Learn the basics of placing Amazon FBA product ideas. Know the pre-requisite of when to go into Amazon and when NOT to go into Amazon.
Dana Derricks is the author of “The truth about business”.
Founder of the Dream 100 Launch Programme, Dream 100 book, Dream 100 Challenge
Amazon as a business model
Most people are so in the weeds, they don’t see the big picture.
It’s easy to get excited about a tool but lose track of what works.
So discussing Dana’s book (“The Truth about business”) we’re going to zoom out.
Dana has made $1M four ways, one of which was on Amazon.
What is it you want? What’s your outcome? Then reverse engineer from that.
Dana had a pet supplements company.
One thing he weighed up was “Do I care about what I’m going to sell?”
If you don’t, the road won’t be as smooth.
Especially the RESULTS of what you sell.
Dana was able to help a ton of pets.
To finish the marathon, you have to care.
Every new seller Dana worked with – a lot of programmes promise “passives income” etc.
They don’t tell you how much money it will actually cost you.
They don’t tell you you’re going to need to have at least $10K to pay for inventory, services and software.
You need to have a cash cushion. Either anticipating more cash or access to it.
And you need to be able to swallow a product flop, a bad supplier, a bad batch.
It’s a long-term strategy!
Being a freelancer is a great way to get into any space.
Dana worked with 100s of sellers as a copywriter.
Also, you get paid to learn about Amazon FBA product ideas!
Dana then created a 7-figure amazon business within a year.
You see the gold medal in the Olympics but you don’t see the 10 years of work before it.
If Dana’s Amazon business had tanked, he would have had a freelance business.
If you can’t articulate what you want, it’s okay. We don’t really know until we get stuff.
Maybe you feel like you want a sports car, maybe you don’t know until you get it.
So you don’t have to know what you want.
There is a misconception that Amazon is like an investment when you passively invest $1000 and get $10K back. This is not a real estate (property).
It’s an actual business rather than an investment.
Some of the things that make it worth it:
Something bad happens but you build up a tolerance.
One of the ways was as a freelancer – service.
Another was digital/info products om Amazon FBA product ideas.
Another was coaching/consulting.
Amazon is not an instant solution to a job you dislike
What Amazon is NOT is an “easy button” to get out of the pain they’re in.
If you’re working a job you hate, it’s not the answer.
Also if you have no cushion, if you have expenses you need to meet each month, then it’s not a good idea.
The expectation “this has to make x by next month” means your decision-making gets bad.
If you went in to take a huge exam and you’re up all night nervous, you’ll do worse. Same here.
It can make money round the clock, 24/7.
When you’re not physically present.
Not trading time for dollars.
Dana sold his company after 2 ½ years.
He got to make a lot of money in the end.
Someone kept it going in their portfolio.
It’s almost like an investment you’re making at that point.
Or like a crop – feed it, nurture it and then eventually harvest it.
From time to time Dana looks to buy a business
Dana’s other books used to be VERY expensive – often $100s or $1000s per copy.
This one is different – Dana wants everyone to have a copy.
The last person who read it messaged Dana that “it literally changed their DNA”.
Digital version for $ 1, a bundle of audio, physical, digital.
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