This episode tackles the critical distinction between "good mistake money" and "bad mistake money" for Amazon sellers. It guides operators on how to avoid high-risk, catastrophic errors, especially when starting out, and instead leverage inevitable smaller mistakes as valuable learning experiences to foster sustainable growth on the platform.
Key takeaways
Avoid going all-in on private label as a beginner; its 95% failure rate makes it 'bad mistake money.'
Steer clear of illegitimate sourcing methods like unverified liquidations or 'done-for-you' models to prevent account suspension, which constitutes 'bad mistake money.'
Don't over-order inventory on new products; instead, start lean to minimize potential losses if the product doesn't perform, turning potential 'bad mistake money' into manageable 'good mistake money.'
Implement structured learning and proven strategies, such as those recommended in the Proven Amazon Course, to systematically reduce the incidence of costly errors.
If you receive an IP complaint, immediately seek expert guidance to navigate the issue effectively and prevent account shutdown.
There are many ways to go wrong when you are starting out your Amazon business building journey. A few examples: >Going all in on a private label brand leads to extreme disappointment about 95% of the time >Buying from sources that aren't legit (closeouts, liquidations, "done for you models", warehouses that do the buying for you etc) These can all lead to sudden death for your account >Going too deep to fast on what you think is great inventory ...the list is long and we've seen it all. There are also some great lessons you can learn along as you grow. Not all "mistake money" needs to be high risk! That's the topic of today's new "Coaches Corner" podcast episode. A big reason we strongly suggest new students start with the ProvenAmazonCourse.com course (only $39/month) is because the training has a proven track record of getting our students real results. There are 100s of great interviews on our podcast with those students if you'd like to hear some of them! Special guest at the conclusion of today's show, Jeff Schick of https://JeffSchick.com answers the question: What should a seller do when I get an IP complaint Watch this episode on our YouTube channel here: https://youtu.be/WeguNGIuqac Show note LINKS: SilentSalesMachine.com - text the word "free" to 507-800-0090 to get a free copy of Jim's latest book in audio about building multiple income streams online! If you live outside of the US or Canada please email support@silentsale
Frequently asked about this episode
What does this episode say about amazon & marketplaces?
Avoid going all-in on private label as a beginner; its 95% failure rate makes it 'bad mistake money.'
What does this episode say about founder & leadership?
Steer clear of illegitimate sourcing methods like unverified liquidations or 'done-for-you' models to prevent account suspension, which constitutes 'bad mistake money.'
What does this episode say about amazon & marketplaces?
Don't over-order inventory on new products; instead, start lean to minimize potential losses if the product doesn't perform, turning potential 'bad mistake money' into manageable 'good mistake money.'
What does this episode say about amazon & marketplaces?
Implement structured learning and proven strategies, such as those recommended in the Proven Amazon Course, to systematically reduce the incidence of costly errors.
What does this episode say about amazon & marketplaces?
If you receive an IP complaint, immediately seek expert guidance to navigate the issue effectively and prevent account shutdown.
