Online Business
An online business is a great way to make money. You can do this from the comfort of your own home with just internet access and a computer, it’s that easy...well sort of. You still need to put in the work but if you want it badly then you will get it done.
With the shift of technology and the times which we are currently facing people online shopping and using online services has never been so high. Take this as an opportunity to start up an online business.
I have some great examples of online businesses on my Instagram page @Finances2freedom.These include:
- AmazonFBA
- Dropshipping
- Outsourcing
- Affiliate marketing
Having your own business and being your own boss is a dream to most people. And with an online business that dream can come true and you could make good money whilst doing it. The best part about an online business is that you can still have your day to day job whilst starting it, what’s to lose? Hopefully one day you will be in the financial situation to make your online business your day job
Don’t be that person who wants to start a business that never does it and puts it off for a later date, draw up a plan and give it a go, you miss 100% of the shots you don’t take.
Amazon FBA
Amazon FBA is a great online business model. FBA stands for fulfilled by Amazon - This essentially means that Amazon fulfil all of your orders for you...HOW AMAZING IS THAT. So with FBA Amazon will take care of the: Storing, packing and shipping of your product. In return for doing all of this they will take a cut of the sale price (This is dependant on the category of product that you are selling.
FBA Process
Fulfilment by Amazon works as follows:
1) You send your products to Amazon
2) They store your goods in their warehouses
3) When you make a sale Amazon packs and ships your order to the customer
4) Amazon take care of any refunds and returns
Why use Amazon FBA?
Amazon is the most known website around the world. Over 50% all E-Commerce sales were executed on Amazon in 2020... 50%!!! Selling on Amazon lets you get the benefit of using the Amazon brand name to make money. When you sell with Amazon FBA your products will receive the Prime delivery status - This makes prime users be more inclined to buy you product vs paying a delivery fee. Amazon also has over 197 million monthly worldwide users, that is 197 million potential customers.
Steps to becoming an Amazon FBA seller
1) Create an Amazon Sellers account
2) Find a product
3) Buy your products
4) Ship products to amazon
5) Create a product listing on Amazon
6) Sell your product and make money
Creating an Amazon Seller account
The first step to sleeing using Amazon FBA is creating a seller account. To create a seller account you will need to provide all of your correct personal information and upload the correct identification required. The fee for setting up your account is £25 per month (UK price, prices in other countries may vary) Here is the link to the Amazon seller web page https://services.amazon.co.uk/
Finding a product
To get some ideas of what products you would like to sell you can go onto a wholesaler website or go into a physical store. My wholesaler of choice is https://www.alibaba.com/ This website connects you to a variety of wholesalers wordwide which can offer you a great price for any product you want.
Finding the right product is the most important part of selling on Amazon. Product research is the most tie consuming part of setting up an Amazon business. Before you rush into selling anything on Amazon you should consider these factors:
- Sales volume of the product
- The competitors in your market (You can see how much they are selling and making using a special tool)
- Profits
- Shipping costs from supplier (If applicable)
- Amazon FBA delivery costs
- Amazon storage costs
A great tool which I swear by is JungleScout.
Jungle Scout is a tool which will allow you to do extensive product research. It allows you to easily assess product potential - Providing you with key data such as: Sales volume, search volume and keywords that other sellers use. It also offers a tool which can assist you in finding potential products. You can track your potential products to see how they are performing day in day out. It will help you optimise your listings to get the most page view as possible - This is all done out of a simple to use chrome extension. This is just a small amount of services that jungle scout offer. Jungle scout helped me greatly when I was starting my Amazon selling journey, it was a rather costly investment but I made it back almost instantly when I started selling.
Link to jungle Scout: Jungle Scout
To calculate any fees (Delivery and sale fee) and profits you can use the Profit calculator on the Amazon sellers page or through the jungle scout service.
Buy your products
Buying your products is just what it sounds like. Once you have found the right product(s) for you to sell, purchase them. If you are ordering from a wholesaler for the first time get the products sent directly to you - This is so you can quality check the products. Once you have ordered from the wholesaler a few times you can get the goods shipped directly to the Amazon warehouse.
Ship your products to Amazon
To ship your products to Amazon use the Amazon sellers page to organise a shipment. Once you have declared the shipment with Amazon you can organise for a Courier to pick your goods up and delivery them to the Amazon warehouse.
Create a Product listing
In order to sell your products on Amazon you need to create a listing. To do this:
1) Log in to the Amazon Seller page
2)Go to the "Add a product" page and add in the details
3) Add the product to the relevant category
4) Fill in the listing information for your product
5) Add images of your product
6) Add relevant keywords
7) List your product
The Jungle Scout tool is great to assist you with listing products
Sell your product
When your product sells you will receive the funds into your Amazon account. Make sure you keep track of your product inventory and replenish it when it gets low
Other useful Tools
I used a step by step book guide in order to start my Amazon selling journey. Here is the link to the book:
