In this podcast, Mike shares how he finds all the great products he’s selling that got him to $80,000 in revenue for August.
After trying many other strategies, Mike started using the Replen model he discovered through the ProvenAmazonCourse.com. He says this model is like “shooting fish in a barrel.”
Mike started with $1,500 and has rolled his profits over into more inventory in order to grow. In July, he sold $6.5k but he’s expecting $90k in sales in August – just a month later, at over 20% net margin.
Mike shares exactly the tips, strategies, and ideas he learned at our recent conference in Tampa. These strategies are what helped Mike build a flexible schedule for himself and his family. So that he can create his schedule. Travel for months if he wants.
Now you can benefit from his story and learn how to grow an Amazon Replen business as well.
How Mike Turned his $1,500 into $80k per month on Amazon
Here’s a summary of Mike’s story as he shares it with you – and a ton of tips and strategies that you can also use to grow your own Amazon business:
My story is a little bit different from the others that have been on the podcast.
I’ve been involved in internet marketing or e-commerce since 1995.
. . . Around 2006, I went through a divorce and lost everything. And got involved in e-commerce.
. . . The company I was working for asked me to move to Arizona and start working in the office.
I couldn’t do that. I’ve worked from home since the 90s.
So, I parted ways with the company in March 2020. Took most of 2020 off and tried figuring out what I wanted to do.
A former business of mine pointed me to the MySilentTeam Facebook group and the Replen model. There was a special price on the Replen course and he told me, ‘it’s legit… I make 30-40k a month.’
So, December 23rd, I bought the course.
December 31st, I made my first sale.
. . . I ended up selling $12,000 in January 2021.
. . . I went through the section in the Replen module, Zero to $10k. . . I binged watched that.
. . . If you go through that, it’s more than enough for you to get started.
. . . I was running around from store to store, buying products and shipping to customers. I was selling FBM {Fulfilled By Merchant, which simply means selling from home}.
. . . In February, I switched to FBA {Fulfilled By Amazon, which means that you ship the items to Amazon and they ship to your buyers – less time on your part}
. . . I went camping with my family for about a month. We just started driving and went to different states, tent camping.
We returned to Tampa because of the Proven Conference.
My goal at the conference was to solve my money problem, to learn how to scale on a limited budget.
The people at the conference shared willingly how to scale.
I wasn’t willing to risk, to spend more on products that can make me more money.
Some of those people at the conference told me,
“Now you know Keepa. You know how to find products that sell. You can sell 4 products making $5 or you can sell 1 product and make $20.”
Once you’re confident you know what to buy, you can find products that sell at least 10 per month.
After the conference, I used a service to finance growing my business.
With Amazon FBA, you buy products, send them to Amazon, and then wait for them to sell. About 2 weeks later, you get paid.
Payability is a service that takes about 2% of what you make and pays you daily. So, I started doing FBM again. I buy products that sold 20, 30, or 50 units a day. I ship them, and then I get money in my account the next day. Then I repeat the process.
. . . I went to the conference to vet you and the community. Doing business on the Internet for so long, you learn to be skeptical. I wanted to see if there were other intentions behind this event.
And I was stunned by the relationships I built. . . I didn’t meet a single person that I didn’t feel they were genuine.
. . . My son goes with me sourcing. And I love doing this with him.
Who Should Use The Replen Model on Amazon?
. . . Replen model is like shooting fish in a barrel. It works. It doesn’t matter what your education level is, it doesn’t matter how good you are at working with computers. It works!
. . . I was scared to spend more than $10-15 on products. Now, I jumped into the big leagues.
So, where am I shopping?
The complete opposite of the grocery aisle.
There aren’t many grocery items that cost you $30, $50, $90. One of my ASINs {each product listing on Amazon has a unique Amazon Identifier called an ASIN} costs me $109. . . That’s scary. $109. It was scary for me until I made that first sale. $245.
This one product has 80 drops on Keepa {drops on Keepa are directly correlated to sales; so the item sales over 80 times a month}. There are 30 sellers on the listing. And I still can’t get enough stock to keep up with the sales.
AMAZON SOURCING TIPS:
- If you go to the store and you see items out of stock, take note! Look at the empty shelves and take note of the price.
- I look at products that cost over $30. On the more expensive stuff, if you can sell it on Amazon for 2.5x of what you bought for (i.e., $30 x 2.5 = $75), that’s a good item.
- Look at items in the sports and outdoors category, or Patio and Lawn category. Products with boxes that look like they are hard to ship.
- You cut your teeth on learning how to read Keepa. You can start with lower priced products. Then move out of your comfort zone.
At 10-20 drops on Keepa, I know that I might get maybe 5 sales a month. I can make $5 a month per product or $20 profit per product. That’s $25 profit or $100 profit (for the higher priced items).
- I have a wholesale account. I bought the products in the store and when I looked on the back of the product, it was a company in the store. I reached out to them and got the product for 25% off the price I paid at the grocery store.
I still sell 1 of their SKUs on 6 ASINs {this is a super useful tip}. I sell the single item, I sell it as a double pack, I sell it as high as a 6-pack. Then there’s a listing where the item is bundled with another of their products.
- Look for products in your area. There are products in your area that are not in other seller’s areas. There are regional advantages, no matter where you live. Take advantage of those.
- Purge the bottom 20 and invest more in the top 20: Cut 20% of your least profitable ASINs every time, and put more money into your top 20% most profitable ASINs.
Should you listen to Mike’s advice?
He went from selling $6,500 in July to more than $80,000 in August simply applying the tips he shared with you. This stuff works!
All you need is the Replen model in the Proven Amazon Course and a couple of tools (Keepa and RevSeller).
