If you are one of the almost 3 billion consumers that shop on Amazon each month then you have probably thought about how to make money from this vast system. My guest today has learned how to leverage the Amazon platform to make a substantial profit.
Neil Twa is the co-founder and CEO of Voltage Digital Marketing. Over the past 9 years, he has grown several private-label e-commerce businesses and now coaches new e-commerce entrepreneurs. He and his clients have sold over $100 million in physical products by using Amazon FBA.
Today, Neil shares his blueprint for building a successful e-commerce company that can generate a 6-figure income in only 12 months. Listen in to learn how you can use the world’s largest retailer to build a business and increase your earnings.
You will want to hear this episode if you are interested in…
- How Neil got to where he is today [1:22]
- The challenges of building an e-commerce business through Amazon [17:05]
- How his business works [18:54]
- How to make your products profitable [26:48]
- Selling in 24 months [36:49]
- What kind of investment it takes to become successful [39:30]
- The money questions [42:00]
How Neil got into e-commerce
Neil Twa learned his work ethic from his hard-working, blue-collar father. Even though he understood the value of hard work, when he got to college he didn’t believe in what he was learning and eventually dropped out.
Although he dropped out of college, he didn’t stop learning–he taught himself computer programming and got better and better at it. Neil was able to utilize his programming knowledge and grow with companies like Spring PCS and IBM for several years. After leaving IBM in 2007, he began a management consulting firm.
A mistake managing his business left him bankrupt, but that issue opened up the opportunity for him to use his background in marketing and entrepreneurship to learn how to build an Amazon FBA sales channel just as Amazon was beginning to grow.
The biggest hurdles Neil has overcome in e-commerce
As a seller on Amazon, Neil’s biggest questions were who to sell to and how to drive traffic to his products. To answer who to sell to, Neil learned what people wanted to buy and how to profit from those products. With time and research, Neil learned how to leverage the platform to build quality, brand-driven products that people trusted.
Neil sees 3 main challenges of building an e-commerce business through Amazon: ensuring the business is profitable, finding a product to sell that is in demand–not just by people, but by the algorithm–and ensuring the supply chain is set up to handle the logistics of shipping the products that customers purchase.
How to run a profitable e-commerce business through Amazon
After understanding who your ideal customer avatar is, then you’ll begin to build up a product list. To do this, Neil has his coaching clients come up with 500 product ideas. This may seem like an impossible feat but listen in to hear how Neil explains how to do it.
The overarching goal of any business is to earn a profit. To this end, Neil has found that it is important to achieve at least a $12 profit from each product. Listen in to learn how Neil develops a solution-driven product by creating a brand-driven value. Neil has loads of experience in using the Amazon model. Learn what you can about creating a profitable e-commerce business on this episode of Solopreneur Money.
Connect with Neil Twa
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