This episode features a live Q&A with Amazon sellers, covering essential topics for both new and established entrepreneurs. It provides practical advice on starting an Amazon business, managing inventory, and crucial financial considerations like taxes and accounting, emphasizing sustainable growth over quick, risky ventures.
Key takeaways
For new Amazon sellers, focus on learning the process with readily available, low-risk items rather than immediately seeking out "treasure hunt" inventory. Consider using platforms like Facebook Marketplace for one-off items due to lower fees compared to Amazon.
Avoid the "private label" model as a new Amazon seller; 95% of new sellers attempting private label crash and burn, losing significant capital. Focus on proven, less risky strategies first.
Separate business and personal finances from day one. Open dedicated bank accounts and use separate cards for all business expenses to simplify accounting and tax preparation.
Seek out an experienced local accountant (25+ years experience) who specializes in small businesses. They can provide invaluable, blunt advice on tax and legal structures (like LLCs) and may even introduce you to other local ecommerce contacts.
Track every business expense and keep all receipts. This foundational practice is crucial for accurate tax reporting and understanding your business profitability.
Once per week or so I love to go live on Zoom in the Facebook group with whoever can join me and answer as many ecommerce and Amazon selling related questions as possible. Recently, we recorded one of these sessions and captured it for you. The questions we discussed are all about getting started and a free video Jim recommends, using the Replens business model, a great resource for booksellers, how to deal with IP issues and more. Great help and resources for all skill levels of sellers - enjoy! Today's episode is sponsored by TheProvenConference.com Come meet your fellow listeners to this podcast, dozens of our coaches and hundreds of business building warriors at our live event in Ohio! Mark your calendar for July 6th - 8th! You can still get tickets, or GET LIVESTREAM (which includes all recordings) by visiting TheProvenConference.com Show note LINKS: Learn exactly how to find profitable inventory you can sell right on Amazon in 20 minutes. We hold nothing back! Watch the video now: https://SilentJim.com/introvideo My Silent Team Facebook group https://www.facebook.com/groups/mysilentteam 100% FREE! Join 70,000 + 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
What does this episode say about amazon & marketplaces?
For new Amazon sellers, focus on learning the process with readily available, low-risk items rather than immediately seeking out "treasure hunt" inventory. Consider using platforms like Facebook Marketplace for one-off items due to lower fees compared to Amazon.
What does this episode say about founder & leadership?
Avoid the "private label" model as a new Amazon seller; 95% of new sellers attempting private label crash and burn, losing significant capital. Focus on proven, less risky strategies first.
What does this episode say about finance & fundraising?
Separate business and personal finances from day one. Open dedicated bank accounts and use separate cards for all business expenses to simplify accounting and tax preparation.
What does this episode say about amazon & marketplaces?
Seek out an experienced local accountant (25+ years experience) who specializes in small businesses. They can provide invaluable, blunt advice on tax and legal structures (like LLCs) and may even introduce you to other local ecommerce contacts.
What does this episode say about amazon & marketplaces?
Track every business expense and keep all receipts. This foundational practice is crucial for accurate tax reporting and understanding your business profitability.
