10 Tips for Amazon Success
1. Get Started
Tip one is an obvious and simple one, but if you never get started, you will not have much success! We have a lot of people among us who haven’t gotten started yet and are looking to. Andy and I are working on some material for that and will make sure to get information to anyone who needs it to help with that. So tip one is more those who haven’t jumped in yet but are seeing the possibilities and the rest of us who are having a lot of fun with this. If you haven’t yet, complete the following form: http://goo.gl/forms/cz0Xrd8FB7
2. Look back at 2015
Analyze your profit margins and see what you really did well. I have been looking over reports and accounting information, and came across some items that I sold early 2015 and sort of just forgot about. I realized that they were some of my highest ROI items of the year and that I still have access to them, as they seem to get discounted this time of the year. I just made a large purchase of these items again and will do a better job tracking them this time. Look at all your highest ROI/Profit Margin items for 2015. See if you are still selling these/if you may be able to. You can also analyze your losers and try to avoid similar busy this year.
3. Get 2015 off your mind
Although you want to review and see how you can improve, you don’t want to be stuck in last year. One of the things that bogs me down this time of the year is taxes! Meet with a professional to handle your 2015 taxes, run the reports that you need, get 2015 taken care of and out of the way.
4. Set goals for 2016
I already mentioned this in a previous video, so I will not go over it too much again. But I really think it is important that everyone set some goals for this year, write them down, and read them over once a month, or whatever might help. Again, studies show those who write down and review their goals achieve them much more often. I am sticking my goals right above my desk and going to leave them up all year so everyday I have a reminder of why I am working and what I need to do. Check out this SlamazonBros Challenge!
5. Create processes systems that will make your business more efficient.
This is likely going to be an entire show soon, but I just wanted to briefly hit on it. Put together systems that will improve your business:
- Have a system to organize your tasks that need to be completed
- Have a system to see if you are receiving all of your inventory – can be hard to keep track of all your retail and online purchases
- Have a system to evaluate your inventory regularly and make sure you are maximizing sales.
- If you are scaling your business, now is as good a time as any for the year to look for/train someone to list/process inventory. Make sure you choose the right people though – having employees/partners that you don’t work well with can be very damaging to your company.
- Evaluate if renting a workspace would be beneficial. You have the cost of the warehouse, but if it increases efficiency, productivity, opportunities it may be worth it. This is highly dependent on storage/warehouse rates near where you live.
6. Diversify your sourcing strategy
Consider using thrift stores, retail arbitrage, online arbitrage, wholesale and private label methods to find inventory.
7. Take advantage of seasonal buys
- Just like we try to take advantage of Q4, think of each holiday as a mini Q4 that you can use to boost sales. Valentine’s Day and Easter are two big holidays that will be coming up soon.
8. Improve your Selling behavior
- It is more important than ever to be a smart Amazon seller
- We recommend learning how to bundle, multi-pack, and create listings.
- Make data-drive decisions. Don’t make your decisions based on feelings, and emotions. Base your decisions on data (profit margin, ROI, sales rank).
- This will not only make you a better buyer and seller, it will help keep you from experiencing the ups and downs of owning a business.
9. Join with like-minded sellers to form a mastermind
- Masterminds share experience, tips, great product finds and knowledge with each other to create a sum that is greater than the individuals.
- There are masterminds that did amazing in 2015 and never would have been able to find the product opportunities that they did without their shared knowledge.
- Again, finding the right people can be challenge. If the mastermind does not work well together (is selfish, or even malicious) it could do more harm than good.
10. Cut the “2% Corner”
- One of the SlamazonBros members, a super smart sellers, Steve Sawyer, told us a couple weeks ago about cutting the 2% corner.
- This is the pile of things that you collect over the course of processing FBA, returns, randomly purchased items, damaged items, failed bundle designs.
- Steve says that if you let this pile grow, it will suck the life, money and energy from you!
- Donate, use it or throw it away so that you can free up your time and energy and not have to worry about it.