Another 4 ways you can make money on Amazon right now
As you probably know, I am mainly a private label seller, nothing new there. Research, source, test, sell, repeat.
But, what you might not have considered is that you don’t have to restrict yourself to just Private Labelling.
There are a ton of the other ways that you can make money on amazon using the knowledge that you picked up starting on the FBA route.
Making money on the internet – lesson one
The average person, when they think about making money online, have all kinds of weird ideas and a lot of cubicle warriors will probably think you are bullshitting or scamming if you tell them you have an online business.
But making money on the internet, or in life, is quite simple and it boils down to: solve a problem / provide a service that people need / sell something people want.
How this all relates to Amazon
If you follow the steps from scratch and learn all about FBA, how to sell on Amazon, how to run PPC campaigns, how to spot good product opportunities, how to fix and optimise listings – congratulations, you have just developed some very important and very marketable skills.
Do you know how much value you could bring a traditional brick and mortar that are floundering on Amazon because they just tried to figure it out themselves?
I see appalling listings all the time and train wreck PPC campaigns and with just a little bit of fixing in the right place, they can be made profitable, as long as it’s not something like a silicone baking mat or other done-to-death PL product.
By just getting your hands dirty and even launching one product, you will learn a ton of valuable information.
So why not turn that around into a side hustle?
If you are great at writing copy, help people that suck at copy, if you are good at PPC campaigns, data refining and testing, help people set that up and work on a setup + monthly fee basis. I know a lot of people that hate keyword research and ppc and happily pay someone qualified for it – and I’m not talking the Indian guy on Upwork who will do it for 3 dollars. They only thing they do is more harm than good.
Do you have a professional camera and work with images? Do that! Most people understand that they need top quality images to stand out on Amazon – the ones who want to lowball you aren’t your target client anyway.
Or Partner with people
There are different ways to go about this, but in some cases, you can bring the Amazon knowledge and a partner can bring the money – then you take a percentage on pay-out each month, take care of launch and off you go.
Or you can manage a seller account, again for a percentage. Launching the promos, creating and monitoring the PPC and getting the listings optimised.
By partnering, you also diversify your income and risks, plus you don’t have the inventory investment to worry about.
Or try retail arb
Retail arb is basically buying stuff on cheap, liquidation, sale and then reselling it on Amazon, although there is obviously more finesse involved than that.
A lot of (mostly US-based) sellers start out with retail arb and learn the ropes before starting to private label their own products.
I personally don’t like this model as I hate shopping and looking for bargains and, I’m based in Bulgaria which isn’t exactly hot opportunity central.
And yet there are a lot of sellers doing huge volume with it (probably the best community for retail arbers / to learn about is at https://www.facebook.com/groups/mysilentteam/)
Or go buy wholesale
If you can read demand and understand how to set a product up properly, which is all basic PL territory, you can look into buying wholesale too. Maybe you can be the exclusive seller for a particular brand, or maybe you can create a unique bundle.
Maybe you can source really interesting Sushi accessories in Japan and flip them for a huge profit on Amazon.com. With some fairly basic knowledge and Jungle Scout, you really minimise any risk.
I sell 15-20 units per day of an item that isn’t my brand – it was just something that popped up on the radar and, knowing the ropes anyway, I ran the numbers and decided to try it.
If I didn’t know about Amazon selling, or sourcing and whatnot, I would have never even seen or paid attention to that opportunity.
So learn everything you can and go make some money!
If you are just starting, keep going, keep learning and take action. Amazon is highly scalable and if you do the work, take the hits, and keep moving, you will reap the rewards.
Amazon just happens to be an amazing place to be right now because an average guy or girl can literally build a million dollar business on their own (or 6 million dollars in 4 years, like this guy and his brother).
If you are unhappy with your life, job, cubicle, boss or income – only you can change that and the only way to do it is by learning new skills or applying your current skills in new ways.