Episode
#37 - Mastering Amazon FBA
49:18
Published: Wed Jan 22 2020
Description
Ever think your side-hustle could become a million-dollar company? Paul Anderson (@paul_d_andersen) did. Today on My First Million, we sit down with Paul who quit his 9-to-5 to focus on his Amazon FBA and how his passion became a full-blown multi-million dollar company. Side hustles, getting ‘em out there, increasing your profits, credit lines and more this week! Also, go sub to his new personal finance newsletter: https://wealthfam.com/newsletter/ See acast.com/privacy for privacy and opt-out information.
Chapters
The speaker discusses how with the right resources and investment, one can create a successful business that can change their lives and family's lives forever, even with a small bet.
00:00 - 03:18 (03:18)
Summary
The speaker discusses how with the right resources and investment, one can create a successful business that can change their lives and family's lives forever, even with a small bet.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
The speaker shares how podcasts, Facebook groups, and Reddit threads have helped to learn about business and reach customers resulting in huge scalability, with just one person, to create a million-dollar business.
03:18 - 06:52 (03:33)
Summary
The speaker shares how podcasts, Facebook groups, and Reddit threads have helped to learn about business and reach customers resulting in huge scalability, with just one person, to create a million-dollar business.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
The pressure of winning the "normal game" and not feeling financially secure was what led the speaker to start building a life raft.
06:52 - 10:14 (03:22)
Summary
The pressure of winning the "normal game" and not feeling financially secure was what led the speaker to start building a life raft. Despite having a decent car and house, he felt the need to create something of his own.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
The speaker shares the lessons she learned from sourcing a product from China, optimizing it on Amazon, and dealing with customers while selling a pour over coffee stand.
10:14 - 12:30 (02:15)
Summary
The speaker shares the lessons she learned from sourcing a product from China, optimizing it on Amazon, and dealing with customers while selling a pour over coffee stand.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
The speaker shares his experience of starting a business and using the Notes app to observe and summarize everything he learned along the way, including the importance of differentiating your product and using targeted advertising.
12:30 - 17:42 (05:11)
Summary
The speaker shares his experience of starting a business and using the Notes app to observe and summarize everything he learned along the way, including the importance of differentiating your product and using targeted advertising.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
A way to get in the good graces of algorithms is to have good reviews and competitive pricing.
17:42 - 20:35 (02:53)
Summary
A way to get in the good graces of algorithms is to have good reviews and competitive pricing. One strategy to boost sales is to cut the price of the product heavily.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
The speaker discusses the diminishing revenue in high sales spots and the need to find alternative ways of making money.
20:35 - 23:20 (02:45)
Summary
The speaker discusses the diminishing revenue in high sales spots and the need to find alternative ways of making money. They also mention the possibility of using Google and Amazon to engage in marketing pursuits.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
A business owner shares her experience of starting a business and struggling with doubts from both herself and her loved ones.
23:20 - 26:59 (03:39)
Summary
A business owner shares her experience of starting a business and struggling with doubts from both herself and her loved ones. Despite the initial skepticism, she persevered and succeeded.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
The speaker shares their experience with building relationships with suppliers and the importance of this in the success of their business.
26:59 - 29:37 (02:37)
Summary
The speaker shares their experience with building relationships with suppliers and the importance of this in the success of their business.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
The physical inventory business involves taking a lot of risks, from naming the high number to having a constant fear of shipment accidents, and investing a large amount of money in inventory.
29:38 - 32:46 (03:07)
Summary
The physical inventory business involves taking a lot of risks, from naming the high number to having a constant fear of shipment accidents, and investing a large amount of money in inventory.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
A parent discusses the difficulty of running a business while also being present for her child.
32:46 - 38:25 (05:38)
Summary
A parent discusses the difficulty of running a business while also being present for her child. She also commiserates with another entrepreneur about the struggles of starting a business.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
In this episode, the speaker reflects on the realization that money alone cannot provide meaning and purpose in life, and the importance of giving back to society.
38:25 - 44:21 (05:55)
Summary
In this episode, the speaker reflects on the realization that money alone cannot provide meaning and purpose in life, and the importance of giving back to society. The speaker discusses the "4% rule" and finding a comfortable life beyond financial success.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
This podcast discusses how encouraging progress with measurable goals can be more effective than solely focusing on the end goal.
44:21 - 47:11 (02:49)
Summary
This podcast discusses how encouraging progress with measurable goals can be more effective than solely focusing on the end goal. The speaker suggests measuring progress to keep people happy along the way.
Episode#37 - Mastering Amazon FBA
PodcastMy First Million
The host reflects on how impactful mentorship can be, often without the mentor even realizing it.
47:11 - 49:22 (02:11)
Summary
The host reflects on how impactful mentorship can be, often without the mentor even realizing it. He shares his love for receiving listener emails and offers his help to listeners.