Is this the end of the road for my Amazon FBA business? Am I still angry at Amazon for causing my sales to drop from £20,000 to £0? Will I still be offering Amazon FBA mentorship? In this video, I discuss how my mindset has evolved over the past week from the anger and frustration of seeing my Amazon sales drop, to the positive excitement of exploring two new business opportunities.
Hopefully, this honest appraisal of my situation will help you decide whether starting an Amazon FBA business in 2020 is still worth it.
Making money on Amazon is difficult at the best of times, however, with the current circumstances the risk of losing money trying to sell on Amazon is certainly high!
Last week I was feeling angry, frustrated and powerless due to the huge drop in sales caused by Amazon policy changes that were unfairly impacting some sellers. However, over the course of this week I have developed a positive mindset for a number of reasons:
• This drop in sales has served as a timely reminder that Amazon can not be trusted and that you should never be 100% reliant on them for your income
• It has shaken me out of the complacency that I had developed from selling on Amazon
• I have launched a new YouTube channel which would probably still be just an idea if this sales drop had not had happened
• I am also at the research stage of a new inventory-less e-commerce model that I plan to launch alongside my FBA business.
Following last week's video, I was asked whether I am giving up on Amazon or closing my FBA business.
The short answer is no, I have £10,000 of inventory leaving China this month that will hopefully arrive in June ready to sell on Amazon when things are hopefully starting to settle down.
However, I would not recommend that anyone starting an Amazon business orders stock now - instead, I would advise waiting until there are signs of normality returning before deciding whether Amazon FBA is worth it and ordering stock.
I was also asked if I would be giving up on FBA Elite to focus on my new YouTube channel www.honestmoney.co.uk
Again, the answer is no :-)
The FBA Elite YouTube Channel and Forums and Mentoring available at www.fbaelite.com will continue exactly as they are.
I have recently closed my web design business so that I have enough time to run both YouTube channels.
I will be posting Amazon FBA videos every Friday on FBA Elite and Personal and Business Finance videos every Monday on Honest Money.
I don't think that Amazon FBA is Dead, however, I do believe that at this stage in 2020 it is NOT the right time to start an Amazon FBA business.
Welcome to all the new subscribers, let me know in the comments if you plan to start an Amazon FBA business in 2020 or whether you are pursuing other ways to make money online.
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