For Amazon EntrepreneursDoes anyone else sell on Amazon? My Amazon store is off to a great start. I'm adding inventory daily. Here's a formula I came across that may help you reach your financial goals.
For a $10,000 per month income, you need to list $30,000 worth of product per month or have a wholesale supplier that can fill that need on a monthly basis. (I'm working on this now). For $100,000 per month (YES, many people are doing this and I plan to, also)...you need $300K worth of product listed per month. That's because of the "rule of thirds." On Amazon, you will profit around 1/3 of what you put in with the listings.
I'm just getting started with the physical products but it's definitely going to be lucrative over time.
I still write articles too, but now I can afford to write only the higher paid projects that I choose to do. I am figuring out the system to where I can make the best profit. It's probably the most lucrative thing you can do online to create the income you want.
As I learn to master this system, I'll try to share more about my journey so that some of you can enjoy financial independence through Amazon sales.
I'm using Amazon right now as a great revenue creator for my business to fund my business and give me more time to work on important projects. I sell other people's products that I like and that are popular with many people. I've already made over $500 in just a few days and I'm growing my business daily.
Eventually, I plan to use Amazon to showcase my own original computers and technology products and creations in addition to the digital media I already have up via CreateSpace, Audible, and ACX.
If you want to find success with Amazon physical product sales, I think the key is to purchase some inventory but keep your overhead as low as possible and source items with wholesalers for a good profit margin who can provide you with bulk items so that you always have the inventory to list. Also, spend a lot of time on product research and find a few great products you like that will sell really well. You only need a few products that you sell in bulk to make huge amounts of money.
Keep your customers happy and follow up on everything. Be obsessed!!
You'll make it!