Ep.66 How You Put Money In Your Pocket from the START of Your Amazon Business with Cyndi Thomason

Welcome to the Sprint to Profit Podcast for Amazon Sellers. This week we are going to be speaking with Cyndi Thomason who is an author and ecommerce accounting professional. She is the author of the book Profit First for Ecommerce Sellers, which is a licensed offshoot of the popular Profit First book from Mike Michalowicz, and she is here to today to talk about how you can transform your Amazon business from Cash-Eating Monster to a Money-Making Machine as her book’s subtitle suggests.

In today’s episode, Cyndi gives us her insights, based on her Profit First framework, on questions about accounting and finances, when to create new products, and simple things that sellers can do to improve their business right now.

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
• 01:26 - Cyndi’s journey into the ecommerce industry          
• 07:30 - What does Profit First means for a business and the breakdown of the process
• 19:15 - Real world examples of how an Amazon seller can go from not taking money in their business to adapting the Profit First mindset to start paying themselves
• 26:17 - How to avoid the habit of hoarding cash
• 31:19 - Simple things sellers can do in order to catch or fix something in their business
• 34:05 - Profit First recommendations for new products and handling excess money
• 41:50 - Other thoughts, insights, and advice for Amazon sellers
• 44:20 - Contacting Cyndi
• 45:04 - Conclusion

Resources/Links:

Bookskeep website: https://www.bookskeep.com/

Cyndi’s gifts for listeners:  https://v59v3chz.pages.infusionsoft.net

Profit First for Ecommerce Sellers: https://www.amazon.com/Profit-First-Ecommerce-Sellers-Money-Making/dp/0960028315

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:

08:05 - “You know it really is a whole different way of looking at your financials and what you look at in your financials.” - Cyndi Thomason

14:50 - “Who would wait a year and four months to see if they can pay themselves?” - Cyndi Thomason

15:14 - “What comes first in our thinking is what gets paid attention to.” - Cyndi Thomason

15:50 - “When there’s less in the bucket, we get more creative about things.” - Cyndi Thomason

37:45 - “I think one of the most dangerous situations is when people have a lot of money.” - Cyndi Thomason