Podcast Episode 212 – Overcoming Failure in your Amazon FBA Enterprise

Click on right here to subscribe to the
weekly Full-Time FBA Publication

Again to the principle web page for The Full-Time FBA Present

Extra Episodes from the Full-Time FBA Present podcast:

Don’t miss an upcoming episode! Subscribe, obtain episodes, and evaluation the Full-Time FBA Present:

Episode 212 Transcript:

[INTRODUCTION]

[0:00:01.8] ANNOUNCER: Welcome to The Full-Time FBA Present. In every episode, it’s our objective that can assist you flip part-time hours right into a full-time earnings, promoting virtually something on Amazon. Now, your hosts of the present, Stephen and Rebecca Smotherman.

[WELCOME]

[0:00:20] STEPHEN: Welcome to episode quantity 212 of The Full-Time FBA Present. At the moment, we’re going to be speaking about easy methods to overcome failure in your Amazon FBA enterprise, as a result of all of us expertise it, so let’s take care of it and know –

[0:00:32] REBECCA: Simply take care of it.

[0:00:34] STEPHEN: We’re going to take care of it and transfer ahead with it. To assist me take care of it’s my spouse and enterprise accomplice and co-host Rebecca Smotherman. How are you doing, Rebecca?

[0:00:42] REBECCA: Good. It feels like our greatest parenting recommendation, too. Simply take care of it. That’s what we inform our mother and father. That’s what we inform our children. Simply take care of it.

[0:00:51] STEPHEN: Sure.

[0:00:52] REBECCA: That’s probably not –

[0:00:53] STEPHEN: That’s not all we are saying. Sure. We assist them take care of it.

[0:00:56] REBECCA: Sure. We’re good at giving recommendation.

[0:00:59] STEPHEN: We’re.

[0:01:00] REBECCA: Or we like to present recommendation.

[0:01:02] STEPHEN: That’s true. Yeah. Whether or not or not they take the recommendation, that’s an entire one other podcast. I’m about to say episode, that’s an entire one other podcast.

[0:01:08] REBECCA: The youngsters. Okay, we’re getting off monitor.

[0:01:11] STEPHEN: Sure. We’ve failed with our introduction with this episode.

[0:01:14] REBECCA: Let’s overcome that failure and discuss easy methods to overcome failure in your Amazon FBA enterprise, too. Nicely, clearly, nobody likes failing.

[0:01:26] STEPHEN: Fail.

[0:01:27] REBECCA: I imply, if you happen to do, that’s what you are promoting, I suppose. However most of us don’t wish to fail. Everyone knows that failure goes to occur, although, once in a while. The reality is that your Amazon FBA enterprise, we’re all going to fail. We’re all going to fail at completely different instances. We’re going to have these failures that we expertise. Typically it’s going to be a small failure. Typically it’ll be larger. Curiously sufficient, how we reply to failure could be a good indicator of how we’ll truly succeed effectively in our endeavors. Responding to failure the correct manner can truly result in success.

At the moment on the present, we’re going to speak about failure and easy methods to greatest overcome your Amazon FBA failures as they occur in what you are promoting. Simply to be clear, we’re not going to be discussing any particular errors or failures that we’ve made or that you would encounter on this episode. We’ve performed that earlier than. We’ll in all probability do it once more sooner or later. If you wish to see an inventory of these episodes, we’ve had about 10 episodes the place we’ve talked about particular Amazon errors and failures. You will discover that record within the present notes for this episode at fulltimefba.com/212, however as a substitute right now, we’re going to be serving to you to enhance your mindset. It’s a mindset episode. We snuck that in on you right here. We love mindset episodes.

[0:02:44] STEPHEN: Sure.

[0:02:44] REBECCA: We’re going to assist enhance your mindset in regards to the failures that you simply may expertise. How one can greatest reply to these failures. How one can decrease the probabilities for failure sooner or later.

[0:02:54] STEPHEN: The very first thing that all of us want to acknowledge is that this. Should you’re experiencing failures, congratulations. Which means you’re truly taking motion. You’re truly doing one thing. You may not notice this, however the truth that you’re on the market and doing one thing and failing at it, that’s an enormous factor. Too many individuals don’t ever truly begin their Amazon enterprise, due to the concern of failure. If that’s your concern of truly beginning your Amazon enterprise, we’ve bought you lined with episode quantity 37, fulltimefba.com/37, an entire episode in regards to the concern of beginning.

Once more, if the silver lining of failure is that it’s an indication you’re truly engaged on what you are promoting and taking motion. Failure is a pure a part of studying something. Take into consideration using a motorbike. You don’t simply instantly decide it up. You don’t know the talents and know the steadiness wanted to experience a motorbike. It takes time. It takes falling. It takes failure earlier than you get assured sufficient to experience the bike.

[0:03:48] REBECCA: We will additionally take this using a motorbike analogy even additional. When you get snug using a motorbike, perhaps you need to begin to discover ways to do some tips, like leaping the curb or using in a straight line with no palms. Every of these new abilities includes the likelihood and to be sincere, and to be sincere, the probability of experiencing extra instances of failure, extra instances of falling over.

Then with promoting on Amazon, most individuals perceive there can be errors and failures originally of rising in Amazon enterprise, however there’s additionally going to be errors and failures throughout every new stage of development in what you are promoting. There’s an outdated saying that claims new stage, new satan. That’s true with rising in Amazon enterprise too. Possibly you began with retail arbitrage and after you bought some confidence in that, you added on-line arbitrage. Nicely, you’re going to have occasional failure with that and that’s regular. That’s okay. That’s a part of the training course of. Understanding that it’s regular can assist you overcome your failures.

[0:04:47] STEPHEN: Failures, they’re going to occur. We’ve established that. However clearly, we need to remove or keep away from as many cases of failure as doable, proper? What are one of the best methods to do this? Nicely, to start with, among the finest methods you could keep away from failures is to study so much in regards to the technique of promoting on Amazon earlier than you even get began. Discover I didn’t say study every thing, as a result of that could be a endless course of. I’m nonetheless studying stuff about promoting on Amazon and I’ve been doing it over a decade.

There’ll all the time be one thing to study with rising in Amazon enterprise. Should you’re caught not beginning, since you’re nonetheless studying, then like we stated earlier than, don’t let that concern of failure and the consolation of studying cease you from lastly beginning your Amazon enterprise. I might say if you happen to’ve taken a foundational course promoting on Amazon, like our JumpStart Amazon course, then you will have all that that you must get began. Taking a foundational course, that’s going that can assist you keep away from lots of the errors that newbies make.

[0:05:44] REBECCA: One other solution to keep away from failure is to simply learn the Amazon tips. That is fairly primary, however it’s so essential. A failure you by no means need to expertise is breaking one in all Amazon’s guidelines. Ensure that at the very least every year you become familiar with the Amazon tips. That will help you with that, we’ve created a fast hyperlink that goes on to the Amazon tips web page in Vendor Central. Simply kind in fulltimefba.com/tips, and that can take you on to Amazon Vendor Central to the rules. It’s an enormous learn. It’s a boring learn.

[0:06:17] STEPHEN: Boring.

[0:06:19] REBECCA: You should definitely schedule a while right here and skim over these tips. You suppose crucial tips, however even continued breaking of the lesser essential tips will destroy your vendor score and trigger you to be liable to shedding your vendor account. Learn and perceive these tips, and also you’ll enormously decrease your threat of experiencing failure in your Amazon enterprise.

[0:06:41] STEPHEN: There’s an outdated saying about failure from John C. Maxwell that I’ve heard for a very long time. The saying is, “Fail early, fail typically, fail ahead.” So, let’s break this quote down and apply it to our Amazon enterprise, okay? Failing early principally implies that throughout the early levels of what you are promoting, you’re going to fail so much, and that’s okay. It’s okay, as a result of failing throughout the early levels implies that the results of the failure are normally not big, and that fixing what went fallacious is normally simpler. In your Amazon enterprise, if you happen to’re a beginner, be okay with failure, as a result of failures originally are going to be simpler to repair, and the outcomes from that failure are going to be simpler to wash up than the failures that come sooner or later.

[0:07:21] REBECCA: Then the following a part of the saying is, fail typically. Which means you’re taking possibilities, you’re not staying stagnant, you’re not afraid to strive new issues. Once more, the failing typically mantra is extra for newbies, however if you happen to’re a seasoned Amazon vendor, it could possibly additionally be just right for you too. Don’t be fearful of failure. With every new manner you attempt to develop your Amazon enterprise, there can be a chance for failure. While you add a brand new class to promoting on Amazon, you’re going to fail typically. While you strive a brand new sourcing methodology, fail typically. While you rent assist, fail typically.

[0:07:53] STEPHEN: Lastly, within the John C. Maxwell quote, “Fail early, fail typically, fail ahead.” The fail ahead implies that once you take possibilities in what you are promoting, and also you experiment, and also you strive new issues, and also you expertise failure, attempt to study as a lot as you may from the teachings that come out of your failure. Clearly, the one that fell off a motorbike in all probability thought, I want I used to be sporting some kind of pads to guard me for subsequent time. You’ll be able to study out of your errors and make adjustments.

Clearly make sure the probabilities that you simply’re making they’re considerably managed. They’re not too massive, however the extra failures you expertise, particularly early, the extra you may study from these failures. That’s the true lesson we would like you to seize on right here. Fail typically, however fail ahead. Study from these failures. Should you make a mistake and expertise failure, then dissect what went fallacious. Don’t simply really feel bummed, since you made a mistake, however diagnose what went fallacious and see what you may study, so you may keep away from this error sooner or later.

[0:08:52] REBECCA: Right here’s a real-life instance. Think about that you simply purchased 30 of the identical merchandise to ship in to Amazon. You’ve the merchandise priced at $35 once you ship it in. Then every week later, all your competitors is promoting that very same merchandise for across the value of $19.99. That is hitting actually near house. These items occur.

[0:09:13] STEPHEN: Sure.

[0:09:14] REBECCA: However what occurs right here? Nicely, you will discover out for your self and see if it was perhaps doable that you would have prevented a sourcing mistake there. Possibly when you have been sourcing that merchandise, you seemed on the Keepa graph incorrectly, or worse, you simply didn’t even use Keepa in any respect. Why are you doing that? We’ve requested you so many instances to make use of Keepa. It helps you make nice sourcing choices.

[0:09:35] STEPHEN: Yeah. An actual fast video for you, if you wish to study the ins and outs of Keepa on an intro stage, fulltimefba.com/readkeepa.

[0:09:43] REBECCA: Yeah. Possibly you’re not it accurately, perhaps you’re not it. You in all probability shouldn’t have sourced that merchandise within the first place or perhaps you supply the merchandise at an enormous retailer goal throughout an finish of the summer time retailer vast clearance sale. You didn’t take into consideration how each goal in America proper now, it has this particular merchandise on clearance. Amazon warehouses are about to be flooded with this merchandise from sellers throughout the nation who’re sourcing the identical merchandise, so the worth goes to drop, due to that improve in competitors.

[0:10:14] STEPHEN: Yeah. That easy love, provide and demand work in there.

[0:10:16] REBECCA: Precisely. It doesn’t matter what the reason being for the failure on this instance, determine it out, suppose it via, after which simply don’t repeat that failure sooner or later.

[0:10:25] STEPHEN: Yeah. That’s positively good recommendation. Up to now on this episode, we’ve lined easy methods to overcome a few of the smaller failures in your Amazon enterprise, however we additionally know a few of you skilled some actual doozies in your Amazon enterprise. Should you’ve skilled perhaps an account suspension or an ASIN suspension. These are massive ones. Ones that truthfully, you actually can’t overcome by your self. So, you may want the assistance of knowledgeable service that has in depth success in serving to individuals get their Amazon companies again, or the ASIN reinstated that you simply’ve been suspended from promoting.

Once more, you may want some skilled assist. We advocate two providers that may each show you how to on this state of affairs. We’ll put these within the present notes, however the hyperlinks are fulltimefba.com/riverbend, which can take you to Riverbend Consulting. They assist out with each of those conditions. There’s additionally e-growth companions. You’ll be able to go to fulltimefba.com/reinstatement. Once more, we’ll put each these hyperlinks in our present notes, fulltimefba.com/212.

[0:11:23] REBECCA: Possibly you haven’t had one thing as massive as an Amazon account suspension in what you are promoting expertise, however you’re simply experiencing smaller failures once more, and once more, and once more. Possibly you’re questioning if this factor of promoting on Amazon is even price all of the money and time you’ve invested into it. All of these little failures are actually including up, and also you’re feeling like the entire thing is perhaps failure. If that’s you. I need to inform you two issues.

Primary is a quote from Zig Ziglar that I’ve heard from Stephen and his dad time and again. That quote is, “Failure is an occasion, not an individual.” Don’t let these enterprise errors make you’re feeling like a failure, since you’re not. You aren’t a failure. The second factor I need to inform you is, perhaps you presently don’t have the help that you must actually succeed. Having that proper help system and accountability is crucial to being profitable at promoting on Amazon and eventually making a full-time earnings promoting on Amazon.

We might love that can assist you make that dream of constructing a full-time earnings with Amazon right into a actuality. We now have a 12-month-long teaching program that we provide referred to as, The Full-Time FBA Teaching Program, the place we define, educate, and coach you towards making that full-time earnings promoting on Amazon. You will discover out extra about it at fulltimefba.com/teaching. We might love that can assist you, since we’ve not solely been there and skilled it ourselves, however we now have expertise serving to others to attain that massive objective of a full-time earnings.

[0:12:55] STEPHEN: Backside line, clearly, failure stinks, however it’s not all the time the top. It’s solely the top if you happen to cease getting up from the bottom. Let’s all overcome failure collectively. We’re going to develop our Amazon FBA companies towards making that full-time earnings, perhaps even with part-time hours and allow us to show you how to. Once more, that hyperlink fulltimefba.com/teaching.

[0:13:19] REBECCA: Thanks a lot for becoming a member of us for this episode of The Full-Time FBA Present. As all the time, we now have the present notes and transcript for this episode at fulltimefba.com/212, as a result of that is episode quantity 212.

[0:13:31] STEPHEN: Subsequent week on the present, it’s the This fall motivation episode. We’re already a month within the This fall with two months to go. Let me encourage you to complete out This fall robust in subsequent week’s episode of The Full-Time FBA Present.

[OUTRO]

[0:13:46] ANNOUNCER: That’s all for this episode of The Full-Time FBA Present. Head over to fulltimefba.com/podcast, the place you’ll discover the present notes and hyperlinks from this episode. When you’re there, subscribe to our e-newsletter, the place you’ll get a number of free downloads of our common and useful Amazon FBA assets. Now, take motion on what you’ve discovered right now, so you will discover success at turning part-time hours right into a full-time earnings with Amazon FBA.

[END]