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Hi everyone, I’m Chris from Fast Lane Academy and today, I’m going to show you how to find products to sell on Amazon. There’s a lot of outdated YouTube videos, blog posts and training courses out there that still teach you to go after high competition products with little to no profits that are nearly impossible to compete with.
This can absolutely wreck your Amazon business so I’m going to show you the right way to find low competition products with high profit margins, and I’m going to uncover a low competition product that is generating over six figures in net profits from a single product.
So let’s jump over to the computer and dive right in.
Now there’s two ways to do this. The first way I’m going to show you is the manual method. The upside is that you don’t need any paid tools or software to do this but the downside is that it’s going to take you a lot of time and there’s a good chance you might miss some great product opportunities.
I want to show you both ways and you can determine for yourself which way you want to do this.
First, you want to download a free chrome extension called DS Quickview and here’s why. We’re going to be using the best seller rank or BSR to find out around how many units each product is selling per month. If you have this extension, it displays them on the search page instead of having to click on each listing individually. Let me show you what that looks like.
You’re also going to want to download the free chrome extension called Helium 10 because we will be using that to calculate the Amazon fees and net profit potential for each product. I’ll leave the links below this video for both of those.
So here we are on Amazon and I’m looking at the main page for the sports and outdoors category. Now there are a lot of categories that you can sell in but some of them are restricted and it can be tough to get approved to sell in some of them, especially if you are a new seller, so I’m using this category because right now, this category is unrestricted, so you could jump right into selling in it.
Now if you already have an idea of a product you want to sell, you can just type it into the search bar above and start evaluating the competition, but usually that’s not the case, so for this manual method, you would need to start clicking on some of these sub categories and begin your search.
I’m going to click on golf, and then accessories and start my search there. Now what I’m looking for is products with preferably 50 reviews or less but no more than 100 because reviews are really hard to get legitimately and when you first launch your product, it’s going to take you a little while just to get 5-10 reviews.
If all of your competitors have hundreds or even thousands of reviews, you’re going to have a tough time competing with them because most people are going to choose those other products. But if you have 5-10 reviews, it’s pretty easy to compete with products that have 50-100 because there’s not such a massive difference between yours and theirs. That’s just how Amazon customers buy.
You also want the sales price to be at least $10-$12 minimum because there’s not going to be any profit margin left for any product priced less than that. We also want products that are relatively small and light so we don’t have to pay a fortune in shipping from China and the Amazon fulfillment fees are a lot higher on large products, which eat up your profit margin.
And finally, we’re looking for products that have a bsr of 10,000 or less because any higher than that and there’s just not enough monthly sales volume to make it worth your while.
So here we have some golf tees… So as you can see, this process takes a massive amount of time and it’s nearly impossible to cover all of the categories and products. So now, let me show you a much easier and more effective way to do this.
So here we are inside of Helium 10. Like I mentioned earlier, this is a paid tool but I’m sure you will agree with me that it’s worth 10 times what they charge for it when you see what it can do for you. I’ve put a link below to pick this up and if you use that link and enter the promo code FLA10 you will get 50% off your first month and when I’m finished showing you this one tool, I’ll give you a quick walk through of all the other awesome tools it has.
So what I’m going to do is go over here to the Black Box tool and put in the parameters of what I would consider the perfect product.
So as you can see here, we have a ton of products to check out that are low competition with very few reviews that are selling at least $10,000 per month.
This one caught my eye so if we click on it and do the math using these tools, you can see that they are selling about 2000 units per month and the profit margin is around $10.
This is a fantastic product to start with because the net profits from this one product are probably around $15,000 per month on the low end.
So there you have it. This is the right way to find products to sell on Amazon.