How To Make Your First $10k/mo With Amazon FBA #WednesdayWithWyan

You want to be in a big market and have the product be just different enough for you to be able to charge a slightly higher price. Hey capitalists, it's time to crack open your favorite beverage. I like Zevia. This is Wednesday with Wyan on capitalism.com.

Hey Capitalists, it's your boy C Money, the man with the camera in his hand and the supply for your demand. Hey, this is a quick in between episode since we're going really heavy on Amazon this month. Just wanted to share a video from YouTube with three concepts from Ryan on how to make 10k in profit and beyond on Amazon. Enjoy.

Hey everybody, I'm Ryan Daniel Moran from capitalism.com we help entrepreneurs build businesses and invest the profit. So today we're talking about your first $10,000 a month using Amazon FBA. Amazon FBA is how I really made my first real money as an entrepreneur. I started as an entrepreneur back in 2006. Oh my goodness. I'm old in Internet years, but I started in Amazon FBA in 2013. And if you follow a few things, getting to $10,000 a month can happen really quickly. If you're talking about sales, but in this video we're talking about profit. Making $10,000 a month in profit from Amazon FBA. Because many of you who are considering selling on Amazon are not really interested in building a big, big old branded business. You want to make $10,000 a month so you can live life on your own terms. And if you're going to do that, the approach is very different than someone who is coming in and building a really big business. There are two different approaches. Now. A lot of my students are building up real brands that they're going to scale and sell for millions of dollars. That's a different approach than using Amazon FBA as a place to make cash flow. They're different approaches. So we're going to focus on the profit side of things so that you have that $10,000 a month profit as quickly as possible so you can be a full time entrepreneur. That's what we're about. That's how you have financial freedom so you can live life on your own terms. So let's go ahead and dive in. Number one, more is not better. If you want to cross $10,000 a month in profit, you've got to go all in on one product first. It is very hard to take money off the table when you've got multiple products that you've got to fulfill inventory for. But if you've got one product that you are blitzing to high heaven, it's going to have higher profit margins. So when you get to that $10,000 a month mark, then you can consider putting more products in your line. But it's going to cost more money up front when you've got multiple products going on. So this is my advice. Don't launch a second product until you're doing at least 25 sales per day. So I say that you should have three to five products each doing 25 sales a day. That's about 100 sales a day. And at a price point of $25, that's about a million dollar business. So you gotta get to that 25 sales a day first before you can move on to another product. And if you're only interested in ever making $10,000 a month, then you might want to just focus on getting that first product to 40 or 50 sales a day and then just hanging out, depending on what your goals are. Now, my style would be get it to 25 sales a day. Release product number two, release product number three, release product number four. And guess what? I've got a million dollar business that I can now scale or sell. But that's up to you how big you want to go. Just don't move on until that first product is doing at least 25 sales per day. Number two, if you want to be profitable out of the gate, if you want to get to $10,000 a month in profit as fast as possible, you've got to have a rock solid product launch. You've got to not just send it to Amazon and hope you make sales, You've got to launch this thing. The only way that you're going to be able to do that is if you get your products in front of an audience. I've got another video that I will link below that is all about building an audience that buys. You can do it in about 90 days. But in order for you to really smash the landing, for you to come out of the gate with sales and be profitable and get to that $10,000 a month mark, you have got to have a successful launch. And that means you've gotta be able to control eyeballs. You don't need a lot of eyeballs. You don't need to have millions of people following you. You don't even need hundreds of thousands of people following you. You need at least a few hundred people who are excited about your business so that they're buying from you at the very beginning and hopefully will come back and leave reviews. You can do this with Facebook groups You can do this with email lists, you can do this with Instagram, you can do this with any way that you are comfortable communicating with people. Another alternate way for you to do this is to just partner with the person who already has the audience. If you know somebody with a Facebook group, if you know somebody with a blog, if you know somebody with a YouTube channel, if you know somebody with an email list and you partner up together, they focus on the audience, you focus on the product. That can be a real, real magic formula to get to $10,000 a month very quickly, because it only takes, you know, a few thousand people to be interested for you to come out of the gate with a bang and be profitable out of the gate. And you put all that energy, all that cash flow into that one product, get it to 25 sales a day or more. That's when you are really in business. So you've got to smash a product launch so that you get at least 25 sales a day out of the gate, or at least 25 sales a day for a few days, and then get reviews and start to build up that momentum. That's the only way you're going to come out of the gate with sales and profitability quickly. Number three, in order for you to be able to take $10,000 a month off the table, you've got to have a product with high profit margins. The only way that you're able to have a product that has high profit margins of 40% or more is for you to be a little bit different than everybody else. This doesn't mean that you need to come out and invent a new product. It just means that you've got to be able to justify a slightly higher price than everybody else. The other option is to have a really, really cheap product, which is not something that I would recommend. Instead, I'd recommend that you make a little twe to your product so you can charge a higher price. Now, on the extreme side, you have something like a microphone, which is made from scratch. So that's obviously going to command a higher price. And on the extreme side of just knocking off what everybody else does, a MacBook case is not something that you would want to sell because it's really hard to differentiate that. You don't want to go on either one of those extremes. You want to be in a big market that and have the product be just different enough for you to be able to charge a slightly higher price. I also have a video about criteria for choosing your first products. So if you want to know how to differentiate your product. Regardless of what market you're in, you'll want to watch that video too. So in order to get to $10,000 a month more is not better. Focus on getting to 25 sales a day. First smash a product launch and you need a few hundred people to be following you in order for you to be able to do that and go after products with high profit margins 40% or better. If you do those three things, then you can go all in laser focused on selling that product and making that $10,000 a month which is going to allow you to live the life that you want on your own terms. I have a training on this called Million Dollar Brands which will help you choose your first original products, bring them to market, launch profitably, and that training is actually free if you complete it. So you make a deposit and when you complete the training, you get that back if you want it. So you can find more about that in this video. If you found this helpful, please subscribe to the channel. We do a ton of content for new entrepreneurs who are building businesses and investing the profits so that you create the life and create the change that you want to see in this world. I believe the world is run by entrepreneurs and so it is my privilege to help you overcome the obstacles that you will face on this journey. So make sure you subscribe to the channel. I also run a podcast which is capitalism.com with Ryan Daniel Moran. Subscribe to that, you'll really enjoy it. Thanks for watching.

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A bunch of your peers who are.

Doing this stuff together.