Currently, Amazon FBA is one of the most wide open and most talked about business opportunities in the e-commerce universe! As a business model FBA benefits include:
Ease of launching from scratch
A short learning curve
A truly global opportunity
Very low capital risk required to get started
Very predictable growth if proper strategy is deployed
Favorable market conditions for future growth
Automation & hands free operation are possible
Creative resources are readily available to assist you
From day one you have a built in ravenous customer base
These factors and others make the Amazon FBA opportunity nearly impossible to ignore as a premier online business option.
What is FBA?
FBA stands for Fulfillment By Amazon. Most simply stated, you can ship your goods to Amazon warehouses and Amazon will sell and ship the product to the end customer for you. You never even have to see or touch your inventory if it comes straight form a supplier or manufacturer! It’s one thing to understand what FBA is by reading Amazon’s own description of the program, but it’s another matter entirely to build a successful, scalable, sellable business on the platform.
How much bigger will FBA grow?
FBA is in its infancy. Amazon is building warehouses globally and is set to open soon in Australia as its latest conquest.
Consider these facts as well: According to U.S. government data, retail shopping online is still less than 10% of all retail spending in the U.S., but that number is projected to grow rapidly in the coming decade and could easily reach 25% in that short time.
In other words, most of the growth in e-commerce and Amazon FBA is yet to come – and it’s coming rapidly! Unless there is a major disruption of current trends, Amazon is clearly set to see incredible annual growth for years to come. That serves to substantially benefit those who are building FBA businesses on the Amazon platform. The opportunity is truly global as well because as an FBA business owner you can use our extensive network of partner services that accommodate every possible challenge in moving your inventory to where it needs to go.
Which FBA strategies are hot?
There are numerous ways to succeed with an Amazon selling business.
Selling your own private label product
Establishing relationships with wholesale sources
Sourcing unique products from small businesses that aren’t selling online yet, or are marketing themselves poorly
Bundling already popular products to make new listings
and many, many more…
Opportunity is abundant because customer spending continues to escalate on Amazon!
Why partner with Flippa?
Our FBA training team is delighted to have been contacted by Flippa in order to form a partnership that benefits those who wish to start or grow with the FBA model. The Filppa leadership indicated to us that numerous Flippa.com users were making inquiries in recent months on the topics of buying, starting or growing an FBA business. As a result, Flippa began to research extensively and eventually came to the conclusion that we were the perfect FBA educational partner for their community. We are of course honored to form this partnership in order to better serve those seeking success with FBA.
About our Proven Amazon Course
No one in the world has served Amazon selling professionals (aka FBA sellers) for as long or as successfully as has the creative team behind the Proven Amazon Course. We have our own publicly disclosed 8-figure online selling accounts that demonstrate our depth of knowledge of the platform. We’ve received over 1,000 documented success stories as well which all credit our coaching and course for having helped establish and grow incredible Amazon FBA businesses.
We have successfully assisted thousands of students with:
Launching an FBA business from anywhere in the world
Building private label brands on Amazon
Building a team for scalable growth
Finding creative sources of profitable inventory
Creatively marketing Amazon products through advanced Facebook strategies
We are delighted to partner with Flippa, and we’d love to hear from you if you are interested in learning more about launching or growing an Amazon FBA business.
About the author: Jim Cockrum is a best selling web marketing author and a seasoned Amazon FBA expert. His courses, books and coaching are the foundation behind thousands of Amazon seller success stories. His industry leading course located at ProvenAmazonCourse.com contains numerous comprehensive modules for both beginner and advanced online sellers who are either launching or growing an Amazon FBA or Amazon merchant fulfillment business. The latest update of his book, “Silent Sales Machine – 10th edition” is a consistent top 10 seller on Amazon in numerous e-commerce categories.
Today we’re handing the blog over to Jerry Banfield. Jerry is an entrepreneur and teacher who has coached over 80,000 students on everything from Facebook marketing through to time management and productivity.
Last year Jerry built and sold a profitable site on Flippa for $5,500 with no experience and the best part is, he’s put together a step-by-step Udemy Course to share the details on exactly how he did it. Usually $199 – for a limited time, Jerry has dropped the price down to just $25 for all Flippa users. Simply use coupon code: FLIPPABLOG or THIS LINK.
Over to Jerry:
If you are trying to sell your website on Flippa, knowing what works to make a sale can save you a lot of frustration and money. The first two times I posted websites for sale on Flippa, I made my listings and then tried to promote them in complete ignorance of what other sellers were already doing right. No one bid on any of my listings…
When I went to relist my website again, I realized it was crazy to do the same thing I did before and expect different results. For the next few weeks prior to launching another listing, I researched the Flippa marketplace to see what websites were already selling so that I could discover what they all had in common. I found websites that had sold for at least a thousand dollars almost always showed solid proof of income and had verified Google analytics. I also discovered what price to start the bidding at, how to write a compelling listing to attract watchers, how to directly contact potential buyers, how to convert people watching to bids, why every question was worth answering in great detail, and what I needed to do to make it easy to close the auction successfully.
When I used what I learned to launch a new listing on Flippa, the same website that did not attract even one bid when I listed it before sold for $5,500.
You can skip the painful learning process I went through to learn how to sell on Flippa when you take this course. You can see what your website is really worth when you list it the way I listed mine. This course will continue to be useful for you through any improvements Flippa makes because what I teach is based on principles that you can adapt to what you are doing today. You can count on me to answer any questions you have in the course and to add new lectures based on your feedback! Thank you for reading this and I appreciate the chance to serve you as your instructor in this course.
Running a web business is fun and exciting, but it also involves certain responsibilities. Knowing how they might affect you can help you to find the right business opportunity for you.
Your first step in finding the right web business opportunity is to define yourself. It sounds simple … or does it? Here’s a quick checklist of the factors you should consider before you embark on your entrepreneurial journey.
What are your motivations for owning a web business?
What topics interest and excite you?
How good are your technical skills, and in what areas?
How strong are your marketing skills?
How much time do you have available to spend on the site?
How much money do you have to invest in a web business?
How quickly do you want to make back the money you invest in the business?
What’s your exit strategy for the business?
Let’s look more closely at each of these.
1. Your motivations
What are your motivations for owning a web business? Do you want to build a passive income stream, a full-time business, a fun hobby, or one that will provide search engine benefits to another business you already own, for example?
Be honest with yourself. Your motivations may change over time, but you need to know what’s driving you now. Understanding what matters to you is the first step in working out which opportunities are worth considering, and which ones you should pass on.
2. Your interests
Many online business owners admit to having a strong passion for the topics of their sites. What happens if you lack passion? You’ll likely have a hard time finding the energy to work on it, understanding the motivations of the people who use it, or marketing to its audience.
So the second step is to ask yourself, “What are my interests?” Note them down. Think about each one in more detail—what it is about that topic that you really love? What gets you excited about it? And, importantly, is it an interest that you do—or would like to—share with others?
3. Your technical skills
There’s no point investing in a business that has a web presence that’s beyond your technical capabilities—or your budget for hiring help. So it’s important to accurately and objectively assess your technical skills.
Make a list of all the technical capabilities you have, and rate them so that you know which are your strongest skills, and where you can develop greater capability.
Don’t have any technical skills at all? That’s fine—recognizing that now will help you find a business that you can successfully manage, run and build from day 1.
4. Your marketing skills
As we know, web business marketing can take a variety of forms: advertising, search engine marketing, affiliate programs and cross-promotions, social media, content creation and more.
Do you have any experience with online marketing? If so, which aspects? And which are you confident with? Have a think about your skills, and make brief notes that you can refer to as you sift through the for-sale listings.
5. Your available time
Be realistic about the amount of time you can reasonably put into building up the business you buy. But time isn’t just about hours in the day or spots in your schedule. You also need to look at how much work you’ll need to do to make things happen on your new site in timeframes that you feel are reasonable.
Look at your weekly schedule and estimate how many hours you can reasonably set aside to work on your business.
Your available time will help determine what you’re able to achieve with the business in a given timeframe. It should also help you to avoid businesses whose day-to-day running requires more time than you have.
6. Your available funds
How much can you afford to invest in a business?
It’s important to have a clear figure in your head before you start your search. That’ll help you eliminate offerings that are out of the ballpark, and to negotiate with a seller when the time comes.
A spending limit can help you focus on opportunities that represent value—rather than simply having the right price. It can also allow you to make practical, goal-oriented plans for your business, and eliminate options that don’t fit the bill.
Decide on a figure, write it down, and commit to sticking to it.
7. Your payback expectations
Before you invest money in a web business, it’s a good idea to work out if—and when—you expect to make that much money back from it. This question combines a number of the factors we’ve already looked at: your motivations for buying the business, your available time and skillset, and the amount of cash you’re willing to spend.
If you plan to pay others to work on the business once you’ve bought it, you’ll probably add those figures to the establishment cost to arrive at an overall sum you’ll need to earn to break even on that investment. You’ll also likely spend time maintaining, promoting, and building the business you buy, and perhaps you’ll decide that you’d like to make a certain return on that time as well.
Spend a few minutes listing the estimated costs of running your business, and add them up. Note down your purchase budget, too. Then, when you’re researching opportunities, you’ll know how much money you’ll need the business to make in order to cover its running costs. You’ll also be able to calculate when it might return your initial investment.
8. Your exit strategy
An exit strategy is basically what you want to happen to end your involvement with the business you buy. You may want to:
merge the business and its customer base with a business you already own
develop the business to be self-sustaining within two years, so that it takes you no more than two hours each month to run, yet provides income for the other ventures you’re involved in
keep running and improving the business until you die, at which point you’ll will it to a relative or friend…
If you define your exit strategy up front, and give it a timeframe, it can help you to assess how appropriate a particular opportunity is to your goals.
Ready to browse?
Once you’ve worked through this checklist, you’ll have a much better idea of the businesses that might suit you. Why not do a little market research as a next step? Feel free to browse businesses for sale on Flippa, or to search for opportunities with the specific characteristics you’re after.
Every web entrepreneur loves John Lee Dumas—or at least that’s how it seems to us.
John’s EntrepreneurOnFire.com blog hosts a seven-day-a-week podcast, in which he personally interviews entrepreneurs and experts from all over the web. He also publishes a blog, produces ebooks and other resources, and manages the passionate, inspired and inspiring Fire Nation Elite community.
It’s exhausting just to think about! What the heck is his secret? This week, I got the chance to find out in a quick Q&A session with the man himself.
John, you’ve interviewed more than 300 entrepreneurs. You produce a weekly podcast, you’ve created a dedicated EntrepreneurOnFire app, and you also create ebooks and other resources for your followers. Where on Earth do you find the time?!
I am an extremely efficient person, and I’m a big believer in the idea that “the task will expand to the time allotted”. Therefore, I allot my time wisely and make the most of what I’ve got!
An example is my batching method for the podcast. With a seven-day-a-week podcast, some might think that I’m literally on the line with a new Entrepreneur every single day recording one more episode. Truth be told, I have about 30 episodes scheduled out in LibSyn right now. That’s because every Monday I do eight interviews, starting at 8am, and ending at 5pm.
I then spend the rest of my Monday night editing every one of those episodes. Come Tuesday, my week is free of the “episode portion” of the business so I can concentrate on the other things you’ve mentioned like ebooks, social media, Fire Nation Elite (my elite mastermind group) and other resources.
Wow, that really is efficient! I know you also have a team, which must help with that too. Can you tell us a bit about them and what they do?
I currently have one Virtual Assistant working for me from the Philippines, who I found through Chris Ducker’s VirtualStaffFinder. She’s awesome. I pretty much delegate anything to her that is a repetitive task. So, she does a lot of the scheduling for our social media posts, helps me create the skeleton for my show notes pages, and creates things like the pretty links for every guest’s page on the site.
I also have a partner in the business, Kate Erickson, who is the Content and Community Manager for EntrepreneurOnFire. She writes our blog, creates all of our content for the website (our giveaways, for example), manages our marketing campaigns/CRM and is the lead on Fire Nation Elite, our mastermind group. She’s also my girlfriend, so finding her was pretty easy!
Aha! Well, it sounds like you’ve got a pretty smooth-running team there. I’m getting the impression that process is really important to your ability to get things done, but also to the quality of your output. Is that true?
Yes, it’s absolutely important in terms of getting everything done. Without the batching of the interviews, for example, I wouldn’t be able to accomplish all that I do.
But just because I batch doesn’t mean I slack on quality—that’s number one for me.
I’ve ensured that I have the best possible set up with the best possible audio, and I do every edit myself. Quality is very important to me. The process supports my goals in that it affords me the time during the rest of the week to get other important stuff done for the business, like creating resources and products for my audience.
Well, let’s talk about audience. Your business is pretty heavily niche-focused. How important do you feel it is to have deep experience within one niche in your success?
Niching is so important—it’s required. If you don’t know exactly who you’re speaking to, then you’re speaking to no one.
I think that dedicating yourself to becoming better at what you do every day is the most important thing—always be ready to learn. When I started EntrepreneurOnFire I didn’t know how to conduct an interview. I didn’t even know how to record a podcast. It was through my relentless dedication to, and passion for the process that both interviewing and podcasting have become skills of mine.
So I think it’s more about the depth of your skill (knowing exactly what you want to be known for, and dominating that) rather than breadth.
Wow, it’s difficult to believe that you started out without knowing how to interview people, or how to create a podcast. What’s been your biggest challenge in growing your business to the point it’s at now?
I think for me, the biggest challenge is maintaining quality while continuing to scale. I mentioned earlier than quality is very, very important to me, and so it’s definitely been a challenge to continue to bring myself back to that when there are opportunities all around me that I could go after. I will not go after those opportunities at the cost of quality.
I’ve overcome that by hiring amazing people to help me. I wouldn’t be where I am right now without their help.
That’s a great point. Is there any other advice you’d give to someone building a web business?
Just start. You can’t let fear and doubt keep you from following your passions. It doesn’t matter if your product or your website or your podcast isn’t perfect—you have to get it out there. You can correct course, pivot, improve along the way, but if you never start, then you’ll get nowhere.
Build a reference library for 21st century entrepreneurs
Once upon a time, dedicated professionals had volumes of business-oriented books and magazines keeping them in-the-know of current trends and industry standards. These days, most of us have moved our knowledge consumption to the online world, consuming favorite websites and digital information sources instead (which makes the recent demise of Google Reader all the more depressing — I’m still in denial over that one). While it’s true that many of us seek out subject-oriented sites to match our specific areas of expertise, there are a few must-reads in the digital world that all busy professionals can benefit from consuming. Here’s a few essentials to kick off your daily reading — be sure to add them to whichever Google Reader replacement you choose!
SEO trends and tips: If you run any kind of online business, you already know SEO can make or break your success. It’s too bad that SEO is a mysterious world to many of us, and since trends and algorithms are constantly changing, it can feel like quite the task to stay up to date. Thankfully, there are a few extremely valuable resources in the blogosphere consistently dispelling myths and outlining best steps. One such goldmine is SEOMoz’s blog. Founded in 2004 by a couple of bona fide marketing experts, SEOMoz has been a trusted source of accurate SEO info and services almost since the concept was first derived. They’re highly respected in the SEO community, and their content is well-written and as up-to-date as it gets in the space.
WordPress development: Despite its relative age and shortcomings, WordPress still reigns as the #1 favorite content management system. If WordPress is your CMS of choice, or if you’re looking to get educated on why it’s so popular, bookmark WPMU.org stat. WPMU covers every conceivable WordPress topic, from site building and hosting to in-depth discussions on every last widget and template. Joe Foley of WPMU.org also writes a fortnightly column on the Flippa blog: check out his previous posts!
Another excellent resource for WordPress development is First Site Guide. First Site Guide is the beginners guide to start, run and grow your online presence. Within the site are dozens of guides, video tutorials, and more, showing you how to start your first website and make sure other people see it.
Marketing: I could not possibly love the HubSpot blog any more than I do. Their articles on inbound marketing are top-notch, and, if you’re paying attention to online marketing, will probably show up several times on your Twitter feed. Neil Patel’s QuickSprout is another favourite: he’s a master of split-testing and creating content that really converts.
So there’s five daily links to help you stay on top of your game in the online space, but it’s obvious this could be a much more robust list. Now it’s your turn: what are some of your favorite sites for business professionals looking for an honest edge?