I run a mastermind group with a friend where we teach others how to build Amazon businesses (Brian from Podcast 17).
Our coaching group is currently closed but we’ll open the group again on April 22nd, 2015. This will be your last chance to join the group before the group closes down again for an unforeseen period of time.
Next month I’ll post more screenshots from our successful students. We had yet again more people pass me in monthly sales. Aaargh – I gotta catch up with the people I’m supposed to be teaching! Hah, in all seriousness I get a lot of personal fulfillment out of helping people in our group and I also learn a lot from them as well.
February was a bit of a lazy month for me because everyone takes off for Chinese New Year in February. My suppliers were off for a couple weeks, but now that they’re back I’m going to get more orders in and start work on more new products. For obvious reasons I won’t be sharing precisely how many products I have at any one time but I’ve said all along my strategy has been to have a lot of products.
Ultimately I’m sure as I launch more products some will be fantastic, some will be just alright and some will flop. The best part is that all I’m doing is reinvesting profits to place more investments in developing new products.
My objectives for February from last month were:
Objective 1: Create listing for new product
I’m done with this and have more listings to create in March.
Objective 2: Try something to market my product(s) besides relying on Amazon (round 3)
This is laughable. I’ve had this on my list now for literally over 120 days. I’m still just getting traffic from Amazon to drive my sales. I have a plan in place to execute on this strategy, but as I’ve said before this is just one of four businesses I’m involved in (and it’s not really close to the biggest). I’m going to actually execute on this strategy in March.
My Plan For March 2015
Objective 1: Find two new suppliers
This is a business of finding great suppliers as much as it is of finding a great product to sell. Finding two suppliers is actually a tall order, but I have a few new product ideas and simply need to walk through the steps of speaking with new suppliers again. I have the funds available from the success of the business thus far to drop a significant amount into more inventory so I’ll likely place larger inventory orders for the new products I launch.
If you’re new you don’t have to start with a lot of inventory (my very first order was only 500 units and I originally planned on only doing 250 units) but with my aggressive growth goals I need to get more products out the door quickly so I can focus my efforts on marketing them.
Objective 2: Try something to market my product(s) besides relying on Amazon (round 4)
I’m actually going to do it this time – really
My Long Term 2015 Goal:
I’m still confident that before the end of 2015 I’ll have at least one $100,000 month in sales. Again, I’d like to hit the $100k mark before November though since the holidays is sort of cheating with people buying anything and everything.
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