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Like I always say, there are thousands and thousands of amazon fba sellers joining the fba platform each and everyday. Well there are also thousands and thousands of amazon fba sellers failing and quitting each and every day.
Now This is for a ton of different reasons but I will break down three of the biggest mistakes new amazon fba sellers make. Make sure to stay until the end so you can know one of the biggest reasons why new sellers fail, so you don’t make the same mistake.
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Reason number one – is they do not know there numbers. Now this is common for a new seller to join the platform and be so eager to get started that they overlook one of biggest components of the business which is, the numbers. If you don’t know your profits every month, your return rate, your losses, then you’re already destined to fail. You need to know your business inside and out if you’re planning on sticking around for the long haul. Like I always say, if you’re just here to make a dollar here and there, that’s all you’ll ever make, is a dollar here and there. So treat this like the business it is and track your numbers. Another extreme case of this, is a new seller not realizing there are amazon fees such as fulfillment fees and referral fees. With all of the information on youtube about amazon fees this should never happen, but sadly it does. So know your numbers from the start, you can get information on this within your seller central account, and you can also use inventory labs to help you out with this. Remember treat this like a business because that’s what it is, not a hobby.
Reason number two – They do not re-invest back into the business. This is crucial, especially in the beginning and if you’re starting with a smaller amount of capital. If you are constantly taking money out of the business then how is it going to grow. If you’re taking your profits out each and every month then you’re business literally has nowhere to go, it will stay exactly the same assuming you have replenishable products and you aren’t pulling more money out than just your profits. You need to re-invest your profits in order to grow the business and then down the road when you are making a good amount of money, start pulling it out if you need to. But not re-investing at all is setting up your business to fail. So re-invest as much as you can so that you can grow this business to 6 or 7 figures as fast as possible.
Reason Number Three – I think this is the killer of dreams right here. False expectations. Everyone that starts wholesale and thinks well I’m going to contact five suppliers, and get too many profitable products to count, is sadly mistaken. If you’re joining amazon fba and think that you’ll make money by not investing time and effort then you’re in for a rude awaking.
The only place where you can get rich overnight is, But this is what a lot of people think. They think they are going to sign up for a seller central account and boom, money is going to start pouring down from the heavens, and it leads to a lot of people quitting because they wanted it to be easy.
Wholesale is a very simple business model, you buy things for less and sell them for more, but simplicity doesn’t mean easy. I wouldn’t say it’s hard, but it does take time, effort, and consistency to make it work. Anyone who’s actively doing wholesale, will tell you the same thing. Just make sure you put in consistent effort every single day and you have nothing to worry about.
Now that you understand how NOT to fail at wholesale, then check out this video right here where I show you step by step how to get into wholesale on amazon.
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