Amazon FBA Business Plan | How To Succeed
Hello beautiful people on YouTube. My name is Tamara, I am a seven figure Amazon FBA seller. In this video, I will be sharing with you my Amazon FBA step by step business plan to help you succeed in your Amazon FBA business. So I am Canadian. I am from Vancouver, British Columbia, Canada and I have been selling on the US Amazon FBA marketplace for four full years. In this video, we will not be talking about technical things like product research, or PPC.
Instead, I want you guys to understand what really goes on in an Amazon FBA business. What is it? What does your day to day look like? What can you expect? How do you handle money? How do you hire people? when is the right time to hire? When should you start delegating or learning something new? And how do you even plan your Amazon FBA business and journey as it grows? Let's dive inside of my computer so we can cover this entire business plan to help you succeed step by step. Alright, guys, so today, we are going to go over the Amazon FBA business plan and how you can apply this to your very own Amazon FBA business.
Now, believe it or not, a lot of the success that comes from running an Amazon FBA business is not in product research. It's not in PPC, it's not about negotiating and getting the lowest prices with your supplier. Because if what we are about to talk about today, does not make sense to everything else in your business will not work, you can keep doing product research, you can keep looking at PPC campaigns and trying to figure it out.
But if you don't have this in place, then nothing in your business will work. And this is why sometimes on Facebook, I see people trying and trying but they just never get to the next level. It's because they are missing the main business plan. So the very first thing you guys have to do before even doing product research, or PPC or doing any type of research is that you must first commit to your business, you have to commit.
And when I say commit, I mean really make time and put the effort and energy, the time the hours into your business. If you guys don't commit, nothing will work. And This usually happens with newer entrepreneurs, or people who have never had a business before. They are constantly trying to do things here and there. But a lot of the times you get really fed up frustrated, and you don't know what to do next, you have no direction. And then you start to forget about the business you give up and you go on to the next shiny object syndrome.
So what do I mean by commit? This means to make a commitment to yourself to put in the time, put in the time and hours every day, not every week, every day, I promise you if you guys spend time, once a day, just doing your Amazon FBA business, maybe it's product research, maybe it's talking to suppliers, maybe it's as simple as watching a few YouTube videos to get yourself involved, you are going to get that much more success, the more you ignore this business and you don't pay attention to it, you will not have success, and you will not find a good product, you will start to forget about pay per click you will start to forget about what makes a good supplier or how to negotiate. So what I am trying to say is you have to be involved every single day. Now if you cannot get involved every day, I actually don't suggest you to do this business.
Because a business should be taken seriously, as if you have a pet or if you have a child, they need the attention they need to be fed. Well guess what the same goes for a business you need to commit. You need to put in the time and hours every day.
The next point I want to make is you need to take risk. You need to take risk and get used to being comfortable with being uncomfortable. Look, I know a lot of things in entrepreneurship won't make sense to a lot of the days when I am doing my Amazon business. Guess what, I make a lot of mistakes too. And I don't know everything.
I try to learn as much as I can so I can coach people as much as I can. But in reality, there are some things I just don't know. And if you do meet a coach or someone else that says they know everything that is a huge red flag because I believe that as an entrepreneur, there will always be room for growth.
So you have to get used to being covered Trouble with being uncomfortable. If you are someone that hates being uncomfortable, and you hate learning new things, and you don't ever want to try anything different, you are always living under a rock, then business is not for you, you will fail. So make sure that you are okay to take some risk and get familiar with being uncomfortable, you will be uncomfortable for majority of the business, especially in the beginning. So make sure that you are prepared for that.
And last but not least, when you are committing to doing this business, you cannot give up halfway. It is so easy to just throw in the towel and tell yourself you know what I'm done. I've had it, I'm upset, this didn't work out, I can't find a product. PVC is eating up all of my margins, whatever you tell yourself, it's all in your head.
And these are just feelings. You know, a lot of the times I feel frustrated in my business, a lot of the times things will not go smoothly the way I want it. But the most important thing to remember is that if you give up, nothing in the future will change, you will go back to the same situation that you are in. And a lot of you guys who are trying to succeed in your Amazon FBA business, you want to make more money, you want to do better for yourself, you want to provide more for your family and your friends, you want to have more freedom. And this is exactly what you have to understand is that if you are giving up so easily, and throwing in the towel, you are not only giving up on the business, but you are giving up that opportunity to be financially free.
And to be honest, this is not easy. It may be easy for some, especially for those who have experience online selling things maybe on eBay, or maybe Shopify or something, and it may come a little easier. But for the majority of us, if we have never done an online business before, this may be a little challenging.
So make sure you guys are 100% ready to commit before you start doing product research, investing money into anything because like I said, if you don't commit, nothing is going to work. The second thing you should add to your Amazon FBA business plan is learning how to do a specific skill set before outsourcing. So for example, I see a lot of the times on Facebook, people are always trying to get a shortcut and get the easy way out. They will always try to find someone to do their entire product launch for them. They will try to find someone to run their entire PPC, when they don't even know how to analyze PPC reports. They try to find someone how to do a product launch when they absolutely don't even know what strategy that company is offering.
So there's a lot of crazy things happening on Facebook, and people are trying to find a shortcut instead of learning it themselves. So why is it important to learn a skill yourself before outsourcing? Because that way you will know if the person you are hiring is doing something right? Or are they doing something wrong? Are they following terms of service? Or are they just using black hat tactics? You have to learn how to do something before you hire someone how to do it. Now this goes for a lot of the things in Amazon FBA. But I don't expect you guys to learn how to follow your own tax return or learn how to look at tax returns like stuff like that, of course you have to hire a professional for but things like product research PPC, you should learn how to do yourself before you hand that off to someone else.
These are the most important things that you have to learn yourself in your Amazon FBA business before hiring someone else. And like I said, if you don't know how to do these four things, then how do you expect that the person you are hiring will do a good job. If people are constantly running your PPC campaigns for you? How do you even know what they're doing? is right are How do you know that that is going to give you a return on investment? Or are you really putting all of your eggs in one basket crossing your fingers and just hoping for the best that is absolutely the worst way to do business.
Now do you have to be a genius with product research, a genius at PPC and totally amazing when it comes to product launching getting it to the first page every single time before you hire someone? No, you just have to learn enough where you can identify easily the people that you hire. Are they doing a good job or are they not? Because if you can't tell and you are just putting all of your trust into them, your business is just heading towards failure because you can't differentiate what's right and wrong. What's wrong? So guys, please be mindful that. I know, in any business startup, it's going to cost you a lot of time. But it's so important that you learn these things before hiring someone to do it for you. Speaking of hiring people, this brings me to my third point to add to your Amazon FBA business plan.
And that is when and how to hire someone for help. A lot of new entrepreneurs and newbie sellers make this mistake. And again, that is hiring someone that you don't even know can give you what you need in your business. Or maybe you are someone that is hiring too early. Or maybe you are so swamped right now and you need help as soon as possible, but you don't know how to hire. So let's talk a little bit about when and how to hire someone for help.
For me and my business, we now have over 10 people that helped me with my online business. I know a lot of the times you guys only see me on Instagram, Facebook, tik tok YouTube. But truthfully, I have over 10 staff members that are behind the scenes and working with me on my online businesses.
So how do I know when to hire? One big tip I got from my mentors is that you should always hire before you need to hire. So if you are constantly doing the same task every single day, and it's taking up a good chunk of your time, when you could be using that time to drive more revenue, instead, you need to hire, so let that sink in for a bit. If you are spending too much time every day doing something, for example, maybe you are trying to run PPC. And again, you already know how to run PPC before hiring someone, right? So you're trying to run PPC, you're optimizing your campaigns, you're creating new campaigns, you're looking at advertising reports.
And that is taking two to three hours a day, every single day, it might be time to hire, because a lot of us get stuck, where we are constantly working in our business and not on our business. So what usually happens with entrepreneurs without them even realizing and this happened with me, the first year I was in business, I was a one woman show, I ran everything myself and then my spouse and I decided to do everything together. And then as our business grew and our income grew, we started to hire a virtual assistant. And then we hired someone else.
And then we found a business partner, then we hired consultants, and then we hired all these other people. And what I failed to realize was that I should have done this a lot sooner because if I hired someone sooner, they can take this task off my plate, which gives me free time to do other things that drive revenue. So what drives revenue in your Amazon FBA business? Well, mainly, I think product research drives revenue in your business, you can always outsource customer service. You can always outsource negotiating with suppliers, you can always outsource finding someone to help you find good suppliers, you can outsource PPC, for me, I only work on my PPC and I outsource everything else.
However, I used to spend a lot of time on product research myself too, because after doing this business for four whole years now, I don't think anyone can do product research as good as myself, I just know right off the bat if a product is good, if it will make me money, or if it's a product that will cause me to lose money. So the main thing that a lot of us should be focusing on are things and tasks in our business that bring money that drive revenue. And if you are spending a lot of time doing your bookkeeping, or going through keywords, or maybe you're trying to get better images for your product listings, that's not what you should be focusing on, especially when your business starts to grow. So you have to know when to hire and how to hire. So that is my advice to you. You should always hire if you find yourself in a position where you are just spending way too much time on one thing, and someone else can do it for you.
So how do you hire? Now I have a very interesting way of hiring how I hired someone today is totally different than how I hire someone three years ago nowadays, I don't even look at your resume. I could care less. I know in the traditional corporate world, a lot of people will look at resume they want to see if you have like a degree in science or biology or I don't know history, all of those traditional ways on how to hire people or things that I don't do. So how I hire someone for my company is simply by getting to know know the person observing how they interact with others observing how they do their work? Are they efficient? Are they fast? Do they get along with people? Are they problem solvers? Do they have a positive attitude because attitude is everything in a business.
If you don't have a good attitude, your business will be shit. If you do have a good attitude, you will always think in a different way, make better decisions that will benefit your business. So I asked them all of the hard questions up front, what do they expect in terms of pay? What do they expect from me, and I made sure that they get the proper training and support before actually hiring and bringing them on. Because the worst thing that can happen is if you hire someone, and you train them on everything, and you haven't discussed salary, you haven't discussed what motivates them, you haven't discussed what their lifestyle is like, the position is not going to last.
So every one that I have hired for my company, I have never seen the resume, I will be completely honest, and I could care less, because I got to know them as a person. I have seen how they interact with others. I have seen their previous work, they've done extra work for me without me asking. So there's a lot of ways how I just use my gut feeling when it comes to hiring. By the way, you guys if you are enjoying this video and you find it helpful, please help me Give this video a huge thumbs up and check out my free Amazon FBA training below in the YouTube description.
All you have to do is click on the free training link in the YouTube description. Enter your name and your email address, watch the free training to the very end. Because you may be qualified to get on a one on one strategy session with myself and my team. And we will help you get your Amazon FBA business all up and running.
So the very last thing you need to learn and you need to understand and you need to make very good decisions on is money management. Now, for those longtime followers, you know I talk about money management a lot, because money management is not something that everyone naturally knows. Because in school we were never taught that. I don't remember a single time in school where my teacher was like, Okay, I will teach you how to save money, invest money and multiply your money that was never offered to us.
Not in elementary, not in high school, not in college on University. Not in private school, not in homeschool. So money management is something that is self taught.
And you have to have a lot of self discipline when it comes to managing your own money, especially for your business. So one thing you need to learn in your Amazon FBA business is knowing when to spend your money. Because there are expenses in every business. Amazon FBA is no different.
So of course, you need money for inventory for PPC for your product listing. But there are some things that you may not need to spend your money on. And it's more so optional. Always spend your money on things that are important, and that is required to run your Amazon FBA business.
So of course, you need to spend money on inventory. And if you guys are one of my students, you should already know that I don't teach people how to spend 1000s of dollars on inventory. In fact, my very first product was only 93 cents, and I sold it on Amazon for 1299 or 1399. So you really don't need a lot of money to start this business, you just need to find smart products that will give you a high profit margin.
So you need money for your product research. And of course, you need money for advertising because without advertising, customers will not know who you are, and you will not rank to the first page of Amazon. And the last requirement is obviously shipping your inventory if you are sourcing from China and getting a few photos done. So all of these fees are normal and they are required to start your FBA business. It is still so much cheaper than starting like a coffee shop or a hotdog stand or a bakery because those costs you guys you are looking at six figures just to open up a coffee shop and Amazon FBA business is the best and cheapest way to go to start a business that will make you a lot of money. If you know what you are doing.
I also highly recommend everybody to get themselves a mentor that will guide them along in their Amazon FBA business or just help you with business in general. To this day. I have paid my mentors Over $50,000. And I know a lot of people will think, Wow, that is a lot of money. And yes, it is. But without hiring my mentors, I will not be making seven figures every single year.
I absolutely would not. There's a lot of things my mentors taught me that I didn't even know existed in this world. Like it just totally changed my mind about business. It taught me how to make better decisions, taught me how to run my business more effectively, so many things. So if you guys can't afford a mentor, I highly suggest that you do the richest people in the world have a mentor and that is why they are so rich. So there you have it.
These are the most important things that you need to include in your Amazon FBA business plan. If you guys have any questions or comments for me, make sure you leave me a comment in the comment section below. I read everyone's comments. I will see you guys in my next YouTube video.
2021-10-22 04:50
