How I scale my Amazon store into higher sales, more profit, while working less every month 👇
Let me define some terms:
Hunting = high reward, higher risk, high time-commitment
Farming = low to high reward, low risk, only time commitment is consistency
Hunting = high reward, higher risk, high time-commitment
Farming = low to high reward, low risk, only time commitment is consistency
When you are sourcing as a hunter, you are going out in search of new items to buy and sell
This is what most resellers do
You can find banger items all of the time, but your income is dependent on how often you source, and how successful you are at finding them
This is what most resellers do
You can find banger items all of the time, but your income is dependent on how often you source, and how successful you are at finding them
I have to add:
Every reseller must do SOME hunting
You should always be finding new items
However, in my first year and a half of reselling, I became frustrated with one important thing...
Every reseller must do SOME hunting
You should always be finding new items
However, in my first year and a half of reselling, I became frustrated with one important thing...
You can only source so many hours of the day
That gives you an income cap
At some point, there is NO MORE you can do
That gives you an income cap
At some point, there is NO MORE you can do
This is where leverage comes in
I call it farming
What if I "plant the same crops" and tend my fields daily?
What if I abandon the thrill of the hunt? Would I sacrifice a higher income?
Turns out, the answer it no.
So in a nutshell, here is my system:
I call it farming
What if I "plant the same crops" and tend my fields daily?
What if I abandon the thrill of the hunt? Would I sacrifice a higher income?
Turns out, the answer it no.
So in a nutshell, here is my system:
Start by hunting.
You have to find new items to test, and you have to find A LOT.
This takes long consistent stretches of sourcing, testing, and sourcing again.
Currently, I have over 40k leads in my catalog
You have to find new items to test, and you have to find A LOT.
This takes long consistent stretches of sourcing, testing, and sourcing again.
Currently, I have over 40k leads in my catalog
I got these from sourcing myself, subscribing to leads lists, joining leads groups, and hiring VAs to source for me.
It has taken me nearly 3 years to build this catalog, and I have saved almost every lead I have ever come across.
It has taken me nearly 3 years to build this catalog, and I have saved almost every lead I have ever come across.
Once you find an item, its time to test.
Regardless of the rank, I like to keep my risk small, so I start out by testing a quantity I think I can sell through in 2-3 weeks.
If I have to take a loss, its small.
And, if you can read Keepa well, your wins will outnumber your loss
Regardless of the rank, I like to keep my risk small, so I start out by testing a quantity I think I can sell through in 2-3 weeks.
If I have to take a loss, its small.
And, if you can read Keepa well, your wins will outnumber your loss
Next, I have an automated repricer strategy that is 100% hands off.
-Prep center gets item
-Prep inputs cost into Inventory Lab
-Repricer pulls cost from IL
-Automatically sets min max
-Automatically sets strategy
My inventory moves with almost 0 maintenance.
-Prep center gets item
-Prep inputs cost into Inventory Lab
-Repricer pulls cost from IL
-Automatically sets min max
-Automatically sets strategy
My inventory moves with almost 0 maintenance.
For testing, my repricing strategy is set up like this:
Min - 0% ROI
Max- 50% ROI
Why do I use these numbers?
Min - 0% ROI
Max- 50% ROI
Why do I use these numbers?
If you're testing an item, its okay to sell at break even.
In fact, if you set your minimum price to 0% ROI, you will sell tanking items on the way down, getting out at small profit or break even instead of a loss.
In fact, if you set your minimum price to 0% ROI, you will sell tanking items on the way down, getting out at small profit or break even instead of a loss.
On the other hand, if you set your maximum price too high, you will constantly be battling price errors in Amazon stranded inventory.
These take manual adjustment and a lot of time.
I would rather make 50% max (remember, we are only testing) then spend time fixing prices.
These take manual adjustment and a lot of time.
I would rather make 50% max (remember, we are only testing) then spend time fixing prices.
Here is where I tend my fields.
I go through my sales for the last 30-60 days and look at every single listing.
I check my profit on each item individually, and the best ones make it to the Top G list.
I go through my sales for the last 30-60 days and look at every single listing.
I check my profit on each item individually, and the best ones make it to the Top G list.
Once I have a solid list, I go into Cheddar Soft where I store my master catalog, and I tag them with a special tag.
Anytime I source, I check the TOP leads first.
These are my top performers, and I can filter all 40k+ leads down to these best of the best.
Anytime I source, I check the TOP leads first.
These are my top performers, and I can filter all 40k+ leads down to these best of the best.
If a top lead is ordered through wholesale, I instantly load the boat.
If its through a retail site, I keep an eye on that sites deals and sitewide sales.
Once a sale comes along, this is when it gets heavy,
I buy at least 2-3 months worth (or as much as limits allow).
If its through a retail site, I keep an eye on that sites deals and sitewide sales.
Once a sale comes along, this is when it gets heavy,
I buy at least 2-3 months worth (or as much as limits allow).
I've already tested it, I already trust it, and I feel confident going in heavy.
This has around a 90% success rate of winners / losers.
Plus, I prefer to sell vitamins and makeup, which has low shipping cost, low storage fees, and low returns.
This has around a 90% success rate of winners / losers.
Plus, I prefer to sell vitamins and makeup, which has low shipping cost, low storage fees, and low returns.
This strategy is how my Amazon store took the following trajectory.
Year 1 - $40k sales / 50+ hours a week
Year 2 - $400k sales / 70+ hours a week
Year 3 - $1m+ sales / 10-15 hours per week
The key is the system, and asking the following questions:
Year 1 - $40k sales / 50+ hours a week
Year 2 - $400k sales / 70+ hours a week
Year 3 - $1m+ sales / 10-15 hours per week
The key is the system, and asking the following questions:
How can I escape trading my time for money?
How can I leverage my time to make the same or more money?
What is the easiest way to do this?
What works? Why don't I do that more?
What doesn't work? Why don't I stop doing that?
How can I leverage my time to make the same or more money?
What is the easiest way to do this?
What works? Why don't I do that more?
What doesn't work? Why don't I stop doing that?
Using these methods you can:
-Work less and make the same income, enjoying your time freedom
-Work the same and increase your income, enjoying a mix of both
-Work more and drastically increase your income, and get rich
Thanks for reading!
-Work less and make the same income, enjoying your time freedom
-Work the same and increase your income, enjoying a mix of both
-Work more and drastically increase your income, and get rich
Thanks for reading!
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