Establishing and running a successful eCommerce business is a challenge for anyone – no matter how experienced or talented you are. There are so many blind spots and unknowns, it’s helpful to have some experienced advice going in. That’s what the Friday “Ask Scott” episodes are about – Scott’s answers to YOUR questions. You’ll hear him deal with all kinds of issues – from getting started to pivoting into bigger and better ideas outside of Amazon. You’ve got to hear this one, it’s got some great questions and good answers.
Cash flow for a new eCommerce business: How do you do it well?
Getting started with private label sales is not an easy thing, especially if cash is tight. But even if you have a lump of cash to start with you have to be able to stimulate sales in a way that keeps your cash flow consistent. If you can’t do that you’re going to run into all kinds of problems keeping inventory available, which in turn causes your search engine rankings to be inconsistent. If you want to hear Scott’s advice about managing cash flow, including some cool software or app ideas, be sure you take the time to listen.
I got damaged custom merchandise from my supplier, should I return it?
A listener called in to ask a very interesting question on this episode. He received some customized products from his supplier but they are damaged. He’s not typically shy about returning defective or damaged products but in this case, since they have his logo on them, he’s concerned about returning them. Why? Because he can envision the supplier fixing them, then selling them on Amazon themselves, bringing disrepute to his brand. What can he do? Find out how Scott suggests he avoid that possibility, on this episode.
How to optimize a product bundle effectively.
You’ve heard Scott talk a lot about creating product bundles to build a second listing on Amazon that can generate cash flow. There are all kinds of benefits to it, including the ability to rank for a different set of keywords than your original product. But that won’t happen if you don’t optimize the bundle listing well. On this episode, Scott answers a question about bundling complementary products and optimizing that new listing, and there are all kinds of tips he gives to help you do it right. You’ll want to hear this one.
What are the best ways to move from retail arbitrage into private label sales?
If you’ve ever sold products using the retail arbitrage model you know that it’s not a model that you can scale very well, simply because your product supply is inconsistent. You can’t expect to build a business on somebody else’s brand. So how can you make the switch from retail arb to private label sales? A caller asks for Scott’s advice about that very thing on this episode and Scott gives 3 free resources he can tap into to teach him the step by step process to get it done. Are you interested? You can use the same free resources too, so be sure you listen to find out what they are.
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [2:40] What does it mean to think in terms of “abundance?”
- [9:59] QUESTION ONE: How did you handle the issue of cash investment in your business and ongoing cash flow?
- [18:15] QUESTION TWO: What would you do if you received customized merchandise from your vendor that’s damaged? Would you send it back?
- [23:00] QUESTION THREE: Two complementary products that I’m considering bundling – how would you optimize the listing (bullets, etc.)
- [28:31] QUESTION FOUR: I’m thinking of moving from retail arb to private label sales. What is my best approach?
TRANSCRIPT TAS 307
TAS 307 : Ask Scott Session #93 – Inventory Money – Defective Products – Bundles – RA to PL Seller
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 307 and session number 93 of Ask Scott. This is where I answer your questions here on the podcast. And well, I've said it 93 times now as of today. I love doing it guys. I love getting on here and really listening to your questions and…
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…doing my best to give you my advice or just my thoughts. I just want to thank you guys for continuing to send in your questions. Now, if you do send in a question it may take me a little while to get to it. I do have a little bit of a backlog that I'm trying to work through. I'll try to answer three to four questions on these Ask Scott sessions.
If in the past we've answered that question, I may not answer that same question or I may address it in another question and then just refer back to that other one if that makes sense. But, I try to keep these new and fresh. Sometimes I'll go back to one that we've already answered and maybe have a different take on it or maybe different circumstance. But I just want you guys know, keep them coming. Now, head over to theamazingseller.com/ask, and you can do that. You can ask a question there. Record your voice, that's right, your voice. Put your first name in first, include that, maybe where you're tuning in from and then just ask the question.
Try to make sure that your audio is decent. A lot of you have but sometimes it's, whether you're in the car and you can kind of hear maybe the windows are down or something like that. So just try to make sure that your audio is as good as you can have it whether it's from your phone or maybe even a headset. But definitely keep them coming. One big announcement here is I want to say, not even really an announcement just kind of like a celebration. We just hit over 40,000 TASers in our Facebook group which is amazing. Guys we started with zero, zero listeners, zero people in the Facebook group. TASers now that we're calling ourselves and now we have 40,000 people.
[00:02:00] Scott: Well, that's awesome, right? And I actually put a post up, I'll link up to that post inside of the show notes to today's episode. You can see a bunch of you sent in pictures of where you're listening to the podcast or maybe of you boxing up your first order. And I want you guys to do that, continue to do that and post them in the group. Tag me in that post if you do that. Because then what I'm going to do is, I'm going to continue to do this. I'm going to compile more images as we do this. And I was doing it in the beginning when we were starting through this podcast and a lot of you have done that and I've continually kind of grouped them together. So what I did is, I made like a nice collage and I put it into a Facebook post and just thanked everyone.
But whenever you reach a milestone like this or you have people that say, “Wow, Scott. That's awesome, congratulations. But isn't that a lot of people now that I'm competing with?” And it's a great question because that's what you would normally think. I don't look at it like that. This is going to lead into my word of the day because I think that we have to have more of this mindset. And what that is, is abundance. We have to understand. Well, there's a couple different things we need to understand. First off is that there's a ton out there for all of us to be able to be rewarded from.
There's so many different ways, so many different products, so many different circumstances or maybe our own unique ability that allows us to go out there and compete in the game. It doesn't mean you have to compete with every garlic press out there right. It's going to go deeper than that, it's going to go bigger than that. But you have to think to yourself. Listen there's an abundance out there, there's so much that we can go out there and get. There's plenty for everyone to go around, but once you start to limit that belief, you will start to see less and I believe that. I don't want this to be woo-woo or any of that stuff. But I do believe that if we think of the world as an abundance of whatever we want out there, we can have whatever we want and there's enough to go around.
[00:03:57] Scott: Now the other sad truth to this and I actually got a little bit of flak the last time I mentioned this, is that there's a lot of people, whether it's listeners here or just people online in general that are going to take information, they're going to consume the information, they may even take action with a little bit of the information, maybe even launch a product. And then say, “You know what, this just isn't for me. Or maybe it's not moving quick enough. Or maybe I feel like I failed. So I'm just going to quit.” And that's just… It's a sad truth, I hate to say that. But out of those 40,000, that doesn't mean that all 40,000 right now are selling on Amazon. It's just the way it is. Now it's pretty interesting because I actually received an email. I think it was yesterday or the day before, of a gentleman that asked some questions and you know I answered his questions as I always do.
Then he came back and he said, “Scott, I just want to say thank you so much for allowing me to ask these questions and to answer them. But also I just wanted to give you a big thank you because I was almost ready to give up. I launched a product about a year and a half ago. I thought of myself as a failure. I stopped, then I found your podcast and you got me excited again. So now I'm back in the game. Now I'm feeling though I can do this thing or you gave me like a better outline or a way to say, you know what, that wasn't a failure that was just a learning experience.” So again I am so blessed to be able to have this platform where I have people that are listening now that I can also help and get people kind of unstuck. Or maybe give that little bit of a kick in the butt that we all need.
I mean I need that, we all kind of need that. So again I just wanted to throw that out there. Yes, there's a lot of people right now that are TASers, that are in our community which is also an advantage for you. Because again, some people think with that limiting mindset of, “Well there's too much competition. I'm not even going to get started.” Or you can say, “You know what, there's a great opportunity out there for all of us to start connecting with other people, similar people, create our own little network and go ahead and kind of open up more doors or the connections through doing that.
[00:06:10] Scott: And what I mean by that is, if you're in the Facebook group and you're sharing with other people, I mean just honestly sharing your results or maybe something that happened to you that you want to help other people so they don't fall into that trap. Well, that's you sharing something with them and then that's building a relationship. I always go back to Chris Shaffer and myself. We met each other through a Facebook group and we just started commenting on each other stuff and then we reached out to each other. And long story short is, here we are today and we're great friends and we have partnerships and it's just really awesome but never would have happened.
So just understand that the abundance, again out there by thinking like that, it makes you willing and not afraid to share. And that's why people say, “Scott why do you share your secrets?” I don't believe that there's anything that's secrets right. But the way the reason why I can continue to do that is because I feel like I can share, people can get results from that, they can build their own business, they can get out of a certain situation whatever. And I know that that could open up connections for me or that can also help other people. And then they're going to in turn want to maybe come back and help me by saying, “Hey, Scott. I know that you're selling on Amazon and I'm a liability insurance broker. I'm also a private labeler.”
Which this actually happened to me with Michelle Love. So shout out to Michelle Love. And now I've got a connection in the liability insurance place or whatever, arena because I met her at our event that never would have happened if I didn't start this whole TAS thing. So I'm starting to ramble and you guys know I kind of do that sometimes but I just want to let you guys know that it just happens by giving a lot of times. And you don't have to feel guarded.
[00:08:03] Scott: Now, yes if you're selling a garlic press and you know that John over here is selling a garlic press. You probably don't want to share your tactics and techniques. I get that right. But you can't really say that the person that you're helping on a Facebook group or whatever, is selling the exact same thing. And I've always said this, if you're doing other things outside of just selling products on Amazon, you're going to be way ahead of your competition, anyway. So all right, I'm going to pretty much stop that little rant right there. I think that turned into a rant. I didn't mean it to. But it did turn into a little bit of a rant. But anyway, connect over at the TAS Facebook group theamazingseller.com/fb.
Do that, go over there, find one, two, three different people that you might connect with, that you might resonate with, and start that relationship. You never know where that's going to lead. Like I said and I'm going to go and finish on this one note is there's connections that I've made since I've started this whole thing that now I have partnerships that I'm able to work with other people. It allows me to leverage their strengths and they can leverage my strengths, it's just a win-win. So don't think of this as, “Oh, my gosh. There's not any opportunity out there if I tell people about it.” Because that's going to limit your ability to network and create these relationships. And I think that that's really a huge component to anyone's success.
To surround yourself with like-minded people that can help you get to the next level. And that's by you helping maybe in some of the things that you've gone through or that you've learned. All right guys, let's get ready to rock and roll here. Did want to remind you guys though episode 307, that's what this is. The show notes can be found at theamazingseller.com/307. Again the show notes, the transcripts, all can be found there so definitely go check those out. And let's go ahead and get rock and rolling. What do you say, let's go ahead and listen to today's first question and I'll give you my answer. Let's do this.
[00:10:04] Taylor: Hi Scott. My name is Taylor. My husband and I just started listening to your podcast a couple weeks ago but are super excited and ready to jump in the deep end. We've already narrowed down the product we want to go with and started reaching out to suppliers for samples. But in our planning, we're thinking we're going to need more capital than we initially expected due to purchasing orders in the beginning and then the delay with getting paid by Amazon, as well as the pay-per-click campaign we want to run. We're going to be pretty aggressive with that in the beginning in order to help boost our BSR and start generating those organic sales.
If you've already covered this subject, I apologize. If you could maybe just point me in the right direction that would be so awesome. But if not, I wanted to get your take or your thoughts on capital and cash flow. What was your plan for that in the beginning? Did it go according to plan or once that snowball got rolling, did you have to pause a little bit and revamp in order to keep that cash flow coming in on the positive side? Any advice or help you have is so greatly appreciated and we are just pumped to keep listening and get the ball rolling. Thank you so much and hope you have a wonderful day. Bye.
[00:11:28] Scott: Hey Taylor. Thank you so much for the question and I love it. Another husband-wife team or a wife-husband team, love it. You know guys all probably know just from listening to my story, my wife and I are partners in life and in business, and we love it. A lot of people say, “How do you do it? How do you work with your spouse every single day?” And I've talked about it before. It's not that difficult especially if you get along but sometimes you even get along and you just, you don't want to work with each other, I get it. But congratulations on that Taylor that you guys are, and that's really awesome that you guys are excited because it is a huge deal to be able to support each other. And I talked about that on episode 300. If you guys didn't listen to episode 300, you're probably going to want to do that.
That was my complete in-depth deep story which I didn't even know it was going to go that deep. Chris Shaffer interviewed me and dug out a lot of things that I kind of forgot about. But I had some emails come through after that and said, “You know I think what you have is a really great wife that supports you and that's a huge component.” And I agree. I do think that anyone in any type of relationship whether it's a partnership or a marriage, that will be that huge asset that you can have and I think everyone should try to find that. Whether it's within your spouse or whether it's you know a partnership. All right, so to answer your question about capital.
Now, it sounds like you're gung ho which is awesome. You are ready to take action, that's cool. I might take a deep breath and step back a second because the one thing especially if you're just starting, you've never been in this market before, you're kind of testing the waters. I would be careful going all in, in the beginning. That's just me personally. I would want to test the market a little bit before I start thinking to myself, “How am I going to buy more inventory?” Like I hear people that say, “Well Scott, if I order a thousand units, I get it at $5. If I order 3,000 units I get it at $4. I think I'm going to go ahead and get the 4,000 units or 5,000 units or whatever it is to get that price break.
[00:13:36] Scott: That to me is not my plan. I don't want to do that. I'd rather pay a little more and see if this is going to actually work. And if it is going to work, then we can scale. Yes, I might run out of stock, okay, so what? We know a lot of people that have run out of inventory and they get back in inventory and things just pick up right where they left off, especially if they have good pay-per-click campaigns going and if you were already selling well when you ran out of stock. But if you do need capital after the fact, number one is the capital coming back in the business, you're probably going to want to reinvest that like right away. I would say the first six months should be like reinvest, reinvest, reinvest.
That's kind of what I have done, that's what I do in any partnerships that we're working in, that is definitely what we want to do. We want to take that cash flow and bring it back into the business. But then at some point, you got to say, “Well, I got to start paying myself.” And I do believe that. There's actually a book that I read. Oh gosh, I probably should remember the name of this. But I believe it's like Profit First, I think that was the name. It's all about paying yourself first as a bill in the business and I really like that. Which we might have to talk about that again in the future. Maybe I'll even have to reach out to that author and have him on the show that would be kind of cool. But yeah, I think that paying yourself first a lot of us don't think of it like that. Like even if it's just $500 dollars a month, just so this way here. If there's cash flow coming in, yes we want to buy more inventory but that will also reduce the amount of scaling that we can do if we take money right off at the top from the beginning.
So I'd say, especially if you already have a job, then I would just say reinvest, reinvest, reinvest until you get yourself to established. You start to see what's selling and how well it's selling. But you can always, once you start selling to the advantage of the inside of your seller central account is you'll start to or maybe you can even send in your own request. But a lot of times they'll put something in your seller or central account and it'll say, “Hey, want $15,000 at 4.9% interest? Click here, you're already pre-approved.”
[00:15:31] Scott: What they're doing now is they're looking at your past sales and then from there, they're going to give you a percentage of that, your interest rate will reflect that as well. And to some people, if you're just going to turn that money over.
If it's a 30 day, if you know they're going to buy $15,000 worth of inventory, you're going to be able to turn that over and pay that, basically that loan off immediately, then you're just playing with their money, that's something that you can do. You can also do that. I know people that have done it with credit cards. They have a $25,000 limit on their credit card. They will just use that as their inventory money. But you gotta be careful with that because you need to know if the product is going to sell through. It's one thing to have that and then have to pay this huge high-interest rate. Obviously, you probably want to plan for that. You want to say, “Well, if I don't sell, what I sell in 60 days? What's the interest rate going to be? What am I going to pay on interest?” Maybe it's only 200 bucks on that money that you're going to spend for a month of having it outstanding.
Well then just figure that into your cost of goods and you know you're good. Actually, I believe that's a tax write-off as well. So there is different ways that you can think about it. But I would say, Amazon has its own lending service. You also have your own probably credit cards. Then if you wanted to, you could reach out to someone and partner with them that just wanted to be the money of the company. Obviously, you want to have something drawn up with an attorney, so this right here if something happens or they don't get their money back in a certain amount of time, you just wouldn't want to go down that road to where it was unclear and then they get mad at you and then you have a legal issue. You don't want that either. That personally, unless that partnership was in there and wanted that same amount of risk that you have, then I would probably say try to do the other two first. I would try to get outside lending through Amazon or through my own credit cards stuff like that.
[00:17:15] Scott: So that's what I would do. Those are like three different options. But again going back to the beginning, I know that you're excited, I know that you think this is going to be that… And it sounds like you think it's going to be a homerun which kind of makes me say like, “Whoa, whoa, whoa. Let's back away for a second.” We're not reaching for the fences right now, we're reaching for a base hit or a double. So this way here, we can kind of get our feet wet, learn through that process whether you're following the 10 by 10 by 1 strategy that I've outlined before it's going to depend on what you're going after. But I don't like to see people swing for the fences on their first product especially because you're learning through that process. So hopefully this has been helpful.
I know I just ranted a little bit more there on that but I just wanted to really dig into that because I think there's other things than just saying, go out there and get the money. You've got to think about the consequences but you also have to think about the turn of the money. Like how long is it going to be there? How much is going to cost you for the money and does that all make sense? So hopefully this has helped you, good luck. Keep you posted and go husband-wife teams. All right let's go ahead and listen to the next question and I'll give you my answer.
[00:18:20] Man: Hi, Scott. What would you do if you received merchandise that was damaged, and you do not want to give it back to the manufacturer for fears of them trying to resell it in a secondary marketplace against you such as eBay or Walmart. We are very concerned about protecting our brand. However, the units that were sent to us are flawed and are not a high quality. So we don't want to send them back to the manufacturer for fear of them ending up in the marketplace competing against us. Any advice would be greatly appreciated. Thanks.
[00:18:54] Scott: Okay. Well, number one I can’t say, “Hey, John. Thanks for the question,” because you didn't leave your name. It's okay, it's cool. Guys if you are going to leave a question, please though just leave your name but I'm going to go ahead answer this question. This is a good question and it's one that I haven't really thought too much about personally but now that you bring it up it's a good point. What if you have a product, you get it shipped to you, you look at it or your third party special company, you decline it. You say, “No I don't want it.” And you refuse to accept it, send it back and then they go ahead and try to resell it on Amazon and it's your brand. Well, here's the deal. First off, step number one, brand registry.
You need to be brand registered because depending on your account and depending on how seasoned it is or whether you're in effect right now going to be allowed to do this lockdown as they're kind of been known to do now, is if you are brand registered and someone comes on and wants to list on your listing you are able to lock that down where they would have to request permission to sell your product on that listing. Now, if they sell that product on a separate listing that they create, then you would contact Amazon and say, “They are falsely selling this item that is ours on our brand, we have not authorized that and it is a defective item.” Then you would have to go through that channel to do that.
I would hate to see that happen but it could happen and if it does that's what you would have to do. But brand registry right now for you is so, so important. Because most of the people that I'm talking to now you're able to lock down the listing. Again if you are brand registered you are saying, “I am the owner of this product, I am the manufacturer this product.” And now if someone wants to click on that and sell it, they have to request permission. Now that doesn't mean that everyone that's going to happen to. I know some people that said, “Well, Scott I’m brand registered and that doesn't happen for me.” It's going to vary. But if that doesn't happen, you may want to contact seller support and ask how it can happen and try to get that locked down. I think that that's really, really important.
[00:21:02] Scott: Now if they say that it's the same identical product, now you have them saying one thing and you saying another but you’re brand registered. So I would think that they would listen to your claim more than theirs. But going back to your relationship with your supplier, if you really think that they would do that I would question your supplier, your relationship with them. Like really seriously, like they're going to actually go ahead and take your product and then try to resell it with your branding on it? I don't know, I mean I may have something in writing then. I may have to send them something in writing and say, “I need you to sign this saying that you will not sell this defective product or any of my products on Amazon or any other platform.”
So you may need to do that. That may be something you're going to have to do as well. But again I think it comes down to that relationship a little bit of trust. And yes maybe some type of document that does that. But I would say first off, brand registry. Make sure that you are brand registered and this may not even be an issue. But I would not want that those items being sold as defective anyway. So you want to make sure that they're destroyed and that they're not used. So maybe your supplier will just say, “We are just going to go ahead and re-run that batch versus sending it back.” Because they're going to pay to have it sent back you're not going to send it back. This is why also maybe a third party inspection company is going to come in handy for you.
Guided Imports is someone that I've been in contact with. They have a great service from what I'm hearing. TOPWIN Inspections is another one. But the most recent one is Guided Imports. I know those guys over there pretty well now. I'm actually going to have the owner on the podcast here soon. But definitely, check out the resources page if you guys want to learn more about Guided Imports. Again, great people, great company and I'll be using them in the future for any third party inspections that I'll be personally doing. So I just want to throw that out there. But that's what I would pretty much do hopefully this has helped you. Let's go ahead and listen to another question and I'll give you my answer.
[00:23:03] Julian: Hey, Scott. This is Julian from Berlin in Germany. First I want to thank you for what you're doing. You're doing a very great job. Absolutely love your show. Listening to it kind of every day I have to say. Now I have a question. So how do you handle abandoned products, when the two products complement each other but are somehow fundamentally different? I would like to take your example of a garlic press. So let's say you have a garlic press and you also say, kitchen clock, so people who know when they have to take their food out of the oven. Their complement in this sense they are both kitchen products I guess.
And for myself, I'm thinking about products in the manufacturing segment. So my question now is, if you have two products in the bundle but they are somehow different, how would you use the bullet points section? How would you use the keyword area? And how would you advertise the product via PPC? Furthermore, do you provide an example file where you show how you calculate your margin? Let's say after shipping, PPC, storage cost, taxes etc. Thanks a lot, keep doing what you are doing, and chao.
[00:24:17] Scott: Hey, Julian. Thank you so much for the question and it's a two part question. So we're going to go ahead and dig into part one of this question. So if you're bundling a product and from what I'm gathering, let's say you have a garlic press and then a garlic storage bag that stores garlic. Let's use that as an example. So let's just say that we had those two. What you're asking, I believe is if I take those two and I put them into one package, that's a bundle. And maybe the garlic storage bag is the bonus that you're going to be bolting on to the main product or vice versa. How do you describe that? Well very simply. You put that in your title. You can put it in your bullets. You can put it in the back end of your listing. And what this is going to allow you to do is to show up for those different searches.
So if someone is searching for garlic storage bag, they will find that listing and then they'll see the garlic press too or vice versa. If someone is searching for a stainless steel garlic press, they're going to do that and then they're going to also see the garlic bag that goes with it. So really it's not that complicated and I would try to use both of those as ways to get double the traffic over to my listing for each product. You have an advantage here because you are able to then target these different keywords. Now, if you were going to do a stainless steel garlic press and then add on something that wasn't really related to the product as much, which I don't know why you would do that, but if you did let's say that you had a garlic press and said, “Oh because you're buying this, I'm going to give you a selfie stick.”
That doesn't really go hand in hand, so that wouldn't make sense. That wouldn’t make sense for a bundle anyway. That would just be like you just trying to get rid of product or something and people would be like, “Okay, wait a minute. I got a garlic press and I get a selfie stick, that doesn't really make sense.” So you wouldn't want to do that. So it just has to make sense and it sounds like it does. Like if you have a cooking thermometer and then you have a timer, well they do go hand in hand. You could then you know put in the title that you're getting this heat thermometer plus bonus timer or something like that because each of those does go hand in hand.
[00:26:35] Scott: I think that's the key for anyone that wants to create bundles, you have to make sure that they go hand in hand. You want to make sure that they complement each other. Because then again when you're writing about it in your bullets and in your description or in the backend, you're just explaining what comes with it and that's going to naturally get you search results. The other thing is, is now you can also target pay-per-click. You can target different keywords, you can go after the garlic bag and then you can also go after the stainless steel garlic press. And when they land on that listing, it's going to be exactly what you're advertising.
That's exactly what's going to happen. So that's what I would say right there for that is and again don't overcomplicate things, just understand that you're able to now target other keywords around those different products. And that is an advantage. Now, the second part, part two of your question is, do we have any type of template or anything that can show your profit, your loss, your costs and all that stuff? The answer is, no I don't have anything publicly. The one that I've been experimenting with and playing around with is the App called Fetcher. And actually, if you go to the resources page, I'll have a link there that you cannot you can check it out. I believe there's a 30-day trial. It's called Fetcher and it's by Greg Mercer from Jungle Scout a good friend of mine.
I'm starting to use that. I'm starting to really dig into all of the inner workings. For the longest time, I've just used a spreadsheet. But in this case, now I want to use these tools, I think it's going to save me a little bit of time. Also a couple of the partnerships that I have are also going to be using that same tool within there and it'll just kind of streamline things and make things easier to see on a surface level. So again, I'll link that up in the resources if you guys want to check that out. Again I believe he has a 30 day trial there and you can just go through my affiliate link, you'll buy me a cup of coffee as usual. But you can go ahead and check that out. All right, so let's go ahead and listen to one more question and I will give you my answer.
[00:28:37] Martin: Hey, Scott. Martin from Greensboro, North Carolina here. Stumbled across your podcast as I was listening to two others. Really just trying to get as much resources as possible to get my journey started. I've dabbled just a little bit in retail arbitrage. And I've got to tell you in the past three weeks I have probably had about $500 in sales on two products which I can't scale. So I'm all in now. So in your recommendation, what do you think now is the best start for somebody who's never really had any online selling experience whatsoever?
I did order Jungle Scout but kind of doing my research. Maybe I'm really just overthinking everything and I don't seem to see a product there that jumps out at me. What are you suggestion for this? Because I really don't want to get into the point where it’s paralysis by analysis? And I want to stay motivated without driving my entire house crazy. So any tips and thoughts you have to this matter would be really, really helpful. Thanks.
[00:29:49] Scott: Hey Martin. Thank you so much for the question in North Carolina. Cool man. I'm just outside of Charlotte, I'm in South Carolina. So we're kind of like neighbors which is kind of cool. And congratulations on the retail arb success. It's funny a lot of you don't know this but I'm playing around with the retail arb thing. I know that you guys might have heard episodes of me in the past saying like I didn't want to touch that because it was just too much work for me. But when you're first getting started, I think it's important to do exactly what you've done here and really just start dabbling and start getting the momentum and then start to see how everything kind of works and how things connect and maybe even build up some capital so you can start to invest in a private label product.
Now, the funny thing is I'm personally not doing it but I'm helping along with my good friend Dom Sugar, my daughter Alexis which I'll talk a little bit more about in future episodes. But she's 21 years old going to be getting married. They're going to be moving. Her fiancé is in the Navy and she's got a hairstyle business. But when she moves, she's not really going to have that clientele. So she's trying to get something up and running. So she'll have a little bit of income coming in while she's kind of traveling and moving and stuff. So she's been doing this, just started about a week and a half ago and she is doing really, really well. So definitely think this is a great place for people to start and I'll be reporting more as we start to move through this as well.
Because it's kind of new to me as far as getting into it and getting my hands dirty with it because I'm kind of helping her along through my good friend Dom sugar as well. So I'll be talking more about that the future. But anyway, congratulations on that and again it feels good. It feels good when you have some level of success. I mean it just feels, it feels like, “You know what, I just put in the work and it's paying off.” And sometimes we need that we call that momentum and that stuff works.
[00:31:43] Scott: I'm reading The Compound Effect again. This is like my fourth time reading it. And he talks a lot about Mo. And Mo is basically momentum and when you get that momentum when Mo shows up, as long as you keep moving, it’s hard to stop it. So keep that momentum going. Now, where do you start? Well, I'm going to tell you where to start and it’s going to be really simple. You go to two places. You can either go to theamazingseller.com/workshop. You can sign up for one of my workshops. I'll take you through the five phases to pick a product, source a product and basically do the whole launch. Everything, all the five phases to launch, we'll go ahead, we'll go through all of that and I'll be on there answering any live Q&A.
But that'll give you the roadmap really, it really will. The other resource would be to go to theamazingseller.com/start. If you go there, I'll have some resources there that will guide you through that process as well. Now, if you're just getting started, product research is like the number one thing you really have to figure out. It means kind of like retail arb. If you find the right products, they're going to sell no problem. So we have to find the right products, the right markets and all of that. So starting off with Jungle Scout I think that's great. I did an episode of let's see here, episode 189 where I really drill into not just finding the product and then saying, “All right, the numbers look good in Jungle Scout.” But going deeper than that. It's where I look at the depth, it's where I look at the demand, I look at the history.
And those are I think a lot of times people miss those things, and that could get you hung up. Because you start to think, “Well, are the numbers right? I think I validated it but I'm not sure I mean Jungle Scout says this. But I mean are they true? Are the numbers right?” So I've got some different ways that I've done it where I kind of validate through these other filters if you will. And kind of going through some trends and looking at the depth, the demand, history all that stuff. So episode 189, will give you all of that. That's where I would say, start there. Seen that you've already kind of started with the product research stuff.
[00:33:43] Scott: I always tell people to get a touch list. I talk about this on my workshop and some people think it's silly but I've got a lot of people that have followed this even in my paid class, that go back to the touch list and they find products by going through the touch list. It gets them not that they are going to land on that one product and that's going to be the product. It's going to allow them to find products and then maybe dig into that market through those products. A good friend of mine, Bill did this. I helped him before I even had a podcast, I was helping him and we went through about two or three different products. And then he said that his wife found a product on her touch list and then we drilled down into that.
He's been selling anywhere between 50 and 100 units a day ever since he launched which is pretty incredible. So again you got to start where you got a start and that is usually the product research. Obviously, you want to understand the whole business model, you kind of already know that. But I would say definitely check out those resources. I would love to see you at a workshop so head over to theamazingsellar.com/workshop. If anyone else is listening and wants to understand the whole business model and kind of like the entire path that you'll have to go down to launch a product, definitely go register for there or for an upcoming workshop and I would love to see you there. And that's what I would do.
So hopefully this has helped you. Anyone else that's listening, again I think it's pretty inspiring to hear retail arb is still working because some people say, “Ah, it's dead.” I say it's still thriving and my daughter is already starting to prove that to me. So it's pretty cool. So definitely get out there and just do something. I get people that say, “Well, Scott. I don't have a ton of money to get started.” You don't need a ton of money. Start with $200 and turn that into $400 and then turn it into $800. Like it's flipping… it's like just flipping product until you make enough money to where you can then invest into your first product maybe.
[00:35:32] Scott: No excuses. This is No Excuses 2017. This is what we're going to do here, we are just going to get it done. Do whatever you can do to get started, to get the momentum. Get Mo in your life, all right. And get him to stick by you and to keep pushing you as you're going through this process. All right guys. So that's pretty much going to wrap it up. If you guys have any questions you want me to answer, head over to theamazingseller.com/ask. Definitely go over to the Facebook group, would love to see you over there. And the show notes, the transcripts to this episode can be found at theamazingseller.com/307 and everything will be there, for you.
All right guy, that’s it. That's going to wrap it up. Remember I'm here for you. I believe in you. And I am rooting for you. But you have to, you have to… Come on, say it with me, say it loud, say it proud, come on now, “Take action.” Have an awesome amazing day. And I'll see you right back here on the next episode. Man, I'm telling you, I was hyped during the ending of that. That was good. Come on guys, feel the energy. Get out there and get something done. All right, take care.
LINKS MENTIONED IN THIS EPISODE
- www.TheAmazingSeller.com/ask – Ask your own question!
- www.TheAmazingSeller.com/FB – join the Facebook group!
- Post from the Facebook group Scott mentioned.
- www.TheAmazingSeller.com/Resources (find Fetcher affiliate link)
- Jungle Scout
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