A lot of people assume Amazon FBA is a ‘get-rich-quick’ scheme and don’t tend to think about the hard work and dedication that is needed in order to make it both a successful and profitable venture. Just like any other business, it should be taken seriously.
FBA stands for ‘Fulfilment by Amazon’, meaning that Amazon looks after a seller’s stock, picks it when an order comes in and delivers it to the customer. All the seller is required to do is acquire their product in bulk, have it delivered to Amazon and focus on their sales, Amazon handles everything else.
It may sound like a simple business set up, however, there are many things that need to be considered before your launch your FBA business. For example, you need to consider your audience and ask yourself the following questions:
- Who is my target audience?
- What products do they want and can I provide it?
- Does my brand resonate with my audience?
Next, you need to think about what you are going to sell. Research into your target audience and what products they want should help you decided what it is you are going to be selling, but doing some in-depth product research is the key. Once you know what you are going to sell and where you are going to source your products, you need to ask yourself if you have a clear pricing strategy, as you want to be competitive and be the top seller for your products – this is how you can set yourself apart from other sellers.
This is just the beginning of your FBA business, as you move forward and grow you will encounter more hurdles you need to jump over in order to keep your business moving in the right direction.
Amazon selling experts; Northbound Academy, have created an infographic that takes you through the basic steps you need to run a successful FBA business. Covering some of the main aspects that need to be well thought through and executed to both begin and maintain a thriving FBA business. Take a look at the ‘grow’ chart below to begin your FBA empire.
If you are interested in even more business-related articles and information from us here at Bit Rebels then we have a lot to choose from.