GM, SideNerds! 💼💰

On today's episode of ‘Side Hustles Guaranteed to Get You Paid’ we’re diving into the ins and outs of Amazon Wholesale. We’ve also got some real-world examples that’ll blow your socks off (we’re talking more than $11 million in sales).

It’s time to stop dreaming.

And start hustling 🤑

The Appeal of Wholesale?

Selling wholesale on Amazon offers the enticing prospect of buying products in bulk at a lower price then selling them at a profit. But here’s the kicker: You’re leveraging Amazon’s vast customer base and shipping prowess to your advantage.

Choose The Right Product, Know Your Competition

Don’t play eeny, meeny, miny, moe with what product you’ll be selling on Amazon. Instead, use strategic analysis to set yourself up for success:

• Market Demand: Focus on products with consistent, year-round demand.

• Competition Level: Opt for items with manageable competition to ensure your listings stand out (otherwise your listings will drown online).

• Profit Potential: You’ll want your product to have a good profit margin between wholesale purchase and retail sale prices.

Finding Your Niche

Dive into niches you are familiar with. If you’re a yoga enthusiast, why not wholesale eco-friendly yoga mats? Knowing your product not only adds a layer of passion but also an edge in marketing it effectively.

Check out this Amazon Seller’s List for ideas on what Sellers are selling. 👇👇

Your Tech Essentials

Leverage these must-have tools to streamline your operations:

• Research Tools: Software like Jungle Scout or Helium 10 can help identify profitable items.

• Inventory Management: Stay on top of your stock with tools like InventoryLab.

Minimum Sales Price & Order Volumes

Remember, this is a numbers game:

• Minimum Order Quantities: Negotiate with suppliers to minimize your initial costs. Look for opportunities where you might be able to play hardball.

• Pricing Strategies: Use dynamic pricing tools to adjust prices based on market trends.

Amazon Wholesale Startup Costs?

Keep two things in mind when taking on this venture:

1. Initial Inventory: This is your biggest startup cost. Budget wisely.

2. Amazon Fees: Don’t forget Amazon’s cut, including listings and FBA fees.

Profit Margins 📈

Your profit margin should fall between 15 - 20%. Otherwise, you’ll catch hell trying to sustain and scale your business.

Licenses & Registrations Please!

Keep your business on the up and up with these two documents:

• Business License: This is required to operate legally.

• Reseller Permit: This allows you to buy products tax-free for resale.

Automate Your Pricing with Repricer Tools

Consider tools like BQool or RepricerExpress to automate your pricing strategies so you can remain competitive within your niche without losing sleep over it.

Getting Inventory to Amazon: How That Works

This is where FBA comes in (Fulfilment By Amazon), a program that lets you outsource order fulfilment to Amazon.

Once signed up, you send products to Amazon’s global network of Fulfilment centers. Customers place their orders and Fulfilment specialists pick, pack and ship the orders for you. They even handle customer service.

Where’s The Proof That This Stuff Works?

Evidence of this side hustle working is all over the net. Average Americans have found financial freedom by taking advantage of this powerful business model.