So, it’s week 2 – I showed up… now what?
My first blog post last week set the stage, while also receiving great feedback from family and friends.
I only really had one piece of constructive feedback, which was from my wonderful and thoughtful girlfriend, who said that it was a bit too long.
It’s the first time that she’s had that complaint.
I started this week with what felt like a major loss in my life – my sister, who had been living with me for the previous six months, moved out.
I didn’t think it would hit me as hard as it did, but I guess the age old adage still holds true – you don’t know what you’ve got till it’s gone.
The following day, as if to show unknowing solidarity, the company that I work for, Twilio, saw it’s CEO resign.
So I started my first day back in work for the year down one housemate and one CEO.
It’s almost as if the Universe was trying to tell me something…
So, I took the hint, and that evening, I got on with working on my new business – building a shop on Amazon.
I’m not sure just how many people realise it, but Amazon isn’t just a single online marketplace – it’s actually a collection of many different shops, all offering their wares through the Amazon website. Some shops will stock some of the exact same items, and when you make a purchase from Amazon, it will use its intelligent algorithms in the background to determine which shop gets the sale.
With all criteria for an item being more or less equal, as in the products price, delivery time, etc, then Amazon will evenly rotate between shops at the point of sale, so that each of them gets a fair chance to make some sales.
Therefore the principle for making a profitable shop on the Amazon marketplace is pretty simple:
- Purchase products for less than they are being sold for on Amazon
- List each product at the same price as other shops already selling them on Amazon
- Receive steady sales, and after fees and overheads, pocket the difference
It seems so simple, and so obvious – why aren’t more people doing it?
Well, in short, because it’s not actually that simple to get it right.
Just like in the stock markets, everyone knows that you need to buy low, and sell high, taking a nice profit – so why aren’t we all millionaires?
I guess, because like in everything seemingly simple, the devil is in the details.
I realised this a few months back, and so started a course which teaches you how to sell successfully on Amazon, and it’s far more in-depth than I ever imagined it to be!
Aside from the time it takes to get setup with a tax registered business, a bank account, an Amazon Sellers account, a resellers license, distributors, wholesalers and re-packers, there’s also a lot of additional paperwork, bureaucracy, rules, videos, tests and more online documents to fill out. Basically, they couldn’t have taken a simpler concept and made it more difficult to implement.
And all of this is before you even decide what exact products to sell.
In a way though, all these dull tasks are a good thing, because they create an artificial barrier to entry, and reduce the level of competition, giving those who dare to persist long enough to wade through all the noise a chance to reap the rewards.
It’s annoying, it’s challenging, and it’s certainly not a get rich quick scheme or for the faint of heart.
So once the working day is over, I put down my work laptop, take a long, deep stretch, pick up my personal laptop, and get back to it.
I’m in the early stages right now, but hopefully, some day soon, I will start making sales, and can share my progress here.
In the meantime, I’ll embody Proud Mary, and just keep on rolling…
Rollin’
Rollin’
Rollin’ on the river…
