Last we had heard from Sue, she turned $100 cash into $5000 in profit in under 4 months.
We’re very proud of Sue’s success and feel that she is an inspiration to everyone in the Amazon seller community. So we asked her for her Top 5 scouting tips. Here’s what she had to say:
#1. Create a record keeping system…
Have a system in place BEFORE you buy inventory. This is the #1 most important scouting tool/technique in my opinion.
I use a spreadsheet to track item name, date purchased, where purchased, rank at time of purchase, category, date sent to the warehouse, shipment name, number of MF/FBA sellers, date sold, profit, ROI and more.
My system wouldn’t be perfect for anyone else but me, so take the time to create a system that works for you. And stick to it!
#2. Shop smarter…
Establish your own personal set of buying guidelines. Everyone’s guidelines are different, and yours should always be changing based on your results.
But start with a set of guidelines. Here are some ideas:
- You want to always purchase inventory in the top 10% of the category.
- You want to avoid selling items Amazon sells.
- You want to avoid inventory with more than a certain number of FBA and/or MF sellers.
- You want to sell items that only NET you 100% of their cost after COGS/fees.
- You don’t want to sell anything under $25.
Buy within your guidelines, track the data, and watch what works and what doesn’t. You will make mistakes. Let the data help you to not make them again.
#3. Know when to take calculated risks…
Buy outside your guidelines from time-to-time. Track the data, and again, watch what works and what doesn’t.
You will make mistakes, but you will also find some great new inventory that you wouldn’t have found otherwise.
#4. Don’t settle for inventory that’s just “good enough…”
Look for the real winners. It’s better to come home empty handed than settle for “good” inventory. Good inventory sits around gathering dust. Great inventory sells!
Wait for the great stuff. Your “great” inventory will be defined as your successes. What do they have in common? Rank? Competition? ROI? Use your data to discover this, refine it, and repeat.
#5. Track. Every. Single. Piece. Of. Inventory.
If I buy 50 units of the same item, there are 50 entries in my spreadsheet.
Inconsistent tracking can be worse than not tracking anything at all. By tracking every piece of inventory and every sale, you’ll begin to see patterns emerge.
Before you know it, you’ll be buying smarter than ever before. And that means you’ll be making more money than ever before.
Post your scouting tips here or on Facebook and we’ll enter you to win a $25 Amazon Gift Card.