Manage episode 223563576 series 1770904
One of the mistakes people often make when starting their own e-commerce business is they try to make the business an extension of themselves. They don’t build out enough within that extension and therefore don’t build a real business. A real business that is going to be attractive to buyers. Some also make attempts to reject Amazon, feeling they can achieve success with Shopify, Walmart, and other E-commerce channels. Today we are talking with a true Amazon veteran and success story, getting to the truth behind building real e-commerce success, working to build a real and viable business, and why it pays to go to China.
Kevin King is an e-commerce entrepreneur’s advisement expert. He teaches to and works with seven to eight-figure companies and speaks at e-conferences all over the world – attending nearly twenty-six events in at least 10 countries in 2018 alone! He runs his own e-commerce site selling his Amazon products, and has developed and guided hundreds of products from inception to market. He’s been in the Amazon Private Label space since 2015. He’s here talking about the Amazon opportunity bubble and how he doesn’t see it popping anytime soon.
- The skyrocket of the Amazon business model and how that model has changed.
- Kevin shares his tips for doing business right from the start and increasing chances for success.
- The different ways to approach the Amazon model.
- Kevin gives us a definition of Amazon Private Label.
- The number one crucial skill you need to succeed on Amazon.
- What you really need financially to start a real business.
- How to find out where the demand is on Amazon.
- Why being on top of your inventory is vital to your success and how often you should turn your inventory each year.
- What it really means to build a brand and if brands mean anything to potential buyers.
- Why Amazon is a great place to launch a product but not to build a brand.
- Why product choice is the backbone to business success.
- What to look at when choosing a product to sell.
- Selling cheap easy turnover items versus high ticket items.
- The most important thing to do to improve traffic on Amazon.
- Unless it garners at least 20% of your revenue, multichannel sales don’t increase your chances of finding a buyer.
- The international factor and branching out to other marketplaces.
- Kevin’s golden rules for moving a product.
- How many products are the right amount to have in your portfolio?
- Where the money is really made in the Amazon space and the importance of how and where to source products.
Mark: Okay Joe I want to start this off with a question for you. Back when you owned Puristat how long did it take before you realized this is going to be able to grow into something and how long did it take before you turn it into kind of like a real business that could be scaled?
Joe: That’s a great question. I wish I had a really good prepared answer for it.
Mark: I got you completely unguarded with that.
Joe: Yeah. I’m one of those guys that built a business without knowing I could actually sell it. And as you and a lot of folks that know my history I started out on doing radio and direct response and did a TV infomercial and then eventually took it 100% online. But early on in my entrepreneurial career, I did have a sit down with a good friend … a family friend that slapped me upside the head in terms of accounting and I did have my ducks in a row in that sense. And I always built what was a real business so that if I got hit by a bus one of my head people could take over, my wife could take over things of that nature. But it never actually occurred to me until I was
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