What is Holding You Back from Growing Your Amazon Business?
by Andy Slamans
Recently my 16 year-old daughter obtained her driver’s permit. While I am extremely excited for her, I can’t help but think about how fast she is growing up. She is approaching adulthood soon, and this has caused me to think a lot about the growth of my Amazon business.
Have you struggled with growing your Amazon business? Here I outline my business timeline and the strategies I’ve adopted to rapidly grow my business in only 4 short years. Use this timeline to think about how you are growing your Amazon business. Are there things that might be holding you back?
Here are some of the reasons I think I have been able to grow:
I did not take any profits from my business for the first 18 months!
In fact, I injected more capital as I came across great inventory to buy. I put myself in a good position financially so I could take risks without worry. This is important if you decide to develop your business while working another job. It will afford you the luxury of putting as much extra earned income into increasing your inventory.
I networked heavily over my first 4 years.
I continue to build relationships with other successful eCommerce sellers. This had lead to great Amazon selling insights and partnerships. Regardless whether or not you are a people person, it is beneficial to get into the habit of networking. Our Amazing Freedom team spends a lot of time and energy with other people encouraging them to discover what works for them. If you are interested in connecting with us, join our Amazing Freedom Facebook group!
I was willing to take risks on inventory.
Not every buy of mine has turned out great, but I have been willing to spend money more quickly on potential products, because 1st to market is HUGE in Private Label. This is something that our Amazing Freedom team stresses–growing enough capital to buy whatever products you can, when you want to.
I focused on the top 20% of my products that are bringing me 80% of my revenue.
As some of my private label products have taken off I have slowed down introducing new products and focused on building variations, bundles and accessories of my top selling products. We teach this business strategy in our Private Label Course and we discuss it a lot in our Facebook Groups.
I worked hard at outsourcing.
Recently, I hired a CFO so that I no longer have to worry about bookkeeping and taxes. I have no employees or warehouse and I want to keep it that way. I want to continue to grow without having any employees. When my business model changed and grew, I learned that I needed to change with it.
Here is a screenshot of my July monthly sales.
I do not post this to brag but to encourage you with the possibilities in this business, but only if you are willing to learn, hustle and grind away at growing your business.
I tell everyone that I am not really a business kind of guy, and some people find it difficult to believe, but it really is true. In fact, I actually do not get jazzed up about business or money all that much. But I do get fired up about loving, caring for and helping people to grow their business. The best times for me, over the last four years, has been getting into relationships with other sellers and watching their business grow.