Who hasn’t dreamed of being their own boss? You’re in complete control of your day and do something you’re passionate about.
One way to turn that dream into reality is with eCommerce business ownership. The eCommerce industry has exploded in the past year, with 2020 spending on eCommerce increasing 32% from 2019. This growth provides an opportunity for you to grab a share of these sales.
Thanks to online resources and tools, it’s easier than ever to become a small business owner. Read on to discover how you can become a successful Amazon FBA seller.
How to Start Selling on Amazon
The first step is choosing what products you want to sell. Amazon FBA makes it easy to list and ship your items, so it can be tempting to sell many different products. But, it’s better to choose a niche to be efficient when building your brand.
Once you’ve decided on what you want to sell, research that product’s industry. Research manufacturers to make your products, look at your competition, and determine a competitive price. This information will help you develop a business plan.
Next, set up your Amazon Seller account. Amazon has two plans for individuals selling on their platform.
You can choose the individual plan, limiting the number of products you sell, and charging you one dollar for each sale. Or, you can pay a $40 monthly subscription fee for a professional account with no sales limit.
Once you set up your account, it’s time to create product listings. Product listings include descriptions, keywords, and photos. You want to optimize your listings to make them easy to find and show why your customers should buy your product.
How to Manage Your Business
With Amason FBA, Amazon takes care of most of the leg work for your business. But, you still need to manage as a business owner to ensure your business operates efficiently.
Fulfillment and Inventory
Amazon FBA stands for Fulfillment by Amazon. With this method, you ship your products to an Amazon warehouse, and when a customer makes a purchase, Amazon packages and ships it. They also handle returns, so you don’t have to.
Amazon sends you a reminder when your inventory is low. But, it’s your job to keep your product in stock. You’ll want to stay on top of your inventory, or your customers will find a competitor with stock.
Market Your Products
Amazon FBA gives your company the benefit of Amazon’s well-known brand name backing your business. Amazon is reliable and trustworthy, so listing your product on Amazon increases your chances of making a sale.
Customers today don’t like having to pay for shipping. With Amazon FBA, your products can become eligible for Amazon Prime. The bonus of free shipping makes it more likely customers will buy your product.
Amazon might help build your brand, but it will be up to you to make your product stand out. Market your products on social media or by running pay-per-click ads on Amazon or Google. Digital marketing strategies help customers become aware of your business and generate sales.
Manage Your Finances
Keeping track of your profits, margins, and taxes can be complicated, but it’s a must for any business. You’ll want to keep track of your business’ finances to make decisions for your business’ future. Amazon accounting services can help you manage your money, so you always know how your business is doing.
Become a Successful Amazon FBA Seller
Running a successful e-commerce business takes more than posting an item for sale online. A successful Amazon FBA seller takes their time to research, optimize their account and listings, and use accounting tools to manage their business. These steps put you in a position to generate more sales and enjoy the freedom business ownership provides.
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