Streamline and accelerate your Amazon Business and FBA Business with these three tips! Make your business more efficient, consistent, and cost-friendly!
You’ve started your Amazon FBA or Amazon Wholesale business and started selling items and making decent money. Now you’re wondering, how do I grow or expand my business from here?
If this sounds like your situation, you’re in the right place. Most Amazon sellers can earn anywhere between $12,000 to $50,000 in their first year of selling on Amazon. Experienced sellers that have developed and expanded their businesses and can make upwards of $200,000 per year. Regardless of the earnings, sellers at every level of experience want to be able to grow their business even further. Some may want to quit their regular job and move towards Amazon FBA full-time, others see the earning potential and want to become their boss and set their schedules.
Whatever your reason is, you can follow these 3 easy steps to grow and accelerate your Amazon business.
Hacks to Speed Up Research Products
It’s no surprise that product research takes up a ton of time for every Amazon reseller. Every seller is expected to find a wholesale supplier, look through endless catalogs and then find the needle in the haystack of profitable products to stock up and sell on Amazon. This process requires plenty of resources (time, energy, capital) that could be better used to expand your business. The first way to accelerate your Amazon FBA business is to cut down the product research time. There are different hacks that sellers can use, but we want to focus on two: hiring Amazon Product Researchers or hacking the process with Wholesale Catalogs and Manufacturing Newsletters.
Hiring Amazon Product Researchers
The first hack that can speed up the research products phase is by hiring an Amazon Product Researcher. You might be thinking, “where would I even look to find a researcher?” Honestly, the process is a lot easier and much more streamlined than you think. Researchers are plentiful. both domestic and international. If you want to hire someone quickly, there are plenty of websites that have researchers available for contract hire. This means that you would only need to pay a fee or hourly wage for however long they worked. Hiring a contractor is quick and easy, and more often than not, these contractors will bring tons of experience and insight on finding the best products. The most common places to hire contract workers would be websites like Upwork, Fiverr, and Guru to name a few.
Some Amazon sellers prefer to hire a friend or someone they know to become their Amazon Product Researcher. Whether you hire a friend or find a freelance contractor, before you pay them, make sure they understand the FBA process, important Key Performance Indicators (return on investment, profit margins, etc.), how to find winning products, and even how to examine a wholesale catalog.
These are some of the basic and advanced skills any product researcher must know to find winning products.
Wholesale Catalogs and Manufacturing Newsletters
Most experienced sellers know this hack, but every seller at every level of expertise should always refer to available resources like wholesale catalogs and newsletters from suppliers. If you already signed a wholesale contract, the supplier probably gave you access to their wholesale catalog. Most manufacturers produce more than one product, and more often than not, they have all the products they make in a wholesale catalog along with the cost of goods, selling price, and other statistics for sellers. We always recommend sellers carefully look through every possible catalog. Catalogs are rich in information and provide you with a plethora of valuable products that can greatly expand your business and earnings. Winning products are a needle in a haystack, even a single product can make or break your Amazon business.
Alongside catalogs, some wholesalers might even have a monthly or yearly newsletter that discusses new products and discounts they are going to start providing. These new products or discounts can be profitable if you take advantage of the newsletter. Like the catalogs, manufacturing newsletters have tons of information on important updates. With something this important, take your time to examine and analyze every potential product and discount to see if it would be profitable for your business to sell.
Amazon FBA Tools
The second way that you can expand and accelerate your Amazon business is through using FBA tools and other seller resources. While some tools are paid and some tools are free, some tools can help sellers at every stage of selling, whether it be finding wholesalers, identifying winning products, or even tracking and managing their inventory. If you want to grow your business, you might want to look into some of these useful tools.
One tool that every seller should consider is a Search Management tool. The Search Management tool is the one that cuts down the product research step significantly. If you want to avoid hiring a product researcher or don’t have time to manually look through catalogs and newsletters. the Search Management tool will be your savior. Search Management tools do all the product research for you. Instead of having to hire someone, you can use these tools to upload a wholesale catalog, and the tools will analyze, sort, and organize all of the potential products into a simple and easy-to-read table. Without having to invest time to research products, you can easily identify strong performing products that can help grow your Amazon business.
If you’re in the market for a Search Management tool, Sellgo offers a Search Management tool that provides you with all these benefits. With the Sellgo subscription, you can break down a catalog yourself. The time and resources you would have paid a researcher could be used on this tool instead. It would not only be cheaper than hiring a freelance contractor, but it would also be a lot faster and more efficient.
The second tool that can help accelerate the growth of your Amazon business is the Profit Finder. The Profit Finder tools will be the ones that identify winning, profitable products. Even if you have a wholesale catalog, you don’t necessarily know if that product will end up being profitable enough to grow or expand your business. Along with the cost of the product, you have to also consider other additional fees like the shipping or packaging costs, sellers fees, storing or holding fees. All of these factors are usually overlooked by sellers or product researchers. By using Profit Finder tools, they analyze the potential profitability of every item and can determine the select few that will be vital to expanding your business.
If you don’t have a Profit Finder tool in mind, we highly recommend the Seller Profit Finder tool. The Sellgo Profit Finder works hand-in-hand with the Search Management tool. After you upload a catalog from a supplier, the Profit Finder will organize the products based on important KPIs like the ones we mentioned above. You can sort all of the potential products based on factors such as the average profit margins, expected return on investments, cost of goods while also taking into account additional fees like shipping costs and sellers fees.
The best part is that both the Search Management tool and Profit Finder tool are included in your Sellgo subscription, so you would only have to pay one price for both of these tools that can help your business grow. Not to mention, it would be cheaper and more efficient than having to pay a freelance contractor or looking into the catalogs yourself. By utilizing both Search Management and Profit Finder tools, it does all of the product research work for you. After using both of these tools, all you need to do is put in an order to the manufacturer and start collecting sales on Amazon!
Before you order any products, make sure to read our article on Profit Calculators and how to calculate the profit margins on potential products that could earn you money!
Inventory Tracking System
Inventory tracking is often overlooked because many sellers tend to underestimate the severe impact of inventory and supply management. We talk about tips on optimizing Amazon Inventory in a past blog, but essentially, managing your inventory will create major blockages if not done properly. If you have too much inventory of a bad product, it takes up space, costs money to store, and prevents you from buying and storing better, higher profitable products. If all sellers can optimize their inventory tracking, it will lead to more efficiency, higher sales, and more money back to your business.
How to Keep Track of Inventory
When keeping track of your inventory, you want to make sure to consistently check inventory levels the number of sales for each item. Your stock should always be maintained to ensure you can fulfill sales and more. Your products should meet 3 main requirements.
- You want your products to be replenishable. If your inventory or stock is low, it should be very fast and easy to order more. The last thing you want is to not have enough inventory and lose out on potential earnings.
- You want your inventory to be mixed with various products. If you invest in only one product or too many products, you either won’t have enough space to store it or your money is going to be tied up to a product that may underperform, Ideally, you want a decent amount of products and a medium amount of stock to reduce risks.
- You want to make sure to forecast how many products you’re expecting to sell. If you don’t forecast properly, you might end up with excess inventory or overstocking, or on the other end, you might wind up selling more than expected and risk losing out on sales.
An easier method of tracking your stock is by using an inventory tracking system or a similar Product Tracker tool. This is another type of FBA tool but primarily focuses on maintaining your inventory so you can maximize both sales potential and inventory organization to restock on high-performing products. With a Product Tracker tool, it will notify you when an item is low on stock so you can reorder. Some Product Trackers even have a sales estimation tool that will forecast the number of products you’ll sell in a certain time period. Depending on how much stock you have, it will inform and recommend a specific quantity of stock so you always have the perfect amount of products that are ready to ship to potential buyers.
Sellgo offers a Product Tracker that does both of these jobs and more. Like we mentioned in the previous sections, these tools will free up a lot of resources that sellers can then use to focus and grow their businesses even further. Better yet, this tool is also included in Sellgo’s subscription price. Essentially, you are gaining a whole Amazon business management tool filled with data and analytics that can help you make the best choices to grow your FBA business.
Streamlining Your Amazon Business and FBA Model
Depending on what you are looking for, these proven hacks and tips can provide you with specialized tools to help accelerate the growth of your Amazon business. Not only will these tips help your business operate more efficiently, consistently, and cost-effectively.
For more free FBA seller tools, check out our new blog on 5 free seller tools every seller should use!