People tend to look past the long journeys and hardships that successful people have had and only see their shining success. However, there are a few very unglamorous habits or rules they probably followed that got them where they are today. When it comes down to it, they simply understood how to be a successful entrepreneur.
In this article, we’re going to help you understand the same basics. Although the tips below look obvious, most people neglect them in their day-to-day life and how they run their businesses. Start implementing them and you’ll find that you can be a better entrepreneur and take better advantage of the Amazon FBA platform.
Keep track of the numbers from day one
Yes, we know how tedious it can be crunching the numbers and we know that as a hands-on entrepreneur who is just starting a business you probably don’t want to hire a full-time accountant just yet.
However, the importance of immaculately keeping track of your data and performance selling on Amazon cannot be overstated. It’s often subtle differences in profit across months or weeks that could signal whether or not you are on the right track.
Doing this from day one also allows you to scale your accounting skills along with your business so that it’s not a completely overwhelming task to tackle later on.
An informed entrepreneur is an entrepreneur that enables him or herself to make smart decisions. This means staying on top of your own performance, that of your competitors, and wider market trends.
Find a good product you can count on
Some products on Amazon just perform better than others on average. You want to have at least one of these products in your arsenal to keep the numbers ticking over and to give you a strong base from which to work off and launch into other things.
There are certain metrics you can look at to determine which products are reliable and sure-fire winners, such as:
- Price: Products between $10-$50 dollars consistently perform well because they are cheap enough to lure impulse buyers but not so cheap they arouse suspicion.
- Something people always need: This could always be something people always want. Think of items such as tools, clothes, food (food has its own concerns), books, jewelry, technology or technology accessories.
- Easy to ship: Products that are robust enough customers aren’t afraid to have them shipped as well as being light and having a simple shape.
Using these metrics, you should be able to come to your own conclusions and find other products that fit this category.
Find a good repricing tool (and use it!)
Repricing tools are one of those very handy tools that you simply put yourself at a disadvantage at to not use. These tools take into account what prices your competitors are asking, the current market conditions, and the demand for your product. Using the data, they then advise you on (or automatically adjust) your asking price. Repriceit is a popular example.
Prices on Amazon are always changing along with the time of year and other conditions. You want to be able to react quickly to these changes to stay in the game when prices drop or go up. This will help you to decide whether to undercut your competitors or just keep your prices in competitive boundaries.
Always be ready to take the initiative
If the only thing you are going to do on Amazon FBA is following the pack, you can’t expect to go beyond them. Sometimes you have to risk it to get the reward. However, if we think about all successful entrepreneurs of our age, they all had to take a major risk at some point. Some of them were lucky and struck gold with the first blow, for others it took some time.
Taking the initiative is scary, but it could also be what pivots you beyond your competitors or your current boundaries. That could mean doing things a little differently, changing up your prices, making deals or just launching a new product.
To be able to have any hope of success, you will need to always know what is happening on Amazon to take advantage of opportunities before anyone else. Repricing tools can also be a great tool to help you take the initiative as they allow you to stay on top of the latest changes and shifts in the market.
Don’t take traffic for granted
You can’t sell anything if your potential customers can’t find your products, right? Right! While it is true that by selling on Amazon, you already have connections with millions and millions of shoppers who might want to buy your product (an effect that’s compounded if you are Prime eligible), you still need to put in some work to rise above the rest.
Unless you sell your own unique product or have your own brand, chances are someone is (or soon will be) selling the same product as you.
When two of the exact same products are on sale, for relatively the same price, and if we assume both sellers have good reputations, ratings, and product listings, what separates them? The one who gets visited first!
So, in order to win the race for customers there are three things you need to do:
- Rank better in Amazon search results.
- Rank better in Google or other search engine results.
- Compete for, and win, the Buy Box.
We have articles on the Seller’s Playbook blog that provide you with help on how to do all three of these.
Become a better entrepreneur
No matter what kind of business you want to run, there are certain traits that are favorable for any entrepreneur. It will be a very long, hard, and frustrating road for you if you do not take the task of improving yourself seriously.
The means through which you do this vary greatly from person to person. For some, self-help or self-improvement books will be sufficient, others might want to invest in something more intensive such as a productivity boot camp or career development therapy.
We believe that these are some of the most important characteristics you need to try and develop:
- Be honest about your faults and be prepared to work on them.
- Integrate your work-life with your personal-life by tackling projects you are passionate about.
- Don’t be afraid or too proud to use any tools, apps, or services that help you manage the workload.
- Make connections and build symbiotic relationships.
- Try to always provide your customers with value.
Improve your business by understanding how to be a successful entrepreneur
We hope that you not only implement these tips in your Amazon FBA business but also make them a habit. Learning how to be a successful entrepreneur takes dedication and hard work. Just keep in mind that success is within anyone’s reach, so reach out and grab it today!