In Today’s Roundup:
- The Big Idea: Creating multiple 7-figures brands on Amazon
- Tribe Spotlight of the Week: $100k to $1MM
- Funny Review of The Week
Published Date: May 18, 2022, at 5:30 PM
THE BIG IDEA
Creating Multiple 7-Figure Brands on Amazon
One 7-figure brand or multiple?
Is it better to focus on a single brand or to have multiple successful brands?
The argument can probably be made for either. But the truth is that I have a hard time focusing sometimes.
So today I want to show you how you can replicated building 7-figure brands over and over.
The vehicle is more important than the driver:
Here’s a crazy stat: Only about 6 – 8% percent of all businesses across the US ever hit 7-figures!
This means that somewhere around 92%+ of companies never reach the million-dollar mark at all.
(Get this – we have had over 100 million-dollar sellers inside the Amazon Seller Tribe alone!!)
That’s why I love the saying that “The opportunity vehicle is more important than the driver.”
For example, an average Subway franchise has revenue of about $500,000 to $600,000 annually. You need a lot of capital to get started with them and depending on your experience, they can be a challenge to operate.
On the other hand, to get started with Amazon you really don’t need a ton of capital. In fact, I know a ton of sellers who got started with under $1,000 in seed money and were able to snowball their profits over time.
Creating multiple 7-figure brands:
Since starting Amazon, I’ve created multiple 7-figure brands. Here’s some of the things needed:
- Money – You need to have the funds available to start a brand. I’ve had debt problems in the past, so I’m personally bootstrapping my brands and starting with money earned (my first brands were funded through my Amazon arbitrage efforts). When starting an arbitrage business you only need a few hundred (or less). When starting a brand I recommend at least $5k – $10k. Once you hit your first successful business/brand, it is much easier to generate the cash needed to start a new one.
- Product Selection – Don’t fall in the trap of picking a product just because you think it’s a good idea. You need to make sure the demand is there and that you understand keyword search on Amazon. All the successful brands I have had, I spent a huge amount of time and energy making sure my first product selected was good.
- Own a niche – This isn’t 100% necessary, but if you are starting on a budget like I always have, you want to narrow in on a niche and own it. While it is VERY unlikely you will ever make the best sports & outdoors brand on Amazon, you could own a very narrow niche of that category. Own your niche first, get to 7-figures, and then expand out.
In the past, I would start brands and kind of ‘stop’ at a certain point (again, usually because I lost focus).
But lately Nate and I have been all-in on our main brand that has reached the 8-figure point.
That being said, I am almost 100% I will start another brand in the future… I just can’t help myself .
So whether you are trying to get your first brand going or looking at starting the next one…
You can hear more about what we look for when starting a brand in our latest released podcast episode below:
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AMAZON SELLER TRIBE SPOTLIGHT OF THE WEEK:
$100K to $1MM
Find Out How This Amazon Seller Tribe Member Reached The Million-Dollar Status After Closing His Business for 2 Months
In 2020, Amazon Seller Tribe member Lynes almost gave the entire business up.
In fact, he SHUT DOWN for over 2 months…
But, in one of his darkest moments, Lynes surrounded himself with the right support system to keep going.
Check out where it got him:
As you can see, Lynes was able to overcome his challenges by capitalizing on the opportunity that he saw and by being surrounded with the right people.
His hard work paid off after dedicating countless hours learning the methods revealed inside the Amazon Seller Tribe.
So if you want to be a part of a group of amazing people who share the same goals as you do, the Amazon Seller Tribe is the place to be. Inside, you’ll meet a lot of like-minded people who aren’t afraid to share their tips and secrets to help you scale your Amazon business.
Join the Amazon Seller Tribe member today so you can achieve your Amazon business goals like Lynes.
AMAZING FREEDOM PODCAST SPOTLIGHT
Ever wanted to build multiple 7-figure brand on Amazon?
Today, Nate and I will discuss the most important thing you need to build 7-figure brands and other factors that can affect your brand building.
Click the button below to listen to our full episode.
- [3:38 to 4:11] Being in the right boat at right time
- [7:05 to 8:02] Changing lives by flipping products through arbitrage!
- [11:43 to 12:24] How did I create multiple million-dollar brands on Amazon? #1: Product selection!
PS. Can you do me a quick favor? Please leave feedback on our Apple Podcast to promote it. We will surely appreciate it if you can leave an amazing comment so more people can see it.