TAS 194 : Income Update: Numbers are Down and WHY I'm Excited!

It is so easy to hear all the stories about business online and success that others are having and to think that the journey toward that success is easy. But that is the furthest thing from the truth. On this episode Scott he's going to give you an inside look into his income figures for the first quarter of 2016. He's doing this to show you that even those who seem to be successful have their down turns in both profit and success. He wants you to go into your private label business with your eyes wide open so that you can prepare yourself for the obstacles you will inevitably face. So grab a drink and sit back and listen to this great episode where Scott bares all.

Business profits on my private label business are down.

The personal revenue Scott is receiving from his private label sales are down from what he desires and expected. But it's not something he’s letting himself get down about. Instead, he’s taking it as an opportunity to up his game. What happened is pretty simple. When he started this podcast a little over a year ago he began to focus on many things besides his private label business. His time was divided and he began to coast when it came to paying attention to the business. This downturn is showing him that he needs to pay more attention and that he has to be more diligent. On this episode Scott is going to share his plans with you about how he is going to turn around his profit figures.

Differentiating your products is key.

When Scott first started selling as a private label seller on Amazon he chose a product and got it on to the Amazon platform quickly. As he went along he discovered that products are more successful when they are differentiated within the niche. His first product wasn't standing out enough and consequently his profit figures have begun to drop. On this episode you will hear the steps Scott is going to take to address that issue and make his product a one-of-a-kind item within his niche. It's a lesson all of us learn sooner or later and you can walk right along with Scott as he makes improvements.

Building a brand means more than one product.

In the big picture the health of the business is more important than the health of one particular product. That doesn't mean you want your product sales to get any of your individual items, but when one does dip it isn't the end of the world if you have other products to back it up and pick up the loss. On this episode Scott emphasizes the importance of building a brand that includes multiple SKUs within your product line. You're going to learn a great deal by listening to the hard lessons Scott has endured over the past quarter.

Pretend you’re in danger of going out of business every day.

One of the pieces of advice that Scott has received from Gary V. is to pretend that your business is in danger of going under every single day. That mindset will force you to up your game, increase your effort, and be smarter about the way you run your business overall. You can learn a lot from Scott's example and the illustrations he gives of how he is going to implement that advice if you listen to this episode. So take the time, set aside the time, make the time, and listen to this episode of the Amazing Seller.

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER [0:05] Scott’s introduction to this episode! [0:30] How you can learn from today’s personal story from Scott. [1:22] A shout out to Scott’s Periscope followers! [2:32] You can get transcripts of every episode! [3:07] Why Scott’s Amazon business has slipped a bit in the past year. [7:52] Scott’s latest numbers - for the first part of 2016. [11:40] Lessons learned and what Scott is going to do about his slipping numbers. [12:01] The importance of differentiating a product line. [13:07] Adding more SKUs can help to build your brand. [16:31] Steps Scott is taking to build an outside sales funnel. [18:46] Scott’s summary of the ups and downs of running a private label business. [20:26] A tip from Gary V. - pretend you are going out of business every single day. [24:55] How this downturn is forcing Scott to up his game.

RESOURCES MENTIONED

www.TheAmazingSeller.com/scope - get connected with Scott on Periscope