Episode #21- How To $1,000 On Amazon Within Six Weeks

Persistent enough. If you're persistent enough and you look in shops where there's going to be discounts, then at some point the likelihood is you will find a break like this and then you'll go from buying one product to 50 within a matter of days when you get this kind of thing happening. And it's not just me, by the way, who's had this. We've had Tim Savage who spent £750 in Sainsbury's one time. We've had techie who made £500 profit in his first two weeks with retail arbitrage. We've had so many examples of people who started by trying to make their first dollar, then ramping up the confidence and going from 1 to 50 as soon as possible and things will start to snowball.

So welcome to the E Commerce Freedom Podcast with your host Oliver Denier. Learn the practical steps you need to take to build a business you can run on your own terms. Escape the 9 to 5 and work from anywhere in the world.

A couple days ago I put a poll in the E Commerce Freedom Warriors Group and I asked what type of video you'd like me to make you and the overwhelming majority of you wanted me to teach you how to build a grand a month business in less than six weeks. And so in this video, that's exactly what I'm going to teach you how to do. So before we get to that, before I break down everything and teach you how it's all done, I wanted to explain why I chose that amount of profit and why I chose that amount of time. And the reason why is because in the very beginning of my Amazon journey, in the first six weeks I was selling, I actually achieved this. I hit £1,000 English pounds, about $1,200 in profit in my first six weeks. So this should really tell you that it's 100% possible. And you know what? It didn't stop there. After I had achieved this, about a year into my journey as an Amazon seller, I started to put together a few trainings to actually help other people, their businesses. And now we've had countless examples of people I've taught who have done the exact same thing. Built thousand pound per month business in four weeks, five weeks, six weeks in a month, in two months, and done much more than that, in fact, in a very short space of time. So we know this is 100% doable. And if you are really itching to start building a side income that you know is real isn't some weird like opportunity that you don't really know is going to work. But selling on a real platform, selling on Amazon, where people buy real products and it's a real business. This video, I'm going to demystify it for you. I'm going to break everything down and by the end of it, you'll know exactly what actions to take, exactly how to tweak your mindset to make this happen, and hopefully you'll get there within the next six weeks. So let's begin by breaking it down. So the number one thing you need to understand and get a good hold on right now before you start selling on Amazon is you need to understand what good stock is to sell on your account. Now, a good Amazon business that makes tons of profit makes you loads of money, right? Really successful, it's easy to run and not a pain. All revolves around how good quality the stock is. If you've got bad stock, you've got a bad business, right? Either doesn't sell or it breaks and it gets you into trouble. Drop my pen. Right? And worst case scenario is this could actually get you shut down and Amazon could ban you from the platform. So we want to figure out how to find good quality stock. So other than the products being in good condition and everything, good quality stock has two elements that have to be present for us to even think about sending it into our Amazon account. Here's what those two elements are. So the first one, very, very simple. It's profitable, right? So after all of Amazon's fees, after all the expenses, the price we paid for the products and everything else, we have some money left put in our pocket. We get to take home as profit, right? So we're selling stuff on Amazon. We don't just want to turn dollars. We want some money to keep at the end of it. So the products have to be profitable in addition to this, we don't just want them to sell whenever they feel like selling. We want to source products that are going to sell in a timely manner. Okay? So if you bought 100 products and they all made you $10 profit per sale, that's great, right? That's awesome. But if we know that each one of those products is going to sell only once a month, it's going to take 100 months for us to get that profit back. And then we can't invest more profit back into more products to grow our business and the whole thing is going to fall apart. Okay? So these are the two elements has to be profitable and it has to sell quickly. And ideally, the faster your products Sell and the better. So we're going to take this simple bit of theory for what good products are. And first I'm going to tell you exactly how to find products just like this. Then I'm going to give you a framework and break down what a thousand dollar business looks like and how to actually get there in six weeks. So let's begin by breaking this down. So how do you figure out if a product is profitable? Well, it's very, very, very simple. First of all, you can use the FBA calculator. Now this is a really handy little tool Amazon's put together to actually break down all the fees you're going to pay before selling a product and so you know what your profit margins will be before you list it on Amazon. So if you type FBA calculator and you can use the UK one, so just type in UK or usa, you'll find the FBA calculator. Type in any product. It will give you a breakdown of the fees you're going to pay for selling at a certain price. You can type in your product and you'll get the profit at the bottom of the calculator. So very, very, very easy to figure out if a product is profitable, if you're going to sell it on Amazon. So that's the first part sorted. Next we want to know if a product is going to sell quickly in order to do this tiny little bit more complicated, a little bit more theory, but it's almost as easy as the profit. So to figure this out, we want to use something called the best seller rank. I don't know if you can actually see that on the camera there. Hopefully you can, but that says bsr, which stands for Best seller rank. And what this is, every single product selling on Amazon is kind of put on a leaderboard, right? So in each category there's a different leaderboard. So baby, there's one. If you look in pets, there's another leaderboard. Kitchen and home sports. You know, all the categories have their own leaderboard. Number one position, bestseller ranking of one is the best seller in that category. So these products will have like hundreds and hundreds of sales a day, sometimes like thousands of sales per day just with that one product, because it's number one best seller on the whole of the category. For example, toys and games. The best seller has been for a long time in the uk. Cards Against Humanity, which is like an adult card game, hilarious if you're around a mate's house and drinking and stuff. Very, very popular. And it sells hundreds of times A day. So what we can do is use the best seller rank to get an idea of where a product is on this leaderboard. If it's position 5, position 1, position 1000, we can use that information to kind of guess how many times a product is selling per day. So this gives us a really good indication of how quickly our products are going to sell before we even spend any money on the products themselves. Right. So it's powerful information. So you can go really deep into bestseller rank, and you can. There's loads of software which would almost predict exactly how many sales a day a product is going to make. But for now, to keep things super simple, this is really important when you're starting your business, not to get overwhelmed. I want you to look for products that have a best seller ranking of less. Spelled it with two E's. There, that's the official English spelling of less. Right. Less than 30,000 bestseller ranking. Okay. So any product that has a bestseller ranking of less than 30,000 in any category, we can safely assume that it's most likely going to sell relatively fast. Okay, so this is all you need. Products that have got good profit on the FBA calculator and are going to sell quickly because they have a low best seller rank of under 30,000. So now you understand these two principles. You know which kind of stock you should send in to your Amazon account. And all you have to do now is spend as much of your time as possible looking for these kind of products you to send into your Amazon account. So what I want to do next is first of all, flip over my flip chart. And next I want to break down for you how a grand a month business looks like and actually give you a simple plan to get there within six weeks. So first thing I want you to understand is that in my business, I have a lot of different products, thousands, actually. And they all have various different profit margins. Some profit margins very high, $30, $40, $50. Some is very low, a dollar, 50 cents, $2. Right. But the average profit, if you took all my products and did the mean average of everything, you'd get somewhere around $5. Okay. And it's been like that since the very beginning of my Amazon career. When I first started selling, I did the same equation, and this was about right. And to be honest, it's kind of similar whether you're selling arbitrage products or wholesale or private labels. Generally, if you sell a very wide range of products, your business will probably be quite similar. Okay, so what we can do is use this average to guess how many products we're going to need to send into our Amazon account to hit a grand a month, and then we can work up to that amount. Okay, so here's the magic formula that will get you to a grand a month. Very, very simple. All you have to do is send in 50 decent sellers every week into the Amazon FBA warehouse. And if you do this and your business has an average profit margin of $5, 50 sellers a week, right? It's 200 products a month. 200 times $5 equals $1,000 a month. Okay? Because we know that these products are decent sellers, meaning they're going to make you profit and they're going to sell quickly, ideally within less than four weeks, because the best seller rank is less than 30,000. So if we send in 50 of those every week, what's going to happen is you're going to start to get this momentum, and then you're going to start to get enough sales on your account. So eventually you start to build up to $1,000 per month. Okay, so this is the magic formula. This is the approach you want to take. And this is the promised land, right? When you can get up to this level, you will have $1,000 profit per month business. So what I'd really like you to do actually, at this point is write this stuff down. And I want you to write this stuff down on a piece of paper. And next to it, I want you to plan out how your life would improve if you had this extra thousand dollars per month in income. How would things change? How many more restaurants would you be able to go to every month? How much more fun would you be able to have? How much easier would it be to pay your rent or pay your bills or a car payment or a mortgage payment? Could you give more to charity? Start thinking about this stuff. Write down this magic equation. 50 decent sellers a week. That's the promised land. That's where you want to end up. So once you've got this all down, you understand this concept. You understand this is where you want to get to. The next stage is to understand how to go from where you are now to this promised land. And there's a few steps we have to take along the way to avoid disappointment, to make sure this actually happens, rather than just being a fantasy that you hope is going to happen. Right. That never actually comes to fruition, because the amount of people that talk about how they want to build Amazon businesses and never actually do it just because they just don't get around to it is Staggering. So how do you become one of the minor who actually get it done? Well, this is how we flip my flip chart over again so I can show you. One second. Okay, so before you start thinking about that magic formula, about that thousand dollars, and before you start spending the money in your mind, right, like we did in the exercise just now, I don't want you to focus on making $1,000. This might sound a little bit strange, but there's a very, very specific reason why now a lot of people, when they're interested in building a business, any kind of business, they start thinking about the end result way too much and then just rush, rush, rush, rush, rush, rush, rush to try and get that end result. And because of all this rushing and this lack of patience and lack of diligence, they never get the end result and they quit. Right. Do you have like you've had one of those friends who always seems to have this amazing business idea or this amazing new thing that's going to make them rich and it never happens. This is the reason why people are thinking about the thousand dollars a month or whatever the goal is, and they're not taking the steps in between the mini milestones in between to actually get there. So in order to make sure we do this and we're not just rushing to try and get the end result, I want to set you an intermediary target along the way to help you learn the foundations of how to set up this business properly and just tweak your psychology a little bit. And this makes things much, much, much more likely to actually happen. Okay, so before we start thinking about $1,000 a month and getting overwhelmed with 50 products a week, which right now might seem like craziness because you done it before, I want you to focus on this goal. If I can draw this properly, this will be a miracle. And I think I almost did it. Okay. I want you to focus on creating your first dollar in profit before you start thinking about delusions of grandeur. Building a six figure business or a grand a month business, whatever it is, first focus on the dollar in profit. This is the most important milestone in your whole entire business career. I still remember the first dollar I made in my business. And actually I joined an entrepreneurship course. And the first task in this entrepreneurship course was to go and ask somebody for a dollar. Because this principle is so incredibly important. If you can't get comfortable with making $1 and you can't do the things you need to do to make $1, you're never going to be able to make a thousand. So going from zero to try to make a thousand without doing this first, like, it just doesn't happen for the reasons we discussed just now. So in order to do this, what I want you to do initially is there's a link above this video which will allow you to download my free Fast Start guide and do this at the end of this video. Okay. Can teach you how to set up your Amazon account, find products to sell, analyze them within 60 seconds, and send them into the FBA warehouse so they can be stored there and you can make sales. I want you to spend the next week working 15 minutes a day on your business with the sole aim of making only your first dollar. Now, you can do this in a week. You can set up your Amazon account, you can get things sorted and find some products and send them in by the end of a week. At stretch, by the end of two weeks. Ideally, you will have got there. And then rather than, you know, getting unfocused and thinking about the end result, you'll have learned so much new stuff that will actually help you get to the next level. So once you've found some products and you know you've done your 15 minutes a day, sooner or later the sale is going to happen. And when this happens, light bulbs will go off in your head and you'll be so excited that you made this first sale. Like, things will change. You'll realize this is a real opportunity and you just generated some money out of thin air, right? You're creating money in this process. It's very different from the mindset of going to a job and working for, like, a wage. It's very, very different mindset. You start to realize when you can create money. It's kind of strange because you can create as much as you like. Like, there's no end to how much you can create. So this first dollar is the start of that process. So then sooner or later, it's going to happen. You'll make a sale. You'll feel amazing. What do you focus on next? Well, all you need to do next is go from making one sale or sourcing one product all the way to sending in 50 products per week. And the beginning, that might seem like a daunting task because you're going to suck at product research. You're going to be terrible at navigating Amazon's back office and looking around in your account because it's a horrendous layout. The first time I went in there, I was confused and I didn't know what was going on and it was, it's an ugly layout for a back office, right? So you're going to have all those obstacles. You're going to. Some days you're going to find tons of products, right? And it's going to be awesome. Other days you won't find anything. By the way, that's the same for every Amazon seller's element of luck here. And things are going to be just a challenge. But I really encourage you to just commit to spending 15 minutes a day working on your business. Just 15 minutes. Put it in your calendar, put a reminder on your phone Every day, just 15 minutes. Touch your business every day, commit to this and make it happen for the next six weeks. And something amazing happens when you put like a micro commitment like this down. Because 15 minutes doesn't seem like a lot. So you don't wake up in the morning dreading that you're going to have to spend 15 minutes on your business because it's nothing, right? So some days you'll have the most productive 15 minutes ever and you'll continue and you end up working for like two hours. You'll be on a roll. Other days you'll be tired and you'll be dragged down. So you'll just work for like 15min minutes and then you'll stop. And that's okay. You'll start to build momentum. So what you want to do is buy as many products per week to send into your Amazon account using these 15 minute slots as your budget allows in the beginning. And it could just be that you're sending in five products a week in the beginning. And that's okay, right? In the first sort of two to four weeks of your business is really more about learning the ropes more than making money. But as you start making some sales from the products you send in, if you're following this framework that will happen, your confidence levels will start to rise. Then you can go out, you can be a bit more aggressive, you can say, okay, Instead of sending five products, we're going to do 10. Instead of 10 it'd be 20. Instead of 20 it'd be 30. I want you to get beyond the 50 product per week mark. In the next six weeks I want you to go from sending in nothing into your Amazon account, sending one product 5 to 10, 20, 25. I want you to go beyond 50, ideally by the end of six weeks I want you to be sending in 100 products per week. And what you'll find is with an Amazon business, things snowball, right? You'll go from having no confidence, no skills, no nothing, no money, to suddenly getting a sale and you feel a bit more confident, okay, I'm gonna do a bit more of this. You'll get more sales and then you get more confident, you find some more money. Because, you know, people know that you're making money now, they're more willing to lend it to you. You're more willing to put some of your savings or credit card money into the business. You buy more products, you get more confidence, things start to snowball. So you can start this in the next six weeks. A lot of the products will end up selling as well. So you'll make profit. You can put that back into the business. And I want you to exceed the 50 products per week level within the next six weeks. And if you don't believe me, this can happen right now. Give it a try. And I would love for you to see what happens, because you can exceed that and you can really start to snowball your process. So once you've hit the dollar mark, next is to start ramping up as fast as you possibly can from just sending in one product a week to 50. And I want you to exceed that 50 products per week mark within six weeks. And for me, in my first week sourcing products to sell on Amazon, I turned 150 pounds. I do it in dollars because everyone understands dollars, into $950 in four days. I got a lucky break. I found a really, really hot selling product. I bought four of them off the shelf, nervously, not knowing if they were going to sell. And long story short, three of them sold in an hour. The next one sold overnight. So then I went on a manhunt to find absolutely every last one of these in the country, sourced 26, spent $150, took home after fees, 950, and then put that back into the business. And it just turned into this monster. And I was addicted to retail arbitrage and this is what started my business. And if you're consistent enough, if you're persistent enough, and you look in shops where there's going to be discounts, then at some point the likelihood is you will find a break like this. And then you'll go from buying one product to 50 within a matter of days. When you get this kind of thing happening, and it's not just me, by the way, who's had this. We've had Tim Savage, who spent £750 in Sainsbury's one time. We've had Techie, who made £500 profit in his first two weeks with retail Arbitrage. We've had so many examples of people who started by trying to make their first dollar, then ramping up the confidence and going from 1 to 50 as soon as possible and things will start to snowball. So first step first, get my Fast Start guide in the link above and start your journey. I really can't wait to hear how this goes for you. So, did you find this video valuable? Do you have any questions about it? Do you have any suggestions for future content and videos in this group? If you do, I really, really welcome you to leave a comment below like this post. Tell me your thoughts, because I want to make this group as awesome as I possibly can for everyone and can't wait to chat to you guys in the group sometime soon. All right, take care, keep believing and we'll speak soon.