🚀 Top 5 Secret Hacks to Make Over $1000 a Day Selling on Amazon
Are you looking to make a substantial income selling on Amazon? If so, you're in the right place. In this article, I'll be sharing my top five secret hacks that have helped me make over $1000 a day selling on Amazon. These hacks are tried and tested, and I'm confident that they'll help you too. So, without further ado, let's dive in.
📝 Table of Contents
1. Look for Products Where You Can Add the Most Value
2. Look for Products with Moderate Search Volume and Low Competition
3. Get Quotes from at Least 15 Suppliers
4. Move the Needle Every Day
5. Don't Be Afraid to Fail
1. Look for Products Where You Can Add the Most Value
The first thing I like to do when I do product research is to look for products where I can add the most value or improve them the most. This is through things either I've used the product before, I know the customer base very well, or I know of a product that it could bundle very well with.
For example, when I first started learning to sell on Amazon, the very first product that I wanted to sell was woven baskets. Woven baskets at the time were pretty low in competition and had a great search volume. It was just these home decor baskets that you hang on the wall. I found a set of three that I thought looked pretty good, ordered like three different samples that ended up giving away to different friends, and found a supplier. I was about to make an order for 500 sets, and the order amount was about eight thousand dollars. I ended up creating a listing, created photos, everything. The night before I was about to place an order for eight thousand dollars, there was something in me that just was not incredibly excited about it. I don't know what it was, intuition, God, something inside me that just said hold off. Maybe just wait a little bit. So, I sadly had to ghost the supplier. I didn't think I ghosted; I just told her, "Hey, it just won't work out right now. I'm sorry, maybe in the future."
I ended up doing more product research, and literally the next day, I stumbled upon the keyword "gym timer." I had been doing CrossFit for five to six years at that point, and one thing I knew about CrossFit was in the class, the whole class, and the whole setting of the CrossFit gym as centered around these big clocks that are on the wall. When I looked at gym timer, there were so many different big clock options, but when I was starting to search on Alibaba, I saw these mini-timers. Long story short, I just knew that it would work because I was that customer market. I just had not only the numbers make sense, but my intuition told me, of course, people will buy this because you would buy this, and there's no options for it on Amazon right now. That was my first product that I launched, and I even have it right here. I called it pocket timer, and this is one of the colors that I offered, military green case. This did incredibly well. My first 20 days, I did about $5,500 in sales, and it really took off.
My point is to find products that you feel you could add value to where you have a comparative advantage. That is, you've used it before, you know the customer base, or maybe you know of another product that you could bundle it with.
2. Look for Products with Moderate Search Volume and Low Competition
The second secret is to look for products that have a very moderate search volume, anywhere from one to three thousand a month, but the competition is extremely low. Not only that, I like for those products to be a very low price point.
If you're launching a product that is anywhere from a price point of $25 to $50, and you have to make a minimum order quantity of 500 units, that means that your capital most likely is going to be tied up in all that inventory. But if you can find a low-cost product that has a low enough competition right where you can organically stay at the top of page one easily, and the cost of goods is anywhere from one to three dollars, that means that you can launch potentially three products with that ten thousand dollars.
I love low-risk, moderate search volume products because typically when a lot of people start doing product research, they look for the very hot product, and that attracts honestly 75 to 80 percent of sellers. I truly believe that, and I've seen this so many times. What happens is the competition gets so heavy, and sellers get burnt out, and they never pick up Amazon again.
3. Get Quotes from at Least 15 Suppliers
When I'm reaching out to suppliers, I typically get at least 15 quotes from different suppliers. Typically when you first start selling on Amazon, the whole process is very overwhelming, and when you finally get to the supplier portion, you can be a little burnt out. So, you only want to ask like two or three suppliers because you just want to get a price because you just want to launch already.
But if you take the time and ask at least 10 suppliers, if not 15, then you have so many different price points to compare with. One of the products that I sell, when I first started selling it, it cost me about five dollars to buy in, about another two or three dollars to ship, and about a year later, now I've continually searched for more and more suppliers, and I found one that sells the exact same product, but it's about $2.50 less than my first supplier. That makes sense. So, my profit margin went up by 12 percent.
My recommendation would be to find as many different suppliers selling this product because that way, you have a little bit of more of a bargaining power, and not only that, you kind of understand the market a little bit. You understand, okay, this product actually sells for this, not this. Because if you only message one or two, maybe three suppliers, you really don't have much to compare the price point with. If you just take this time, it could eventually save you anywhere from 10 to 20 percent in your profit margin. The more suppliers you message, the better.
4. Move the Needle Every Day
The fourth thing that I recommend is to move the needle every day. That means progressing a little bit every day towards launching your product. That's a combination of two things: learning and doing. Knowledge is not power. Knowledge is potential power. Whatever you've been learning on YouTube videos, courses, that's great, but until you actually apply that, you're not going to be making any money. But you can't just apply and not keep on learning. You have to do both.
So, I recommend doing a little bit of both every day. Learn a little bit, but action, right? Couple those both over time and consistently every day for six to 12 months, and you have a profitable business.
5. Don't Be Afraid to Fail
The last thing that has helped me make over a thousand dollars a day on Amazon is I'm not afraid to fail. That's just the honest truth. I was at first because it's scary to put your money out there and to potentially lose it. But what's helped me, and I hope this can help you, is to think, what's the worst-case scenario? Is it losing a thousand dollars? Is it feeling like a failure? Whatever the case may be for you, you have to get to the point where you are okay with the worst-case scenario because once you have nothing to lose, there's really nothing stopping you.
But I promise you, as long as you just don't give up, you'll always come out on top. That's really the key. So, I'm not afraid to fail. I'm not afraid to take risks, and my risk tolerance has slowly risen over the year. In other words, I'm not as afraid to take more and more risks. I'm kind of at this point here, but when I first started, I was down here. My advice to you would be to take subtle risks every day because that will lead you towards actually launching your product.
🎉 Highlights
- Look for products where you can add the most value
- Look for products with moderate search volume and low competition
- Get quotes from at least 15 suppliers
- Move the needle every day
- Don't be afraid to fail
❓ FAQ
Q: How much money do I need to start selling on Amazon?
A: You can start with as little as $500, but I recommend having at least $1000 to $2000 to start.
Q: How long does it take to start making money on Amazon?
A: It depends on how much effort you put in, but typically, it takes about six to 12 months to start seeing consistent profits.
Q: Do I need to have a lot of experience to sell on Amazon?
A: No, you don't need to have a lot of experience. You just need to be willing to learn and take action.
Q: Can I sell any product on Amazon?
A: No, there are certain restrictions on what you can sell on Amazon. You can check their guidelines to see what products are allowed.
Q: What is the AI chatbot product you mentioned?
A: The AI chatbot product is called VOC.ai. It can automatically reduce a large amount of work on customer services.
