TAS 151 : Ask Scott Session #42 - FBA Amazon Questions

Today’s show starts out with a great testimonial from a TAS listener who’s rocking it on Amazon with private label sales. It’s proof not only that this show is helping people take action every day, but also that Amazon private label sales is the real deal! You CAN make more than just a decent living, you can make a VERY NICE living selling on Amazon. This is the podcast that teaches you how to do it, step by step. Nothing is held back. Nothing is hidden. This particular episode is the weekly “Ask Scott” episode where you can ask your own private label questions. You’ll learn a lot from listening to these Friday episodes, so sit back, grab a pen and paper, and get ready to take notes because you’re going to learn a ton about Amazon Private Label.

What is the easiest way to figure out taxes and customs on imported products?

One of the places new Amazon sellers often make mistakes is in cutting their margins too close. One of the main things that goes into figuring out those margins is the “cost” of doing business. What goes into that cost? Lots of things: taxes, Amazon fees, shipping, customs fees, etc. On today’s episode a listener is trying to understand those margins before hand (a very smart idea) and asks Scott how he goes about determining the costs of his import fees and duties when importing products from China. You’ll learn a ton from Scott’s answer.

What determines your pricing changes throughout the year?

Pricing is one of the most undefinable things in building an Amazon private label business. How do you determine a good price? Does that price stay the same throughout the year? If it changes, when should you make those changes, and why? None of these question has easy answers and no one answer will fit all businesses and products. But there are some general approaches to pricing that prove to be helpful for most people. On this episode, Scott’s asked about how he prices his products and he shares a handful of helpful principles and tactics that most Amazon sellers find work most of the time.

I bought an Amazon business with 4 existing product lines. How should I proceed?

Wow, this listener has his work cut out for him. He bought an existing Amazon private label business that has 4 different product lines already on the Amazon catalogue. How should he proceed? It’s a great question, and Scott’s answer centers around discovering which of those product lines will get the biggest bang for the buck. He walks through how he’d go about doing that on this episode, so be sure to listen - you’ll learn a lot!

Do you use product management software?

A listener asks Scott if he uses any product management software to keep his product lines, vendors, invoicing, etc. straight. Scott’s simple answer? No. Scott doesn’t have anything against project management software but he finds that given what he’s doing, there’s only one tool that he needs to keep all of the things for his private label business organized: Google Drive and it’s suite of tools. You can hear how Scott uses Google drive on this episode.

OUTLINE OF THIS INTERVIEW EPISODE OF THE AMAZING SELLER

[0:00] A testimonial from a listener! [0:36] Introduction to this “Ask Scott” episode. [2:44] Shout out to a TAS user who took action on building his own meetup group. [3:47] Your invite to Scott’s life video workshops. [4:30] QUESTION ONE: What is the best and easiest way to figure out taxes and import duties on products from China? [12:03] QUESTION TWO: How do you go about deciding your pricing, and what impacts your decisions? [19:10] QUESTION THREE: I bought an Amazon business with multiple products already in existence. How should I proceed? [24:22] QUESTION FOUR: Do you use any product management software?

LINKS MENTIONED IN THIS EPISODE

www.TheAmazingSeller.com/ask - Ask Scott your question.

www.TheAmazingSeller.com/150 - Episode on mindset and success.

www.TheAmazingSeller.com/32 - Scott’s $8000 customs mistake.

www.TheAmazingSeller.com/135 - Tools Scott uses daily.

www.TheAmazingSeller.com/126 - Episode where Scott discussed pricing.

Scott’s free workshop - http://www.TheAmazingSeller.com/workshop

www.TheAmazingSeller.com/FB - the TAS Facebook Community

www.TheAmazingSeller.com/live - Let Scott know your interest in a possible event.