the amazon $100 challenge by paul cole & sellerengine
TRANSCRIPT
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The $100 Amazon
Challenge
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Paul Cole• Amazon/Ebay seller since 2006• Community Director for SellerEngine since 2012
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SellerEngine Blog
SellerEngine.com/BlogOver 200 articles in the past 18 months
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SellerEngine Facebook
SellerEngine.com/Facebook
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Great Ideas Come from You
SellerEngine.com/Group
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All of our softwareAll of our expertiseEverything an Amazon seller needs to succeedPlus $100 to spend on inventory $
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Why $100?
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The Winner
“I want to earn more than my husband does each month.
That money will fix our kitchen, and send us on a much needed family vacation.”
-Sue Roberts, Maine, USA
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Sue’s $100 Amazon Challenge
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Results
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$4,600
Cash in Hand
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Inventory
75
Inventory items unsold - Worth nearly $1000
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Your $100 Challenge
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Who’s the $100 Challenge For?
Everyone!
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What You Need to Get Started
$100 A Spreadsheet A Journal
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Spreadsheet
• One line per inventory item
• Cost
• Date of purchase
• Location
• Why you bought it
• Update Fees and Profit When the Item Sells
• Other Data to Track
• Sales Rank
• ROI
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Journal
• Write a few sentences about what you did that day.
• What sold?
• What was your scouting trip like?
• What went well? What didn’t?
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What You’ll Get out of the Challenge
Renewed focus and understanding of your business
Developing good habits
Discovering new strategies and opportunities
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Focus
•Ask these questions• Why do you have an Amazon business?• What do you sell?• What’s your favorite section of a store to source in? What’s your least favorite?• When’s the last time you tried something new?• What’s holding your business back?
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Building New Habits
• Start small.• Develop effective methods of recording, analyzing and understanding data.• Tracking costs, inventory and profits.• Make smarter, less impulsive decisions.
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Look Closely at Costs
• Use your spreadsheet.
• Track all costs.
• Understand where your money is going.
• Apply that level of discipline to your entire business.
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Discover New Strategies
• Sell in a new category.• Discover new products.• Add new stores to your scouting trips.
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Diversify
• Growing a business is hard. Focusing on one thing might be holding you back.
• Expand to new product categories or new lines of products. Try wholesale.
• Avoid tunnel vision. Look for opportunities to take risks.
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Sue’s Keys to Success
• Don’t settle for inventory that is just good enough.
• Make rules but know when to break them.
• Establish sourcing guidelines to prevent bad decision making.
• Remember, you only have $100 to start.
• Keep great records!
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Learning from Failure
• What went wrong?
• What would you
change?
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Your $100 Amazon Challenge
• SellerEngine.com/Group
• Join, tell your story, share your goal!