5 Things You Should Be Doing To Grow Your Amazon Business
Updated: Dec 2, 2020
Have you ever heard the quote; "In this world you're either growing or you're dying so get in motion and grow.”
Any successful business owner will agree that continual cultivation is the key to successful growth!
Here are 5 things you should be continuing to do as you grow your Amazon business:
1.) 10 Before 10
When looking to beef up your supplier pool, or looking to make new relationships, our rule of thumb is to make 10 phone calls to suppliers before 10 am. By requiring yourself to do this daily, your business will quickly grow.
2.) Do More Than is Necessary
Building relationships with anyone is hard work. Suppliers are like the needle in a haystack. You'll have to contact so many just to find that one good one. However, the more you contact the higher the likelihood that you'll find the needle. It always pays to have as many good suppliers in your portfolio as you can. This gives you the flexibility to be selective when sourcing and negotiate better pricing.
3.) Prepare Your Inventory
Seasonal markets can affect what sells when, and how quickly. Be sure to plan for shipping times. You don't want to buy a product too close to its season and not be able to start selling because it's still in transit to the Amazon warehouse.
Ex: Buying school supplies at the beginning of August. People start buying school supplies to prepare for the upcoming year at the beginning/mid-August due to school starting in September. If you buy in August, by the time your products arrive at FBA and is cataloged, sorted, and ready to sell on Amazon, you might miss that initial rush of sales.
4.) Be Diversified
Always keep the wheels spinning. With a constant flow of inventory in transit, being cataloged and store in FBA, and selling on Amazon, the money will steadily flow through your business. This will allow you to have the ability to constantly grow as you consistently are able to buy inventory. Having your inventory spread across multiple categories will allow for multiple pillars of growth.
5.) Be Profitable
Keep an eye on Amazon fees to make sure you are making a profit. Research the buy box and best seller rank for every item you are looking at and calculate before you purchase.
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