New Year’s resolutions are a tradition for many people wanting to make positive changes, but can resolutions also apply to businesses? In this episode, we consider New Year’s resolutions concerning your Amazon business that you should focus on this year. We discuss the top resolutions we feel will help you make essential changes to help your business grow and reach its full potential. We cover why you should not treat your business like a side hustle or hobby, our ideas and philosophy behind selling replens, why you should not just focus on clearance sourcing, and overcoming your Amazon business-related fears. You will also hear why a healthy mindset is essential to reach your full potential and some helpful resources to help you get started on your New Year’s resolution journey. Tune in and discover the four resolutions you should focus on to grow your Amazon business in 2023!
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Key points from Episode 170:
- Resolution #1 – Treat your Amazon business like a business, not a hobby.
- Resolution #2 – Find more replens!
- Resolution #3 – Face your Amazon reseller fears.
- Resolution #4 – Improve your mindset.
Links and resources mentioned in this episode:
- Treat Your Amazon Business like a business, not a hobby:
- Find More Replens:
- Face your Amazon Fears:
- Episode 107 – Overcoming Your Fear of Buying Items with High Sales Ranks
- Episode 106 – Overcoming Your Fear of Branching Out into New Amazon Categories
- Episode 105 – Overcoming Your Fear of an Empty Cart
- Episode 104 – Overcoming Your Fear of Going Too Deep on a Buy
- Episode 55 – Overcoming Your Fear of Amazon Account Suspension
- Episode 54 – Overcoming Your Fear of Hiring Help
- Episode 53 – Overcoming Your Fear of Making Sourcing Mistakes
- Episode 52 – Overcoming Your Fear of Tanking Prices
- Episode 37 – Overcoming Your Fear of Starting to Sell on Amazon
- Improve Your Mindset:
- Mindset: The New Psychology of Success by Carol Dweck
- Episode 139 – Mindset Hacks to Find More Inventory to Sell on Amazon
- Episode 135 – Overcoming Your Biggest Competition for Amazon Success
- Episode 59 – How Gratitude Impacts The Success of Your FBA Business
- Episode 25 – Gain Confidence and Overcome Imposter Syndrome
- Episode 7 – How Your Mindset Impacts Amazon Profits and Sales
One of the ways you can make selling on Amazon FBA easier is to know ahead of time exactly what to expect each and every month of the year.
Imagine what it would feel like knowing you were not missing out on any of the opportunities that will come your way this year. Imagine working on your Amazon business knowing exactly what your priorities are, what you need to avoid, and what you need to accomplish during each month to make progress toward making this year your best sales year ever.
Now you can with the course The Reseller’s Guide to a Year in FBA: A Month by Month Guide to a Profitable Amazon Business. The package includes a 275+ page ebook, monthly training videos, a private Facebook group, and more!
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Episode 170 Transcript:
[0:00:01.8] ANNOUNCER: Welcome to The Full-Time FBA Show. In each episode, it’s our goal to help you turn part-time hours into a full-time income, selling almost anything on Amazon. Now, your hosts of the show, Stephen and Rebecca Smotherman.
[0:00:21.4] REBECCA: Hello everyone and welcome to this episode of The Full-Time FBA Show. We’re on episode number 170, Amazon FBA Reseller Resolutions for 2023. We are here to talk about this today, getting into the New Year. We are a week late on this one because Stephen has not been feeling well. He is here with me again today but still not having that great of a voice.
[0:00:46.3] STEPHEN: Yeah, I’ve got a weak voice and so I’m here, I’m going to make it.
[0:00:51.6] REBECCA: Well, that sounds really pitiful.
[0:00:53.0] STEPHEN: Yeah, I sound horrible.
[0:00:54.7] REBECCA: Well, before we get into today’s topic, I wanted to remind you if you’re not already signed up for The Full-Time FBA newsletter, be sure you do that. You can go to fulltimefba.com and get signed up. We send out one or two emails a week with links to videos, podcasts, blog post, other articles that will help you turn part-time hours into a full-time income with Amazon FBA.
You want to be sure you are on that list so you don’t miss anything, any of the help or advice that we give out. Be sure you’re signed up at fulltimefba.com.
[0:01:28.5] REBECCA: So today, we’re talking about Amazon FBA reseller resolutions for this New Year and we all want to improve our Amazon business and right now, it seems like a good time to resolve to make some key changes that will help grow your Amazon business in 2023. So today, we’re going to talk about those resolutions, the top ones that we have for the New Year and that we suggest you think about as well.
We hope that this conversation is going to be unlike other New Year’s resolutions that you might have encountered either this year or in the past. A lot of times resolutions only make it as far as February-ish, if even that far into the New Year but these are resolutions that we need to make and stick with and if we want to see long-term success for our Amazon FBA business.
[0:02:15.7] STEPHEN: So the first resolution that we suggest is to treat your Amazon business like a business, not a hobby.
[0:02:22.1] REBECCA: So the difference between a business and a hobby? One big difference is that hobbies cost you money. You pay to have a hobby but a business can make you money. So if you are treating your Amazon business more like a business, if you are treating selling on Amazon more like a business, then it should be paying you like a business but if you treat it like a hobby, it is going to cost you like a hobby.
So that is one thing that we suggest that you resolve for the New Year is to look at what are the things that I’m doing in my business that make it more like a hobby on the side and less like I’m taking this seriously and I am treating it like a business that I expect to be paying me either now or if it is not already paying you now, sometime in the near future.
[0:03:06.4] STEPHEN: So I totally admit that Amazon for me is fun and sometimes Amazon and the reselling aspect of looking for treasures, that fun aspect can kind of make me treat it like a hobby because hobbies are supposed to be fun and relaxing and things like that but you know what? If you treat your Amazon business like a hobby, it is going to cost you like a hobby but if you treat your Amazon business like a business, it should be paying you like a business. So that’s our first resolution that we’re wanting to talk about today.
[0:03:34.3] REBECCA: The second thing that we want to resolve for the New Year is to find more replens to sell in our inventory. This is something that we try to commit to over and over again throughout the year and we suggest this for you as well. What a replen is, is an item that you find to sell in your inventory, put it in your inventory and sell it on Amazon that once you have sold out of it, you know exactly where you can go and how much it will cost to replenish it and sell it again.
Then when it sells out on Amazon, you can go back and buy more of it and sell it again, over and over again, you can replenish that item and if you haven’t already tapped into the wonders of selling replens on Amazon, we really, really suggest that you look into this because it can really be transformational for your business. It can change your business from constantly searching for new inventory to being able to just go right back to the source and buy more.
So that you have time to spend on other things in your business, other things that you can be doing to get more profits, to scale better and truly the more replens you have in your business, the more you’re going to be set up for long-term success. If you want to hear more of a discussion about replens and how you can add them to your business, be sure and check out some past episodes that we have done, episode number 88 and 89, fulltimefba.com/88, fulltimefba.com/89 and you will be able to hear more about our ideas and philosophy of selling replens in your Amazon FBA business.
[0:05:09.2] STEPHEN: Yeah, those episodes are really good. We go really in depth into the replen model because we totally get it, clearance sourcing can be full of quick wins and replen sourcing can be full of frustration because you need a lot of patience to find those replens but you cannot have a long-term success for Amazon business focused just on clearance sourcing and finding those one offs or two offs of items to sell on Amazon.
You need consistent replenishable inventory that you can continually replenish every month to sell on Amazon and replens are a game changer and a great resolution for this year.
[0:05:48.3] REBECCA: The third resolution we want to talk about today is that we encourage you to face your Amazon fears in 2023. There are things that all of us need to do in our Amazon business that maybe we’ve heard other people have found success in but we’re just too scared to take action on that for ourselves. We are just timid about it or hesitant for various reasons, some of them rational and some of them irrational.
So we want to encourage you to figure out what is holding you back because you’re fearful and see if you can take steps forward in that in 2023. We currently have nine podcast episodes that you can listen to now that discuss facing specific Amazon reseller fears that are very common. This includes the fear of getting started in Amazon, the fear of buying too many items, of when ASIN and going deep.
We have episodes that cover overcoming the fear of trying new Amazon strategies, the fear of outsourcing and hiring help in your business, even overcoming the fear of suspension of your account. That is a big one that a lot of us face but you can overcome that fear. We hope that these episodes that we’re talking about, these nine episodes would help you overcome many fears that might be holding you back.
We’ll put those links to those episodes, there is nine of them so I am not going to list them out right here but we’ll put the links for those episodes in the shownotes for this episode number 170, fulltimefba.com/170 and to wrap things up, the last resolution that we want to discuss today is in 2023, we encourage you to improve your mindset. One of the things that we hope that we hear at The Full-Time FBA Show Podcast are known for, beyond obviously the reseller strategies that we talk about is that we love to talk about mindset.
We could talk all day long about good reseller strategies but if you have the wrong mindset about your business and how you run it and even about life in general, you are not going to get very far. So we think that if you have the right mindset going hand in hand with those good reseller strategies, you could make great progress in your FBA business in 2023. So what do we mean when we say mindset?
I don’t mean just if you think it, you can achieve it or that positivity is going to overcome everything but I am talking about the kind of mindset that Carol Dweck talks about in her book, Mindset. We have talked about this book many times on the podcast. In her book, she covers different types of mindset. The one that we think about the most is the growth mindset versus the fixed mindset and we highly recommend that you read her book and that you learn more about this type of mindset and the changes that you can make to your own mindset in 2023.
If you have a reading list for 2023, be sure you add Mindset by Carol Dweck to it. We have a few episodes in our podcast vault that can help you with mindset as well. We go into more detail about like growth mindset versus the fixed mindset and how you can grow and you can change and you can make progress in your business if you have that right mindset but if you think, “I can never do it. I am never going to be able to do this, nothing ever changes” then you’re going to be held back.
So some of our more popular mindset focused episodes are episode seven, 25, 59, 135. Don’t feel like you need to remember all that, you can just go to the show notes for this episode. We’ll have the links there as well as some other episode references that you can check out, fulltimefba.com/170 for this episode’s shownotes with the links to those about mindset. So we hope that this reseller resolutions that we’ve covered are helpful for you going into 2023.
First, treat your Amazon business like a business, not a hobby. Second, make an effort to find more replens to sell in your inventory. Third, face your Amazon fears in the year 2023 and four, improve your mindset, make sure you are striving towards a growth mindset in your amazon business and one other resolution that we want to add here at the end is that we hope that you are resolved to continue listening to The Full-Time FBA Show and check out our newsletter that you can subscribe to at fulltimefba.com.
We hope that we are able to bring you lots of great information and recommendations in the year 2023 so that all of us together can make more of an effort to turn part time hours into a full-time income with Amazon FBA.
[0:10:32.3] REBECCA: All right, that’s what we have for you today. We hope that this has been helpful and it’s gotten you thinking about some resolutions you want to make moving forward in the year 2023 with your Amazon FBA business. As a reminder, the link for the shownotes is fulltmefba.com/170. You’ll be able to find the transcript for this episode as well as all of the links that we’ve mentioned and there were quite a few.
So be sure and check that out and then we’ll be back with you next week to talk about how to deal with overwhelm in your Amazon FBA business. That might be something that you’re facing right now as you’re looking forward to the whole year and all that you have to get done in 2023. I don’t know if you view it that way or if you were able to view it in smaller chunks but whatever you’re facing right now in your FBA business, we hope that you’re able to find some help with your overwhelm next week at the Full-Time FBA Show and we also hope that Stephen will be able to join us more and has more of a voice to be able to speak next week.
Thanks again for listening and we look forward to seeing you next week on The Full-Time FBA Show.
[0:11:37.6] ANNOUNCER: That is all for this episode of The Full-Time FBA Show. So head over to fulltimefba.com/podcast, where you will find the shownotes and links from this episode. While you’re there, subscribe to our newsletter where you’ll get several free downloads of our popular and helpful Amazon FBA resources. Now, take action on what you have learned today, so you can find success at turning part-time hours into a full-time income with Amazon FBA.