How to become a millionaire on Amazon if you have less than $2,000
Entrepreneurship is often a lost cause for many people. Realize that you have to work 18 hours a day to get your business off the ground. You will need to focus all your thoughts on the business, be as creative as possible, all for the ghostly hope of potential success.
Nevertheless, staying content in a full-time job is hard, especially when there are only stories around about the success that can be achieved through your own business. Is there a reliable way that you can improve your own life without having to put all your free time and nerves on the line.
We may have the answer. You can start your own business on Amazon with just a couple of hours a day and less than $2,000. Let's break down what it will take for you to create your own business that can give you financial freedom:
Research products: up to $200
Scout Amazon will give you the ability to identify trends in what products will sell. Look for products that have a top seller rating of 100 to 6,000. We need a high-level category, which will mean that there really is demand for these products.
It's also worth thinking about familiarizing yourself with the vendor marketplace on Alibaba.com. Look for manufacturers who deal in these same products and consider ordering samples of these products. It's unlikely to cost you more than $50-$100, and you'll only need a few pieces. You might want to consider replacing some of the parts with metal parts if you want to improve the quality of your product. You can discuss this with the supplier, adjust the design, and negotiate the price.
Inventory: $500 to $2,000
Inventory is a major expense you will have to think about, because at this point you are planning for the costs that need to be incurred to deliver your product. On average, a package of $5 worth of product will cost half a dollar. Also think about the fact that if the product will be manufactured and shipped from China, you will need a special person who will handle customs and shipping from that country for a fee. A very good warehousing option is to order through Amazon itself (FBA), when you can send the item to Amazon's warehouse in advance after purchasing it from the manufacturer. And then the company will deal with the sale of your goods, working with customers, while taking a percentage of each sale.
On average, Amazon business starters spend about $1,100 on the very first inventory expense. Think about investing as much money as possible at this stage (most importantly, wisely), because it will give you the ability to comfortably choose the type of product you want to deliver, and in general, give you more freedom.
Own brand: $1 to $1,000
You can sell your product with a manufacturer's label, but if you want to look at the future and expect your business to grow, consider creating your own brand. This will set you apart nicely from your competitors, especially if your product is of good quality. Your own brand will be your best advertisement after a while.
You need to develop your own eye-catching and elegant logo. If you don't have much money in your pocket, try hiring a freelancer. You won't need a lot of money. Just $10 and you will have your own logo. Of course, it would be better to be indiscreet and add a few hundred dollars. Do not forget that the logo is what you will be recognized by people. Often a logo and quality go hand in hand.
Marketing: $100 to $500
Initially you will need a couple of hundred dollars, but if you want to be more aggressive in marketing, you will have to spend more. Start with social media advertising. Create your own page to promote your business on Instagram and Facebook.
In general, these will be the only expenses at the beginning, because in the future you can use your profits, and reinvest them in the business. Create your own website, find the right people to help you build your business and grow in the directions you want.
Be consistent: free
Building your own business on Amazon will require your time and attention, but you don't need to be in the office all the time. All you have to do is stay in touch with your suppliers and sooner or later you'll be able to put everything on stream. One or two hours a day is enough to get you started.
Don't be afraid to experiment, try selling different products, find out what people need and put your knowledge into practice until you succeed. Don't give up if your first attempt isn't successful, because it gives you the experience to choose a different path.
Was this article helpful?2 Posted by: 👨 Scott M. Johnson