Amazon Seller Billionaire Club

Reaching a million dollars on Amazon sales is already a very big achievement…

And if you have been opening my emails, you know that Nate and I are furiously trying to hit 8-figures this year as part of our $10M challenge.​

But, what about building a brand that is worth over $1 billion? 

Not long ago I wouldn’t have even thought that big. But that changed recently after speaking with a seller who did just that!

Spencer’s Journey & Our Takeaways

I’ve been hosting a millionaire mastermind group within the Amazon Seller Tribe that is only for group members who have sold over a $1 million in a 12 month period…

And in my last mastermind call, I brought on a special guest named Spencer who created a brand (Solo Stove) that eventually went public and hit a market-cap of over 2 billion dollars!!

I asked Spencer to speak at our virtual mastermind because all of the members are trying to become $10M+ sellers – and Spencer has done that (and much more)!

He started selling on Amazon in the early 2010’s after working for a popular sourcing company in China. He used his sourcing knowledge to private label his own brands and created several brands over the following years.

He shared his inspiring journey with our mastermind and here are a couple of the big takeaways I had:

• Target 70-90% gross margins – Spencer aggressively targeted products that had 70%+ gross margins (which is pretty high). It can be tough to find products with that strong of margin, but doing so really gives you the ability to allocate more dollars to marketing. And if you are looking to sell your product off-Amazon, you’ll likely need gross margins in this range to effectively run ads. Having super high margins also allowed Spencer to scale up his brand without ever taking out a loan or adding in more money after his initial seed money.
• Keep launching new products – Spencer’s billion dollar brand wasn’t his first brand. In fact, he started several successful brands before Solo Stove. And the lesson that was reinforced in my mind is that you likely won’t strike ‘gold’ on your first try. You need to always be looking for opportunities and just keep launching new products. Then, when you find ‘the big one’ – you can go all in.
• Build a team – Once Spencer and his brother wanted to sell their brand, they ran into a big problem. They didn’t have a strong team! They realized they needed to work themselves out of the business by hiring and training the right people. They did just that and it allowed them to get a much higher multiple when the time came to sell.

Building your own brand:

After talking to Spencer, I’ve definitely had my mindset shifted. Spencer is very intelligent, but he really is still just an ordinary guy who worked hard and took the right calculated risks. More than ever, I see that anyone can build a 7, 8, 9 or even 10-figure brand online! We live in an exciting time 

Watch our full discussion where Nate and I share more insights we picked up from Spencer.

PLUS, you’ll learn the FIVE ways to find a good niche if you’re just starting out as a new seller on Amazon.

So, click the link below to listen to our full discussion.