Looking into launching a product on Amazon? There are some things you should know before you start. I'm not going to try and sell you an FBA course or get you to join my "mastermind" group on Facebook. I'm simply offering some raw advice from one wanna-be-entrepreneur to another. As a new seller, I invite you to learn from my successes and failures. But first, here's some proof that I actually sold stuff.
Although those numbers might look impressive to a new seller, don't let them fool you. That's only the revenue, of which Amazon eats up a lot of. Although I do finally have a profitable product, it took me a while to get here. As of now, l still haven't broken even. In order to avoid wasting your time and money, use the following advice to get it right the first time.
Eliminate your biases before making a product decision.
Don't rule out a product just because you don't know anything about the niche. More importantly, don't choose a product just because it's familiar to you. When I was searching for products, I found a few ideas that would have worked, but I eventually decided against them because I had my heart set on something specific. Never get your heart set on something specific; chances are, there are much better ideas than what you had in mind. When analyzing potential product ideas, try your best to avoid looking at products from a personal point of view. Only pay attention to the practical.
Don't bother with low-profit margins.
I can not stress this enough: Please take your time when choosing your product. Do your research and make sure that you can actually profit from your idea. My first product was priced at $8.99, which was a net loss on my part. The next one was priced at $11.99, which only produced about a dollar of profit per sale. If I were to launch a third, I'd find something I could price even higher. Don't finalize your product decision(s) unless you know you would make a least a couple of dollars per sale. Even if you think a product will profit, there are often some unforeseen expenses that will eat up those margins.
It's okay if your first product fails.
Don't give up if your first launch isn't profitable. Looking back, the first product that I launched was quite a blunder. There were a few expenses that I didn't account for, so by the time my products reached the Amazon warehouse, there was no way I was going to profit from them. I ended up selling most of my products at a loss, but the important part is that I didn't let this failure cause me to give up. Because of this failed launch, I was smarter for the next one. If I gave up after my first product, I would never have launched my second product, which was a success. Don't let this advice give you an excuse to fail, you still need to try your best. But the fact is, most businesses fail; usually because they give up too soon.
Hopefully, this advice saves you from potentially wasting thousands of dollars and countless hours on a bad product decision. When in doubt about a product, it's always a good idea to ask the FBA community. From what I've seen they're usually quite helpful on Reddit and other select Facebook groups. Or, if anyone is actually reading this, I would love to be your second opinion. My email is: firstname.lastname@example.org.