Checklist For New FBA Sellers
There are currently over 5 million sellers across all Amazon marketplaces worldwide, and you may already be one of them! But if you’re new to Amazon or just thinking about diving into the world of FBA selling, you may be asking yourself: how do I get started?
We’re here to provide you with a checklist of all the things you’ll need right off the bat. While we can’t tell you WHAT to sell, we can help you get prepared for early success!
What You Need to Provide
One of the biggest necessities in starting any business is all the necessary paperwork. Once you’ve decided to launch your FBA business, you’ll need these essentials:
-Point of Contact
-Federal Tax ID Number
-State Tax ID Number
What You Need to Do
Figure Out Logistics In Advance
To become a successful seller, you need to have a business plan. Knowing what you’re going to sell, how to maximize your listings, and setting competitive pricing is half the battle. Laying out a detailed business plan for yourself gives you a big-picture vision of the future of your business.
Before you decide to start selling, do your homework. Figure out what actually sells, when it sells, and what kind of return you’ll get on your investments.
One thing that can easily be overlooked is a good return policy. Make sure the policy you put into place is clear, easy to understand, and is appealing to the customer.
Have Your Financials In Order
This goes without saying – if you don’t know where your money is going or how to properly invest in and grow your business, you may need to reconsider if this is the right time to launch. Ask yourself some questions:
-Do I have the right amount of inventory?
-Is there a contingency fund in place for the unexpected?
-Have I set up multiple accounts for different expenses such as operating costs, inventory, and profit?
-Do I have a clear picture of my profit margins and ROI?
-Have I read and understood all of Amazon’s rules, regulations, policies, and requirements?
-What is the sales tax rule for my state?
-Are any of my products restricted?
-How will I keep track of my inventory, sales, profit margins, and tax information?
If you have the answers to all of those questions, then you’re likely ready to move forward.
Set Your Marketing Strategy
If you want people to know about your products, you need to get the word out. There are virtually dozens of platforms to successfully market your brand to drive external traffic including:
-Word of Mouth
However you market yourself, make sure you’re reaching as much of your target audience as possible. Spend the necessary time to figure out just who that audience is, what other websites they’re visiting, and where they’re most likely to see your ads.
Becoming an FBA seller requires a lot of preparation and research before you ever sell a single item. The more work you do up front, the more successful you can become once you’re ready to launch.