Farida Bayoumi claims $15k a month in profit is actually a very normal amount of money to make on Amazon.
How do you get there though?
Step 1 is to create an Amazon seller’s account.
To do so, you’ll need a driver’s license or passport ID. You must live in one of the 180-ish countries Amazon allows. You do not need to own a business or have an LLC to start.
And no, you won’t have to deal with inventory at all. It’ll go straight to the Amazon warehouse and they’ll ship it to the customer for you.
Once in a while when you’re creating your account, Amazon will ask for more information. Maybe it’s a utility bill or a bank statement. Just something to prove your identification.
As long as you get them everything they need, you should get approved no problem.
Step 2 is you need to find a product to sell on Amazon.
This part is very particular. Proper product research is critical.
You have to find something with high demand (meaning, decent search volume on Amazon) and low competition.
Farida recommends you get the Jungle Scout Chrome extension to assist. It’ll be your X-ray vision for Amazon. You’ll be able to see how much people are making selling a given product, how many people are searching for it on Amazon, number of reviews, all sorts of cool stuff.
Once you have that installed, go to Amazon.com, and click on a category that interests you.
If you’re not passionate about what you end up selling, it’ll be hard to build a real brand around it and keep at it when things get difficult.
So snoop around, see what you find.
Is there a top seller you think you’d like to sell? Pull it up in Jungle Scout.
You wanna make sure there are two or more sellers of that product making at least $40,000 a month in sales.
If that checks out, look at their reviews. They should have less than 900 apiece, according to Farida. That’s her cutoff point. Beyond that, it’s too cutthroat.
Think about price point and margins, too.
Farida likes products that can sell for anywhere between $17 and $100 dollars on Amazon. If you pocket a third of that, you can make decent money even with a moderate amount of monthly sales.
Found a potential winning product? Great.
Step 3 is to go to Alibaba.com.
This is where you’ll find a manufacturer to buy the product in bulk from.
Always start by ordering samples to assess quality and service first.
When you feel confident in a supplier, you’ll send them a logo you came up with to add to the product.
This is called private labeling and yes, it’s legal. A lot of big brands do this.
Step 4 is to place your first bulk order and have it shipped straight to one of Amazon’s many warehouses.
It’s like launching your own business without doing most of the business-y stuff.
Step 5 is to list your product on Amazon.
To get to that $15k a month mark, work backwards.
Say you’ll profit roughly $10 per unit sold. If you sell 10 a day, that’s $100 a day, profit, which is $3,000 a month. You’re 20% of the way to your goal, right?
Step 6, then, is to rinse and repeat four more times, with four other products.
In a perfect world, with five products doing about $3,000 a month in profit, boom, there’s your $15k.
Farida admits, it sounds much easier than it is.
She estimates the timeline to do this is around six months to a year.
That might bum you out since you need the money like yesterday, but when you compare it to a job, you might need four to eight years of college plus a few more years to climb the corporate ladder to make that kinda money.
Keep in mind, too, once you have your Amazon FBA business up and running, you can basically set the cruise.
Whereas, a 9-5 will never be passive.
Anyhoo.
Farida’s FBA Academy course will fill in the gaps. Cost is $297.
I’d rather stick to what I’m doing. Click below.