This is a long personal video where I share the truth about Amazon FBA, some recent personal struggles as well as some of the reasons I HATE AMAZON FBA, an income report and some mistakes I’ve made recently.
How to Launch a Product on Amazon:
Passion Product Amazon FBA Course Wait List:
How to Create a Passion Product:
Get Your Free Online Store Success Pack Here: http://www.effectiveecommerce.com/ESStarting/
This video will tackle the different reasons Why I Hate Amazon FBA, despite earning most of my income from it. I will also share my current numbers and the different lessons I learned especially over the last two months.
Why I Hate Amazon FBA
There’s no guarantee that if you launch a new product, it would do well and that sales will continue. No matter how research or planning you do, there’s no guarantee for it. You could get new competitors to come in and steal your market. You could launch a new product and it could fail. There is really no guarantee on Amazon, but that is okay. You are going to do your best. As an Internet marketer, a lot of things are just a test. Stop wondering what if. As much as I hate Amazon because there is no guarantee, that is kind of life. Launch that first or next product idea already. The worst-case scenario is you’re going to learn a lot of lessons. There is no guarantee on Amazon but you have to take a chance.
One thing that you should do when working with a manufacturer is to get everything in writing. What I recommend doing is if you talk to a manufacturer over the phone, send him an email after. Another thing is to get all the costs upfront. Before you start working with any manufacturer, ask what is the final price including all the costs. Make sure they agree to it over email or sign a document. One thing that you should also do is get a contract if you can. Try to get multiple production runs for a year without having a price increase.
3. It’s Really Freakin’ Hard
Amazon is one of the easiest ways to make money online, but it is still a lot harder than the Get Rich Quick Scheme. If it’s going to be hard, you might as well do something that matters. Create a product that you are passionate about, something that you believe in and you wish existed in this world.
As you can see, the sales go up and down. It’s somewhat like a seasonal pattern. In the month of January 2019, I did $50,000 in sales and since then, the sales have been dropping. This has been scary for me to watch. I’m not sure if this is because I have a lot of competitors coming into space since I first launched or is it because of the seasonal cycle.
Despite this, in July, I earned $34,371.72 in revenue for 1228 units. It cost me $9,578.40 for the product, $5,017.26 for Amazon fees, $4,133.27 for pick-and-pack fee, $275.62 for other random fees, $2,551.21 for Amazon PPC advertising, and $1,000 for other expenses. In total, I earned $11,815.96 in profit on Amazon. For Shopify, I earned $1,715.27 in revenue and $857.64 in profit. However, not all of the money goes into my pocket. I save most of it to be used for my next production run.
Below are the three lessons I learned over the last two months:
Looking back, the worst things that have happened to me led to the best things. You can trust the flow of the world. Everything works out if you have a positive attitude. If you change your mindset to that of the entire universe is conspiring to help you achieve your dreams, you’ll start seeing little victories around you. That saying is a mantra I keep saying to myself over and over again.
2. Launch New Products
You either grind and really try to increase your sales or you could launch a new product and maybe double or triple your sales. Do your market research. Figure out what mistakes you made on your first product and make a better product.
3. Don’t Compare
Don’t compare yourself to other people and other companies. There is always someone who is going to be better than you. Instead, try to learn from them. Try to figure out what they are doing that you can emulate. Comparing oneself is really a common trap that people fall into. As you start having success on Amazon, be grateful for what you have.
Tools I recommend:
Sign up using one of the links below and I will give you a free 1 on 1 consultation
Assume all links in the video & description are affiliate links and that by using them you are supporting the channel, so thank you!