Ep. 80 Planning Your Budgets Will Help You Know If You Have the Right Products to Successfully Sell on Amazon

Welcome to the Sprint to Profit Podcast for Amazon Sellers. Today we’re talking about a topic which is at the root of most of the failing Amazon FBA business models. Do you understand what type of budget you need to start selling on Amazon? Are you choosing products that you can successfully sell within that budget?

There is a lot that goes into being successful on Amazon, but you have to have the funds to be able to invest properly, so it can work. Today we will be breaking down what it means to budget properly for sourcing a product and to make sure that product has the best chance at returning a profit and income.

To get some FREE training on what it takes to have a successful business to fuel your lifestyle, head to www.goteamreal.com to download our FREE training today. Also head to www.goteamreal.com/income to download your free INCOME calculator.

Talking Points:

• 00:23 - Hello and Welcome
• 00:46 - Overview of the problem
• 03:01 - What is your budget?
• 10:23 - Are you priced competitively from the start of the product?
• 15:22 - What are your marketing costs?
• 22:58 - What are your other expenses?
• 31:45 - Summary
• 32:38 - Conclusion

Resources/Links:

Money/Time Investment Tool: https://www.goteamreal.com/smartgoal

Our Website: https://www.goteamreal.com/

Real Amazon Seller Facebook Group: https://www.facebook.com/groups/AmazonSellerRoundTable/

Quotes:

“If you haven’t thought about all those things though BEFORE you open that restaurant and your budget is chewed up on old or canned food and a microwave...then you’re in trouble.” - Kirsty

“You have to know what the competition sells for and use that as a benchmark  - don’t use any tools like Amazon Pricing Algorithm OR decide that you want to sell it for a certain price way above the competitive set.” - Kirsty

“If you don’t [estimate your ongoing PPC costs], then you will likely be shocked when your profit margins are not as high as expected” - Isaac

“Do market research on competition to know how many daily sales on average it takes to achieve page one ranking and what price you need to sell at to be competitive.” - Isaac