I’m a crazy asset lover!
It’s not that surprising when you remember that…
“Assets give us freedom”
…freedom to live anywhere, freedom to travel anywhere, freedom to spend time however we want, freedom to hang out with whomever we want, freedom to live our purposes.
Assets give us the ultimate freedom – freedom of choice!
So it’s also not that surprising that I always have my ears tuned in for new ways to create powerful assets that can work hard for us – earning income for us, night and day – to give us this freedom.
And, I’m so excited, because I’ve found a whopper!
A few months ago I met an Amazon.com wholesale business owner and what he shared with me totally blew my mind.
He is an American named Dan Meadors who, along with his business partner Eric Lambert, has built a multi-million dollar business selling physical products on Amazon.com
Prior to my conversation with Dan I hadn’t bothered to educate myself about Amazon.com businesses because I just assumed you had to be American or at least based in America to be successful. I also assumed you had to be an experienced retailer.
Boy was I wrong! Just proves the saying…
“to ASSUME makes an ASS of U and ME!”
Dan explained to me that the opportunity to sell on Amazon.com isn’t exclusive to Americans. In fact, he said it is incredibly simple for ANYONE, living ANYWHERE in the world to start selling products on Amazon in America without ever having to physically see or touch the products.
PLUS… he explained how their whole system is set up to run almost on auto-pilot making it a cash generating asset and giving him and his partner real freedom too.
Dan went even further and generously shared with me, in 6 clear steps, how their Amazon business works and how you can operate one yourself remotely.
Here’s what he shared…
DAN MEADOR’S 6 STEP GUIDE TO MAKING $5000 A MONTH SELLING ON AMAZON.COM
Before we dig in, I’ve got warn you about something that’s critically important. Not paying attention to what Dan shares will virtually guarantee you never make real money online.
AND…If you honestly think that you are going to read this 6 step guide and make $5,000 over the next 30 days…then you are on a fool’s errand.
It’s true that Dan’s business generates well over a half million dollars in revenue each month and he does now work less than 6 hours a week in it, but he had to work his own ass off for over 5 years to get to this point of having a real asset working hard for him.
He is not an overnight success (no real sustainable asset is created overnight) and this is not a get rich quick scheme.
This is a “put in the hard work, dedicate yourself and build a viable online business that will stand the test of time”…actionable plan.
Also, please realise that this is just a blueprint. Obviously Dan couldn’t break down everything he knows and has learned about starting and operating a 7-figure Amazon business in a single session with me.
BUT…what you will gain, is the knowledge and direction you need to get started building an online asset that will earn consistent income for you and your family.
Everything else after that is up to you.
You have now been thoroughly warned. If you fully understand that successful businesses and all proper assets are built not by chasing unicorns, but with sweat equity…then you should continue reading.
So let’s get started…
The system Dan and his business partner Eric used to create a multi-million dollar online business is not new or revolutionary in any way. Actually, it has existed pretty much forever.
It’s the same system used by Wal-Mart, Target, Tesco, Costco, Sainsbury’s, Carrefour, Pick’n’Pay, Checkers, and just about every large retailer in the world.
The system, in its simplest form, is this:
It really is that simple. We buy low (wholesale prices) and sell high (retail prices).
They call this process wholesale.
Now here is the secret sauce; the thing that makes the wholesale business model possible for just the average person like you and me to replicate.
I repeat. Amazon.com
For decades, the hardest part to replicate in the business model for the average Joe, Janet and Josephine was part C.) putting products in front of enough customers.
It required a lot of money to have enough retail space to store and display all that product, and even more money for the marketing and promotion to get people into your store and buying.
Amazon has completely revolutionized online business forever because their massive marketplace will do that part for you. This makes it possible for almost anyone at any level, people like you and me, to start an online retail business from anywhere.
Which leads us right into the first of our 6 steps…
Step 1 – Understand The Amazon Marketplace & Opportunity
(AKA – Amazon.com is where you are going to sell your sh*t)
If you are going to be selling stuff on Amazon, it is important to understand what exactly Amazon is and how it works.
You might roll your eyes at the fact that this is a step at all, but I fully believe this is the most important step there is. The opportunity for people (living anywhere in the world) to totally change their life is right at their fingertips, 24 hours a day, 7 days a week and they don’t even know it exists.
Let’s break it down.
Amazon is the world’s largest online marketplace. That means more stuff is bought and sold on Amazon.com than anywhere else online (and it isn’t even close).
The key word here is marketplace.
When you shop on Amazon and purchase a product, there is a really good chance that the product you bought was not actually sold by Amazon. Yes, you bought it on the Amazon website, but the real seller (the person who listed the product for sale on Amazon.com and gets paid for the sale) is just an average Josephine.
It could be Dan or even me pretty soon. It could be the dude or dudette down the street. And after finishing this blog, it could be you!
About half of all products sold on Amazon.com are sold by 3rd party sellers.
Ready to have your wig blown off?
Amazon did over 178 billion dollars in revenue for 2017 and they just keep growing.
Do I really need to do the math for you? 178 billion in revenue, 50% of sales coming from 3rd party sellers like Dan and Josephine down the street.
Bloody Hell! That is a lot of money.
Amazon is basically waving around BILLIONS of dollars just begging people to come claim it.
If you are wondering what it costs or how hard it is to sign up as a seller…well…it is FREE.
You can complete the application process in about 15 minutes and BOOM, you are live to start selling. It is so easy that it would be hard for you to make up an excuse NOT to do it.
But there has to be a catch, right? Well, sort of. Amazon takes a commission on every sale that is made on their website (and you’ll gladly pay it – because like tax you only pay commission because you’ve got money coming to you).
Remember a second ago when I said for centuries the hardest part about owning a retail business was getting your products in front of as many people as possible? If you owned a physical retail store in your local city, on a good day you might have 50 people come into your store to browse.
By comparison, over 100 million people shop on Amazon.com each month.
Bloody Hell! That is a lot of people.
Amazon provides the customer base so that you can easily sell tens, hundreds or even thousands of products every single day.
But what about the delivery of those products?
Even if you were able to sell that many products, how would you actually go about shipping out all those orders?
Well…Amazon will actually do all that for you too. And more.
Which leads us to our next step…
Step 2 – Understand the Amazon FBA Program
(AKA – How you can sell millions of dollars’ worth of products without ever having to physically see or touch them)
FBA stands for Fulfillment by Amazon.
It is easily one of the most revolutionary leaps forward for business in the last half century. It is exactly what has enabled Amazon to generate half of its retail revenue from 3rd party sellers.
With FBA, Amazon will store all your products in their warehouse, prep and ship the products to customers for you, and handle all customer service and returns.
This means you can have your product suppliers just ship directly to Amazon’s warehouses. You can literally sell millions of dollars’ worth of product without ever having to physically see or touch it.
With FBA, you can accomplish by yourself from your living room what would have taken a warehouse and a team full of employees just 10 years ago.
So, what does it cost to enroll in FBA?
This is the crazy part. Enrolling in the Amazon FBA program costs you nothing up front. You only pay a per item fee for products when they actually sell .
Step 3 – Create Amazon Seller Account and Sign Up for FBA
(AKA – Take 15 minutes of time out of your day to change your life)
This is the fastest and easiest step.
All you have to do here is commit. Commit to whatever it is you want to accomplish. With Amazon FBA, you can go as big or small as you want.
Whether you just want to make extra money to save up for that dream trip, your kids education, or you want to build a highly profitable business asset that will contribute significantly to your financial freedom, it is all possible with FBA.
To get started making those goals a reality, all you have to do is set up an Amazon seller account.
You can create your seller account right here:
Step 4 – Find Products to Sell
(AKA – Don’t reinvent the wheel; find the most popular wheel and sell it!!)
So, what does Dan sell?
The answer to that question is very simple. Dan sells what people are buying.
Picking the right products is the key to a successful e-commerce business. You make the wrong move here and you will end up spending your money on a bunch of junk that never sells.
Dan and Eric’s framework for identifying products that sell fast and make you money is a huge pillar of their training program The Wholesale Formula.
I have some good news and bad news about that.
The bad news is that you likely can’t get into The Wholesale Formula right now. They only conduct the program a couple times per year and enrollment generally only lasts about a week. The program is also not cheap. They obviously don’t just go around giving away ALL of their business secrets for free.
The good news? Dan’s summarised version of how they source products right here.
…continue reading right to the bottom for even MORE GOOD NEWS!
Sourcing = The process of searching for products to sell
There are two ways people traditionally source for products to sell on Amazon:
- Going to trade-shows or signing up for accounts with distributors and wholesale companies. They will then go through those companies’ giant catalogs of branded inventory to find products they can buy to profitably resell on Amazon.
- Contacting Chinese manufacturers and having them put your own brand name on generic products that you will launch on Amazon.
This process is called private label.
Dan and Eric don’t do either of those things.
Both of those strategies for sourcing products are harder, more time intensive and riskier.
How Dan and Eric source starts with their Reverse Sourcing concept.
It is one of the major things they have developed that allowed them to succeed where many others have failed.
With Reverse Sourcing, they do things the safe and easy way.
You don’t need to take big risks to make big money. Not on Amazon.
Enter their method of Reverse Sourcing.
They start their search for products on Amazon itself.
Remember when I said that you want to sell what people are buying?
Well, Amazon actually tells you how often people are buying a product right there on the product page. It is called Amazon Best Sellers Rank.
And with some quick and very simple math, you can even estimate how many of that product you can sell per month. It’s really is a formula to success and is a hallmark to how they came about the name The Wholesale Formula.
After they have used their formula to identify great potential products comes the next step, which again is VERY different from conventional wisdom in the industry.
They don’t go to major distributors or wholesale companies to purchase those awesome potential products they just found on Amazon. Instead, they cut out those middlemen and go straight to the source.
They reach out to the brand owner to open up a wholesale account with them directly.
When you buy direct, you get the best possible price. And when you get the best price, you make the most money!
Step 5 – Learn How to Buy Products Brand Owner Direct
(AKA- Buy a cow from a farmer instead of milk from the store)
This may be the trickiest part of their blueprint.
It makes perfect sense that cutting out the middleman and buying direct is going to make you more money, but if it were that simple, everyone would be doing it.
Oftentimes, brand owners won’t approve just anyone to sell their products on Amazon. Their brand is their entire life’s work and they don’t entrust it to just anyone. They are looking for certain qualities and attributes in their online sellers.
This part of the process is what Dan calls The Great Filter.
That’s because this is where the majority of people fail with this business model. They never figure out how to break through and get approved to sell these amazing products.
Luckily, Dan and Eric cracked the code and what I’ve come to know about them – they have been able to make their process replicable – which is vital for something to be sustainable.
There are 2 primary attributes brand owners are looking for.
They want sellers who:
- Appear professional & trustworthy
- Add value to their products and brand
Let’s analyse these a little deeper.
How do you appear more professional and trustworthy?
Well, for one you have to remember that this will be a business to business relationship, so you actually want to appear and present yourself as an actual business.
(You know, don’t send emails using a Hotmail address; stuff like that.)
Having a professional business website that represents your company is a great way to help legitimise you in their eyes.
When it comes to adding value to their products and brand, it is pretty simple. They want sellers that will contribute to the growth of their brand. They don’t want a leech that is going to sell their product and nothing more.
You add value by doing things like improving the product page on Amazon, running pay-per-click advertising, and a myriad of other ways. Some of these may seem daunting – I thought it was – but trust me, once Dan showed me how – they really aren’t .
Dan and Eric learned them on our own and have now taught hundreds of The Wholesale Formula students how to successfully add value to brands, so don’t worry, you can figure it out too.
You just have to ask yourself a simple question…
…“What is one thing I can do that will increase the sales, perception or exposure of this product/brand?”
The answer to that question is how you add value, and it is how you will convince a company to approve you as a seller.
Once you’ve mastered this, it is like having a license to print money.
Step 6 – Sell Products on Amazon
(AKA – Imagine having the world’s largest 24-hour convenience store fully ran by robots)
This is the fun part. Checking your phone to see how many products you have sold, and how much you’ve done in sales. It can become seriously addictive. But don’t let that put you off. Once you get used to the steady stream of income, you will be able to direct your focus to more of the fun and fulfilling things you want in your life.
Because you are using the power of Amazon FBA, you have a full-scale business operating around the clock.
That means while you soak in the bath – your business is running.
When you take a few days off to unplug at the beach or in the bush – your business is running and you come back totally recharged to find a whole bunch of juicy sales all processed and fulfilled.
If this all sounds totally mind blowing and ridiculous, that’s because it is. It is absolutely mind blowing and ridiculous, but it is all true and it is all real.
Dan’s generosity didn’t stop at those 6 steps, he gave me 6 more – this time for people living OUTSIDE the USA.
He also shared with me 6 Easy Steps for Non-US residents To Create A Profitable Amazon.com Business. Click here to read that article too.
And YES THERE IS MORE…
I got so excited about the power of Dan and Eric’s Amazon.com wholesale business system and how it really is an opportunity for anyone, anywhere to create a powerful asset which can earn income for them night and day, that I convinced Dan to do an Amazon Wholesaler Workshop for The Wealth Chef tribe (which is you) and he said YES!
The Amazon Wholesaler Workshop is a FREE online workshop comprising 4 content packed teaching sessions starting on 11 February 2019. These sessions are recorded so you won’t miss out, but it will be available for a limited time.