Why Finding Profitable Wholesale Suppliers for Your Amazon FBA Business is Hard
Are you struggling to find profitable wholesale suppliers for your Amazon FBA business? You're not alone. Many Amazon sellers face this challenge, and it's not just about finding suppliers. There are many puzzle pieces to Amazon wholesale, and finding suppliers is just one piece of the puzzle. In this article, we'll explore why it's so hard to find profitable wholesale suppliers and what you can do to overcome these challenges.
Lack of Knowledge
One of the biggest issues that Amazon sellers face when trying to get into wholesale is a lack of knowledge. They may not know how to find suppliers or how to contact them. Even if they do find a supplier, they may not know what to say or ask for. This lack of knowledge can make it difficult to get past step one, which is finding a supplier.
To overcome this challenge, you need to increase your knowledge of how to find suppliers. There are many ways to do this, including watching videos on YouTube or taking a course. You can also join a mentorship program that gives you access to multiple supplier search methods. The more knowledge you have, the easier it will be to find profitable suppliers.
Vetting Suppliers
Once you find a supplier, the next step is to vet them. This process starts as soon as you find them online and continues until you make your first order. You need to make sure that you're not going to get scammed out of your money and that the supplier is in the US if you're selling in the US. You also need to know what kind of inventory they sell, whether it's new products, used products, returns, liquidation, or shelf pulls.
To vet suppliers effectively, you need to ask the right questions. You can ask if they have an email list, any current sales, or any closeouts. You should also do a manual scan of their inventory list to find products that the scanning software may have missed. The more you vet suppliers, the more confident you'll be in your decision to work with them.
Lack of Experience
Even if you find a supplier and vet them, you may still struggle to find profitable inventory. This is where experience comes in. You need to keep an open mind and think past the first initial order. Look for products that may not have a lot of profit now but could be profitable in the future. You should also ask if they have any new inventory coming in or if they have any products that they're looking to move.
Experience also helps you build relationships with suppliers. Follow up with them regularly and ask if they have any new inventory or sales. The more you talk to them, the more they'll trust you and be willing to work with you.
Lack of People Skills
Negotiating with suppliers should be viewed as a win-win. You want to provide value to the supplier so that they want to work with you. You should also learn how to turn a no into a yes. If a supplier tells you that they don't work with Amazon sellers, don't give up. Ask them why and see if there's anything you can do to change their mind.
You also need to have people skills. Don't go in with the belief of take, take, take. Instead, think about how you can provide value to the supplier. Ask them how you can help them move inventory or increase their sales. The more you provide value, the more they'll want to work with you.
Lack of Persistence
Finally, you need to have persistence. This is a numbers game, and you're going to get a lot of no's. But you can't let that discourage you. You need to change your perception from no to next. Keep contacting suppliers until you find a profitable one. The more suppliers you contact, the more opportunities you'll have to find profitable inventory.
In conclusion, finding profitable wholesale suppliers for your Amazon FBA business is hard, but it's not impossible. You need to increase your knowledge, vet suppliers, gain experience, have people skills, and have persistence. With these skills, you can find profitable suppliers and build a successful Amazon FBA business.
Pros
- Finding profitable wholesale suppliers can lead to a successful Amazon FBA business.
- The Amazon FBA business model is simple and easy to start.
- Building relationships with suppliers can lead to long-term success.
Cons
- Finding profitable wholesale suppliers can be challenging.
- Vetting suppliers can be time-consuming.
- Experience is necessary to find profitable inventory.
Highlights
- Finding profitable wholesale suppliers is just one piece of the puzzle in Amazon wholesale.
- Increasing your knowledge, vetting suppliers, gaining experience, having people skills, and having persistence are all necessary to find profitable suppliers.
- Building relationships with suppliers can lead to long-term success in the Amazon FBA business.
FAQ
Q: How do I increase my knowledge of finding suppliers?
A: You can watch videos on YouTube, take a course, or join a mentorship program that gives you access to multiple supplier search methods.
Q: How do I vet suppliers effectively?
A: You need to ask the right questions, such as if they have an email list, any current sales, or any closeouts. You should also do a manual scan of their inventory list to find products that the scanning software may have missed.
Q: How do I build relationships with suppliers?
A: Follow up with them regularly and ask if they have any new inventory or sales. The more you talk to them, the more they'll trust you and be willing to work with you.
Resources:
- [YouTube video on finding wholesale suppliers](https://www.youtube.com/watch?v=Jv9vz7ZzJZ0)
- [Mentorship program for Amazon FBA sellers](https://www.marvinleonard.com/mentorship)
