Do you have a plan for funding your business if something goes wrong? A plan for times when there’s a lull in your business or you have to file for bankruptcy?
We’ve said it before, but we’ll say it again – knowing your numbers, income vs expense, income vs debt, is crucial when running a successful business. It’s easy to feel overwhelmed, scared, or worried when thinking about checking your numbers, but a lot of businesses fail for one simple reason – they ran out of money before they could “crack the code” on success.
Knowing and frequently reviewing your income, expense, and debt numbers will let you make better, more informed decisions in the long run. You can plan for lulls in business and pay off debt even during the down periods if you know where your business stands financially.
And, it’s okay to do a little side-hustling if you need to in order to stay in the green!
Today, I want to share with you some valuable information and tips on why it’s so important to know your numbers, give you some ideas on how to generate income even when your business has hit a dry season, and provide tips on how you can keep track of your income, debt, and other business expenses.
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Women’s Entrepreneur Conference Highlights
We had the opportunity to attend the Women’s Entrepreneur Conference and sit in several workshops dedicated to Amazon sellers. On today’s show, we’d like to share some of the highlights of that conference, including details about what the future may hold for our businesses and policy changes that may occur in the near future.
Amazon is a great way to build a sustainable business and career, but sometimes the platform throws a kink in our well-oiled machine; makes changes to the rules and policies that we need to follow – and that’s okay!
As entrepreneurs, we must get comfortable with being uncomfortable. The world of ecommerce changes constantly, and selling on Amazon is no different. However, what surprises a lot of people throughout our industry is that Amazon truly cares about your business; they want to help you succeed, and that is why they have taken the time to present at the Women’s Entrepreneur Conference – to help you learn and grow your business while staying updated on potential changes and gain insight and advice from them as well as those throughout the community.
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A recent article authored by our friend, Cynthia Stine, has resulted in a lot of confusion for Amazon sellers in the Retail Arbitrage space. First, we’d like to say that we have a lot of respect for Cynthia – she has been a huge supporter and teacher to the Amazon seller community. Secondly, we’d like to address that much of the hysteria, concern, and confusion surrounding this article isn’t really necessary.
Today, on the Unstoppable Entrepreneur Show, we’d like to calm the waters a bit and explain exactly what we think Cynthia meant in her article, as well as re-state what was mentioned at the Women’s Entrepreneur Conference regarding Retail Arbitrage, Counterfeit items, and the policy changes may affect your business as well as our advice on how you should consider pivoting your business model to accommodate the changes in the marketplace.
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Kaman Cheung
Last August, I had the pleasure of meeting Kaman Cheung. Kaman was fairly new to selling private labeled products on Amazon and was adamant about finding a support group and mentoring that would really help his business grow and prosper. His success story has been an amazing inspiration to many people throughout the ecommerce community.
Kaman first started dabbling in entrepreneurship and Amazon private labelling a few years ago – as a side project, although he didn’t put much stock into it at first. At least until he lost his corporate job following a company acquisition that ultimately resulted in the termination of the entire staff of the company he worked for. After a few months, and with the support of his wife, he took the plunge to try selling on Amazon again.
Kaman’s professional experience prior to becoming an Amazon seller was in product management, and he was able to utilize this experience to help him grow his business. Today, he shares his story with us, talks about how his business has grown over the last 18 months, and explains why he feels that “leaning into your fear” can often be the most beneficial thing you can do for your business.
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“Fear should be used as a light, a guide, instead of something to run away from.” – Kaman Cheung
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One of the most frequently asked questions we receive is whether or not you should have multiple streams of income while running your Amazon e-commerce business. Just about every time we get asked this question, we counter it with another: “How able are you to pivot your business model?”
In today’s episode, Robyn shares her insight into pivoting, what you need to do to pivot your business model, and why it is okay to have multiple streams of income that are not related to your Amazon business to help grow your business and achieve your goals.
Pivoting often goes hand in hand with outsourcing. After all, if you’re too busy doing all of the work for your business – being a solopreneur – then how can you find the time to pivot your Amazon business as the marketplace evolves? Like outsourcing, once you get established in the marketplace, it is important to pivot your business model to continue growing and expanding your business.
Let’s face it, if there is one thing that is predictable in the e-commerce industry, it’s that there will be frequent, consistent changes as years go by. To avoid having your business and products become non-viable throughout these marketplace changes, you need to proactively change your business model as the marketplace changes. You need to be flexible.
So, how do you remain consistent and fluid in an ever-changing marketplace?
Every year, evaluate your business model – asking yourself these questions:
Remember, managing your inventory turn rate has never been more important. However, it can be one of the easiest pivots to overlook if you’re too busy “doing” and haven’t dedicated adequate time to evaluate the marketplace.
Resources Mentioned:
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From being a baby bird in the Nest to transforming into a beautiful eagle soaring high in the sky, we have followed Adrian Friday’s e-commerce career closely. Adrian is a graduate of our Unstoppable Amazon Academy, and today, he joins us on the show to share his journey of becoming a successful online seller.
We talk about inventory and buying decisions and how finding what you’re good at selling and becoming a master in that market can amplify your business success. We talk about the turning point in his life and business, and why he decided to leave his job to become an Amazon seller entrepreneur.
Adrian openly shares his experiences, his trials and tribulations throughout his entrepreneur career, and the systems and processes he uses to stay on task and productive each day. He also shares his insight on why entrepreneurs should learn new skills that will help advance their businesses before outsourcing the tasks to others as well as many other helpful tips and advice that has helped him go from a “jack of all trades, master of none” in the e-commerce industry to a master in his business.
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“Mastery is a game changer” – Adrian Friday
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I’m often asked the question, “How do you prioritize and take care of your self – your family – while moving your business forward?” On today’s episode, I want to talk with you about the power of outsourcing, and how outsourcing smaller tasks to other people can help free up some time in your busy day to focus on other important areas in your life.
As your Amazon business grows, you will quickly begin to realize that there is simply not enough hours in a day to juggle the many tasks and responsibilities you have as a business owner. From packing and shipping, to sourcing, marketing and advertising – not to mention personal responsibilities like cooking, cleaning, and washing laundry – your day is jam packed with responsibilities and tasks.
It can be a lot to juggle, and you may begin to feel overwhelmed.
Outsourcing various tasks for your business or personal life can be the secret to your success as an entrepreneur. Here’s how.
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Making a list, and checking it twice:
Keeping a list and checking things off is a really underrated skill.
Make a list of everything you do throughout your day – for your business and for your family. Then, identify what is important, and what can wait until later.
Prioritize your list based on what you need to get done every day in order to maintain your income versus things you simply want to accomplish. The “wants” can wait.
When you stay a solopreneur, you set the revenue ceiling. The sky is not the limit, until you outsource.
Resources Mentioned:
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If you enjoyed today’s episode of The Unstoppable Entrepreneur Show with Robyn Johnson – leave a review on iTunes and you could win a free 1-hour consultation with Robyn!
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Ingrid Vanderveldt the CEO and founder of the Empowering a Billion Women by 2020 movement is here with Robyn and together they empower you to build your business, empower your life, and tell you that, while you may be crazy being an entrepreneur – it’s the best kind of crazy…
Where To Connect With Ingrid:
https://twitter.com/ontheroadwithiv?ref_src=twsrc^google|twcamp^serp|twgr^author
https://www.linkedin.com/in/ingridvanderveldt
Also, you get these great things from Robyn!
The Unstoppable Amazon Academy
Sign up here: http://www.BestFromTheNest.com/show
AND!!!
By leaving a review for Robyn’s podcast, The Unstoppable Entrepreneur Show With Robyn Johnson – on iTunes, you could win a free 1-hour consultation with Robyn!
Follow the link below for instructions on how to leave your review for The Unstoppable Entrepreneur Show.
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https://support.apple.com/en-us/HT201991
Email Robyn at: Robyn@BestFromTheNest.com
So you’re at ASD and you have a ton of lists! Great! Now what do you do? Today Robyn talks about how to organize all of the information you get at ASD, and other conferences, to make the best use of your time and increase your trips ROI. Robyn explains her system and why it works for her and talks about how to take a close look at your business model before making any decisions.
Come visit Robyn in Vegas!! Email Rochelle@bestfromthenest.com for the suite number and stop by and say hi!
Also, you get these great things from Robyn!
The Unstoppable Amazon Academy
Sign up here: http://www.BestFromTheNest.com/show
AND!!!
By leaving a review for Robyn’s podcast, The Unstoppable Entrepreneur Show With Robyn Johnson – on iTunes, you could win a free 1-hour consultation with Robyn!
Follow the link below for instructions on how to leave your review for The Unstoppable Entrepreneur Show.
How to leave a review in iTunes: