Ideas From Ryan Moran’s SPI Podcast On Amazon FBA

In this 1 minute and 30 second PAREable, discover ideas from Ryan Moran and his Amazon FBA success story, which he shared on Smart Passive Income podcast #144. This is not a get rich quick scheme as it involves series of steps and takes a lot of work. Also worth mentioning, Ryan did not take a salary for an entire year as profits were rolled back into more inventories.

Actionable Do:

  • Focus on a singular sales channel first (Amazon FBA in this case) before being distracted.
  • Research everything about the specific sales channel so you can map out an action-able plan according to the channel’s characteristics (Amazon algorithm is sales based and people buy stuff based on # of reviews).
  • Build a brand by going through verticals of products.

Actionable Don’t:

  • Don’t be distracted by other ideas until you’ve mastered one specific channel.
  • Don’t complicate things as it often delays action.

Thinkable:

  • Product idea simple hack is to look at what’s being advertised off line and people will look for it online.
  • A product research hack is using a Reddit survey. Just ask people and read through Amazon reviews for user likes / dislikes.
  • Source through Alibaba and get multiple suppliers to bid.
  • Beta test prototype product for final validation before production.
  • During production and freight delivery time, build up a social following related to your product so you can generate some sales the moment product arrived at Amazon warehouse.
  • The first stage of Amazon sales (the Grind), beg your friends to get you 25 reviews on your product. This way, you can be qualified for Amazon pay per click.
  • Bid on your product keyword up to your break even point. Keep at it until you’ve generated 20 sales per day and have accumulated 50 reviews on your first product. Only then you can reach for the next stage.
  • The second stage of Amazon sales (the Growth), introduce complementary products as many as you can handle without detracting your existing product.
  • Go through the Grind with the complementary products. Cross-sale and up-sale with the first product until you have 3-5 products each doing 20-40 sales per day.
  • The third stage of Amazon sales (the Gold), focus on starting to increase customer value. Also, this is the stage that you can start to think about paying yourself.
  • Offer bonus and future discounts for email signup on your own online website. Encourage brand loyalty by follow-ups so they will come back to buy more.

Live and apply these ideas with the FREE Mindmory app!

Here is the link to the podcast.

Building a Million Dollar Business in 12 Months with Ryan Moran.

Until the next PAREable..

Ideas From Tim Ferriss’s The 4-Hour Workweek

In this 1 minute and 30 second PAREable, discover ideas on how to live fully with a mobile lifestyle in the ever-changing world.

Actionable Do:

  • Aim high, so you can create your own reality and write your own rules.
  • Step outside your comfort zone and take action now.
  • Try to gain the freedom of remote working within your current corporate job.
  • Be effective on the job by working on things with the goal of gaining remote work.
  • 80/20 rule applies with work, that 20% of work will bring 80% of results, so focus on being productive instead of busy.
  • Time is money. Remove things that reduce your effectiveness at the job.
  • Rate importance of a task by asking yourself, “If this is the only thing I do today, would I be happy with today?”
  • Finish your high priority items before noon.
  • Let email and voice mail wait until the high priority tasks are done, then bundle tasks to finish them.
  • Have others play by your communication rules.
  • Setup an automatic source of income by outsourcing everything. The key is to use as little of your time as possible.
  • Have open communication and do not let your input be a requirement in the business process.
  • Delegate as much responsibility as possible.
  • Validate and test your products before selling. Setup online store with out of stock items and A/B testing ad campaign.
  • Establish credibility in your product category.
  • Appear bigger because people trust larger companies.
  • Be picky about your customers. The 20/80 rule applies. Top 20% of your customers will be responsible for 80% of revenue, so attend to them.
  • Go premium with your product because of higher profit and customer quality.

Actionable Don’t:

  • Don’t lie to yourself and think when staying within the comfort zone things will magically be okay.
  • Don’t start your day by checking emails.

Thinkable:

  • A fulfilling life can be achieved by being mobile and flexible. So you can do whatever you like, whenever you like.
  • Moderate, automatic income that you can manage anywhere around the world, and would allow the mobility that is required for the lifestyle you truly want.
  • The worst case scenario from making a decision is usually not as bad as you think.
  • The steps to independence: full time 9-5 job – full time remote 9-5 job – gain efficiency to reduce 9-5 tasks to be 9-1 – use other time to automate alternative income – able to quit old job with alternative income.

Live and apply these ideas with the FREE Mindmory app!

Don’t just take my words, check out his book.

Until the next PAREable..