First you will need to get set up. This is what you need:
Amazon Seller Account ($40/month)
Keepa ($20/month)
SellerAmp ($20/month)
Step 1) Source a Product
You don’t need to be a complete expert to find a product, it takes less than a week in total. I tell people to focus all their energy on finding their first winning product, because after that the pieces come together quickly.
Sourcing Method: Storefront Stalking:
This approach is when you look through other sellers’ stores and sell the products they’re selling.
Go on any Nike listing on Amazon
Pick an FBA seller on the listing to “stalk” using SellerAmp
Look through all their products, and find out where they’re buying from
Find profitable products on Amazon that are at least 30% ROI, and sell more than 100 times a month (SellerAmp will tell us both).
Step 2: Buying
Listings on Amazon rotate to a bunch of different sellers. A listing that sells 100/month may have 20 sellers on it, each taking a piece of the pie.
You’ll notice that not every seller is Competitive. Competitive sellers are just sellers that have a low price.
So use this formula for buying:
Listing Total Sales / Amount Of Competitive Sellers
EASY
Step 3: Send Into FBA
FBA = Fulfilled by Amazon
Amazon picks, packs, and ships each order to the customer.
You want to sell your product FBA every single time. This is because FBA requires way less work, and allows you to dominate the sales on listings.
Now there are two ways you can handle the logistics of this business:
In House: You will send the products to yourself, and you will prep the products and make the FBA shipments.
Prep Center: You will send the products to a prep center, and they will handle all of your inventory before getting into FBA.
Sending to a prep center will allow you to save money on Sales tax, since they will be in a sales tax free state. It will also allow you to do this business remote, and save you a lot of time. They charge about $1.20 per unit on average however.
If you’re someone with less than 10 hours a week available, you should outsource all prep to a prep center. Prepping your own inventory won’t make you a better Amazon seller.
If you have more time to do this business model, I always recommend people to prep units in houses that are less than $.40 per unit in Sales Tax. You can save lots of money doing this.
Step 4: Reprice
Your products are now into FBA and ready to be sold. Now you just need to keep looking at your products every 1 - 3 days to make sure they’re priced competitively and are selling.
Once you have more than 10 listings, I recommend getting a repricer that will automatically make you competitive.
BQOOL ($25/month) is what I recommend.
Step 5: Restock:
Now that your products are selling, all you need to do is restock them so you can make more money!
Repeat the steps starting from Step 2, and that is it!
Sellerboard ($15/month) is a tool you can use for inventory management and will tell you how much each of your listings is selling in a timeframe.
Repeating those 5 steps is how I sold 7+ figures on Amazon. You can do the same to make your first $10,000 on Amazon.
Bonus: Ungating:
You won’t be verified to sell every product on Amazon when starting out. You can easily get around this.
Auto-ungate = Apply to get ungated without needing to show any documents. This often works with smaller brands.
How to get ungated with documents:
Buy 10 units of whatever product you want to sell
Show Amazon the invoice (Make has sure your name, billing address matching what is on your seller account, and billing address/name of the supplier you are buying from)
Wait a couple days, and if you get rejected keep submitting
Showing pictures of the tracking, pictures of the 10 units (Front, Back, Side), Card getting charged, etc. should all help
Websites that work:
Target
Kohls
OfficeSupply
Webstaurant
Any wholesale supplier
I hope this Information is helpful! Feel free to contact if you have questions