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EXECUTION Getting started

Discussion in 'Progress/Execution Threads' started by njord, Sep 24, 2018.

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  1. njord
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    njord Contributor Read Millionaire Fastlane

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    Hey guys, after some research iv desided to do amazon FBA selling to pay my bills.
    (ordering bulk from china and sending it to amazon)

    Iv followed a detailed cource on the subject and now iv started.

    Only being stubborn as always I thought I could take some shortcuts...
    Apparently you cant!

    I thought I could skip going for multiple samples and just pick on good supplier and it semed good enough so i went for them.

    Only I deceded to change model last minute and dident look over the reviews properly.
    Turns out the are bad quality and now im stuck with a shipment of 500pcs.

    Its not the end of the world but it means ill have to sell these off cheeply and start all over again with a proper model.

    Status:
    Production almost finished cargo ready date 25-9-18


    BTW I want to look into dropshiping next to FBA selling as selling with amazon has a large capital restriction ( I cant lend money aready got a morgage and you need capital to expand quickly)


    PS is the trade war going to mean everyone will start doing FBA shipments to europe instead of USA?
     
  2. njord
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    njord Contributor Read Millionaire Fastlane

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    UPDATE, HELP Iv f*cked up.

    My first cargo is almost at the Amazon warehouse (30 nov) and i was recalculating my profit ect. and there isn't any.

    Iv ordered 500 of my product from china for 2600USD
    it cost me 770 euros to ship (Im starting to think i got ripped off on this pricing iv didn't do enough research)

    The customs duty turned out higher then i thought i had looked it up... (almost 1000 euros instead of 750 i thought it would be)

    amazon handeling fees, the price tag iv got in my FBA acount says 7,82 per product! I dont have premium account yet will upgrade a soon as i start selling but this is ALOT MORE then i expected!:eek:
    In total (without premium) it will cost me about 4000euros

    My listing price will be 25 euros with my product i have added 50% off coupons to get an email list and customer loyalty so iv calculated that ill be selling my product for about 70% off the listing price overal. (they buy 1, buy a second for 50% + the discounts i will do to launch my product)

    What means ill be selling for 17,5 euros on average = ill make a turnover of allmost 9000 euros.

    Just now assuming i sell everything ill only just be breaking even with a few hundred left for
    promoting my product.

    I just dont get it with so many expenses how do you run a profit off FBA where did i f*ck up?

    I know there are other products out there that are way cheaper how do they do it?!
     
  3. ManlyMansNegator
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    ManlyMansNegator Bronze Contributor Speedway Pass

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    There is a lesson to be learnt somewhere in here.

    hmmm
     
  4. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    If you are going to sell these cheaply, why are you doing a giveaway. Why not just price them to sell?

    You are going to get a customer list of people who hate your product. The list is useless.

    Wow, so many things wrong in here.

    First, it looks like your product is $5.20, selling for $25. This isn't too bad.

    Second, $770EU for shipping sounds a little high (maybe just $100-$300 high though), but it's impossible to tell without knowing how big or heavy your product is and what port it shipped to.

    Third, Customs of $1000 means you have a 33% tax. That is very high. Did you get hit with the Trump 25% tax?

    Fourth, Amazon handling fees, $7.82 sounds normal. $3.75 for their commission and $4.07 for shipping. Can't get much lower than that. What were you expecting?? The cheapest it could have been is $1 cheaper. And did you know that you will get charged monthly storage fees? Maybe $300/mo in December?

    But here's your biggest problem. You say your quality is no good. All those numbers and plans you have above were assuming you had a decent product.

    You can make a profit by ordering more, lowering your cost and reducing shipping costs. Breaking even on your first shipment is fairly normal in a competitive space. You break even to establish your product rank and get reviews. But it sounds like you wouldn't want to use this same listing if you're likely to get bad reviews.
     
    RazorCut likes this.
  5. RazorCut
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    RazorCut Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Did you have to purchase the course you took as well?

    I have been bombarded on YouTube by FBA course sellers of late. And I don't know what they are picking out as a targeting factor as I have zero interest. I stopped doing Amazon FBA 4 years ago.

    When you see all these guys flogging how-to courses you have to ask yourself why? If they are doing so well on Amazon themselves why do they want to share their 'secrets' and just create more competition for themselves?

    It's because they have experienced how saturated the market has become and how difficult it is to make solid money so they want to bail out as teaching others is far more lucrative and a whole lot less hassle.

    I'm not saying you can't make money on Amazon but it's not like it used to be. More like the wild west these days. Anyone and their dog can source from China and latch on to a promising listing even if the items are only remotely similar.

    I'm not saying give up but I am saying it's no where near as easy as it seems and the course you have taken should have prepared you better (or you ignored ALL their warnings and waded through the quicksand anyway).
     
  6. Fastlane Liam
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    Fastlane Liam Bronze Contributor Read Millionaire Fastlane Speedway Pass

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    Amazon FBA is all about capital
     
  7. njord
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    njord Contributor Read Millionaire Fastlane

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    Iv already got this product I know its crap i just need to get rid of it without losing too much money.
    I had also added the 50% off vouchers before I realized my mistake that it was a low-quality product. there is not much i can do about this i have to carry this through or trash my brand name completely.

    The shipment was from Ningbo port to Hamburg port and then to the Amazon warehouse in Rheinberg.

    these are the dimensions of my product:

    Qty per carton: 12
    Dimensions 46.5*23.5*48cm , 0.052m³
    Weight per carton: 9
    Nope im based in the Netherlands and iv sent everything to Germany because they have a bigger market.
    This is what freight hub put on the invoice:

    Customs Duties 263,35 €

    Import sales tax (EUSt) 637,58 €

    Advance commission 90,09 €

    VAT 0% 0,00 € Total amount 991,02 €

    Well my plan is to dump this product im already looking for a better one and make a new listing with that, only whats distressing me now is the margins are complete crap.
     
  8. njord
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    njord Contributor Read Millionaire Fastlane

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    nope i got my course via a good friend of mine (the Amazon selling machine)

    I may have rushed through it and will pay better attention from now on...

    Iv invested as much as i can, i know there are better margins if i can invest more.
     
  9. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I didn't realize you were shipping to Europe and not the USA. I don't know if the shipping fees were good or bad then.

    Are those the dimensions of the product or your case?

    Those Europe VATs you should have known. Did the course teach you about those?

    Since you had the AZ seller course, you probably should have gone through it in more detail. Most of this stuff is surely covered in it.
     
  10. njord
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    njord Contributor Read Millionaire Fastlane

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    Ill redo the hole cource and see if i can fix this and if need be start again with a diffrent more profible product.
    The margins are just crap
     

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