People who can avoid temptation stand to make a lot more money on Amazon. Adam Hudson explains why.
This post is an excerpt from the book Primed: Your Guide To Building An Amazing Business On Amazon. Primed is available from Amazon.com and Amazon.co.uk, and its author Adam Hudson was profiled by Web Retailer in October 2016.
I want to share with you a fascinating study done in 1970 that put a group of 5-year-old kids into an observation room where each was presented with one marshmallow on a plate. The children were told that they could either eat the marshmallow now, or they could wait 20 minutes and they would receive a whole bag of marshmallows. Of those tested, only a few waited the 20 minutes.
The researchers then tracked those children for the next 40 years, studying their professional and financial progress. Using no other metric other than their ability to wait 20 minutes for a bag of marshmallows when they were 5 years old, those that had waited the 20 minutes became far more successful financially.
For most everyday people who will be starting an Amazon business with modest financial means but a desire for time-free income, the same principle of delayed gratification will need to apply.
Yes, you CAN sell a business that trades only through marketplaces like Amazon. Victoria Duff explains when to sell and what to expect.
This post is by Victoria Duff, a web business mergers and acquisitions broker with Latona’s LLC. Victoria works with both institutional and individual buyers and sellers of established and profitable online businesses, including ecommerce, SaaS providers and blogs.
In the beginning, you read books and articles and researched products as you planned your entry into ecommerce – a very personal investment of hundreds of hours of work and many sleepless nights. Your business is your creation and you were thrilled when you booked your first revenue.
Over time you made some mistakes, but also had moments of genius, and now you are wondering how you can take advantage of all this hard-earned experience to expand your enterprise. Perhaps you are also wondering if you should just cash out, take the money, and run.
In a normal year, I evaluate at least 250 web-based businesses – Amazon, Shopify, eBay, and independent ecommerce websites. I work with the people who are selling those businesses and I also work with the buyers. Although mergers and acquisitions of web enterprises are still a relatively new business activity, there are emerging industry standards and good business strategies that you should know about as you make plans.
Alex Knight catches up with Will and Andrew Tjernlund, two years after their business was first profiled here. Everything has changed.
When Web Retailer first spoke to Will Tjernlund back in April 2015, he was working with his brother Andrew, running a business selling private label products alongside established brands, mainly through Amazon.
Their Lean Startup approach saw profits grow dramatically, and they were at the stage of looking to hire more employees. Meanwhile, Will’s aim was to become location independent – so he could work from anywhere in the world.
Then the situation changed, almost immediately after the interview was published.
Private labeling? Drop shipping? Cathy sees a lot of opportunities in the “FBA business” but doesn’t know where to start. Matthew to the rescue!
Have a question for us? Send it to email@example.com. Readers’ Questions are in partnership with Emanaged and Online Seller Consulting.
Hi Matt, hope you’re well. I’m different from your main readers, and hope I don’t waste your time asking, but I’m a stay-at-home mom of three and would love to make some extra dollars for the family. I just have so little time. From what I read, Amazon and FBA are the two best ways to make money online nowadays. I joined a Facebook group to learn about it but the other members are so experienced that it’s really confusing me. What’s it all about and where do I start? I can’t afford to invest a lot of money and I need to be home-based. I’ve seen a lot of training courses and they promise a lot, but are they for real?
— Cathy from Portland, OR
Identify key problems, work together on solutions, and grow your business together – or fire them!
This post is by Gary Huang, an American based in Shanghai, China. Gary has been working in sourcing since 2008, and is the creator of 80/20 Sourcing which teaches online sellers and small business importers how to save time and make more money when sourcing from suppliers in China.
When sourcing from suppliers abroad, oftentimes we are so bogged down in the day-to-day communications, fixing problems, placing orders, and handling all other parts of our business, we rarely take a chance to evaluate how the supplier is performing. One of the best ways is to do this is with a performance review.
Does the sound of that make your skin crawl? The thought of meeting with your boss and having him pick apart all the good and bad you’ve done all year. We hate that feeling when someone gives you negative feedback despite the fact it’s “for your own good”. The idea is that this way you recognize your weaknesses, and ideally identify ways to work together to improve upon them.