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Hello everyone, I’m Chris from Fastlane Academy and if you’re thinking about selling on Amazon, there are 3 mistakes that both new and even experienced sellers make that will absolutely destroy your business before it ever gets off the ground, and most Amazon gurus and experts out there, don’t want you to know them.
I’ve been selling on Amazon for 6 years. I’m currently doing over $100,000 a month in sales as you can see in this screenshot of my last 90 days on Amazon, but it didn’t http://www.youtube.comcome easy like a lot of the experts and gurus will tell you.
Now if you’re completely unfamiliar with the Amazon selling model, there are a few different ways you can get started but the most profitable method and the one that’s typically taught and the one I use, is finding products that are selling well on Amazon, sourcing them from China, branding them with your own private label brand name, and selling them on Amazon using FBA. Let’s jump over to Amazon and I’ll show you an example of what that looks like.
Selling private label products on Amazon is a great business model but there are a lot of land mines that can crush you if you just jump in blind or follow bad advice. So let’ dive right in and cover what you need to watch out for.
And if you stay all the way to the end, I’m going to show you the right way to find products to sell on Amazon that helped me build my business to 7 figures and we’re going to do it live.
So let’s start with mistake #1.
1. Not getting the proper training. Here’s the facts. 90% of new Amazon sellers fail and here’s why.
A lot of people jump into selling on Amazon because they hear the stories about people making a lot of money doing this, which you definitely can. But here’s where they go wrong. They follow outdated techniques being taught on YouTube or some website because they don’t want to invest in a training course. And often these techniques either don’t work or they can even get you banned from Amazon for breaking their terms of service.
I’ve even heard people teach that you don’t need a course because you can learn everything you need from YouTube which is crazy. Nothing could be farther from the truth.
I see so much bad advice online about selling on Amazon. A lot of times it’s from well meaning people who might have had some moderate success back in the gold rush days a few years ago when it was easy but it’s a lot more competitive now and not that easy anymore unless you have inside information, which I am going to give you later in this video.
Amazon is constantly updating their system and algorithm. So there’s a good chance that what worked on Amazon 6 months ago isn’t working anymore. And if you follow outdated techniques taught on YouTube or somewhere else, you’re going to spend a lot of time and money and not get results or worse, banned from ever selling on Amazon again. Let’s jump over to Amazon and let me show you an example of that.
Here’s the deal. You wouldn’t start any other legitimate business without some sort of foundational training and education.
In order to succeed in this business you need 3 things.
You need a lot of critical step by step hand holding to get up and running. There’s a lot of steps involved to getting set up properly, sourcing products, getting them ranked and a lot more.
You need access to information that shows you each step and is constantly updated so you know what’s working right now in Amazon.
And you need advanced techniques that give you an unfair advantage over your competitors.
For those 3 things, you’re going to need to invest in a thorough and up to date training course. You’re going to be at a serious competitive disadvantage if you don’t. My honest advice to you is this. If you can’t invest in a good training, then just don’t do this business. I’ve seen so many people lose a lot of money and some their life savings, because of this.
So let’s move on to #2
2. Not having enough capital. Despite what anyone else teaches you, if you want to make enough money in this business to make it worth your while, you’re going to need at least $3000-$5000 to start.
I’m going to break down the numbers in a minute and show you why but if you don’t have that kind of capital to invest but you still want to make money online, then your best bet is going to be with affiliate marketing.
If you’re not familiar with affiliate marketing, it’s where you promote someone else’s product and they pay you a commission for each sale. It’s another great business model, you can make a lot of money doing it and it requires a smaller investment.
I’m going to leave a link below to a free training on affiliate marketing from one of the best affiliate marketers that’s been around for years. So if that’s the route you want to go, be sure to check that out and learn how to do it the right way.
So now let’s break down those numbers.
3. Choosing a product that is too competitive. This is the most common mistake I see new and established sellers make and it’s absolutely essential to your success. Now like I mentioned earlier, 3 or 4 years ago, you could pretty much pick any product on Amazon that was selling well and compete. That’s not the case anymore and unfortunately, there are a lot of people still teaching this. If you try to sell super competitive products like yoga mats, most beauty products, cell phone accessories, and many more, you will get crushed.
How do I know this? Because I started back in those gold rush days of Amazon when it was easy. I started with a skin care brand and my first 3 products made a combined $26,000 a month in net profits. Yes, that’s net profits, take home after all costs and fees. Life was good.
Now, those categories are so saturated that there barely any margins left and getting ranked for those keywords would cost you tens of thousands of dollars to stand any chance.
And those 3 products that were netting me $26,000 a month, now net a combined $900 per month. But just like the yoga mat example I gave you earlier, there’s another really popular YouTube video that teaches selling beauty products like the ones I just talked about.
Let’s jump over to Amazon and let me show an example of that.
The scary thing is that this method is still being taught by a lot of gurus and training courses out there, so you need to be very careful where you get your training from.
Now, despite all of the land mines you have to avoid with the selling on Amazon business model, I can honestly say that it’s also the most lucrative business I’ve ever been involved in. I’ve never seen or been able to get anywhere near the return on investment that I’ve got from selling on Amazon.
But you need to know how to do it right and you need an unfair advantage over your competition so let me show you the right way to find products with little competition and maximum profits.
Now that trick I just showed you will put you miles ahead of everyone else who follows outdated trainings and free YouTube videos to learn how to sell on Amazon.
But there’s a lot more to this business than just finding a profitable product that isn’t super competitive. You also have to know how to check for copyrights, patents and trademarks, source these products effectively, create a great product listing, get stellar images created, get them ranked well and selling, etc. For that, you’re going to need to invest in an excellent training program.
Now I’ve spent over $10,000 buying all of the reputable Amazon training courses out there. You might be wondering why I would do that. The truth is that each one gave me something new that I implemented in my business and paid off in the long run. In my opinion, it was all money well spent. I think most people would invest $10,000 one time if they knew they were going to do over $100,000 a month on Amazon, right?
Well, I don’t recommend that you do that, especially if you are just starting out. I’ve already spent the money and time going through them all and there’s one course that in my opinion, has everything you need, is the best value, and it has more advanced strategies that will give you an unfair advantage over your competitors, than any other course I’ve seen.
The creator of this course has a free training where you can learn some of those advanced strategies that you won’t see anywhere else, especially on YouTube. You don’t have to buy the course to watch the free training so at the very least, check it out. Even if you don’t pick up the course, you’ll be way ahead of a lot of sellers. I’ve left a link below this video to check that out.
So that’s it for this training. I hope you liked it and thanks for watching.