How to Find a Private Label Product Supplier + My Revenue After Just Two Weeks On Amazon

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If you want to sell physical products, you have to have something to sell, and therefore, you’re going to need to find a supplier.

In today’s episode, I wanted to accomplish two things:

  1. Share my results from the first two weeks of selling
  2. Give you the step by step process that I used to find a quality supplier

Results From My First Two Weeks on Amazon

I’ve now had my products online for 2 weeks, and have sold about $4K worth.

Amazon Sales Dashboard

For the first week, I had only one product in the jewelry category. In the second week, I launched another 4 products; one of which is a bundle that actually contains two related products.

My total investment in inventory so far has been only about $2K because the cost per unit is generally about $1 and I ordered small quantities to mitigate risk.

Product #1, thanks to a promotion I ran on ReviewKick (sold about 85 units at a discount), now has 87 reviews. In total, I have sold 165 units, including the 85 that we sold at a discount. From reviews and sales, I now rank #4 for my target keyword.

Product #2, thanks to a similar promotion, now has 25 reviews. I have sold 70 units in total, and it ranks #1 for its primary keyword.

Product #3 (the bundle of two products) now has just 5 reviews so far, though as I sold 11 on the promo, I would imagine the number of reviews will climb to 11. Interestingly, this product, despite have a low search volume for its keyword, is selling much better than expected and ranks above the fold on page one for a number of its keywords.

On April 21, I turned off all promotions, and thanks to my organic ranking, since then I’ve been selling about 12 units a day. Prior to then, organic sales were only about 3 units a day.

Daily profit right now is about $75-80. Not bad considering the fact that I’ve only been doing this for two weeks! Put another way, I now have a (very) part time job (only a few hours a week), that is paying me $27K a year! (Obviously things can change, but as my products aren’t trendy or seasonal, I expect the sales to remain at least this much, or more, going forward.)

Here’s the key take aways:

1. Put your fear aside and get your first product listed. There is NOTHING more motivating than seeing sales happen every day.

2. As soon as you can afford it, get a second (related) product listed. I would never have guessed that having a second product could have such a strong impact on the sales of the first product.

3. Devote time to product research and always have your next product in the pipeline. Never just “cruise”.

Listen to the Audio

In This Episode, I Share:

  • How my business is doing after just two weeks on Amazon (including revenue)
  • How I ran promotions to get reviews
  • The effect of the promotions on my organic sales
  • The mindset that you need to get started
  • Where I searched for suppliers for my private label products
  • The email template I used to contact potential suppliers
  • How to keep your supplier communication organized
  • How to order samples and keep them all organized
  • The #1 thing to do before you place your first order
  • How to pay for your order to ensure you don’t get scammed
  • How and where to ship your product and why

Links Mentioned in This Episode

If you liked this episode, you might also enjoy:

The Art & Science of Choosing Your First Product to Sell on Amazon

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In an effort to make discussion more social, I’ve moved comments onto Facebook. If you have a comment or question, please click the button below to be taken directly to the Facebook post.

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BI 201: The Art & Science of Choosing Your First Product to Sell on Amazon

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Episode 201 - Product Selection

If you are planning to sell private label products on Amazon, the first (and most important) step is to select a product to sell.

Sounds easy enough, right?

Well, not exactly. In fact, selecting a product is the #1 obstacle that prevents new sellers from getting their business off the ground.

If you make a good selection for your first product by choosing something with the correct balance of demand vs competition, your sales will take off and all sorts of amazing things will start to happen!

Make the wrong selection though…and you are in for a rough ride.

If you choose a product with too little demand or too much competition, sales will be low or non-existent. If you select the wrong size of product, your FBA fees will be much higher. If you choose a product in the wrong category, you could be faced with some nasty attacks from your competition.

Product selection is the key to succeeding on Amazon, so make sure you listen to this episode and learn the method that I and many other successful sellers use to avoid choosing the wrong product.

Listen to the Audio

Questions I Answer In This Episode

  • Why I chose to start an eCommerce business
  • Why I am focusing on Amazon before attempting to build my own store
  • What are the top categories that new sellers should focus on and why?
  • What are my rules of thumb for product attributes?
  • How to brainstorm for ideas
  • What tools do I use to help me speed up the product selection process?

Links Mentioned in This Episode

If you liked this episode, you might also enjoy:
Adventures in eCommerce: The Future of the Bright Ideas Blog & Podcast

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Bright Ideas for eCommerce Entrepreneurs

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For the last few years, and in countless episodes of my podcast, I have focused on teaching people how to grow a marketing consulting business; primarily because that was the kind of business that I was focused on building for myself.

My agency has been a steady cash flow generator for a few years now and that is all well and good….but to be honest, it’s not a business that I want to grow that much bigger. Primarily because its a service business and the larger it gets, the more staff I will have to hire, train, and manage.

As a result, staring today, the Bright Ideas blog is making a major pivot. Going forward all the content on this blog & podcast is going to be focused on the ins and outs of building an eCommerce business.

Listen to the Audio

Why eCommerce?

There are a number of reasons why I have decided to make this pivot.

Reason #1: It’s the business I’m getting into

For my entire career as an entrepreneur, I have been involved with B2B service businesses; and while service businesses have served me well so far, one of the major challenges is that they don’t scale very well.

Plus, clients can be a challenge to work with! (one of the major reasons we have been uber choosy about the clients we accept)

With a product business, on the other hand, I don’t ever have to talk to my customer to make the sale. They either come to my site, or go to Amazon, and “add to cart”. Soooo pleasantly simple.

Approximately two months ago, I reconnected with a friend that I hadn’t spoken with in a while and he told me about some mutual acquaintances and how well they were doing with eCommerce.

As a result, I decided to started conducting some tests to see if I could replicate what they were doing. My initial test results were positive so I decided to take a few more baby steps and “leaked” some of what I was up to on my Facebook page.

If you missed out, don’t worry, I will be publishing detailed accounts of these tests and their results in the coming weeks. If you don’t want to miss anything, be sure and subscribe.

Reason #2: Anyone can start an eCommerce business

There are a LOT of information marketers out there who are all trying to convince aspiring entrepreneurs that they can all get rich selling information products. Sadly, the reality is that the vast majority of these guru’s only make money online by teaching other people how to make money online. It’s kind of a pyramid…and that’s not something that I have ever wanted to be a part of.

Whereas with eCommerce, you don’t need to be a guru and you don’t have to create your own products. ANYONE can log onto Alibaba, find products, import them, and sell them on Amazon and/or their own website…and thousands of people are already doing it.

If you are an aspiring entrepreneur, replacing your job by starting an eCommerce business in your spare time is totally doable (though it will likely take you a year or so). In the months ahead, via my podcast, I will share with you the stories of many people (including myself) who have done just that.

Reason #3: eCommerce is growing

According to Engadget, Amazon just announced its financial results for Q4 of 2015, and one of the big trends the company highlighted was the continuing strength of Amazon Prime, a service that has its roots in free two-day shipping but is now becoming a catch-all for a host of free media the company provides for subscribers. Amidst the many highlights are some notes on pretty major Prime growth: Amazon says that worldwide Prime memberships increased 51 percent in 2015 compared to the year before. Growth in the US came in at 47 percent, which means things picked up even faster internationally.

But you probably didn’t need me to link you to a news story for you to agree that in the coming years, more products are going to be purchased online than they are today, right?

It’s kind of a no-brainer.

So now that you know my top 3 reasons for pivoting my own business (and this blog)…you are probably wondering….

What Can You Expect From Me In the Future?

My goal is to have this blog become your #1 trusted source for eCommerce strategies that actually work.

In the weeks and months ahead, you can expect me to:

  • Share details about how I’m growing my own eCommerce business (good and bad)
  • Publish interviews with other eCommerce entrepreneurs
  • Provide answers to your questions about eCommerce

How Can You Help?

There are two things that you can do to help me achieve my goal is making this blog a #1 trusted source for eCommerce strategies that work:

  1. Ask questions
  2. Share my posts on your social media

That’s all that I ask. Thanks in advance for helping~

~Trent

Have a Comment?

In an effort to make discussion more social, I’ve moved comments onto Facebook. If you have a comment or question, please click the button below to be taken directly to the Facebook post.

 

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