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A few weeks ago, I put a poll in the E-Commerce Freedom Warriors group and asked what type of video you’d like me to create. The overwhelmingly majority of you asked how to create a business that’s bringing in €1,000 per month profit within six weeks.
Before I get too far ahead of myself, you may wonder why I chose €1,000 in profit within six weeks. Well, when I was first starting my Amazon business that’s exactly what I was able to achieve. What this is telling you is that it’s 100% possible to make a profit of €1,000 within six weeks.
After about a year, I put together training courses teaching people how I built my online business. Since then, there have been numerous people who have also accomplished the same feat. There have even been people who have done over €1,000 in six weeks. This is something you can do as a side hustle that is a real business.
Why Does Having Good Stock Matter?
A good Amazon business makes tons of profit but that profit comes from making sure you have good stock within your business. It doesn’t matter how much money you’re making if you have bad stock, you will eventually go out of business. With bad stock, it might not sell or it could break and in the worst case, it could get you shutdown and Amazon could ban you.
How do you find good quality stock? There are two elements that must be present. After all of Amazon’s fees and the cost to purchase the stock, are you going to make a profit? You also don’t want to source products that will sell whenever. You want to source products that will sell in a timely manner. By knowing how quickly your products will sell, you’ll know how long it will take you to get your profit back. When you get profit back, you can continue to invest in your business.
To find out if your product will be profitable, you will want to use the FBA calculator. This will let you know how much money you will make after Amazon’s fees.
To determine how quickly a product will sell, you will want to check out its best seller rank. Each product will have their own category. The products at the top of their category are selling thousands of products per day. You can use the best seller ranked to determine how fast your product will sell. I want you to be looking for products that have a best seller rank of under 30,000. With a product with a sales rank of under 30,000 we can assume that it will sell fast. Now all you have to do is spend your time looking for those products with a sales rank of under 30,000.
What Does A €1,000 Per Month Business Looks Like?
While all my products have different profit margins, I’ve found that the average product has a profit margin of €5. That profit margin has been the same since the beginning. It doesn’t matter if you’re wholesaling, doing retail arbitrage or private labeling you’ll notice that each strategy will get you around €5 in profit.
By knowing you will make around €5 in profit per item, you need to be sending in 50 decent seller products per week. A decent seller product is a product that gives you a profit margin and you’ll be able to sell it within 4 weeks. If you do the math, 200 products x €5 in profit will get you to the €1,000 profit margin per month.
How Would Your Life Improve?
Before you go any further, I want you take a pen and a piece of paper and write how your life would improve if you had an extra €1,000 per month. How many more restaurants would you be able to go to? How much more fun would you be able to have? Don’t you think it’d be easier to pay your rent or even your bills? Could you give more to charity?
How Can You Go From Where You Are Now To The Promise Land?
There are thousands of people who talk about building an Amazon business but never do it and I don’t want you to be one of those people. How do you become the minority who build their Amazon business?
I don’t want you to think about making the €1,000 right now. What happens to people when they think of the end results is they rush. When you combine rushing with a lack of patience, you will never get to the end result and you will quit. I want to get you to set intermediate targets.
When you start out with wanting to make €1,000, you can become overwhelmed. I don’t want to start you off at sending in 50 products per week. I want you to focus on creating your first €1 in profit. This is the most important milestone in your business. If you can’t get comfortable making €1, you will never get comfortable making €1,000. For the next week, I want you to spend 15 minutes per day working on your business.
When you work 15 minutes per day on your business, within two weeks you will have made your €1 in profit. You will have learned so much stuff that will help you get to the next level. I promise that when you make your first sale things will change in your life. You’ll find out that when you start creating money, you can create as much money as you’d like.
What Do You Focus On Next?
You will go from sending in one product to sending in 50 products per week. This is will be a daunting task but you will experience many difficulties and you’ll be able to learn from them. Some days you will find tons of products to send in and other days you will find none. You have to understand that it will be a challenge in the beginning. But I just want you to commit to spending 15 minutes per day on your business. Buy as many products as you can per week within those 15 minute slots as your budget allows.
The first 2-4 weeks of your business are about the learning curve. As you start making some sales, your confidence will increase. I want you to get beyond the 50 product per week mark within the next six weeks. You will go from sending in 1 product per week to 5 products to 10 to 50 and then to 100. You’ll learn that with an Amazon business it’s easy to build momentum.
Once you start seeing results, you will be able to invest a lot more money into your business because you have the confidence you’re going to succeed. In my first week of selling on Amazon, I turned €150 into €950 in 4 days. If you’re consistent enough, you will achieve a breakthrough!
If you’re looking to learn more on how to start an Amazon business, check out my fast start guide: HERE
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