Like any other business, the first step of success in product sourcing for Amazon is to make a business plan. Entire books have been written on the subject of business planning, and you can read them in your local library. However, planning for a part-time online business on Amazon has some important differences which makes it considerably simpler. After all, you do not need to submit this plan to a bank for a business loan application. Your plan serves as a guideline, and should be adjusted as you gain more experience in your small business.
The first step is to determine your intention. In other words, what is your goal from selling products on Amazon? Start with a more general statement, e.g. to make a down payment on a new house or saving for college expenses. After that, you need to drill down to specifics – how much money do you need and by when?
Then you need to plan your budget. Although the product sourcing for Amazon strategy is very low cost, you may want to spend some extra money for training and other resources. You may want to spend some additional cash up front to advertise and market your Amazon store and auctions for faster results. More important than the money budget is your time budget. How much time can you spend on your product sourcing for Amazon business? One hour every weekday and 16 hours every weekend? Or just an average of 8 hours across every Saturday and Sunday?
Before you do anything else, you need to reconcile your desired results with your budget. Does it seem practical? Once you have confidence in your schedule and budget, you need to investigate what’s hot on Amazon today.
After this, you have to find a wholesale dropship supply partner who provides these products. If you like pets and want to sell pet accessories, then you need to find a pet accessories dropshippers. Ditto for a music lover – you need to find a music CDs dropshipper. Selling on Amazon is big business, and you can virtually find wholesalers for Amazon sellers for any hot products on Amazon.
The final step is to create your auctions and storefronts to catch the interest of potential customers. This is another area where a good wholesale dropship supply partner comes in handy. They will provide you with product descriptions, graphics and images which you can use in your marketing efforts. They may even provide additional information and advice which can get you even more sales.
Making a business plan for your product sourcing for Amazon strategy does not have to be complicated. When you are new, it is better to stick to basic principles and keep your plans simple. As you gain experience, you can adjust your plan accordingly.