Welcome back to our Free Wholesale Training Course! In module 1, we started going over some of the basic things you needed to start thinking about in regards to purchasing wholesale product. You likely have already started to shift your mindset into thinking about wholesale all the time, and learned some wholesale lingo you may have not known about. Hopefully, you also have been thinking about how your existing Amazon knowledge with other sourcing methods can help you with wholesale. Finally, maybe you’ve already started looking for a virtual assistant that has the skill sets you aren’t so hot in!
In case you forgot why I’m creating this course, or want to see a full outline of all the modules, check out the introduction post to the Free Wholesale System. Also, if you ever want to come back to that page, and you want something easy to remember, you can go directly to FreeWholesaleSystem.com, which will take you directly to that post.
Here’s the layout of this module:
Module 2: Wholesale Preparation
You can click on each of the links above to go directly to the area of the module the best interests you. That being said, lets get right into the content!
Want to skip reading the massive wall of text? After the entire course is released, I will make videos for each of the sections for easier consumption. Make sure you are on our mailing list to be notified when it’s released!
Introduction to Wholesale Sourcing
Welcome to the amazing world of wholesale sourcing! Now that you have your mindset prepared for wholesale sourcing, it’s time to start going over the foundation you’ll need to be successful.
When you are building a house, you can get really excited about picking out the knobs of doors, the colors you’ll paint the rooms, and where you will put everything in the house. You are ready to get into that house now! But, you have to wait. Why? Because there isn’t a foundation or structure set for you to do all those things with.
When preparing to do wholesale sourcing, it’s smart to have a foundation and structure ready to support everything that you are about to do. When we talk about structure in this regard, we mean making a plan of exactly how you will handle things as they come about. Yes, you could go willy nilly and just start calling companies and start landing accounts. But what I’m teaching in this course is how to build a long term sustainable business. If you are for real about success long term, you will need to have a structure at some point. Most entrepreneurs just start doing… and figure out the structure later. The problem with this method is that they hit a wall at some point. That wall is when they either get in over their head and over work themselves, or they hit a plateau in their growth. Thinking about the structure before you run into this will ensure you can have sustainable growth long term.
You may be saying to yourself “c’mon dude – just tell me how to get wholesalers”…That’s a valid point, and we’ll get there soon – I promise! But, you are missing out on the big picture if you don’t do some preparation before hand. Here’s why:
- If you don’t know how the buy box works on Amazon or understand how the Best Seller Rank (BSR) works, it will be very difficult for you to properly analyze competition and potential sales.
- If you don’t think about your own personal buying guidelines based on your own situation, you may end up buying things you shouldn’t have.
- If you don’t think about your long term strategy, it will stunt your growth, and you may end up on a path you weren’t expecting.
- If you are unaware of the differences between manufacturers and distributors, you may end up paying too much for product. Of course, this could erode your margins, or make you noncompetitive on Amazon.
- If you are unaware of the different tools available on the market for helping with wholesale, you could be wasting a lot of time that could be spent on closing wholesale leads.
In this module, we will go over some basic things that every Amazon seller needs to know: how to determine competition levels and how to determine demand. Those easily are the two biggest factors when determining which items you should source.
We will also discuss how to set your personal buying guidelines, and how to work out a long term strategy and goals. Finally, we will define what the ideal sources are for wholesale products, and tools to use for wholesale sourcing.
By the end of this module, this is what you will learn:
- How Amazon’s Buy Box works, and how you can determine who your true competitors are.
- How Amazon’s best seller rank (BSR) works, and how you can use it to determine how much potential demand there is for a specific product.
- How Return on Investment (ROI) and margin are calculated, and how you should use them in your decision making.
- How to set your own specific buying guidelines that you are comfortable with.
- What the differences are between buying directly from manufacturers / brand owners vs distributors.
- How to layout your long term strategy map, which will guide your short term strategy.
- Identify who the ideal targets are for wholesale sourcing on Amazon.
- Have a basic understanding of the tools that can be used to help save time while wholesale sourcing.
It’s time to get started!