Amazon sellers
hopefully soon-to-be Amazon sellers
I'm excited for this video
Gonna be answering some questions
that you have about selling on Amazon
This came actually from Amazon sellers
soon-to-be Amazon sellers that are following me
on my Instagram, @beaucrabill
So, it's actually kinda funny
If you don't know yet, I'm posting a video
every single day about Amazon selling
Every video's about Amazon
I also, you know, I had some people
who try to help me with some YouTube things and
like, wanted, like, do some weird content
And you know, let's get 'em back to the basics
Teach about good things about Amazon
I'm gonna get right into this Q&A section
Which, I wanna tell you a funny story
So, Amazon's gonna take over
Like, they are taking over the world
Last night, I know the coronavirus is going on, things like that
So I got a bunch of groceries just in case
And literally spent like $1,000 at Whole Foods
This is not all the groceries
But the funny thing is, is that being a vegan
is pretty cool when people think there's like, an epidemic going on
Because no one cares about the vegan food
Like, all the milk was still there
All the fruits, all the dates, or soups are still there
But anyway, let's get right into it
Answering these questions
Alright, so first question is
What type of budget do I need to start selling on Amazon?
I'm gonna give you the very short answer for this
and then tell how to get the long answer
So short answer is $2,000-$3,000
if you are educated at what you're doing
So $2,000-$3,000, which will be for about inventory
Now, if you want the long answer to that
I made a video, it's gonna be up here or here
I probably should figure out which one it's gonna be at
But up around here, you can see it
That I go break it down on what amount of money you actually need
and what money is needed for what actual thing
If I have my own products, can we still work together?
So that's actually a good question
We're actually starting to do a lot of
deals with brands and business owners
So if you have a brand or if you are a business owner
yeah, we'll definitely work with you
There are traits that I would say
that if you are a private label seller
if you have your own products
there's a lot of things to learn about the logistics
and through FBA, and actually doing FBM on other platforms
and handling customer returns
So yeah, there's definitely a lot you can deal with
So, how do you feel
This is actually from @cali_figure
The previous question was from @charleswhite7789
And this one actually is also from @trentonhammerstrom
So from @cali_figure
How do you feel FBA is getting affected through all this?
Through all this means the coronavirus
Some products are definitely affected
Amazon started, they suspended over 2,500 sellers for price gouging
Which, I
I don't know, I'm a little
It's, I understand why they did it
I understand on why they suspended sellers
I get that it's unethical
But I know, it's interesting
I'm kind of torn on the opinion of it because
Amazon price gouges themselves
Not up like, what people are doing for hand sanitizer
stuff like that
But in the case of price gouging down sometimes
So, a little torn on that opinion
But anyway, how it's, you know
In my business, the products that I sell
people consume more of when they're staying inside
So overall, Amazon sales are going up
There are some product categories that are effective
Or that are, have been affected, so
It overall, it hasn't really affected it too much
People are still buying
People are buying different types of products, so
If you're selling luxury things, things have gone down
So, some people got up, some people gone down
Definitely have been, a little slight change in the markets
But definitely get deep in the short-term data
So if you're selling products that are like, health foods or
resources or things like that
definitely look at the very short-term data right now
Like, within a month on Keepa
Someone asked, I have a cellphone store
and have many phone cases
Do you think Amazon is a good start?
If you're not on Amazon, you know, you're missing out
We work with brands, so if you wanna get on Amazon
we could help you out with that
But yeah, you should
What tools are you using for research and data?
Keepa for history, sales rank history, price data
Keepa, I'm using, and some type of sales estimator
And also my own tool
which, I'm getting re-branded to Supplier Scout
Those are the tools that I utilize
@suen_12 asked
Why Amazon and not eBay, Etsy, or other platforms?
Etsy's kinda dead
Like, I don't really know anyone who actually like
does well with that
Here, let me put the camera back
But yeah, I don't really know
too many people who actually do well on Etsy
If you go on Etsy, it's just a bunch of
people who are spamming from like, dropshipping and things
Amazon has their own handmade category
We just got a brand actually, down in Georgia
in the handmade category
They literally like, they made handmade stuff from hand
and it was like, customized things
It's really cool
You know, like, it's pretty cool stuff
I don't know
Anyway, I'm probably good for my own stuff as well
But they were not in the handmade category
so we got them on the handmade category
where now, people can like, literally go in and like
customize their orders
Like, they can put their name on little like, things and stickers
things like that
So, Amazon kinda killed off Etsy
They typically do that with a couple more things
'Cause they saw Etsy was growing
eBay, it's comparing apples and sesame sauce
It's two totally different things
eBay is more of a garage sale, secondary market
Amazon's more of an online shopping mall
So, I do eBay
Like, I do pretty well on eBay
I wanna focus a little more content about selling on eBay
So if you have any questions about eBay, let me know down below
There's a couple of people who make YouTube videos
that are really, really bad about eBay
But, so, I mean, we do both but Amazon's just a
It's a shopping mall, it's their factor
@raymond.w.b asked
Business bank accounts? How to choose a bank?
For an Amazon business, just make sure
that ACHs are free, which, they should be
And try to get like, free wires
It's hard to do that
Like, some credit union as well
But I typically like
You know, as long as they can send ACHs pretty fast
that's what I would, you know, a bank can do that
Make sure they don't charge any random fees
In today's day and age, like
Actually, I'll give a shoutout to @Drofcredit
You can go to Doctor of Credit, search him on Google
He'll, he actually, he does weird things with bank accounts
I don't know too much about it, but
he can kinda give you a good tip on what a good bank account is
Someone said, need a book, man
Go to beaucrabill.com/book
Get your book for free plus shipping
Or go to Amazon to get it for a pretty good deal as well
What would you sell in the recession?
I will sell products that the data
tells me to sell in a recession
Typically things that people need, what people like to do
Like, people still buy things in a recession
People don't understand that
Walmart like, up
Dollar Tree, Dollar General
I had a hedge fund manager
who manages like, 700 million dollars of funds
And during the 2008 recession
they just bought up a bunch of Dollar General stores
They took their money
I mean, they were still buying stocks and things like that
But they put a lot of their money into Dollar Generals
'Cause they knew that as the recession was going down
that those are the things that people needed, so
I'm sorry, I'm actually kinda forgetting some people's names
But @hoc.est.bellum asked
Do you scale through high volume in a few items
or low volume in many items?
In my own business, it's kind of
I mean, it's both, I guess, is the answer to that
My main business, which is under my own accounts
are under high, or like, a lot of SKUs
and I would say, relatively low volume
Like, doing a couple thousand dollars
or a couple hundred dollars per SKU
And we have, you know, thousands of 'em
So I would
But then we also have some SKUs that are heavy hitters
that like, do tens of thousands of dollars a month, so
I mean, I think it's good for starting off to go low volume
high amount of SKUs at the start
But then find those diamonds in the rough
Like practically, if you take a pie chart, there's
Actually, I had some students of mine who actually
created this little software themselves
off of branching on Amazon
They do tremendously well, but they kinda
They used like an example of fishes, right?
There's a lot of sardines you can catch
That's actually the nickname my girlfriend gives me, sardine
Don't ask why, but anyway
Like, you can get a bunch of small sardines and some fat tunas
that are very small ones to get
You can get a lot of those
But then occasionally, there's some whales
So like, get a bunch of those sardines
get a bunch of those like, little tunas and those little fishes
and sometimes some salmons
And then later, you may get a whale
So it's, yeah, it's not really a strategy
Just like, do both, you know?
@ezpipstx
Some people got weird Instagram names
Asked, how can I star on Amazon?
I'm assuming you meant, how can I start an Amazon business?
A good way to start
My editors, put that up here right here
Good way to start
Free 4-day training, I don't sell you any junk
And it's a really good way to start
on the business model, how to find suppliers
how to get ungated, go from there
I'm very confident that my 4-day training is better than
most people's like, tens of thousands of dollars of courses and
the coaching programs they have
@joetoronto
That's a good, that's a pretty solid Instagram name
What's you selling?
Joe, I's selling
You know, I sell a lot of video games, toys
And we work
So in my own Amazon business, we sell a lot of video games
But then we also work with a lot of brands
We get deals from brands and sell, you know, their products on Amazon
which range from anything really
Shoes, clothing, decor, electronics, so
@firasahmad89 asked
Do I have to have one reseller's permit from my home state
or all states where suppliers sell?
That is a controversial question
I'm not a legal adviser, I have an attorney in my ORM
Online Retail Mastery program, that actually
gives legal advice on that case
But right now, Amazon collects remits in 37 states
I think they're gonna be reaching towards 50
Which, there's some states that don't even
you know, require collecting sales tax
But, yeah
So again, it depends
It depends who you ask, consult with a legal adviser on that
@vangablo asked
How is it working with your dad?
So a lot of people know, I actually retired my dad
from my efforts of making money online
and it was a pretty cool feeling
That was the first goal that I had when I left school
Seven months later, made a million bucks in my business
and was able to retire my dad
It was a pretty cool feeling, that was my main goal
And then
Like, I retired my dad
but then he still like, wants to work
'Cause, you know, he's retired, but he's like, still
Not like, oh
He's not like, the whole time that he can't move around
He still wants to like
'Cause he used to be an entrepreneur himself
and went down, so
He does some things for me
Like, he does some miscellaneous things, and it's good
But it's
I will say, that it's interesting working with family members
So I do have
Like, I have a couple of other family members working with me now
Because it gets to the point where you gotta decide between
do you wanna keep growing
or have you outgrown your family members?
And with my dad, like
I mean, he won't be upset that I say it to him
He'd be super proud that I've outgrown from
where he was able to teach me
or taught me, or mentored me, right?
So, it's a really interesting feeling
It's kind of like a bird leaving its little, you know, nest because
I would say I've surpassed decision-making level
from my father on business-wise, so
But it's cool to keep him like, in regards
It's pretty, it's interesting to me
It's really cool though
@andyhart7 asked
How long until you netted six figures in your Amazon selling journey?
I got started off selling socks on eBay at the age of 12
Practically, from when I started selling socks on eBay
to dabbling into private label, arbitrage
dropshipping, white labeling, whatever, you name it
Trading things on Craigslist
I had success on every single one of those things
Which, I was probably
And again, I'm not
You can't, I'm not saying you can't repeat this
You can and it's possible
I'm not saying like, anyway
But, I was
If I calculate it, 16 or so
So you take, that's 4 years to doing $100,000 net
from that time period
If you're asking like, $100,000 in a year
I was a junior in high school when that happened
And then my senior year is when I really started to take things off
So anyway
So, but like, I would say it's really like
my senior year when I started like, consistently doing it
Junior was definitely debatable
It depends how you see costs and expenses and stuff like that
But now, I'm much older and do more than that
So if you still think I'm in high school, I'm not
Whoever's watching this
If you're a brand or a business owner that wants to work with us
let us know
@yahiasek asked
Good morning, I need to start selling in Amazon
That is correct
Alright, last question
@iamnil20 on Instagram
Why your course fees so high?
How much capital required to start an Amazon FBA store?
So I already talked about that question, about the
How much costs are in Amazon
So why is my training program and course
what this person believes, is too high
So that's really a question of value versus price because
if you believe
Which, I understand why you think that, right?
Like, I don't wanna go pay $2,000 for water
So if you think that you pay for training
and courses that only, it doesn't get you much value at all
then it's not worth anything to you
But if you're equipped to actually put the resources
and financial resources into your business
then it's a no-brainer, right?
So, best way to describe this is
what's the ROI to Tiger Woods on a golf club?
It's everything
What's the ROI to me on a golf club?
Absolutely nothing unless I'm selling it
'Cause I'm awful at golf, it doesn't make me any money
So, the best way to answer this is that
if you can extract that
Like, if you are wanting to actually sell on Amazon
and if you wanna do it the right way
and if you have the financial resources to invest in inventory
then it shouldn't be seen as, really a cost
Or it shouldn't really be seen as a high fee
You'd be like, that's a no-brainer
Like, you could get your value back very quickly
in value if you are set up the right way, so
But if you're not, if you don't know anything about selling on Amazon
or if you're completely new, or if you don't
If you like, can't put money into the business
then you may not be set up to do this right away, so
That's how I would answer that question, on why it's too high
I would say, is, if it's too high for you
you're probably not fit to operate this business
And the second part to your question, is
how much capital required to start an Amazon store?
So I answered that in the very beginning
a couple thousand dollars
So if you want a complete video on that, check it out
Actually, I'll have it down below as well in the description
so it won't be here anymore
But anyway, Amazon sellers
let me know any questions you got
I'm gonna be enjoying this sunset
I may play the piano tonight
But anyway, let me know any questions that you have
I will be doing this quite frequently
So this is, what do you wanna call it, session 1 of Q&A
Have a great night, have a great day
wherever you're at, Amazon sellers
Make sure to subscribe
New videos getting popped up every single day
If you wanna learn how to sell on Amazon the right way
go to onlineretailmastery.com
Link will be down in the description
to a free 4-day training on how to sell on Amazon