. If you’ve been “researching” for over 3 months without buying something, that isn’t going to change unless you change something.

I’ve lost count of the conversations I’ve had with people who are painfully obviously using the word “research” as a fig-leaf for “Fear”. There. I’ve said the four-letter word.

Fear is FINE. It’s nature’s way of flagging up risk. Awareness of risk –  contrary to the happy-clappy, “everything is gold” school of Amazon thinking (which is just BS, apologies for being blunt) is actually GOOD for business. What’s not good is going in circles, or not assessing the risk objectively.

If you don’t have proven strategies (and the latest Amazon hack is NOT a strategy, it’s a tactic. And that’s fine. But knowing the difference is everything).

You need people to inspire you by showing you what’s possible, and hold you accountable. If you’ve not done it till now, why will that change?

Some people seem able to work in isolation and still succeed with Amazon. I can think of about two people who were really doing that on a big scale. Guess what? They are now collaborating with other Amazon sellers to get to the next level.

Amazing FBA Amazon Masterminds

The “Amazing FBA” Amazon Masterminds

So, I guess that brings me fairly unavoidably to mention the Amazon masterminds that I run for Amazing FBA. Again, I don’t want to be self-serving, but it would be a bit strange for me not to mention them in the context of Amazon masterminds and  masterminds as a whole.

I try to practise what I preach, basically. I said at the start of this article that I believe that a mastermind needs to be interactive; needs to focus members; and needs to lead its members to action, which leads to their progress.

It’s fairly obvious where I’m going with this, so I’ll just come out and say it:

-if you know the value of being in one of the Amazon masterminds

-if you’re not wanting to go through the pain, time & effort of creating your own Amazon mastermind,

-AND if you live near London (or can get there)

then obviously I think you should consider the Amazing FBA Amazon masterminds!

I’m not going to make a huge pitch for them here; if you want to check them out, there are now two levels:

The Zero to Hero Mastermind, which is geared to those who have not yet launched, and to those doing just a few thousand $ a month (or equivalent) on Amazon (we may form a separate mastermind for the latter as it grows)

The $10K Collective, which is for those doing at least $10K a month on Amazon.

To find out more about the regular monthly masterminds for Amazon sellers led by Michael, click here

130 When to Abandon an Amazon Marketplace

Welcome to part 2 of what I’m not going to do in 2017, my stop-doing list or my giving-up list, if you will.

The next thing on my list after giving up products that aren’t profitable or don’t sell, is to think about the marketplaces that you might stop selling in as well. Certain marketplaces will be better suited for certain products. For example, if you wanted to sell barbecue equipment in the UK right now, while it’s in the middle of January and it’s freezing cold, you won’t do well. You might get a few hardened people (like me!) that walk around in shirts while it is 5° C, but not many. Certain products aren’t going to work out in certain marketplaces at certain times.

Tune Your Listing to the Amazon Marketplace

It may be that you sell a product in one marketplace and it does really well, then you try to sell it in another and it does poorly. You have to make sure to do the right things. You have to dial in your pay-per-click and your keyword research needs to be specific to each marketplace. Don’t be lazy and transfer over what you already have because it can work quite differently. Especially if you’re a UK seller trying to sell in the US marketplace or vice-versa. Don’t assume the keywords are the same, they often aren’t.

Let’s say, even once you’ve done that, and done your pay-per-click properly, and did a proper launch, your product isn’t taking off. I wouldn’t say to kill it, but maybe pause that listing and let your inventory sell off. This isn’t a product you’d want to re-order.

Know When to Walk Away

Classic example, I had a generic product in the US marketplace, we’ll call it a blue  widget, sold great, but only at a certain price point which wasn’t profitable. If I raised the price, it would drop to page five and sales would disappear. Now a niched-down version of that product, call it a stainless steel blue widget , did much better. I sold 1200 units in six weeks at a 25-30% margin.

With those same products in the UK, it was a different story. The generic blue  widget version did a few sales a day at a profit. However, the niched-down version, the one that sold 1200 units in a few weeks in the USA, was very disappointing. It, maybe, sold one or two units a day, even though it was still on page one, albeit at the bottom. For me, that’s not worth the time and effort to keep doing that. I was then able to reallocate my money and focus into something else.

This isn’t so much giving up an Amazon marketplace as such, but rather, giving up a certain product in a certain marketplace. I encourage you to look at your numbers. Make decisions based on the data rather than what you wish was the situation. Just because you invested a lot of time, money, and effort into something, doesn’t mean you have to stick to it. You have to be willing to walk away if the data shows that it’s not working. It’s called a sunk cost and it’s an incredibly important discipline for all business people. 

Need more personalised input on issues like this? Live in the UK in or near the South-East? You might want to consider joining us for monthly meetings where we can thrash out all the issues like this one for YOUR business. Check it out here.

113 Know Where You’re Going with your Amazon Business

There is a triple metaphor here. Simple stuff but still true:

  1. Know where your business is heading. And where it is right now. If you don’t have goals, you won’t know where it’s heading. And if you don’t measure your position accurately (eg cash, cashflow, P & L etc), you won’t even know where you are now.

2. Know where you are going. How does your business fit into your life? How does it serve your goals?

3. When you are literally having  goods transported from one side of the globe to another, check  all the details twice. Where is it going from? Where to? Exactly? Have you got the commercial invoice, purchase order etc. all sorted?

Freight is one area where just doing it needs to be tempered with double checking all the details!

#75 Prioritising Tasks – Overcoming Amazon Overwhelm Part 3

  1. WHAT TO WORK ON
    1. What you work on (effectiveness) is way more important than how well you do it (efficiency).
      1. Prioritising is absolutely critical. It is probably the single biggest factor after. This takes discipline, courage and energy. If you lack those, work on your mental and physical state. Go for a run. Phone a friend (Briefly!). Have a quick coffee. Whatever works for you. Then crack straight into it.
    2. How to identify what to work on:
      1. What worries you most?
        1. What are you avoiding that you know you need to do?
        2. Which area of the business feels most neglected? If you’re just starting out, it’s going to be product selection. If you’re next down the line, it will be finding suppliers etc.
        3. What keeps you awake at night?
      2. What great opportunity are you neglecting?
        1. e.g. a new product line;
        2. a new sales channel (eg eBay);
        3. building an email list;
        4. new marketing channels (eg Facebook)
  2. WHAT TO WORK ON FIRST
    1. COVEY GRID: Urgent vs. Important projects and tasks
      1. Urgent things are driven from outside you. I use an exclamation mark! to mark these
        1. external to your business e.g. HMRC (tax man in UK!); suppliers; Amazon
        2. internal to your business e.g. a VA or business partner
        3. They can fill your days but it’s reactive not proactive so it’s not a way to grow a business well. If you’re short of energy and time you may have to just deal with these however for now.
      2. Important tasks – are driven by long term impact. I use an asterisk * to mark.
        1. it can be avoiding large negative impact e.g. getting corporate tax return in on time to avoid fines and legal issues
        2. it can also be gaining long term opportunities e.g. more revenue from another sales channel (eg Shopify site or eBay)
      3. Tasks can be both urgent and important.
      4. Work on Cat. I tasks as a top priority
    2. The Covey 2X2 grid: classify your thoughts/projects/ worries:
      1. Cat. I urgent and important matters- things that have big impact and have to be done, e.g. getting corporate tax return in on time to avoid fine and legal issues.
      2. Cat II: Important but not urgent. Things that have a big impact but not driven from outside. Eg. for me, creating and gearing up email marketing, setting up a Shopify website; Exploring Vietnam as a place to source from
      3. Cat III – urgent but not so important, e.g., responding to an email from a potential supplier who needs to know from you before Chinese New Year closes factory for the month.
    3. The Covey Grid: prioritise
      1. Do Cat. I urgent and important first. Once done, try to avoid this being a crisis next time.
        1. example:tax return: put the date for annual corporate tax return in your iPhone calendar with a date 4 weeks before to get in touch with your accountant.
      2. Make time each day to deal with III urgent crises. Again, try to find a way to make this systematic so it doesn’t end up driven by urgency so much.
      3. CRUCIAL: Carve out a sacred time to work on Important but not urgent tasks.
        1. 3 hours a day is ideal if full time; 1 hour is good if part time; even 20 minutes is effective if you’re cramming it in very part-time.
        2. After you have dispatched the most urgent tasks or projects, go straight to your most effective ones.
    4. The Lee/Schwabb nuclear method:
      1. If you’re really overwhelmed, this is the most effective single method I’ve ever met:
      2. list your biggest worries/urgencies etc.
      3. [star the important and add ! exclamation marks to urgent] [my addition]
      4. prioritise ruthlessly from most important on
      5. limit strictly to 7 tasks. 5 is better. 3 is more realistic.
      6. Work on the most important/urgent task until it is done or pushed as far on as you can
        1. example: getting Freight Quotes.
          1. Email 3 potential Freight Forwarders to check what info they need
          2. Gather obvious info like weight, dimensions, supplier address from supplier. Check the product value frm supplier emails. That’s one email but a crucial one.
          3. Check receiving address in USA e.g. EZPrep. One email.
          4. Check which duty category your products are in. One quick look up
          5. That may be all you can do in one day. But you’ve moved the task on as far as you can.
          6. When you check email in the afternoon/evening, if you have all that info, collate it then send it the FF.
  3. TIME USAGE
    1. Lack of time is lack of priorities. Worth reiterating. Always aim for an outcome/goal!
      1. if you can’t plan for a year, try a quarter
      2. If you can’t think that far ahead, try the next two weeks
      3. If your energy is low and your brain is mush, plan the next hour at least! What do you want done when you stand up in an hour from your Mac?
      4. One hour of great work is probably worth more than a day of nonsense activity. I’m ashamed to say I still end up doing the latter too much. Forgive yourself and move on.
    2. Multi-tasking is BS for any important activities. Turn off all distractions when working.
      1. Don’t read business emails in bed. I’m bad at this but have learned it doesn’t help your relationship and also you worry about things you can’t change at midnight.
      2. If you need to talk to your supplier at 1 am, do it. But don’t kid yourself you’ve turned in for the night. You’re working. You’ll need to get up a bit later, next day, probably, at least after a day or two of this. That’s okay. Plan accordingly. Just don’t do it in bed or you’ll end up not sleeping because you’re thinking about business. Time to sleep is time to sleep, even if it’s just 4-6 hours a night for a bit.
      3. DO NOT check social media while you need to compose key emails etc etc
      4. DO NOT get seduced into checking email inbox when you just need to send an email out. If needed, compose your email on Word/Notes/ etc etc and then get in and out as fast as possible in the actual email programme. (I’m bad at this but I’m learning…gradually)
      5. It sounds obvious but don’t do a Pokemon Go and walk into the path of traffic while Skyping your chinese supplier. Confession. I’ve come close.
        1. Don’t even think of texting while driving. So tempting. So illegal and so dangerous. Listen to a podcast and accept you’re driving. Or, pull over and take care of it there and then.
    3. However, certain tasks can be LAYERED.  Examples:
      1. Listening to this podcast while running for example.
      2. Taking care of phone calls while walking to the PO to collect a parcel from Amazon with a supplier sample which you weren’t in to collect (guess what I’ve just been doing!)
      3. Reading and replying to emails while on a train. (Don’t do it walking down the platform in London. It’s full of fast moving people. Don’t embarrass me by asking how I know not to do this)
  4. STAYING POSITIVE
    1. Do a gratitude list every evening before going to bed. It’s amazing how effective this is. I’ve been doing it for several months now and it really does help you stay positive.
    2. Remember to build in exercise, at least some sleep and at least some decent nutrition. If you’re overwhelmed, remember to take care of your body! Nothing beats physical energy. 
    3. Only Connect – isolation is a dream killer! Get yourself into some kind of mastermind if you’re not already and find out how others cope with real life as an entrepreneur.

#73 Overcoming Amazon Overwhelm Part 1

EPISODE #73 -Overcoming Amazon Overwhelm

“Lack of time is lack of priorities” (Tim Ferriss). This will be addressed in a later episode in detail.

    1. Know that the better you set priorities, the easier decision making will be. It will still require energy and courage, however (see II below)
    2. But here, you still should do a quick and dirty Goals review (see #73)
      1. what do you want from your life ?
      2. How do you want your amazon business to serve that? (Ultimate Goal)
        1. Passive income stream? How much? By when? Why? e.g. £2000 a month person income by July 2017 to replace day job I hate.
        2. Exit strategy? How much? When? Why? e.g. £100,000 by end 2017 in order to buy property for passive income and diversify risk.
      3. Working from this goal, What strategic goals should you have for your business? Assess all decisions based on whether they serve your ultimate goal for the business?
2

#37 How Vision is the key to your Amazon Business

Episode #37 is a wide-ranging, 50,000 foot view of business. It is a mindset episode and not necessarily for beginners if you are finding it hard to focus on step by step actions. But it could be for you if you feel that you can’t see the wood for the trees!

Amazon is an amazing vehicle for achieving your business goals; but it is just a vehicle. Be prepared to use other vehicles (eg eBay, Shopify website) as appropriate. 

Long-term, you need to have a clear Vision of the life you want for yourself. And how your business is to serve that vision. 

Also you need to have clear financial goals e.g. income goals like £2000 a month personal income to replace the day job. By the way, personal pay (dividends if you are a company owner) is not the same as Profit! Which is not the same as Revenue (=Turnover=Sales) either!

But that is not the same as your “Reason Why” – for example, becoming financially independent; buying your mother a new home; sending your children to university; etc.

This gets you out of bed in the morning and keeps you motivated through the tough times. So it needs to be individual to you, real, and strong. And you need to remind yourself of it every day. 

Also be clear: as well as what your business will give you, what do you want to give? And most importantly, who do you want to help? (your customers).

Connect with your customers/clients! Find out what they want – then go get it for them!

If you take the same path to your goal as everyone else, it will be very crowded! This is so true for Amazon Private Labelling now. Ultimately don’t just try to follow an existing roadmap. Everyone is copying the obvious routes.

Instead, be your own cartographer – try to find uncharted territory and then create your own roadmap. This is the ultimate entrepreneur’s job! Be courageous and use your imagination and find your own routes to your ultimate goal. 

The clearer you are about why you’re in business – what you want to get out of it and what you want to give, who you are in business to help – the clearer that will be to your customers. 

Resources mentioned in the Podcast:
Survey Monkey for doing a survey of your customers (SO worthwhile, I wish I had done lots more and much earlier).  Surveys of up to 10 Questions are free.

André Chaperon’s Autoresponder Madness for really sophisticated Email Marketing (I’m just beginning to plot this out for my own business).  Not for beginners but fascinating and powerful. I’ll be exploring this over the coming months so I’ll let you know how it works out!

At least sign up for his email lists. Read every single one. (really!) And analyse what he’s doing. They are an education in themselves on marketing. Very clever stuff.

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 yt 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

 

#25 Setting BIG 2016 Goals for Your Amazon Business

This Episode, #25, is the big one! It’s about setting big goals for 2016, and taking your learnings from 2015 forward into the new year.

The start of a new year is a natural point at which to think about big-picture strategy and overall approach to business and business building.  If you like this approach, let me know in the Facebook Group and I’ll give more summaries of powerful business strategy books I’ve been reading.

SHOW NOTES FOR EPISODE #25  – Setting your BIG goals for your Amazon 2016 Business 

GOALS

      • Principles
        1. 80/20 everything. What 20% of activities will produce 80% of results. Do these first!
        2. Parkinson’s Law: Work expands to fill the time available. Shorten the time!

    Tim Ferriss: The Four Hour Work Week

        1. The reason for goals: Inspiration, Energy!
          1. inspiration
        2. don’t worry about the how yet!
        3. the purpose of planning
          1. process vs. big plan
          2. process more than goals!
        4. Look for your Star!

    Richard Koch: The Star Principle (episode #24)

        1. 80/20 everything, always
      1. Overview:
        1. Review Your 2015 Results
        2. Set your 2016 Goals
      2. Reviewing 2015 Results:
        1. top 3 wins in 2015
        2. top 3 learnings in 2015
        3. top 3 frustrations in 2015
        4. SWOT analysis
        5. top 3 assets you’re not using
      3. 2016 goals
        1. 3 financial goals for 2016
          1. turnover
          2. profit
          3. other
        2. stop, start/keep in 2015
          1. 3 things to stop
          2. 3 things to keep
          3. 3 things to start
        3. Where is no. 1 a threat?
        4. top 3 goals for 2015
        5. 3 Learning goals for 2015

    Other people mentioned in the podcast:
    Liz Gerrera, US Amazon Seller

  •  Ben Cummings was a star student of Amazing Selling Machine as sold by Jason Fladlien.  He now works with Jason and runs his own courses, masterminds, etc.

  • Perry Marshall (who is an excellent Adwords expert and teacher) interviews Richard Koch here in a very extended, natural interview. Totally worth viewing.

  • Perry Marshall is also publisher of the best-selling book ever on Google Adwords (let me know if you would like to know more about this book).

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.