My
side hustle is Amazon selling, and I make $60K-$80K a year in profits.
It's quite a high number for a side hustle, but let me explain.
When
I started this business, I started with $500 because that's all I had. I
had to make something out of it because I was tired of working a
terrible job and needed to find other sources of income so I could
either quit that job or take fewer shifts. Fast forward a few years, and
I'm on track to do my first six-figure year by the end of 2017. At
first, it felt like I was making a quick flip and it would be over soon.
But I've validated this method, and I can't express how amazing it
feels.
I
didn't grow up rich, and it was quite a struggle financially my entire
childhood. I write about this a bit more in my small Quora blog. Growing
up; I always followed Larry Ellison's quote. "I have had all of the
disadvantages required for success." And so I think a lot of people fall
into this category but just don't know where to look for success.
The
way I operate this business is straightforward. For example, I buy a
$20 nerf gun from Walmart or a distributor. Usually, these items that I
flip are on clearance. This same nerf gun sells on Amazon for anywhere
between $50-$100. Scaling this is simple since thousands of items go on
sale and clearance every week. Things like cookware, clothing, toys and
just about anything that sells on Amazon. I know this sounds like an
elementary idea but these same basic ideas go onto make millions. Look
at Post-it notes or the Snuggie.
Throughout my years of selling on Amazon and teaching others how to do the same, I've realized two things:
1.
A lot of people think the market is overcrowded or saturated. This is
partially correct, but when you look at how much inventory sells on a
day to day basis for the top 100,000 products in the 35+ categories on
Amazon, you'll quickly understand as to why this market will never be as
saturated as you think. If you can manage to sell on fifty of these
listings, which is realistic, you can generate upwards of tens of
thousands of dollars a month.
2. Selling on
Amazon isn't for everyone. Trust me. Everyone likes the idea of having
their own schedule, setting their own rules and etc… but some people
aren't built to operate that way. A close friend of mine quit his job to
pursue this, but he quickly realized that he needed a boss and a
schedule to follow or else he couldn't operate. Seriously consider this
because I see this in people all the time. Almost everyone
procrastinates, and so self-employment isn't for everyone.
I
must also mention that a lot of people get into a side hustle and end
up spending way too much time operating it to the point where it's
almost not worth it, so make sure you're focusing on time spent. I spend
only an hour or two a day operating this side hustle. For example, I
don't source my products. I have outside sources that go through those
thousands of products on a day to day basis and get me those promising
products.
Most of what I do is order the
inventory, get it to Amazon, and they do the fulfillment. So this way I
don't have to ship orders, deal with customers or any of those tedious
tasks.
There's a lot of information available on Google on Amazon flipping so definitely search.