Amazon FBA Private Label: EP5 - How To Get Started And Why You Should Do It Now.
•Amazon Private Label – How To Get Started And Why You Should Do It Now•
Manny’s short-term goal is to make $25,000 in sales in the first 90 days of his Amazon business. For transparency sake, it is important to make a distinction between sales and profits. There are too many people boasting their sales numbers without openly disclosing the actual profits that revenue generated. So to make it crystal-clear, we’re shooting for $25K in revenue, not profits. We’ll discuss the profits that revenue represents in later posts.
It didn’t take Manny very long to get his first product listed on Amazon, and it generated about $2,000 in sales on the first week with no marketing and only one 5-Star review. It is a very niche product most people don’t even know exist. We’ll be discussing more results with this product later on after we deploy some marketing campaigns for it, but this quick example goes to show you about the power of tapping into the “Amazon Machine”.
Why Amazon Private Labeling?
Selling on Amazon is one of the few businesses you can start with very little capital and have the infrastructure of a multi-million dollar company at your disposal. You can start with a product you’re passionate about and focus your business around that (and you get to be your own boss!). Best of all, you’re not restricted to one product or one brand, by leveraging the infrastructure Amazon has made available to sellers you can scale quite quickly through pay per click advertising or other advertising channels.
Personal Name or Company Name?
When creating your account you will be asked for the name or entity that owns the account. You have a decision to make here; will you go with your personal name, or create a legal entity for this new business?
Let me be clear and say I’m not an attorney or an accountant, nor I play one on TV, but I can tell you I run my businesses under LLCs. These legal entities help you protect your personal assets in case of lawsuits, and can also provide some tax advantages. Of course, I highly recommend you consult with your lawyer and accountant before making this very important decision.
Congratulations! You now have a Professional Seller account on Amazon… The next step is to find products to sell, but how?
~Download the transcript and full description of this episode here: https://www.ampmpodcast.com//e....p5-amazon-private-la
*Outline of this episode of the AM/PM Podcast:
00:45 Introduction to the AM/PM Podcast (and the reason for the name)
01:50 Recap of Manny’s goals in his Amazon business
02:20 Early results on Manny’s first product on FBA
03:05 Nerdy factoids about Amazon
05:18 Why Amazon Private Labeling?
07:25 The first step to do if you’re serious about private labeling
08:46 Should you set up an LLC or start out under your personal name?
09:50 How to find products to sell on Amazon?
10:58 Example of a weird product Manny is selling on FBA
11:54 How to find products as you go about your daily routine
15:05 Finding products on Amazon.com
18:26 Why it is important to create a brand with your products
20:40 Why you should start with just one product
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