Man that came to a halt quicker than I had anticipated. I became so good at sourcing products locally that I ran out of money and had to stop! If you read my last post on 6 months to 6 figures, one of my goals was to source product five days a week no matter what.
Unfortunately that’s kind of hard to do if you have no capital to spend on product.
So I have to adjust a few things and move forward with the my current situation. Most people, including my previous self would just accept this fate and let sales slowly die out, but not this time. I’m making the necessary changes that reflect reality of make it happen.
The struggle is definitely real in an Amazon FBA business. Don’t get me wrong, once I ship product to Amazon, sales just magically appear and all is right in the world. At some point though, you have to stop buying product which puts you on hold.
I’m currently doing a little more than $100 a day in sales, but I know this will come to a fast halt once I run out of inventory. The issue is that I have to wait for the sales revenue to come through before I can buy more product. This is very typically in any resell based business model, but the major issue is the growth rate of the business.
This is very typically in any resell based business model, but the major issue is the growth rate of the business.
Sales for the first 8 days of the August
Unfortunately, I can’t spend $5,000 a month on the awesome product inventory that is around me because I don’t have the liquid capital. So I’ll need to build that capital over time, which also means no profits for a decent amount of time.
I planned on living off this income within the near future, but as my runway dwindles I’m forced to look elsewhere for income. I’ve been playing with the idea of getting my real estate license and going full force on that front during the week and running my Amazon business as lean and automated as possible.
With such a large amount of successful real estate agents in my network of family and friends and built in mentors, it makes sense to pair my sales and customer service skills learned from working in a grocery store and as a personal trainer into something with a larger commission payout.
We shall see what the near future holds.
In the meantime, I need to reformat my business strategy with Amazon. If I’m going to be able to juggle so many things, I need to use the 4 Hour Work Week methodology.
Although there are great products locally for me to source, it takes too much time. Instead, focusing on building wholesale accounts which allows me to do everything from a laptop keeps me flexible with time and also lends to outsourcing the ordering process over time to a virtual assistant.
I’ve been trying to build wholesale accounts and find products, but haven’t found anything yet. Instead of figuring this out on my own, I think I’ll jump into the Proven Wholesale Course which is only $97 and gives a straightforward strategy of acquiring wholesale accounts.
I’ll source locally as much as I possibly can, but depending on my class schedule this next semester and if I go full force with real estate I may only have a few hours each week.
It’s always important to know when you need to make a change and do it before you put yourself too far into a trench that gets deeper and deeper each month.