One of the most common ways to ramp up your online business is to incorporate drop-shipping. This is when you list a supplier’s products on your website but you don’t physically carry their merchandise yourself. When you get an order for one of those products you send the order details to your supplier and they ship it to your customer as if you had shipped the item yourself. This allows you to offer a large variety of products without having to take the risk of investing money in purchasing those products. I’m not saying that this is a good or bad strategy for your business but if you are going to go this route then you should review the important factors I outline in this post in order to make sure that your drop-ship supplier is right for you. Read more
If you’re interested in learning about personal finance I recommend Tony Robbins’ new book, Money: Master the Game. 7 Simple Steps to Financial Freedom. While it is unnecessarily long and tedious to get through, you get a lot of good information from some of the most successful investors of our time.
The key point is that even saving a little money on a regular basis has the potential to grow into a very sizable amount because of the power of compounding – given that you’ve invested your money wisely through asset allocation and diversification. You also realize how much we could be paying in hidden fees and how much those fees reduce our savings over the long run. Enjoy!
Try not to derive your self identity from your job or your profession alone. Instead, fill your life with enough variety where you become a well rounded and diverse human being. You are ultimately defined by all the rich and rewarding life experiences with which you fill your life.
Changing a bad habit or behavior is difficult enough. Making those changes stick can be even more challenging. If approached correctly, however, it is possible to replace old habits and beliefs with more empowering ones. The concepts I outline below are from an Anthony Robbins video that summarized how to achieve real lasting change. I have come to believe that whether you are happy or disappointed with where you are in your life, you are here because deep down your patterns and habits meant for you to be here. Your destiny is shaped by those moment-to-moment decisions that you made along the way that added up to get you to where you are today. Read more
It is a good idea to always know your best selling items in each channel. A channel is defined as a specific marketplace or site in which you sell your items. These can include eBay, Amazon, your own website or anywhere else your products are listed for sale. While it is important to periodically run reports to determine your best-selling products across your entire business, it is also a good idea to do the same analysis for each channel. Read more
In business and in life, try to surround yourself with the most intelligent, capable and uplifting people you can find. Hiring less-than-qualified employees to save money will end up costing you in the long run. Read more
If you’re an Amazon marketplace seller, winning the buy box is one of the most important goals you should set for yourself. While there are many other factors that can determine success on Amazon, the Buy Box is by far one of the most important factors. To win the Buy Box, try to sell products where you have a competitive advantage of some sort. It’s not enough to have the lowest price. Other factors determine who wins the Buy Box so one strategy is to choose products with little competition. Read more
If you sell on eBay you need to pay attention to listing fees because they can easily add up – especially if you’re listing a lot of SKUs.
You should analyze your invoice every month and see what percentage of your bill goes to listing fees. Make it a habit to weed out those SKUs that never sell but get re-listed month after month.
How many suppliers do you have? This is one of the most obvious but overlooked questions small business owners never ask themselves. It’s important to know because it tells you how many companies you need to manage.
Evaluate each supplier regularly to see if their products still make sense for your company. We recently cut some suppliers because their products (and their terms) were simply not favorable anymore. It’s better to focus your CAPITAL and your TIME on better products. Read more
If you participate in Amazon FBA make sure to set Replenishment Alerts for your products. You can set a different threshold for each product. This is an important habit to keep and you can easily set replenishment alerts in Seller Central. This way you’ll always have ample time to send products to an Amazon fulfillment center before your products sell out.