What You Should Do To Improve Product Research:
The majority of people that start Amazon FBA actually end up quitting before they ever get to the point of selling – and they do that because of one main reason – they can’t find a product to sell, despite there literally being millions of product opportunities out there.
There’s no denying that finding a product to sell on Amazon is hard, but most people – you probably included – are making it even harder – if not impossible, by approaching product research in entirely the wrong way and creating a load of problems and obstacles unnecessarily.
Stop Looking For The Perfect Product
One of the biggest roadblocks that stops people from finding a product to sell on Amazon.. is their brain. Most people – me included – have a brain that doesn’t really like going out of its comfort zone by taking risks… especially when it comes to investing money. And that causes a big problem when it comes to finding a product to sell on Amazon, because what generally happens is no matter how good a product opportunity looks, your brain focuses on the negatives and downsides – no matter how small they may be – and you end up constantly talking yourself out of every product that you find.
Your brain doesn’t want you to push you out of your comfort zone and it doesn’t want you taking any risks, which when combined with Amazon FBA research, traps you in a never ending cycle of looking for that perfect product, ultimately making you decide to give up because you’re convinced there’s nothing left to sell on Amazon.
This trap of constantly analysing products and focusing on its flaws whilst ignoring any upsides is really common so don’t worry if that sounds like something that you’ve been doing for the past number of months.
To get past the roadblock of constantly searching for a product to sell on Amazon that has no flaws and is 100% going to be a success, you need to get into your head that that is a scenario that is never going to happen, and unless you can convince of that, you’re never going to be Amazon FBA seller, a business owner, and somebody that is financially free. Every single business model out there – Amazon FBA or not – is going to come with downsides, risks, and outcomes that you can’t predict… and that’s okay, being an entrepreneur is all about accepting those risks and downsides in exchange for being able to receive unlimited upsides.
The absolute worst case scenario when it comes to choosing a product with Amazon FBA is that you lose a portion of your initial investment… but the best case scenario is that you create a 7 or even 8 figure business that generated huge sums of profits on a monthly basis – accepting a small level of risk up front doesn’t sound so bad when you phrase it like that now does it?
The sooner that you can accept that every product out there is going to have flaws and risks – and that searching for a perfect product is a complete waste of your time – the sooner you can start selling on Amazon and making some money. To help your brain accept this, think of literally any product that you’ve happily purchased and consider whether it was a perfect product with no downsides or flaws. I can guarantee you that even if you don’t put your mind to this exercise– you’ll still be able to come up with a long list of improvement points, because – no product is perfect. And despite you now realising that, on balance you’re probably still pleased that you bought the product, right? Because it doesn’t change the fact that the product that you chose is functional, serves its purpose, and it does a better job than its competitors.
And that is the mindset that you need to adopt whenever you are searching for a product to sell on Amazon. The product is always going to have flaws but unless they are huge ones – you should put them to one side and instead focus on questioning whether the product that you’ve found is going to give you the opportunity to make improvements versus what is already available on Amazon.. and in the majority of cases, because no product is perfect, the answer is going to be yes.
Once you’ve got it into your head that no Amazon FBA product that you find is going to be perfect, you’ll be able to approach product research with a more open mind, meaning you’ll consider way more opportunities than before.
Have A Realistic Goal
Before you excitedly dive back into your Amazon FBA product research like an excitable dog, make sure that you don’t make another big mistake that I often see – which is not setting a realistic monthly profit target that you want to achieve selling a product on Amazon. By skipping this step, you may as well be searching for a needle in a haystack, because you without a profit target in mind, you won’t have enough information to be able to understand whether a product is worth your time investigating further or not, which ultimately is going to result in you wasting a tonne of time looking at products that should have been eliminated from the word go. And that is something that’s only going to contribute to you getting fed up and frustrated with the whole process of product research, making you think that there’s nothing out there left for you to sell.
So, before you crack on with your product research, think about the minimum monthly profits that you’d like to achieve with a single Amazon FBA product, and when thinking of that figure – be as realistic and sensible as possible. One common trait that I see beginners making is listening to the YouTube gurus boast about their 6 and 7 figure profits, and then being influenced to set their own earnings goal to similarly high amounts, when the reality is that they’d be more than happy with an extra £500 or so per month. Setting a high profit target straight off the bat is going to severely restrict the number of products that you can look at, making product research an impossible task that kills your motivation and makes you want to give up.
Once you’ve decided upon a monthly earnings amount that you’re happy with, you’ll be able to quickly assess whether a product that you’ve found is worth exploring further by following my simple rule – that the revenue on Amazon for the product you’re looking at is at least 3 times your monthly profit goal. So to check that, search for the product you want to sell, load up the Helium 10 Chrome Extension, and then check the average revenue amount. If you see a revenue figure that’s more than 3 times what you’re looking to earn, then you know very quickly that it’s a product that’s worth investigating further.
So, if you’re feeling fed up with doing Amazon FBA product research and you’re feeling like you’re not getting anywhere and you’re making excuses to yourself about how there are no products left to sell – just ask yourself whether you might be making the mistake of searching for a perfect product, or doing product research but not actually knowing what is it you’re looking for. Once you’ve fixed both of these by working on your mindset and setting a realistic earnings goal, you’ll come to the same realisation that I did, which is that there are thousands of product opportunities on Amazon, just waiting to be discovered.
Get A Mentor
With all that being said, if you’re still really struggling with finding a product to sell with Amazon FBA and you’re determined to become a full time seller, then my biggest piece of advice is to seek guidance from somebody that knows what to look for.. like me.
I run a beginner to advanced Amazon FBA training programme called the Smashers Academy, that not only includes step-by-step video tutorials on how to find products to sell, but also on how to verify and then select the ones that are likely to give you the best chances of success. You’ll also have me as your sparring partner, so if you’re unsure about a possible decision you need to make, you can reach out for a expert opinion from an experienced 7 figure seller.
Alternatively, if you’d just prefer to outsource the process of product research entirely, then there are plenty of options out there. You can find people that are willing to hunt for products for you on sites such as Fiverr or Upwork, or if you want an experienced company to do it for you then you can use AMZ Scout, who offer a tailored service where they will send you 5 exclusive product ideas that their experts have vetted for the marketplace that you want to sell in. Once you’ve got your ideas, you can even go a step further and get another company to actually the source the product from a supplier & negotiate for you. Just make sure that before placing any order with a supplier, you verify that the product has demand and it’s profitable – and if you’re not sure how to calculate your Amazon FBA profit, ask an accountant such as Osome, who will help you understand exactly what it is to the penny!
Regardless of how hard you’re finding product research, make sure to keep going – you never know how close you are to finding an amazing product to sell. Getting to the point of being an amazon seller is a challenge, but if it was easy, everybody would be doing it and there would be no opportunity. So keep at it & think of the huge reward for doing all of this work up front – I’m telling you, it is absolutely worth it.
If you want to know more about my Amazon FBA journey as a seller and as a mentor, read my blog post on My 5-Year Journey with Amazon FBA: What The Gurus Don’t Tell You.
If you want more information on how you can be successful with your own Amazon FBA business, check out my free training where I run through my exact 5 step strategy that I’ve repeatedly followed to continue launching successful products.
Or, if you’re ready to begin your journey and want to start with the best chances of success with a mentor, check out the Smashers Academy.