This episode features a homeschooling family of economists who built a 7-figure Amazon business with a 20% net margin. They share their journey, including diversifying across multiple platforms and income streams, and highlight their new venture: a tax-free prep center in New Hampshire. The discussion emphasizes the importance of family involvement in entrepreneurship and long-term wealth building.
Key takeaways
Leverage tax-advantaged locations: Operating a prep center in a state like New Hampshire (0% sales tax) provides a competitive advantage for both the center and its clients, especially for those buying inventory online.
Diversify platforms and income streams: The featured family found stability and growth by selling on Amazon, Walmart, eBay, and their own Shopify store, alongside launching a prep center and exploring private label products.
Involve family in the business: Integrating children into the business, even from a young age, fosters an entrepreneurial mindset and builds family wealth and legacy. The hosts note that this is a core differentiator to building wealth vs. being an employee.
Focus on high net margins: The family achieved a 20% net margin on their 7-figure business, demonstrating the importance of profitability in addition to revenue.
Consider starting a prep center: For those with space and operational capacity, a prep center can be a valuable service for other Amazon sellers, especially international sellers or those with limited storage.
Imagine having a seven figure Amazon business and running it from home with your homeschooled kids. That's the reality for today's married guests! He served in the Air Force as a combat veteran, and they are both economists by training! Today's guests Scott Moody & Wendy Warcholik-Moody They learned of our podcast and the ProvenAmazonCourse.com course at a homeschool convention, and soon after jumped into our coaching program- the rest is history! I think you'll really enjoy this shorter, but inspiration filled episode! Watch this episode on our YouTube channel: https://youtu.be/q4e-BWdTCSQ Show note LINKS: TaxFreePrep.net : Buy your Amazon inventory online, and ship it here and pay no sales tax! My Silent Team Facebook group. 100% FREE! Join 69,000 + Facebook members from around the world who are using the internet creatively every day to launch and grow multiple income streams through our exciting PROVEN strategies! There's no support community like this one anywhere else in the world! JimCockrumCoaching.com - Get a free session with a business consultant on our team at 1-800-994-1792 / 1-801-693-1688 or TEXT US at 385-284-7701 (US & Canada only for Text) ALL of our coaches are running very successful businesses of their own based on the models we teach here! We've been setting the standard for excellence in e-commerce and Amazon seller coaching sinc
What does this episode say about amazon & marketplaces?
Leverage tax-advantaged locations: Operating a prep center in a state like New Hampshire (0% sales tax) provides a competitive advantage for both the center and its clients, especially for those buying inventory online.
What does this episode say about supply chain & operations?
Diversify platforms and income streams: The featured family found stability and growth by selling on Amazon, Walmart, eBay, and their own Shopify store, alongside launching a prep center and exploring private label products.
What does this episode say about founder & leadership?
Involve family in the business: Integrating children into the business, even from a young age, fosters an entrepreneurial mindset and builds family wealth and legacy. The hosts note that this is a core differentiator to building wealth vs. being an employee.
What does this episode say about finance & fundraising?
Focus on high net margins: The family achieved a 20% net margin on their 7-figure business, demonstrating the importance of profitability in addition to revenue.
What does this episode say about amazon & marketplaces?
Consider starting a prep center: For those with space and operational capacity, a prep center can be a valuable service for other Amazon sellers, especially international sellers or those with limited storage.
