How to Launch a New Business When All You Have Is A Dime

Frustrated in his corporate job and struggling in his marriage, parenting and finances, Seth started with a single dime, with a dream that if he kept doubling it, he could leave his corporate job and create margin for him and his family. Today, Seth is a full time Amazon seller and is the founder of Just One Dime, a coaching company for Amazon FBA sellers. Seth has students in over 100 countries, was flown to Amazon’s headquarters to be consulted for improving Amazon’s third party platform, was asked by a company owned by a shark
from Shark Tank to run their online Amazon and ecommerce division, run a sourcing team in China, and was requested by two countries to train their top businesses.
Show Notes
“Life’s too short to hang out with people who aren’t resourceful.” – Jeff Bezos
It is pivot season! Thanks to COVID-19. Perhaps you’ve turned to having a digital business and particularly an Amazon store. But how much do you know about how to do it really well?
This week, The Entrepreneurial You podcast invites Seth Kniep to share his wealth of knowledge on “How to Launch a New Business When All You Have Is A Dime.”
Here is a snippet of what Seth shared:
“First you find a product that is solving a problem and you make sure that the top competitors for that product that are selling it at least five of them have fewer than 100 reviews, which means if someone with less than a hundred reviews is selling really well, then you can launch a new product and probably sell it very well. Also, then you make sure it's selling at least 12 to 15 times a day. That's a general rule profit is more important than how many times it sells but that always ways indicates if between 12 and 15 minimum indicates, very strong demand for a product you find that product you make sure there aren't too many reviews as using the criteria I mentioned and then you start reading the critical reviews and you ask yourself a simple question when I look at all the critical reviews or I should say the top-ranking critical reviews for the top competitor What are the customer saying that they don't like about this product?”
Listen to the episode and let us know what is your biggest takeaway.
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