Passive income through FBA sales?
The Amazing Seller Facebook Community is a wonderful place to ask and answer questions and today’s episode of The Amazing Seller podcast is based entirely off a great question that was asked in that community. The question was simple,
Can you create passive income from selling on Amazon?
As you’ll see in this episode, it’s a great question with a definite, “Yes!” answer, but there are lots of things you need to understand in order to make that passive income a reality.
Figure out your “why” first!
But before you get to the place you can generate a passive income with Amazon selling you’ve got to very clearly know the “why” behind your business. The “why” is the reason you are doing the business you’ve chosen. It’s the motivation that keeps you going when things get challenging or hard or discouraging. If you don’t have a “why” that keeps you going, your motivation will fade long before you get to the point that passive income is possible. Scott talks about the importance of finding your “why” in this episode.
Passive income is not entirely passive!
When you think about the idea of passive income remember this: there will always be SOME work involved in any stream of income. So to think that you can set something up for sale on Amazon and have an ongoing stream of income that you’ll never have to tweak or touch again is simply unreasonable. At the first least you’ll have a lot of work at the front end as you get your systems established and refined, and you’ll continue to have work managing any team members you’ve hired, overseeing the processes and systems, and tweaking them as Amazon changes its algorithms and policies over the years. In this episode of the Amazing Seller Scott will walk you through the things you need to think about to make your passive income through Amazon as passive as possible.
You've got to be realistic!
Scott believes that passive income through Amazon selling is possible, if you’re willing to keep investing your time, energy, and thought into your business to keep it running smoothly once all the initial work is done. That means you have to be realistic about what you can expect when you sell products through Amazon’s FBA, and you’ll have to understand that Amazon is a channel for your sales, not a guarantee. Listen to this episode and find out how getting that straight in you head can set you up for the best benefits of selling through Amazon and potentially set you up for as much of a “passive” income as is possible through FBA.
Learning to take advantage of seasons and trends in the market!
If you’re a smart Amazon seller there is an additional aspect of selling on Amazon that keeps it from being entirely passive: You need to be able to take advantage of the seasons and trends that are happening in the market. That means you have to pay attention, learn, try out new products, and adjust your sales tactics and products for sale so that you can maximize your profits as your business continues to sell your staple products. That takes ongoing work. So while your staple products and the systems behind them may keep chugging along fairly passively (to you), you need to be on top of changes in the market to keep moving forward – which requires lots of work on your part.
You’ll learn all of that and much more on this episode of The Amazing Seller with Scott Voelker. Be sure to check out the outline and links mentioned in this episode below!
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- Hello from Scott!
- What is the WHY behind your business? You’ve got to have one to keep going.
- Why there will always be work involved in any kind of “passive income.”
- Shout outs to iTunes peeps who left ratings and reviews!
- The “kind” of passive income that is possible through an Amazon business.
- The questions and responses that came through the Amazing Seller Facebook Group on this topic.
- The upfront research/work needed to set up passive income through Amazon selling.
- Be realistic about what it means to have “passive” income.
- Determine when to pull out profits – issues to consider.
- The issues surrounding competitive VS. non-competitive products.
- Remember that Amazon is a channel – not a guarantee.
- What you need to do to treat your FBA business like a “real” business.
- Learning how to use seasons and trends for your own benefit.
- Be aware of Amazon’s algorithm changes and how it impacts your business.
- Check out Scott’s video workshops
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LINKS MENTIONED IN THIS EPISODE
The Amazing Seller Facebook Group
Workshop videos you can use
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