"Build" Guide - how to Build your Private Label Business
Having just played piano for music auditions in London recently, it struck me that the Main mistakes made in auditions are the same as those made by many beginning Amazon entrepreneurs. mindset strengths or mistakes and doing it well – needed for auditions for peak performers are the same as those needed for Amazon
Mistake #1 Failure to prepare
Solution: Prepare! It doesn’t take a rocket scientist to know that Xmas sales are big in retail. Plan your inventory accordingly. Plan your cash accordingly. If you’re just launching a Private label business, plan your capital needs upfront (hint: £1000 isn’t enough for private label! Don’t believe the hype – it’s designed to sell courses, not make you money!)
Mistake #2 Getting put off by mistakes
Solution: When you have a basically sound plan – keep going! Mistakes are not reasons to lose focus or momentum. Or rather, they can be – but don’t let them! Stay focussed and learn fast!
Mistake #3 Expecting to be great first time out
Solution: Practise! The best way to do a great audition is to do several – some good, some bad, some mediocre – and to learn from the experiences. The best way to do pick an Amazon product or do an Amazon launch is the same. Plan accordingly (don’t put all your money into one product, for example), start manageably and scale up with experience.
A great bit of advice is to start with Retail Arbitrage (retail arb or RA) or Online Arbitrage (OA). I haven’t done it this way so I can’t guide you properly, but if you are US based, Jim Cockrum is your man. Check out his site My Silent Team.
Mistake #4 Not getting training (or just learning from Podcasts and Facebook group aka “Drinking from a firehose!”)
Solution: Get the best training you can afford. Yes, podcasts and Facebook groups are free and an excellent place to gather info. But it’s too much to absorb and nobody can really structure it to be step by step in those formats.
I would get training from someone who knows what they are doing, preferably geared to your particular finances, circumstances and experience.
Above all, I would get myself a group of peers who you can grow with (find out more about the Amazing FBA London mastermind- on waiting list only at the moment). For me personally, this has been the single biggest success factor so far, hands down.