Manage episode 216547954 series 2437761
Are you prepared to commit at least 20 hours every week to launching your own Ecommerce business using Fulfilment by Amazon?
On this week’s episode of Escape The Rat Race Radio I’m pleased to welcome Michael Veazey. He discovered the Amazon Private Label opportunity and loved the creativity of being an online entrepreneur, as well as the time freedom it gives once it’s up and running.
Michael has always loved listening to intelligent “talk” radio (mostly Radio 4) and that expanded to include becoming very inspired by many great business podcasts and blogs over the last few years, like those by Tim Ferriss and Seth Godin.
Although there are now many other good podcasts about selling on Amazon in the USA, they are all aimed at US based sellers. There seemed to be no podcast specifically for Sellers who live in the UK selling in the USA and/or in the UK. So, Michael decided to create it!
In this interview, Michael suggests that Ecommerce is a good opportunity for anyone looking to generate an additional income stream to consider due to it’s rising trend over recent years, with absolutely no sign of things slowing up.
In this episode you’ll learn…
- Why Amazon FBA can present a great business opportunity, however you do need to be realistic about the amount of starting capital you will require to build a serious business, with £5000 being the minimum amount Michael recommends
- How Michael implements accountability into his mastermind groups to help his mentees take action towards achieving their Ecommerce goals
- Why you shouldn’t really consider launching an Ecommerce business alongside your day job unless you can dedicate at least 20 hours per week into managing and growing it
- The 3 Step Formula that Michael teaches to help brand new Amazon sellers get their first sales on Amazon
- The process you would need to follow in order to research your chosen products and order samples from Chinese suppliers
- Why it can be advantageous to dig deeper into a niche once you have discovered what’s working, rather than go broad
- How Michael’s desire to be on radio led him to launching the Amazing FBA podcast and how he quickly recorded his first episodes
- What the term ‘retail arbitrage’ means and how you can use this to start selling on Amazon very quickly
‘You can’t just throw a private label on a mediocre product and expect to sell it.’
‘Fear can be telling you useful things, and other times it can just be blocking you’
‘Part of what you need to spend time, money and effort on is exploring different business models thoroughly.’
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