How To Start An 8 Figure Amazon Business – Stephen Somers
Hundreds of Amazon FBA courses have sprung up like mushrooms. Most of us want to figure out if becoming an Amazon seller is for us, whether it’s a good business, and how to become successful if we decide to do so.
Stephen Somers is the co-founder and CEO of Marketplace Superheroes where they have helped close to 8000 members build successful businesses selling their own simple branded products globally on Amazon. He shares some specific tips on how to find that product, how to sell it on Amazon, and some great life advice when you’re dealing with your 6-figure income.
3 Key Points
- When looking for an Amazon course, look for one that’s transparent, has made mistakes, people who have actual experience from the world of Amazon FBA.
- It’s essential to know how to find the right product. Use a system on how to look for it. Look at the more niche, non-competitive supply, weird items, where there’s a low supply level, but there is a certain level of demand
- Find your motivators that are not just money. If you’re chasing money forever, you’re not going to be happy.
I needed to figure out how I can learn from someone who knows what they’re doing.
I realized there was no real system behind what they were doing. They were just selling a lot of different products on these different marketplaces.
We started to refine everything and realized we don’t need these warehouses.
We needed to get rid of 95% of the products that he was selling and find all new stuff in different categories on Amazon.
We turned everything around, got rid of all the warehouses, got rid of all the staff, it was just the two of us, and we were doing $1.2m – $1.6m a year revenue where 30% of that was net profit before tax.
10-12% of total retail sales were made online. Out of that, 50% were made on Amazon. They were dominating the e-commerce space before the Coronavirus.
The days of just ordering some stuff from China and then sending them to Amazon are over. The reason is Amazon is a fulfilment center; they’re not a warehouse. They get hit by long term storage fees because the items weren’t turning fast enough.
Amazon has put in an inventory performance index, which just means you can’t just send all your stuff. You need to have a partner who has a warehouse or have your warehouse.
Certain products are saturated on Amazon. There’s so much supply, and there’s not enough demand on the platform.
But when you look at the more niche, non-competitive supply, weird items, there’s no supply level, but there is a level of demand.
It’s a very real business, and you should be looking at learning how it works. If it makes sense to you, then start putting money into it because the return on your investment is great.
Find your motivators out of just money. If you’re chasing money forever, you’re not going to be happy.
The problem with most courses in this area is that they’ll have you sell random items.
We want to go to smaller niches; the product is really clear, the offerings are not very good.
We can come in there and drastically improve the offer, add in bonus items, improve the listing dramatically, get that product into multiple countries.
Follow (Guest) / (Company)
- Stephen Somers LinkedIn
- Stephen Somers Instagram
- Stephen Somers Twitter
- Marketplace Superheroes YouTube
- Marketplace Superheroes Facebook
- Marketplace Superheroes Website