You’ll find plenty of big-talking entrepreneurs and influencers who will try to coach you on how you can succeed at your venture. Well, you mustn’t draw inspiration from anyone who isn’t credible enough. And that’s the first quick advice Tom Wang gives to people struggling to keep their businesses afloat. Tom is the founder and CEO of the multimillion-dollar beauty brand Sdara that’s hot on Amazon. He has more than just a few quick tips for those who want to make it big with their brands and products.
Tom started his entrepreneurial journey during rough times, with a not-so-delightful bank account. It was his only desire to crush it at sales and become a millionaire with the right skills, opportunities, and ultimately the drive to live the life of his dreams. He initially sold hoverboards on Amazon, but he couldn’t make sales due to a lack of knowledge. Soon after, Tom and his girlfriend launched a beauty product on Amazon. After months of putting the right resource to work, adopting correct strategies, and learning the ropes, the brand is now worth millions.
Tom has had an inspiring journey—and he’s had hiccups in the process. He’s now helping others become aware of such avoidable mistakes and flourish in their career with Amazon as a third-party seller or an FBA Fulfillment by Amazon agent.
Keep cash on hand
Selling on Amazon is a cash-heavy business, and you need to keep the rotation greased well to ensure smooth operations. Don’t be a rookie who puts all your capital on the product on its first launch. If you ever make a mistake or a cash emergency arises, you don’t want to surrender. This is where that handy cash will help you refuel your business.
“I like to make the analogy of going to the casino with $10,” explains Tom. “Are you able to walk out of that casino with $10,000 by the end of the night? I mean, it’s possible, but I think it’s a very low probability. The same is with Amazon—you can definitely start with a meager amount, such as $1,000 or $1,500. But for you to turn that into a multimillion-dollar business or whatever your goals are, I think it’s less probable than if you have a little bit of a bankroll.”
Invest in your resources
Not hiring employees in time is Tom Wang’s biggest regret. Indeed, it’s a takeaway he wants you to learn from. Invest in a like-minded team of self-starters who want to see your brand shine just like you do. “Had I hired earlier, I would have doubled the sales,” shares Tom. You must deploy work smartly, know your employees’ strengths, and keep them motivated to perform adeptly.
Research is key!
Know your product, but more importantly, know your keywords! Focus on analyzing keywords that will help your reach, build relevancy, support a higher rank, and perform organically for your product. These keywords will help your product sit on top of the search options and ultimately boost the sale chart.
With big rollups executed by Thrasio and other funded companies, the market is only expected to become more and more saturated. This rollup will ultimately attract more business through small businesses and giant manufacturers from China, making competition tight while allowing upcoming local brands to shine. Hence, it would be best if you were well-equipped with these dos and don’ts to sell on Amazon.
