The Amazon $100 Challenge by Paul Cole & SellerEngine

The $100 Amazon

Challenge

Paul Cole• Amazon/Ebay seller since 2006• Community Director for SellerEngine since 2012

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All of our softwareAll of our expertiseEverything an Amazon seller needs to succeedPlus $100 to spend on inventory $

Why $100?

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

Sue’s $100 Amazon Challenge

Results

$4,600

Cash in Hand

Inventory

75

Inventory items unsold - Worth nearly $1000

Your $100 Challenge

Who’s the $100 Challenge For?

Everyone!

What You Need to Get Started

$100 A Spreadsheet A Journal

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

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?

What You’ll Get out of the Challenge

Renewed focus and understanding of your business

Developing good habits

Discovering new strategies and opportunities

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?

Building New Habits

• Start small.• Develop effective methods of recording, analyzing and understanding data.• Tracking costs, inventory and profits.• Make smarter, less impulsive decisions.

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.

Discover New Strategies

• Sell in a new category.• Discover new products.• Add new stores to your scouting trips.

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.

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!

Learning from Failure

• What went wrong?

• What would you

change?

Your $100 Amazon Challenge

• SellerEngine.com/Group

• Join, tell your story, share your goal!