I received an email from a fellow seller that is feeling a bit frustrated with his business. We’ve all been there so I thought that some of my comments to him might encourage others as well.
Here they are:
Don’t give up.
There is so much inventory out there that it’s not worth dealing with the low profit, high competition items. Here are some quick ideas I have. If any of these aren’t a fit for you then just ignore them. 🙂
– Continue what you’re doing but differentiate yourself. If you have a high competition item that sells well then create your own multi-pack or bundle. Let’s say you’re selling a popular health/beauty item. Make it a 2 or 3 pack and own the listing for a while. Or bundle it with something hard for other sellers to find like a special coffee mug with a bag of coffee or a gift bag with a set of lotions.
– Wholesale – I love buying wholesale because once I find a good selling item it is replenishable. The same strategies with bundling and multi-packs can be applied here.
– Thrift store, garage sales – The profits from this type of inventory is remarkable. Buying items for $2 and $3 and selling them for $20, $30, and $40 is not unheard of.
– Consignment – Find a friend or family member that will give you their items to sell and split the profits with them. This means no out of pocket expense for you.
Also, if you’re in a position where you need to be at a certain profit amount per month quickly I would say there is nothing wrong with getting a part time job or doing something else to make ends meet while building this business. This is not a get rich quick business and you definitely don’t want to put pressure on yourself to make it happen in a certain amount of time. Obviously the more money you have to invest the faster it can build up, but I know many sellers that started with $500 and have 6 and 7 figure businesses now.
I don’t want to oversimplify this business, but it is pretty simple – Find inventory that is selling for more on Amazon, ship it in, repeat.
Most of all, don’t give up. If it takes you longer to build it than someone else – who cares? The fact that you started and took the leap is commendable. Most people are content to work their 9-5 jobs and have no desire or drive to build a business. You have done that. And because you’re reaching out for help means you want to succeed. I guarantee you that you can do this. Just keep doing what you know and the other piece of advice I like to give other sellers is don’t build this business alone.
There are plenty of free communities on Facebook and elsewhere that you can network with other sellers and get questions answered. My favorite Facebook group is https://www.facebook.com/groups/mysilentteam/
I hope I’ve helped you in some way or at least encouraged you.