Doing This? Your Amazon FBA Business Will Fail!

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Of course you want your Amazon FBA business to succeed, but there are insidious human traits that can cause you to fail.

If you indulge in the following and tenaciously cling to those beliefs  thinking that things will work out, think again…

Selling on Amazon is easy

Given that we’re bombarded daily with emails telling us that setting up shop on Amazon is a license to print money, you would think that it’s easy right?  Truth is that selling with Amazon FBA is not easy – it takes consistent work, effort, learning and commitment.

It really does take time and money

Referring back to the above (it’s easy), many people who haven’t been in business before will underestimate the amount of time and money required.  When that happens, there can be a tendency to believe that it doesn’t work. 

If you are to persist, you’ll have to get creative to hang in for the long term. Enlisting family to help run your business, finding products with quick turnover.

You can do it all yourself

Amazon FBA takes care of fulfillment, returns and customer service.  But you’re doing everything else, and that can only take you so far.

Your time can be better spent on the high value activities of running your business. You can outsource or automate the rest. 

Money loves speed. That means that the faster you can execute on money making activities, the faster you can ramp up your sales and scale your business.

Making business decisions on one day’s data

I find that the Amazon marketplace is very similar to the stock market. Product and seller rankings are constantly rising and falling. 

For the novice seller than can cause knee-jerk reactions and that’s where mistakes happen. Just like the stock investor that panics when the value of his portfolio falls. 

If you’re in the business for the long term you have to consider data over a period of time to make your decisions, not just one day.

Playing it so safe it hurts

Most people tend to avoid taking risks, but taking calculated risks in your business is necessary for progress. If you’re unsure of an end result, make a small test. If it fails you won’t lose much, but you’ll have gained a lot of information to help you make further decisions.

The fact that you’re starting a business is a risk in itself, so it follows that you need to weigh the pros and cons to move forward because constantly playing it safe can actually hurt you.

Believing that Amazon loves you

You would think that Amazon would treat its sellers as well as it does its customers, wouldn’t you? Not so much.  Customers comes first no matter if they’re sleazy liars, perpetual complainers, or competitors out to trash your good reputation. 

You’re guilty first, and you’ll have to prove your innocence.

Confusing knowledge with action

Learning can be addictive, and for some there’s the fear that there’s a need to know more before taking action. So many videos to watch and PDFs to read… There’s only so much you can learn!

The best route is to learn in stages and implement as you go. You need to turn your knowledge into action to make money!

Starving your business

Not willing to invest money in your Amazon business can kill it.

Free stuff can only take you so far, and in fact it can hurt your business and cost you time and money.  Imagine you’re using free software that is less than adequate. How much time & duct tape are you actually using to make it work.

This is being penny wise and pound foolish. Best to get the right tools as soon as you can afford them to give your business the best operating environment.

 

Stephen Smotherman of Full-Time FBA gets into the details in this video.

Tools mentioned:

Tactical Arbitrage

Keepa