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More and more of the world takes place online, and Amazon is leading the world in ecommerce. Did you know that Amazon is actually a huge opportunity for you to make money online?
Today, we’re digging into how to create passive income online through selling on Amazon. If you’re looking for practical, step-by-step instructions on how to make passive income online, this episode will give you exactly that.
Try it out, and let me know how you do with it!
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Points to Keep In Mind
- Three criteria for what you want to sell on Amazon
- Does it already sell well?
- Can I compete?
- Are the margins there?
- Look for a product that is selling well, but not getting a crazy number of reviews
- Start at a low price point, from $15-$50, to learn the system, before getting into more expensive products
- Don’t mess with anything that you can’t 5X your money on the gross income
- The world is moving more and more toward buying everything online, so Amazon and ecommerce will only grow
- Use Alibaba to find “benchmark pricing”
- Amazon looks for sales spikes, to help them know which items to rank best
- Make sure that anything you sell that you put in or on your body, is made in the US
- Get influencers to promote your Amazon products
- Focus on initial sales velocity when you’re just starting out with a new product on Amazon
- Amazon is one of the lowest-risk ways to get into business
- Anyone selling needs to learn how to be ethically persuasive without being manipulative
- The psychology of selling on Amazon is almost as important as the logistics
- Video reviews are very important and helpful on Amazon
- If an idea is too easy to steal, it’s probably not a great idea
- Seeing progress in your own life is the best inspiration
- Think things through as if you are the general of your own bank account
- Whenever you want to get into a new market, spend some solid time researching, and then start testing
- Your first job as an entrepreneur is to prove that there is traction for your idea