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HOW TO START A BUSINESS
WITH ALMOST NO MONEY
Are you looking to start a business? To be your own boss or quit your dead-end job? If you are looking to start a business or just want to work for yourself on your own terms, Selling on Amazon FBA might be just what you are looking for.
I was inspired to start my own Amazon business after I heard a podcast interview with Jessica and Cliff of “The Selling Family”. This husband and wife team earn a six figure income working part-time from home. They have put together a Free 3 Part Video called “Understanding Amazon – How to Start Your Amazon Business on the Right Foot“, check it out to see if Amazon FBA is right for you.
The reason that this is such a great and easy business to start is because you don’t need tons of money upfront. You can also spend as much or as little time as you wish on your business. It is totally up to you.
I started selling on Amazon about four years ago with not much money to devote to the business and working full-time outside of home. My hope was to bring in some extra money to help to pay off my debt.
I tested the waters by sending in a shipment of items I had accumulated from my couponing stockpile and some old books I had lying around the house. To my surprise, I had my first sale the same day my shipment had been delivered to the Amazon warehouse.
Selling on Amazon is so easy, because of this business model, I am now debt free and am able to work from home and have the freedom to work as much or as little as I please.
Get your free eBook “Why Selling on Amazon FBA Works”
What is Amazon FBA
Amazon FBA (Fulfilled by Amazon) is basically an online shop that Amazon runs for you. You supply merchandise that you want to sell, then you ship the merchandise to an Amazon warehouse and Amazon does the rest.
Amazon takes care of storing, marketing, packing and shipping and customer service. Of course, Amazon does charge fees to do this but it is totally worth it. This is the reason why you can run your Amazon business on a part-time basis.
How to Become an Amazon Seller
All you need to do is create an Amazon Sellers account here. Enter your bank information and tax ID which can be your social security number.
You have two seller account options; you can set up an Individual Seller plan or Pro Seller plan. The Individual plan is free but you are charged an extra dollar in fees for every item you sell. The Pro Seller plan is $39.00 a month and you will not get charged the $1 fee.
The Pro Seller plan will save you some money in fees if you sell 40 or more items a month. You also get a one-month free trial so you really have nothing to lose to try it out.
How to Find Merchandise to Sell
There are many different ways to source products to sell on Amazon. Retail arbitrage is by far the easiest way to source product when you are starting out.
Retail arbitrage is basically buying products from brick and mortar stores or online at lower than retail prices and selling them on Amazon for full price. You can shop clearance aisles and sales along with in-store promotions and coupons to purchase items well below the regular retail price.
Tools to Start your Business
You will need some tools and supplies when you starting out selling on Amazon but you can start out with just the very basics like I did. I’m sure you have most of these supplies at your disposal already so there is minimal investment to start.
Basics Tools and Supplies
- Smart Phone
- Amazon Seller App (free download)
- Product Labels
- Scale (your bathroom scale will suffice)
- Packing Tape
- Poly Bags
- Bubble Wrap
Once you start turning a profit you can upgrade your tools and supplies to help you streamline your work to save you a lot of time. Below are some items you should consider gradually investing in.
- Bluetooth Scanner
- Dynamo Printer
- Box Cutter
- Heat Gun
- Paid Scanning App (such as Profit Bandit or Scan Power)
Growing Your Business
The best and fastest way to grow is by reinvesting all your profit back into your Amazon business in the beginning. If you use this approach, you will be able to build your sourcing capital quicker which means more inventory and more sales!!
Selling on Amazon is a great business to start whether you are looking to earn some extra money or become your own boss working from home. If you are ready to start a business, then selling on Amazon is a great way to start with very little startup capital.
You can read my story on How Amazon Got Me Out of Debt here.
Please leave a comment if you have tips on selling on Amazon!!
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