With us entering quarter one for 2018, I thought I would ask the Online Arbitrage Mastery Facebook group what questions they have that relate to online arbitrage in Q1. Here is my Amazon Q1 Q&A!
Questions have come from people who are starting or want to start, as well as some more experienced sellers. I thought I'd share what I've learned in the last couple of years, having originally quit my job to start Amazon full time in Q1 a couple of years ago. Q1 can be a difficult time and I know I wish I'd have had answers to some of these questions.
I've made videos answering each question in depth and I've arranged them all below for your ease. You can pick and choose which ones are relevant to you, or sit back and watch them in sequence.
A massive thank you to everybody who has sent questions and I really hope I can make your Amazon Q1 a little easier!
This is a great question for beginners. More seasoned Amazon sellers will know that the broad answer is - absolutely anything and everything that will make a profit. Here I will break it down a little more for you.
I recommend, based on how I started, to start with toys and games. Obviously toys peak in Q4, but don't let that put you off. There are still birthdays in January; including my kids. Do try to diversify as well - when I say anything and everything, I mean it! Just be sure that you are allowed to sell it on Amazon.
The second question is an important one. You don't want to go too deep and be left with products that were popular last quarter, but now your data is out of date. The broad answer is that you want to go as wide as possible in Q1, but you want to go as shallow as possible. I will elaborate below!
It's so important to look at what's happening with your products and how you are replenishing. You don't have long to obtain relevant data for Q1 sales projections, and personally, I'd rather have to replenish regularly than have stock hanging around. Our replenishing system really helps us track how our products are moving, so keep yourself informed!
Check out my spreadsheets here - they could make a massive difference for you this Q1
At this time of year, I'm always focusing on my goals for the year. These are going to be different for all of us, depending on what stage we're at with our business. All of us can do this though - find out where you spent the most time last quarter, then work out where the bottlenecks are and how you can spend your time more effectively. Find out more in the video below!
I recommend focusing on your strategy for the coming year. Plant the seeds as early as possible and look at inexpensive services to help alleviate the pressure on you.
This all depends on where you are, how much time you have and how much money you have on hand. Find out below about some of the options and what might be right for you and your business.
It's easy to say now I've been doing this for a while, but I would accelerate myself as much as possible to automate the process using a combination of these things. Hopefully you found something in there that applies to you!
There will be times in Q1 where it's hard to find products. There's a process to all of it and I've got a couple of tips to help out on how to keep the faith and train yourself to maximise your time!
I strongly believe that all of us should go through the motion of this struggle so we can offer the best advice as we employ people down the line! It's the kind of issue that you will face, and it's best to face it early so you can grow as you progress.
This is a great question. You will find products with a fantastic return on investment, but there are massive drawbacks if Amazon is also selling the product.
So there's a lot to think about, especially when it comes to making policies for how you want to run your business.
I started in Q3, but with that said, if you start in Q1 then the only way is up!
Q1 isn't just a good time - it's THE time to get started. You get eased into and get the difficulties out of the way before snowballing onto Q4!
This is a question everybody asks because Q4 is so amazing for toys. So what happens in Q1? Well it's not all bad news. I mentioned it earlier but I go into more depth here.
So there are success stories with toys in Q1; just be careful and be sure to cast a wide net and maybe don't stock up on one product too much.
Of course, different categories have varying ranks that yield sales. here I'm going to break it down for you. I will also go over some of the idiosyncrasies of sales ranks and how to avoid surprises!
There is lots of information for us to digest regarding sales ranks. Be sure to look in the right places and remember that every sales rank in every category means something different.
So you started in toys and games and you've managed to get yourself ungated in some highly profitable categories. Don't forget everything you learned in those earlier categories, but there are new challenges and opportunities to consider.
So this is some extra work, but there are great ways to maximise your profits. The more products you've got, the better!
So we're going into the new year and Amazon are making some changes to their long term storage fees in February. I have some systems in place to share with you to avoid complications later in the year.
So there could be many reasons why you get stuck and it's likely that this will happen to you. You really need to think about what to do if you are in this situation. Don't leave it too late to decide and know what your options are!
This is a big one. I myself got into some difficulties because I made the swap without preparing properly. Here's some advice based on my experience!
So it really should have been no big deal, but that's the way it goes sometimes. Always ask Amazon. Be prepared and you won't have any problems.
There are a couple of things to know but it might not be as hard as you think.
Products like this can be good money makers. I have a couple of examples of things you need to be careful of, but really you should be getting in there.
What are you waiting for? Go for it, just check the finer details!
Becoming VAT registered can be a real headache. It makes working out your profits much harder, so be sure you have your margins correct.
Be aware and don't get caught out after the transition!
This is the last question I have an answer for today. VAs keep our businesses running and this can be a great way to show your appreciation.
So there you have it. That brings us to the end of my Q1 Q&A. All the advice I've given out has been uncovered from my own personal experience. I really hope I've answered some questions that will make Q1 easier for you guys. Thank you again to everyone who sent in questions and thank you for reading/watching my answers.
Remember to join the Facebook group Online Arbitrage Mastery
And check out the Life Success Accelerator - a great resource which allows you to benefit from my successes and even a couple of failures.
Don't sleep on Q1. Sure, it can be a more challenging time than Q4, but it's worth cracking on, expanding and going through the difficulties that come with that now. By the time Q4 rolls around, you'll be laughing!
Let me know in the comments if you have any more questions regarding Amazon Q1 that are relevant to you and keep taking massive action! 🙂
Please check out my social media platforms and subscribe to keep in touch faster:
Thank you so much for your support. I really appreciate it!