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#33 Amazon Entrepreneur – 3 Essential Character Qualities

This Episode, #33, is a quick “In-between-isode”. This is when I share some thoughts on the business while on the road.

SHOW NOTES FOR EPISODE #33

To be an Amazon Entrepreneur, you need more than just the right tactics, or even the right strategy. You need to develop the right mindset. But even more basic, you need to develop your fundamental personal qualities.

Get outside the “Amazon Bubble” – get other business people’s perspective. Also get outside the Startup world and get wisdom from the other people in your life.

The 3 main qualities you need are:

Courage- above all, to cope with uncertainty. There’s nothing wrong with having some certainty of income, but you need to deal with uncertainty. 

  • Amazon lowers the danger of launching a product type with no demand. And you can see competition.
  • It reduces uncertainty a great deal but it never eliminates it.
  • It also reduces but doesn’t eliminate risk
  • Confidence and self-belief are very powerful but it needs to be based on evidence!
  • Courage comes first- going for it before you have the evidence. You need to have a certain belief in yourself and in the business model.
  • Believe in your ability to become a great entrepreneur over time

Honesty- with your customers but above all with yourself.  Don’t delude yourself! Confront reality (again, courage is needed for this):

  • Read your reviews- is the product really liked by your customers?Don’t exaggerate one bad review! But notice trends
  • Look at the Amazon ads numbers- are they working?
  • Look at the costs and income – are you making profit? Don’t judge by a bad day or week, but look at the overall picture.
  • Above all, be guided by the numbers.

Wisdom – which is a very unsexy word for Entrepreneurs but crucial. This develops with experience and I think is the hardest quality to get. But long-term, probably the biggest differentiator between success and failure.

  • When is courage more needed? When is more action needed?
  • When do I have to accept that I can’t change something (e.g. the time it takes to make and deliver a product)
  • Get a sense of proportion. Is this one star review actually the end of the world?!
  • Remember common sense: if everyone else (your competition) is doing the exact same thing, will you stand out if you also copy them?
  • Learn “strategic quitting” (Seth Godin’s concept) : When should I abandon this product as unprofitable? When do I accept this Facebook ad campaign won’t make sales?  Should I tweak and test this campaign more or abandon it?

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.

1

#31 Amazon Ads Specialist Danny McMillan Interview – PART ONE

This Episode, #31, was prompted by our very own Facebook members! They said in a survey that Amazon Ads were the area they most wanted expert help with. Danny McMillan responded by giving many golden nuggets to our listeners. This is the first of two episodes containing this interview. Read More

#26 Peak Productivity Principles for Amazon FBA Business

This Episode, #26, is all about Productivity!

There are 16 Principles for Productivity, with the 80/20  being the most important!

SHOW NOTES FOR EPISODE #26  – Productivity Principles for your Amazon 2016 Business 

      1. Keep your 5 BIG Goals for the Year in front of you (literally)
      2. 80/20 everything. What 20% of activities will produce 80% of results. Do these first!
      3. Differentiate Urgent from Important
      4. Accept that you’ll never do MOST of what You “Should”
      5. Parkinson’s Law: Work expands to fill the time available. Shorten the time!
      6. Be true to yourself
      7. Get it Right First Time
      8. Don’t reinvent the wheel -Copy and adjust
      9. Schedule Time “A Schedule Defends against Chaos and Whim”
      10. big picture when other people are asleep
      11. don’t overthink
      12. Eliminate before you Automate
      13. Automate before you Delegate
      14. Differentiate Working IN Your Business from Working ON your Business
      15. Test & Measure – Time, Money, People, Systems
      16. Become Self Aware-  Effort, Emotion, Reactions

TOP THREE PRINCIPLES:

  1. 80/20 analysis – limit tasks to the most urgent or powerful
  2. Parkinson’s rule – limit time to the minimum need for any task 
  3. Differentiate between Urgent & Important Tasks

Authors/Business Thinkers Mentioned in the Podcast:
Tim Ferriss: The Four Hour Work Week

Richard Koch: The Star Principle (episode #24)

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 wrote “80/20 Sales & Marketing” & 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.

#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.

4

#24 Richard Koch and the Star Principle for Amazon Business Owners

This Episode, #24 ,  is another “bonus” episode that is a little less formal than usual episodes. Again, I hope you can forgive the more casual style and above all the lower audio quality – this was another episode squeezed in between visits to relatives and loved ones!

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.

This episode is about The Star Principle,  as espoused by the wonderful business strategist, Richard Koch (who is a fellow Brit!). This principle is behind Richard going from £3 million to above £150 million in net worth, with 8/16 investments making money, one with an astronomic return! (venture capitalists expect 1 in 10 to make money). This is almost unheard of – this guy utterly walks his talk!

SHOW NOTES FOR EPISODE #24 -Richard Koch and The Star Principle  

American Amazon strategists mentioned:

  • Jason Fladlien was (and probably still is) the biggest single affiliate seller of Amazing Selling Machine
  •  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).

Richard Koch worked for the Boston Consulting Group and although he didn’t enjoy the job, he learned a business strategy  that was a simple but incredibly powerful strategy:

THE STAR PRINCIPLE

Star Principle 2X2 matrix graphic

There are just 4 types of business and 4 actions to take:

  1. STAR business: High growth and Market Leader.  Action: INVEST!
  2. Cash Cows: Low Growth Market but Market Leader: Protect!
  3. Question marks: High Growth BUT not leader: Drive to leadership or Sell.
  4. Dogs: Low Growth and Follower: Exit or Run for Cash.

So how does this work for an Amazon business?

Researching new potential product niches

  • Find & monitor trends in your industry or market:
    • Be a member of your target market & be consistently observant of product trends
    • Follow your industry/market magazines,  websites; go to meetings, conventions, etc.
    • Use Google Trends if it helps but use a variety of keywords
  • Go after markets where there is an upward trend overall

Reviewing/Reflecting on your own business

Once you have had a product or products live for a time, review your products. Aim: Determine whether you have found a Star, Cash Cow, Question Mark or a Dog!

MARKET SHARE

  • Monitor your position on Amazon in response to main keywords for your product(s).
  • If you aren’t yet within the top 4-6 positions for the most important KWs:
    • give away product until you have at least 50% of the reviews of the no. 1 or 2 player
    • spend aggressively on Amazon ads in launch phase BUT monitor profitability like a hawk so you know what the breakeven price will be.
    • Try to be as differentiated as possible in title, photos and bullet points (main photo is the no.1 thing!)
  • If you are within that, aim for no. 2 or no. 1  on main keyword
  • Above all, focus on being no. 1 for any keyword that has a certain amount of demand and is profitable!!
  • #6 in main market is nice; #1 in a niche is better IF it is still profitable.
  • Aim to be the dominant player in your product niche, however small 
  • If you can’t get onto page one after aggressive promotion, could it be that you have a Dog?? If you have, discontinue the product:
    • Reduce Amazon ad spend to a minimum. Discontinue Facebook Ads, Google Ads etc. if used.
    • Don’t order any more inventory
    • If you need the cash back out to invest in a product that has proven to be a Star or a Cash Cow, consider lowering the price to sell out faster and get the cash back out faster.

COST CONTROL

Direct Costs

  • After your launch phase (so you have hit 50% of the no. of reviews of the No.1 product and have got onto page 1 for top 2-3 keywords), scale back costs  so you make profit!
  •  Amazon ads are often the no.1 place to cut back
  • ACoS under 100% does NOT mean you’re making gross profit!! ACoS needs to be substantially less than the gross profit margin. E.g., if your gross margin is 33%, ACoS MUST be under 33% to be making a profit.
  • Don’t rely on  ACoS; add up all your amazon costs INCLUDING AMAZON ADS for a particular period; add up all the amazon sales for the same period – and determine gross profit and loss
  • A star business or a cash cow should have decent profit margins after launch phase.
    • If it’s only breaking even, see if you can reduce your costs. Above all, monitor and reduce your spend on Amazon Ads!!
    • If it still won’t be profitable, consider discontinuing the product

Four formulas to stay a star business (these need to be discovered and turned into routine and repeatable sytems):

  1. Customer Attraction Formula (to ever more customers and ever more sales)
  2. Commercial Formula (to lock in fat margins)
  3. Delivery Formula (to deliver consistent, high quality products)
  4. Innovation Formula (to stay ahead of rivals)

These are things that at first you probably can’t neatly formulate – but you should be using your experience to build these formulas  over time and then refine them based on reality, not theory!

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

#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.

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.

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