How to take advantage of the worlds biggest e-commerce engine
When my husband and I decided to try building an Amazon FBA business a few years back, little did we know we’d grow it to over 1 million dollars in revenue within 12 months!
We had one small kitchen product which from our research seemed to be in fairly high demand on Amazon.
It cost us less than $2 to buy it and ship it to Amazon. We sold it for $15 and within a year we’d sold over 84,000 units.
I’d never seen anything like it.
I’m not saying it was easy. We worked our little buns off over that year, but it was incredible to see how the Amazon machine worked.
We continued to grow the business to revenues topping $3 million (net profits in the region of 18%) until we sold the business in 2020.
So is it still possible to repeat this kind of success in 2022?
Our research via many Amazon selling groups we’re part of tells us absolutely!
Amazon is still a very lucrative and viable business model, and thousands of sellers are creating life-changing income every day!
Here’s how to start and grow a 7 figure Amazon business.
Step 1. Choose Your Niche
If you’d asked me 5 years ago how important a niche was for Amazon, I would have said not so important.
Just pick a product that is high in demand and focus on selling that product.
These days however it’s a far more competitive market and if you’re looking for long term success and the most bang for your buck, then building a true brand will get you much further than just trying to milk a popular or trending product.
Case in point, you could probably make a killing in face masks right now, but in a year or two’s time when the pandemic has disappeared your business will likely die with it.
Jeff Bezos theory on this is as follows;
“I very frequently get the question: ‘What’s going to change in the next 10 years?’ And that is a very interesting question; it’s a very common one. I almost never get the question: ‘What’s not going to change in the next 10 years?’ And I submit to you that that second question is actually the more important of the two — because you can build a business strategy around the things that are stable in time. When you have something that you know is true, even over the long term, you can afford to put a lot of energy into it.”
So when thinking about your niche and brand the key questions to ask yourself are;
What am I interested in, passionate about, would love to build a brand around?
Who are the kind of people I would like to help, transform, serve, solve a problem for?
Is there a buyers market for this type of business and product?
Is this a growing market that will still be popular 10 years from now?
What would I be happy to invest my time and attention in for the next 2–5 years minimum?
What would I be happy to build a full content marketing strategy around both on and off Amazon?
In a nutshell, this is a business, not a get-rich-quick opportunity and as such you need to consider what business you’d love to start and grow over the coming years.
