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What I Wish I Knew When Starting My Amazon FBA Private Label Business (Beginner Advice)

Published on: November 30 2022 by Carter Maxwell

What I Wish I Knew When Starting My Amazon FBA Private Label Business (Beginner Advice)

What I Wish I Knew When Starting My Amazon FBA Private Label Business (Beginner Advice)

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00:00:00 00:00:04 what's up everyone Carter Maxwell here
00:00:02 00:00:06 and in this video I'll be toking about
00:00:04 00:00:10 what I wish I knew when starting my
00:00:06 00:00:12 private label business on Amazon FBA so
00:00:10 00:00:13 as an experienced private label seller
00:00:12 00:00:16 myself I thought it would only make
00:00:13 00:00:18 sense for me to share some of my past
00:00:16 00:00:20 personal private label experiences so
00:00:18 00:00:22 hopefully I can guide you down the
00:00:20 00:00:23 direction to success and hopefully
00:00:22 00:00:26 benefit you if you're looking either
00:00:23 00:00:28 start or run your current private label
00:00:26 00:00:31 business so let's get right into what I
00:00:28 00:00:33 wish I knew before starting my Amazon
00:00:31 00:00:34 FBA private label business so the first
00:00:33 00:00:36 thing I wish I knew when starting my
00:00:34 00:00:38 private label business was that it's
00:00:36 00:00:40 gonna take time I thought it was gonna
00:00:38 00:00:41 be pretty simple for me to go find a
00:00:40 00:00:43 product that had decent sales in the
00:00:41 00:00:45 market wasn't too competitive I'd easily
00:00:43 00:00:48 get to go and just contact my supplier
00:00:45 00:00:50 get a good rate brand that product with
00:00:48 00:00:51 my company my company logo and sell it
00:00:50 00:00:54 back on Amazon but when it came to the
00:00:51 00:00:55 actual process it was a lot longer than
00:00:54 00:00:57 I'd imagined and at that point I was
00:00:55 00:01:00 going through multiple products I was
00:00:57 00:01:01 trying to do 2 to 3 products at a time
00:01:00 00:01:04 when I was starting out and it's a lot
00:01:01 00:01:05 more in-depth than you actually think
00:01:04 00:01:07 and that's why the people that stik
00:01:05 00:01:10 with it that people actually go through
00:01:07 00:01:12 and stik with that first product build
00:01:10 00:01:14 an optimized listing hire professional
00:01:12 00:01:16 photographers for their product create
00:01:14 00:01:18 an optimized listing with tidal bullet
00:01:16 00:01:20 points in a description they're gonna
00:01:18 00:01:22 outsell and outwork their competition
00:01:20 00:01:24 and in result make more sales now that
00:01:22 00:01:25 it's gonna take time to actually run
00:01:24 00:01:27 this business you're gonna have to
00:01:25 00:01:29 invest in yourself you're gonna have to
00:01:27 00:01:31 sacrifice time to put to the business if
00:01:29 00:01:33 that mean waking up 30 minutes earlier
00:01:31 00:01:35 if that means watching 30 minutes less
00:01:33 00:01:37 of TV playing 30 minutes less of video
00:01:35 00:01:40 games need to find a way to put some
00:01:37 00:01:41 time aside every single day to work on
00:01:40 00:01:43 your business because those that do
00:01:41 00:01:44 those that put time aside work on their
00:01:43 00:01:46 business every single day and stay
00:01:44 00:01:48 consistent they're gonna pass up those
00:01:46 00:01:50 people that work on it for a week or two
00:01:48 00:01:51 decide oh this isn't for me you can't
00:01:50 00:01:54 make money with it you're not gonna make
00:01:51 00:01:55 money for two three weeks plus if you
00:01:54 00:01:57 stay with it and you stay consistent
00:01:55 00:01:59 you're gonna outwork those people that
00:01:57 00:02:01 quit and ultimately take over the market
00:01:59 00:02:03 make a lot more sales and build passive
00:02:01 00:02:05 income for yourself on Amazon but the
00:02:03 00:02:07 second thing I wish I knew when starting
00:02:05 00:02:09 my private label business was to not
00:02:07 00:02:11 chase a home run product for my first
00:02:09 00:02:13 actual private label product the reason
00:02:11 00:02:15 being the sellers that have already
00:02:13 00:02:17 established a successful private label
00:02:15 00:02:19 business have already launched multiple
00:02:17 00:02:21 products are going to be a lot more
00:02:19 00:02:22 experienced than you the newbie seller
00:02:21 00:02:23 who's going to try to enter the market
00:02:22 00:02:25 and compete against them
00:02:23 00:02:26 they already know the process the order
00:02:25 00:02:28 experience you're going to be able to
00:02:26 00:02:30 take that market or rank better than you
00:02:28 00:02:32 and especially for your first product I
00:02:30 00:02:34 recommend going after something that
00:02:32 00:02:35 isn't too competitive but you're gonna
00:02:34 00:02:38 be able to make some pretty good sales
00:02:35 00:02:40 with the reason being if you go after a
00:02:38 00:02:42 really really competitive product those
00:02:40 00:02:43 big dawgs the big market players that
00:02:42 00:02:45 have already launched a lot of
00:02:43 00:02:47 successful products know the process
00:02:45 00:02:49 they're just going to outrank either
00:02:47 00:02:50 going to out so because you're new you
00:02:49 00:02:52 don't really understand the process too
00:02:50 00:02:54 much and I just recommend to stay after
00:02:52 00:02:56 those products aren't super competitive
00:02:54 00:02:59 at least for your first product now a
00:02:56 00:03:01 great example of a home run product that
00:02:59 00:03:03 I was actually able to sell were the
00:03:01 00:03:04 fidgets spinners now it was probably one
00:03:03 00:03:07 of the most trendiest products that I've
00:03:04 00:03:10 seen today as a private-label seller on
00:03:07 00:03:12 Amazon anyone at one point anyone that
00:03:10 00:03:13 had a listing on Amazon selling a
00:03:12 00:03:15 phidget spinner was making it really
00:03:13 00:03:17 really good money you didn't even need
00:03:15 00:03:19 to have the best pictures tidal bullet
00:03:17 00:03:21 points the demand was just so high and
00:03:19 00:03:22 there weren't even that many sellers at
00:03:21 00:03:24 one point so people were just selling
00:03:22 00:03:26 out and all of a sudden everyone on
00:03:24 00:03:28 their jungle scout was having this
00:03:26 00:03:30 fidgets spinner pop-up and like this is
00:03:28 00:03:31 the next opportunity you can buy for two
00:03:30 00:03:33 or three dollars from China and sell it
00:03:31 00:03:36 anywhere from 10 to 15 on Amazon all day
00:03:33 00:03:38 so like fifty to a hundred units a day
00:03:36 00:03:39 and so all the sudden all these new
00:03:38 00:03:40 sellers that wanted to private label
00:03:39 00:03:42 started going after this home run
00:03:40 00:03:44 product they're wanting to make ten
00:03:42 00:03:45 thousand fifteen thousand dollars per
00:03:44 00:03:47 month then all of a sudden the trend
00:03:45 00:03:49 started that died off as new sellers
00:03:47 00:03:51 were still flooding in and then it was
00:03:49 00:03:53 just a price it was just a rat race to
00:03:51 00:03:55 the bottom and pricing everyone was
00:03:53 00:03:56 trying to dump him trying to break even
00:03:55 00:03:59 trying to lose a little bit of money per
00:03:56 00:04:00 unit and the established sellers that
00:03:59 00:04:02 knew what the trend was gonna die off
00:04:00 00:04:04 knew that they can make money up front
00:04:02 00:04:06 sell it through the middle I didn't get
00:04:04 00:04:08 out before it died all those new sellers
00:04:06 00:04:10 just came in started sending more units
00:04:08 00:04:12 to Amazon start making bigger orders and
00:04:10 00:04:14 in the long haul ended up losing a lot
00:04:12 00:04:15 of money in the back end as that trend
00:04:14 00:04:17 died off and they still had a lot of
00:04:15 00:04:20 fidgets spinners left in stok though
00:04:17 00:04:23 the third thing I wish I knew is to not
00:04:20 00:04:24 overthink I mean I remember when I first
00:04:23 00:04:26 started my private label business I was
00:04:24 00:04:26 wanting to come up with the best name
00:04:26 00:04:28 ever
00:04:26 00:04:29 I wanted to make sure that my logo was
00:04:28 00:04:31 the best-looking logo that I've ever
00:04:29 00:04:33 seen and honestly it happens to a lot of
00:04:31 00:04:35 new sellers as well they really get
00:04:33 00:04:36 caught up in that just first process of
00:04:35 00:04:38 just coming up with a business name
00:04:36 00:04:40 they're really worried but if they don't
00:04:38 00:04:41 pick a very good business name or if
00:04:40 00:04:42 their logo doesn't look good that
00:04:41 00:04:44 they're not going to make sales on
00:04:42 00:04:46 Amazon which is completely wrong I've
00:04:44 00:04:48 seen my name other names aren't very
00:04:46 00:04:50 good the logos are just sometimes not
00:04:48 00:04:51 even on the product sometimes the brand
00:04:50 00:04:54 name is just on the product and they're
00:04:51 00:04:55 still making insane sales so definitely
00:04:54 00:04:57 don't get wrapped up in that front end
00:04:55 00:04:59 of having to come up with the best logo
00:04:57 00:05:01 different colors or variations for their
00:04:59 00:05:02 product just get something go it's all
00:05:01 00:05:04 about speed
00:05:02 00:05:06 now what also comes with people that
00:05:04 00:05:08 overthink is they never take action they
00:05:06 00:05:11 just taken all this information on
00:05:08 00:05:13 YouTube podcasts interviews on private
00:05:11 00:05:15 labeling how to private label different
00:05:13 00:05:17 tips and tricks but they actually never
00:05:15 00:05:19 go and use those skills and take action
00:05:17 00:05:21 like remember your one product away from
00:05:19 00:05:23 changing your life your one product away
00:05:21 00:05:25 from making an additional one thousand
00:05:23 00:05:27 three thousand five thousand dollars per
00:05:25 00:05:29 month to your income I mean how much
00:05:27 00:05:30 would that help you if you made an
00:05:29 00:05:32 additional one thousand to five thousand
00:05:30 00:05:34 dollars per month on a product I mean
00:05:32 00:05:36 you're never gonna know until you
00:05:34 00:05:37 actually take action you go and you
00:05:36 00:05:39 contact supplies you take the risk of
00:05:37 00:05:42 placing that order getting that product
00:05:39 00:05:43 up on to Amazon it for so now with that
00:05:42 00:05:45 said once you've actually gone through
00:05:43 00:05:47 the process of finding a product having
00:05:45 00:05:49 that product branded shipping that
00:05:47 00:05:51 product to the warehouse and actually
00:05:49 00:05:53 building the listing for the product
00:05:51 00:05:55 your second product your third product
00:05:53 00:05:56 your fourth product the process is only
00:05:55 00:05:58 going to get simpler it's only going to
00:05:56 00:06:00 be easier for you to run it and you'll
00:05:58 00:06:01 be able to do a lot quicker than you
00:06:00 00:06:03 were if your first product even if the
00:06:01 00:06:05 first product isn't as successful maybe
00:06:03 00:06:06 you made a mistake in the research
00:06:05 00:06:08 process or maybe you just didn't choose
00:06:06 00:06:10 a very good product well the good thing
00:06:08 00:06:12 is you took action you know what you did
00:06:10 00:06:14 wrong so that the next round when you go
00:06:12 00:06:16 into that next product you know what you
00:06:14 00:06:18 did wrong you fix those problems and
00:06:16 00:06:20 then you're on the road to success so
00:06:18 00:06:21 with that being said once you've
00:06:20 00:06:23 launched your first product you've gone
00:06:21 00:06:25 through the full process of doing the
00:06:23 00:06:27 product research contacting suppliers
00:06:25 00:06:29 having your product branded shipping
00:06:27 00:06:30 that product to your house shipping to
00:06:29 00:06:33 the Amazon warehouse and then building
00:06:30 00:06:34 the listing for your product the second
00:06:33 00:06:36 product the third product the fourth
00:06:34 00:06:37 product that you do the process is only
00:06:36 00:06:38 going to be easier it's going to be a
00:06:37 00:06:40 lot simpler
00:06:38 00:06:41 you'll be able to do it at a faster
00:06:40 00:06:45 right because you know what's going on
00:06:41 00:06:47 in any mistakes or Falls that you had in
00:06:45 00:06:49 your first product any flaws you can fix
00:06:47 00:06:50 those on your second third product and
00:06:49 00:06:53 it's only gonna lead to greater success
00:06:50 00:06:55 in your private label business so the
00:06:53 00:06:57 fourth thing that I wish I knew was how
00:06:55 00:06:58 to do the proper product research and
00:06:57 00:07:02 the criteria that you should be using
00:06:58 00:07:04 first off as a new seller until you
00:07:02 00:07:05 actually get a research software like
00:07:04 00:07:06 Jungle Scout which you can learn a
00:07:05 00:07:08 little bit more about it in the link of
00:07:06 00:07:10 the description of this video basically
00:07:08 00:07:12 it goes through and it pulls on a
00:07:10 00:07:14 database of every one of the products on
00:07:12 00:07:17 Amazon what you can do is you can put in
00:07:14 00:07:20 certain criteria between price a price
00:07:17 00:07:22 point maybe 20 to 30 dollars maybe you
00:07:20 00:07:24 want an estimated at least 300 sales per
00:07:22 00:07:26 month and then you want under 50 reviews
00:07:24 00:07:27 junga scope that research software is
00:07:26 00:07:29 going to pull down every product that
00:07:27 00:07:31 fits your criteria whatever your
00:07:29 00:07:34 criteria is which helps you easily
00:07:31 00:07:36 narrow down the good products that you
00:07:34 00:07:39 can select from now the reason to use
00:07:36 00:07:40 jungle skies because it's the products
00:07:39 00:07:43 are there has the numbers has the data
00:07:40 00:07:44 has everything that you need in order to
00:07:43 00:07:46 decide if this is going to be a
00:07:44 00:07:48 profitable product or not now a lot of
00:07:46 00:07:49 new sellers like to use this strategy
00:07:48 00:07:51 they're just gonna go around their house
00:07:49 00:07:53 they're gonna go around the store and
00:07:51 00:07:55 try to find a product that they think is
00:07:53 00:07:57 gonna be profitable well let me tell you
00:07:55 00:07:59 I did that for my first two products and
00:07:57 00:08:02 both of them were a flop so for instance
00:07:59 00:08:04 my first product where I phone cases the
00:08:02 00:08:06 new iPhone was coming out I'm like hey
00:08:04 00:08:07 let me just sell this clear case put my
00:08:06 00:08:10 brand on it this is gonna be super easy
00:08:07 00:08:12 I get these cases made for a dollar and
00:08:10 00:08:14 sell them for $10 what you don't
00:08:12 00:08:16 understand is a product like that is
00:08:14 00:08:19 gonna be dominated by the big players
00:08:16 00:08:21 like spy gin and and all those other big
00:08:19 00:08:22 phone case companies are gonna blow you
00:08:21 00:08:24 out of the water and that's exactly what
00:08:22 00:08:26 happened to me I lost a lot of money on
00:08:24 00:08:28 that order that's why I recommend
00:08:26 00:08:30 getting a software like jungle scout
00:08:28 00:08:32 where you can put in certain criteria so
00:08:30 00:08:34 you can avoid making mistakes by
00:08:32 00:08:36 guessing like that phone case or any
00:08:34 00:08:38 other products that you think are gonna
00:08:36 00:08:40 be good if you can put in criteria and
00:08:38 00:08:42 if jungle sounds gonna pull down every
00:08:40 00:08:45 product that fits that criteria for it's
00:08:42 00:08:47 gonna be a lot easier for you to find a
00:08:45 00:08:49 profitable product now the strategy that
00:08:47 00:08:52 I like to follow is the ten by ten by
00:08:49 00:08:53 one so ten sales a day at ten dollars
00:08:52 00:08:56 profit in
00:08:53 00:08:58 one day so $100 profit per day $3,000
00:08:56 00:09:01 profit per month for that product it's a
00:08:58 00:09:02 very good goal that you can meet and it
00:09:01 00:09:04 honestly isn't a product that's gonna be
00:09:02 00:09:05 too competitive there are a lot of
00:09:04 00:09:07 products out there that you can make
00:09:05 00:09:10 $100 a day with or maybe if you're
00:09:07 00:09:11 making $5 profit per unit you need to
00:09:10 00:09:13 make sure your product is selling 20
00:09:11 00:09:16 units a day to still reach that hundred
00:09:13 00:09:18 dollars per day $3,000 per month so the
00:09:16 00:09:20 fifth and final thing I wish I knew when
00:09:18 00:09:23 starting my private label business was
00:09:20 00:09:25 that speed kills when it comes to
00:09:23 00:09:27 selling on Amazon if you're the fastest
00:09:25 00:09:29 seller if you can identify the
00:09:27 00:09:31 profitable product first get it
00:09:29 00:09:33 manufactured quickly get it branded up
00:09:31 00:09:35 on Amazon before your other competitors
00:09:33 00:09:38 start making sales start collecting data
00:09:35 00:09:39 you're gonna have a super big head start
00:09:38 00:09:41 in front of all those other people if
00:09:39 00:09:43 they're a new seller this they're just a
00:09:41 00:09:45 lot slower or maybe that found that
00:09:43 00:09:46 politikal week or two weeks after you if
00:09:45 00:09:49 you can get into the market early
00:09:46 00:09:51 establish your listing in the sales
00:09:49 00:09:53 ranks rank for different search terms
00:09:51 00:09:55 start getting sales and a ranking for
00:09:53 00:09:57 your product you're gonna be able to
00:09:55 00:09:58 outsell your competition and rank ahead
00:09:57 00:10:00 of them before the market either starts
00:09:58 00:10:02 getting saturated or just a little bit
00:10:00 00:10:04 more competitive point is speed kills
00:10:02 00:10:06 but make sure you don't go too fast to
00:10:04 00:10:08 where you actually making mistakes that
00:10:06 00:10:10 can cost you especially when it comes to
00:10:08 00:10:11 doing your product research you're most
00:10:10 00:10:13 likely not going to find a product
00:10:11 00:10:15 within an hour you most likely not going
00:10:13 00:10:17 to find that winner prodded within the
00:10:15 00:10:18 first day it's gonna take hours it's
00:10:17 00:10:21 gonna take hours and hours and
00:10:18 00:10:22 consistent research to be able to find a
00:10:21 00:10:24 couple products then after you've found
00:10:22 00:10:25 a couple of products watch those
00:10:24 00:10:27 products for a week and then narrow it
00:10:25 00:10:29 down to the product that you think is
00:10:27 00:10:31 going to be the most profitable to you
00:10:29 00:10:33 so make sure you don't go and you speed
00:10:31 00:10:36 to the process and make those costly
00:10:33 00:10:37 mistakes get a bad product and in result
00:10:36 00:10:39 you're gonna lose a lot of money so make
00:10:37 00:10:41 sure that you're going quickly because
00:10:39 00:10:43 speed kills but make sure you don't make
00:10:41 00:10:45 mistakes along the way so when it comes
00:10:43 00:10:46 down to it I mean speed kills if you can
00:10:45 00:10:48 get your product to the marketplace
00:10:46 00:10:50 before everyone else does
00:10:48 00:10:51 start getting sales and establish your
00:10:50 00:10:54 listing you're gonna be able to outsell
00:10:51 00:10:55 your competition now the main thing is
00:10:54 00:10:57 you don't want to make those costly
00:10:55 00:10:59 mistakes or errors along the way because
00:10:57 00:11:01 you're trying to go too quickly you
00:10:59 00:11:02 don't want to rush the process you don't
00:11:01 00:11:04 want to make those mistakes because they
00:11:02 00:11:05 can cost you in the back end but just
00:11:04 00:11:06 make sure that you're consistently
00:11:05 00:11:08 putting time in
00:11:06 00:11:11 the business keep on researching
00:11:08 00:11:12 contacting suppliers and keep going
00:11:11 00:11:13 through the business because if you can
00:11:12 00:11:15 find a couple products that make you a
00:11:13 00:11:16 couple thousand dollars per month you're
00:11:15 00:11:18 gonna be able to build a successful
00:11:16 00:11:20 long-term private label business so
00:11:18 00:11:22 that's just a quick little run-through
00:11:20 00:11:25 of what I wish I knew before starting my
00:11:22 00:11:27 Amazon FBA private label business now if
00:11:25 00:11:29 you're interested in starting your own
00:11:27 00:11:32 private label business and having me
00:11:29 00:11:33 possibly mentor you along the way click
00:11:32 00:11:36 the first link in the description of
00:11:33 00:11:38 this video anyways that is it for this
00:11:36 00:11:40 video feel free to comment below with
00:11:38 00:11:42 any questions and/or video ideas you
00:11:40 00:11:43 would like to see in the future also
00:11:42 00:11:45 don't forget to Like and subscribe as
00:11:43 00:11:47 I'm always giving away different tips
00:11:45 00:11:49 and tricks on how to make money online
00:11:47 00:11:52 in a bad note I'll see you guys next
00:11:49 00:11:52 video