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Listen "8: Build Your Business Step 4 - How to Determine Your First Product"
Episode Synopsis
STEP 4: DETERMINE YOUR FIRST PRODUCT
Your first product is crucial to your overall success because it will either be profitable and allow you to grow or … not. The lessons in this post are of paramount importance.
Start by thinking of a product that just seems too expensive
Products that sell for over $100 or even $200 are ideal
Search Amazon.com for the product and look at what comes up. Look for:
Products on the first page that aren’t the exact product we searched for
Products that are “Sponsored” that aren’t the exact product type we searched for
Products on the first page that don’t have an average of 4 stars or better
Products on the first page that have less than 50 star ratings
Products on the first page that are priced high
Products on the first page that have strange brand names or weird pictures
Products you think you can improve on what customers say in the reviews <= 3 stars (i.e. can you provide a better product at a better price?)
The more of the above that we find the better! If you find that some of the above are true, competition may be low enough to compete and now we want to look at potential revenue.
Add Helium10 or Jungle Scout Google Chrome Extension
Search Amazon for your product’s primary, generic keyword
Look at the Monthly Sales Revenue from Helium 10
Ideally, want to see products doing over $100K/month
Once you find a product that has low competition and high revenue you have likely found a great first product!
Resources Needed to Start Your Business and Invest the Profits (Our Top Recommendations) -
Jungle Scout - (30% Discount with this Link) Top Tool for Selling on Amazon - https://businessandinvestingsherpa.com/junglescout
TaxJar - Essential for Sales Tax Collection for Sales on Your Website - https://businessandinvestingsherpa.com/taxjar
QuickBooks - What we use for accounting, we love setting up automated rules - https://businessandinvestingsherpa.com/quickbooks
Disclaimer: The above links are affiliate links, meaning we will each a small commission at no cost to you. We greatly appreciate your support of the show in this way!
P.S.
***** If you want to start your own online Amazon Ecommerce business simply follow the steps of our Ultimate Guide by Clicking the Following Link: https://businessandinvestingsherpa.com/how-to-start-an-amazon-business/
Your first product is crucial to your overall success because it will either be profitable and allow you to grow or … not. The lessons in this post are of paramount importance.
Start by thinking of a product that just seems too expensive
Products that sell for over $100 or even $200 are ideal
Search Amazon.com for the product and look at what comes up. Look for:
Products on the first page that aren’t the exact product we searched for
Products that are “Sponsored” that aren’t the exact product type we searched for
Products on the first page that don’t have an average of 4 stars or better
Products on the first page that have less than 50 star ratings
Products on the first page that are priced high
Products on the first page that have strange brand names or weird pictures
Products you think you can improve on what customers say in the reviews <= 3 stars (i.e. can you provide a better product at a better price?)
The more of the above that we find the better! If you find that some of the above are true, competition may be low enough to compete and now we want to look at potential revenue.
Add Helium10 or Jungle Scout Google Chrome Extension
Search Amazon for your product’s primary, generic keyword
Look at the Monthly Sales Revenue from Helium 10
Ideally, want to see products doing over $100K/month
Once you find a product that has low competition and high revenue you have likely found a great first product!
Resources Needed to Start Your Business and Invest the Profits (Our Top Recommendations) -
Jungle Scout - (30% Discount with this Link) Top Tool for Selling on Amazon - https://businessandinvestingsherpa.com/junglescout
TaxJar - Essential for Sales Tax Collection for Sales on Your Website - https://businessandinvestingsherpa.com/taxjar
QuickBooks - What we use for accounting, we love setting up automated rules - https://businessandinvestingsherpa.com/quickbooks
Disclaimer: The above links are affiliate links, meaning we will each a small commission at no cost to you. We greatly appreciate your support of the show in this way!
P.S.
***** If you want to start your own online Amazon Ecommerce business simply follow the steps of our Ultimate Guide by Clicking the Following Link: https://businessandinvestingsherpa.com/how-to-start-an-amazon-business/
In God we trust