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When To Start Selling Your 2nd Product On Amazon

Published on: December 2 2022 by Tatiana James

When To Start Selling Your 2nd Product On Amazon

When To Start Selling Your 2nd Product On Amazon

hey amazon sellers it's tatiana and
today i'm going to be answering a very
popular question
when should i launch my second product
on amazon
and another question should i launch two
products simultaneously
so uh you know i've been doing coaching
for a number of years now
uh with amazon sellers and i notiked
that oftentimes after launching the
first product and seeing some
initial success people get really
excited to launch a second product
and i totally get that because once
you've seen some initial success it
makes you're like okay well let's let's
do that again
and then i can have more success and
earn more money and so
i can see why you would want to rush
into it
however i would discourage rushing into
it
so if you've only been selling on amazon
for a month with your first product
and you're already thinking about
selling a second product working on a
second product
i would argue that that is coming at a
cost to your first product
you have to understand that your
resources are now going to
have to be split between the two
products you have to pay
place an inventory order for this
product and an inventory order for this
product so that's your money has to be
split
your time has to be split so working on
this product and working on this product
so you are splitting those resources and
that can
that can be detrimental to your original
product
there are a few things that i like to
consider in terms of my resources that
are going to help me determine whether
i'm ready for a second product or not
number one capital do i have enough
funds
to support increasingly larger inventory
orders
so if i am planning on my business
growing month by month then i have to
antikipate that i'm going to have to
place larger and larger inventory orders
and i'm going to need to have the
capital to support those orders
so inventory is number one number two is
marketing that's an expense that we can
all antikipate
and the final one is any other expenses
in your business do you plan to hire
anyone do you plan to hire employees do
you plan to hire freelancers
virtual assistants to help you out do
you plan to give yourself a salary
or pay out yourself dividends so these
are all things that you need to consider
do i have enough cash in the bank to
support not only this product
but do i have more than enough to
support a second product
so if i do have more than enough to
support this product
then that tells me okay that the excess
cash to my bank that's just sitting
there
can be used to service a new product
now another thing that i like to
consider is my time that is the second
resource this is really important
because you know if you only have two
hours a day to invest into your amazon
business
you need to make sure that you're making
the most of those two hours
now if you've got two products your time
is going to be split right
so what i like to do is i like to set
this business
up so that it can operate without me
in the beginning with any business and
even with you know amazon businesses you
have to invest a lot of time and energy
to get it up and running
but once you've laid the foundation then
for the most part there's very little
that you have to do to maintain it
to put it in maintenance mode if you
will so the upkeep
is is low meaning that you know maybe
you have to check in once a day on the
amazon account to make sure there's
nothing that happened to your amazon
listing make sure there's you know
nothing going on there but for the most
part everything's set up and running
well and maybe you have to place an
order with your supplier once a month
so then that doesn't require much of
your time anymore that means that you
can now
invest the time into the second product
so you're not taking away from this
product
because you've already set that that
product up and there's really not much
more that you could be doing
so instead you can now invest time into
that second product
without taking away from the first one
now in terms of the time
resource one recommendation i have is if
you have a business that requires
a lot of customer support or if you have
a brand where you have a social media
presence then i recommend hiring virtual
assistants
it's going to save you a tremendous
amount of time and
as a business owner you always want to
be able to identify
what is the thing that you could be
working on that's the highest leverage
task you don't want to be working on
things that just anyone can do
you want to be working on things in your
business that can really move the needle
and so if there's anything in your
business that you can outsource
probably the most common ones are
customer support and
social media then you can go on a place
like upwork.com and hire a freelancer
uh for you know five bucks an hour 10
bucks an hour
internationally and they can help you
with your business
and so then that can help you so that
you can focus your time on your second
third and etc products now don't assume
that when you hire an employee
or a virtual assistant that they're just
going to take a lot
off your plate immediately there is a
learning curve
so you are going to have to train them
and what you want them to do
one of the best ways to do this is by
creating sop documents
stands for standard operating procedures
so you can write out a document where
you just outline
everything in detail about a procedure
in your business
so for example with social media you
write down everything how you want it
done
when you want things posted what is the
style what is the brand
uh you know the branding all of that
stuff you just
write it out and you can even insert
videos in there screen shares
and then you can hand that off to the
people that you're hiring
so that they can read it over and just
come back to you with questions
this way you don't have to invest your
personal time into training each and
every
person so this saves you time and it's
going to be better in the long run for
your business
now the last thing i will mention is
that if you have
launched a first product and it's
absolutely not working out and it's
costing you money
month by month then it's important to be
able to cut ties
quickly okay so sometimes you know yeah
maybe you didn't do the proper product
research
maybe the market changed who knows what
happened but for whatever reason
this product is not working out for you
and
if you continue to invest your resources
into this product
that can just lead you more into debt
and you just end up losing time
so in that circumstance i may try and
just cut my losses
and say yeah you know what this product
didn't work out i did learn from it
but it didn't work out i'm going to move
on quickly to the next product
and you can try and liquidate that
inventory but i will say that oftentimes
people
think that the product's not working out
that it's the product's fault that the
market changed
but really it's them oftentimes you have
to take you have to be honest with
yourself and take a hard look at your
business and see
am i performing am i doing all that i
could do have i done everything i could
to
improve my amazon listing master my ppc
campaigns have amazing product images
all of that stuff did i do the work off
of amazon too it's not just on amazon is
there there's marketing that i could do
off of amazon
to draw traffic to my amazon listing so
oftentimes people think that
oh this product didn't work out i want
to move on with the next one
but really it's because you know you
don't want to put in the extra effort
now the last thing i will mention about
launching multiple products
is don't fall into the delusion that
more
is better you know let's keep life
simple
okay i know this uh from firsthand
experience
if you ever plan on selling your
business you will figure this out
buyers don't necessarily care for the
business that has the most
skews in fact they avoid it if your
business has hundreds or
thousands of skus you know that's that's
more of a headache for them that's more
management for them
they would much prefer to see a business
with one or five products
that's making a million bucks or two
million bucks
a year in revenue rather than 100
products making the same amount of money
that's why you know less is more when it
comes to products and skews
now to answer the second question should
you launch two products simultaneously
on amazon
the answer is very simple if you are a
beginner no
if you are more advanced and you have
experience on amazon
maybe it's something that you could
consider so i understand the logic
behind it
if you think well i should launch two
products at once because it's going to
save me time
but if you're a brand new seller you
have to understand that there's a lot
that you don't know
if you've never sold on amazon before
there's a huge learning curve for you
and you are gonna have to go through
that and you're gonna have to make
mistakes and learn
lessons and it's best you do that with
one product
rather than two so i recommend you just
launch one product
and then you're going to gain a
tremendous amount of experience through
that first product
it's kind of like you know the first
product is the training wheels
on the bicycle and then with the second
product you can actually take those
training wheels off
so i recommend you gain that experience
and then apply that experience to your
second product
and your second product will be much
more successful because of that
so i don't recommend launching two
products simultaneously if you are a
brand new seller
if you are someone with more experience
then yeah that's perfectly fine because
you now have that experience you
probably have more resources
if you've been successful with your
amazon business more money that you
could invest
then it's definitely an option for you
so i hope that this video was helpful
for you guys if you have any further
questions on this topic of launching
multiple products on amazon
do let me know but just you know i want
you to remember that less
is more and don't be in such a rush to
launch your second product because it
can
be at the detriment to your first
product it can cost your first product
so really you know give it the time of
day focus your time
your your money put invest your money
and just do
all you can to to make that product a
success
ultimately it's you who makes the
product a success
so thanks for watching give me a thumbs
up if you enjoyed it and i will see you
in the next video
if you have not yet started your amazon
fba business you can get my free four
part video training series by going to
tatianajames.com
fba i highly recommend it because this
free video series is going to give you
an overview
of what you can expect to to be doing
with an amazon business and it can help
you determine if it's the right fit for
you
alright guys i'll see you later