How To Reach 7 Figures Selling On Amazon (1 Million USD) #108

04/05/18 • 7 min

Is it possible to reach 1 Million dollars in sales the first year selling on Amazon FBA? Today we have a question from Miguel about selling on Amazon "Hey, Quin Thanks for all the free content on the podcast. I have a question about Amazon. I just started selling a couple months ago, but I'm not even close to the numbers I see other people share on Facebook groups. My question to you is: Do you really believe it is possible to reach One million dollars in sales the first year selling on Amazon?" That is a great question, Miguel. I have 2 things to tell you about this question 1 - I will start with the least important. I want you to know something about the Facebook screenshots. Every single time you see a screenshot of a seller account that has numbers on it, they are trying to sell you something. It doesn't matter if the numbers are small, medium or huge. And, it doesn't matter if there is no sales pitch attached or not! You are being sold to! That's it! Most times when the screenshot shows big numbers, the seller has a course to sell or is trying to sell someone else's course for a commission. But sometimes they may just be trying to sell themselves! what does this mean, you may ask? Well, it means that this Amazon seller is trying to get attention to his profile, so you can snoop around and see he is a business growth coach, has developed some software, or has a new FB group and are looking for people to join. Others are expecting a bunch of PMs from users (and they will get them, trust me) But no matter what, every single time, there is something being sold! banknotes-bills-cash-million- bucks-dollars-selling on Amazon 2 - This is the most important point of the 2, and I want you to listen very carefully to this! Making 1 million dollars in gross sales, selling on Amazon is possible and happens more often than in non-Amazon businesses, BUT... That doesn't mean anything! Making a million bucks in sales is not a stat to be proud of. Don't get me wrong, a million bucks is lots of money, but selling a million doesn't mean you get to keep anything. A good goal would be to net $200k or $250k. Now those are real numbers that matter. Actually, I know many sellers making over a million and some making several million per year, but they are very very tight financially because there is no cash flow. They are running high sales numbers but tinny margins, so it's more of a volume game, and those are pretty risky! So, to answer your question, yes it is possible, but that is not the most important number you should look at. By the way, Always define your goals, or else they will not mean anything if you achieve them. Set your goals and write them down! That's it for today. I hope this helps and make sure to listen to our last episode: My Amazon FBA Fees Are Wrong Thanks QA

Previous Episode

My Amazon FBA Fees Are Wrong | Ep. #107

Amazon FBA Fees Age, is shipping his new product to Amazon FBA, but he noticed in his inventory that the Amazon FBA fees are over $18. The product is the size of a book and only weighs 3.4 ounces. The sale price is $21 and he believes the fees are too much. Well Age, the fees are ridiculous. This tells me that the problem may be an easy one to fix. Amazon FBA has the wrong dimensions of your product's package. I say the product package because the product most times could be bigger than the package. If it requires assembly, if it's inflatable or if it extends. My recommendation is to check your packaging dimensions on the listing, and if it looks correct contact Amazon seller support to fix the problem. I believe that as soon as your product arrives they may find the error and fix it on their own. To contact support, open seller support and on the top right of the page, click help, then when the window opens scroll down and press "contact us" Hope this helps Check out the last episode here: Amazon FBA, Can My Friends or Family Buy My Products | Ep. #106 Thanks Quin

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Can I Sell On Amazon FBA Without GS1 UPC #109

Andrew is doing RA Retail Arbitrage and selling Amazon FBA and is wondering about GS1 UPC "I am thinking of selling products on Amazon FBA, but I am not the brand owner. I read somewhere that it is mandatory to buy GS1 UPC to sell on Amazon I looked up the GS1 UPCs and they cost a fortune, is there a "legal" way around it?" I love how you put the word "Legal" in quotation marks Andrew, I have great news for you! But before I tell you about the fantastic news I have, let me clear up the meaning of this. First, what is a UPC and what is GS1 UPC? UPC stands for the universal product code, it is, in simpler terms the barcode. GS1 stands for Global Standards 1, this is a not for profit agency that supplies manufacturers with a company prefix, this prefix is used in GTINs and this stands for (Global Trade Item Numbers). If you are planning on selling your products on Amazon, the products will need to have a GS1 GTIN (Global Trade Item Number) Now let's get to the good news I have for you. You don't need anything, my friend. According to your message, you are selling products of which you are not the manufacturer. This means you are doing RA (RA stands for retail arbitrage) it when you buy products from a retailer at a discount and then sell online at full price. In this situation, you don't need to buy anything, because the manufacturer already has a UPC printed on the item. BTW here is a Curious fact: The very first barcode ever scanned was in 1974 June 26th it was a 5 pack of Juicy Fruit gum. But let's get back on track. The only thing you need is an FNSKU, now here is a big word! But don't worry about it, I'll make it simple for you. An FNSKU is the Amazon barcode. and they require their barcode to be placed over the existing UPC on the product. This FNSKU is provided by Amazon for free, and all you need to do is print them and stick them on each product. When creating your shipment to send to Amazon FBA (this means Fulfilled By Amazon), they will give you these barcodes. That's all my friend Good luck, and when you are ready to go the Private Label route, then you will have to look at this GS1 situation again. Until then, keep profiting Video from GS1 attached