What is yall recommendation on how much money and types of items is easiest to start with?
Depends on model. Private Label will need minimum 10k. Find a good niche product and learn the ropes with it, you will not be profitable for quite some time. After you learn the ins and outs then keep adding products. Spend money on photos and PPC!!!
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You need to find the best demographic to serve, then find what that group likes. Some groups are good to sell to and others you need to avoid like the blue plague.
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I don’t mind covering the costs for Amazon, I understand jungle scout is a must.
Just worried if I pick a dud product that dosent sell I could end up having to right it off.
Basically I have about 500 to invest, but if not successful then that would be it.
Just find the #1 in the category you like, go to walmart and buy a couple of them. List them on amazon for the exact same price that amazon sells it for. Keep notes, when the item sells look at how much money just cleared into your bank account. With that in mind, factor in opportunity cost, and what ever else is applicable. Now use that calculated percentage and subtract it from the amazon selling price. That will be your break even point (approximately). Also note how long it takes to sell it, that is very important.
Now, you will see that something is not right.
That is a controlled burn of cash, you will not lose your entire $500 investment, you will lose all of it by purchasing product that does not sell.
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The amount of money you need and the types of items to start with will depend on your specific business or investment goals. Some ventures can be started with a few hundred dollars, while others may require substantial capital. It’s essential to tailor your approach to your unique circumstances and objectives.
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You can visit “Amazon” official YouTube channel from there you can get all information about Amazon business.
You can also get detail information from “Jungle scout” YouTube channel.
I have also learned from there.
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I think your chances of success are extremely slim with that a £500 budget, probably a waste of your time and funds (unless you really value the learning experience). It would be tough for an expert, but you’re a beginner (some understnading is not enough in a huper competitive space)
You’ll probably have to do some giveaways, some PPC. You won’t have budget for Vine, not sure how much many you need to register your brand (not having brand registry makes it even a lot harder).
You’re unlikely to have any profit (in the beginning) to reinvest (also because amazon holds on to your money for while to cover potential refunds). If you can’t replenish your stock, you might run out (if you’re lucky enough to get some traction at all), this will harm your ranking.
Long story short, miracles exist, but your chances of success are very slim. Having said that, it could be a valuable lesson if you don’t mind losing your budget (better lesson than spending the same money on some online guru course)
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Thanks for your honest opinion.
I will say I would only like to allocate 500 to a product. I can afford to wait for money to be made avaliable from Amazon if the product was selling. But as you know not everyone is successful, I can only really afford to lose 500 in stock if I pick a dud product
Haven’t done any research yet. Just wondering if my budget was viable really. I have a friend that does it and he said I should brand. But looking at the costs of jungle scout etc, it’s quite expensive.
Think he will.help with the finer details etc. Getting listing up etc. But I need to find a product.
Jungle scout is not a must, people use seller amp / bbbpro, I’d use the free trial periods first before deciding and if you want to do Ra/OA or Pl
I don’t want to rain on your parade, but you need to look at how much you will actually make relative to the time and BS selling on either online site. Based upon realized clear profit in an environment controlled by amazon, it looks like you need at least $100,000 USD in goods in the FBA locations to even make it worth your time. At this point in time and knowing how both market places treat sellers you are totally wasting your time, sorry. If you want to make money buy some goods that you can sell locally. Around here many folks have tables set up outside in their front yards and sell goods. Remember what my Dad told us when we were kids, "One in the hand is worth two in the bush."
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