More people are looking for ways to diversify their income more now than at any other time in history. With the fears of looming recessions, unstable economies and company downsizing, it is clear why people want to start a side hustle for extra money or even to replace their current income. Fortunately, with the advancements in technology, it is very possible to make extra money online in many ways, including with Amazon FBA.
The one thing that stops the majority of people from pursuing a side income with Amazon or any other company is fear. They are worried that the learning curve is too steep and they will fail with their online endeavors. Others are concerned that they do not have the technical knowledge to code, create websites, email lists and other tasks that are often associated with online businesses. The good news is that you do not need to know all of the technical details to make money with FBA.
What Is Amazon FBA?
Also known as Amazon Fulfillment by Amazon, the FBA program is similar to Craigslist or eBay. Think of the program as Craigslist or eBay times 1000. However, the principles of the program are the same. If you have something to sell, you list it so potential buyers can see it. The difference is that Amazon has an enormous amount of customers in their marketplace just waiting to buy whatever you are selling.
Another difference is that if you choose to list something on Craigslist or eBay, you are also stuck with completing the back end work as well. This means that you will have to upload pictures, write the listing, post the listing, respond to buyers and then either ship or deliver the item to the customer. With FBA, all of these issues are taken care of for you by Amazon.
The process works like this:
You will need to find a product to sell. This is called sourcing. You can source from thrift stores, retail stores or your home.
You will need to list the product through your Amazon seller account and set the price for the item.
Ship all of the items you have listed to Amazon.
Amazon buyers will find your listings, and the company will package and ship sold items to the customers.
Amazon will also collect payment for you, and deduct its fees before sending you the balance. The company pays out to sellers twice per month.
Essentials To Get Started With Amazon FBA
There are several things that you will need before getting started with FBA. The first thing you will need is an Amazon Seller Account. Although you can begin with the basic Individual Selling Account, it would be a better idea to get a Professional Selling Program account.
This account currently costs around $40.00 a month. It is beneficial to choose the professional account especially if you plan to ship 40 items or more a month to Amazon. It also helps to have a professional account if you want access to specific apps to help you in your business.
The next thing you will need is some money to invest. Plan to initially set aside at least $150 for your first sourcing trip. Although that may sound like a lot of money, if you invest it wisely, you can quickly turn that $150 into $300, $400 or even $500.
You will also need at least one app that will help you in your business. The Profit Bandit app can be downloaded on Android and iPhone. It costs $9 per month, but it is well worth it.
This app will help you to better understand the popularity of certain products, and the current prices they are being sold for.
Tips For Success
As you are sourcing for your items, it is important to have the app open so you will be able to see what the item is currently being sold for on Amazon. Keep in mind, you may have to scan upwards of 100 items before you find that one lucky item.
You should always aim to have a profit margin of at 35%. However, that will depend on the category you are selling in. You will need to set the rules for your business so selling on FBA is profitable for you and your specific needs.
Always remember, the more you put into your business, the more you will get out of it.
It is commonly said that you have to be a risk taker in order to succeed in business. All successful business people at one point or another have had to take risks. Not all individuals who start businesses succeed. In fact, many businesses close down during the first year of operations. You have to carefully plan on how you are going to conquer your business fears for you to realize sustainability and profitability.There are various ways of achieving this including:
1. Set Achievable And Sustainable Goals
It is good to aim for the skies. But, it is better being realistic in the business world. Set goals that you can achieve and that can lead to the growth of your business. You should set goals that will motivate you to work towards progress.
Expecting your startup to be the most profitable in your niche is not realistic. Set goals that can enable you and your business to grow, learn and conquer your fears. These goals should be measurable and trackable.
2. Look At The Rewards
Businesses can be rewarding. Through proper strategy execution, you can be able to reap benefits from your business. Simple rewards such as recognition and prestige can boost your morale. Profitability and growth of your business are great rewards. Thinking about the prospects of you having to set up more branches will get you energized. These rewards are motivators that every business person should have in mind.
3. Take Small Steps
Small steps in business can act as eye openers. By doing this, you do not make rash and risky decisions anyhow. Many businesses fail due to lack of proper decision making. Small steps can easily be readjusted as compared to huge business steps. However, taking small steps may stall the exponential progress of your business.
4. Plan To Work Smart
Working smart will always give you an edge over everyone else. Discover innovative techniques for performing tasks. Find ways of consuming less time per task. This will make work easier. While starting a business, sit down and brainstorm on how better work procedures can be expedited. This requires a lot of work to be put into it. It will make the balance between your work and life become blurry. In the end, fruits realized will be worth all the work.
Ego may destroy what you have dreamt for your whole lifetime. In order to conquer your business fears, listen to people who have been there before. Gurus in business fields can provide a lot of insight into the do’s and don’ts of businesses. However, do not listen and do everything you are told. Think objectively. Remember that not all people have the best interests for you and your business. Do not take other’s opinions and points of view personally.
Businesses may either succeed or fail. You need to get out of your comfort zone and conquer what lies ahead. Failure is a learning chance for you. Giving up, however, should not happen. Strive and ensure that you conquer your fears. Plan effectively and execute your plans strategically. This will eventually lead to you conquering your business fears.
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Udemy Inc. is one of the fastest growing online learning platforms at the moment. The stunning popularity of this platform is due to the high-quality courses it provides users. In today’s world of technology, the barrier to learning everything you’ve ever dreamed of is smaller than ever before. Hence, there are currently millions of people using the Udemy platform to learn everything from programming to painting. With this in mind, here’s everything you need to know about Udemy.
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