How to get started forecasting sales on Amazon
Before we deep dive into how you can quickly upload your receipts, automate the boring tasks of transposing 100’s of entries, and get a true profit and loss picture, even broken down by sourcing trip which can be very helpful, let’s get the basic tools needed.
So how much do you make reselling anyway?
Sometimes it’s not as much as you might think and sometimes it’s more!
Not the most concise answer, I know, but it’s important to understand that it all depends! It starts to get harder to understand your total costs as your grow your business with the sourcing, shipping, subscriptions, apps, courses, tax, seller fees, packing, personal transportation costs, and so on ad infinitum. The classic buy low and sell high is a very simple concept and when it comes to Amazon, the most basic guideline is your selling cost should be 3x the purchase price for just the item. And, like everything else in this business, it depends! For example, if you buy something for $1 and sell it for $3, your not only losing money in shipping but even if you sold it for $3 + shipping the profit would be less than $2. In this case you would want 1,000’s of them and have a very efficient way of processing the items or it’s just not worth your time.
More Tools For Tracking on Amazon
Build a data table of your purchased items including a custom SKU, date, description, price, and known costs.
Tools of the Trade
A Barcode scanner will be your best friend! I have had great results with the tried and true: Tera [Upgraded Version] Barcode Scanner Wireless 1D 2D 2-in-1 (2.4G Wireless & USB 2.0 Wired) 2D QR Bar Code Scanner Cordless CMOS Image Barcode Reader for Payment Computer 2D Scanner with Stand. As an Amazon affiliate, I earn commission on qualifying purchases made through links contained in these articles. This is a free service for our visitors and the small commissions help tremendously in maintaining our sites and more
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