Amazon Pro Merchant Account
Get an Amazon Pro Merchant account. Now, in the past, I used to recommend that people just get started ASAP by opening a free Amazon seller account. Now, I recommended this because of the fact that I knew that people would resist getting a Pro Merchant account because, well, it’s not free. However, my opinion on this has admittedly changed over time and I will now recommend to everyone that they get an Amazon Pro Merchant account and I will recommend this to you even if you resist my advice.
Have the right documents ready when applying for an Amazon account. Amazon now require the following when creating an account. One, photos of a national ID like a passport or a driver’s license and two, a bank statement that has your address on it. Luckily, preparing for this is super simple. Just do these two things one, use a digital camera like the one on your cellphone to take photos of your national identification? Again, a passport or a driver’s license is perfect for this and two, log into your bank and download your latest bank statement. Then just upload these documents when Amazon asks for them during the account creation process, simple.
Don’t wait. Here’s the thing with Amazon, they are constantly changing their requirements and the honest truth is that usually, these changes are designed to make the barrier to entry harder and not easier. The sooner you do things like creating an account, the easier it is. So do not wait, act now and don’t be put off restrictions. What these restrictions do is they make it harder for illegitimate sellers to be selling on Amazon, which means that there is less competition out there for legitimate sellers like you.
Amazon Business Model
Pick your Amazon business model. Of course, before you get started, you need to pick a business model to pursue when creating your new Amazon business. The most popular of these include dropshipping, private labeling, retail arbitrage, and wholesale selling and, of course, each of these business models has its own pros and cons and it’s important for you to go out there and research each business model carefully so that you can pick the one that meets your skill set and your access to resources. Pick the right business model that meets your skill set, your life balance, and your access to resources.
Get a credit card or at least a debit card. When you sell on Amazon, there are fees that you need to pay and Amazon requires that you have either a credit card or a debit card to pay them and when I say debit card, I mean a legitimate one that you got from a bank. You cannot use a prepaid Visa or Payoneer card.
Manage Cash Flow
Figure out a plan to manage your cash flow. The word cash flow probably sounds a bit intimidating but trust me, it really isn’t. When I say cash flow, I simply mean have a plan for how you are going to pay for the items that you are selling. If you are private labeling, then you may need a lot more than that. Or two, you can use a credit card and honestly, a credit card is the easiest solution. Now, I understand that not everyone has a credit score that makes them eligible to get a credit card, in which case, what I would say to you is use a debit card in the meantime and make it your top priority to build up your credit score and remember, this is a good problem to have. It means that you’re a super successful seller so don’t be put off by this, just prepare for it.
Check if the category that you want to sell in is restricted. Now, there are lots of categories that anyone can just come in and sell in, such as home and gardening because these categories are unrestricted if you want to start selling items in these categories, then congratulations. You can just go in and start selling them without submitting an application. But unfortunately, there are some categories that are restricted and before you start selling in them; you’re going to need to submit an application to do so. Now, some restricted categories like clothing and accessories have really easy requirements but others like food and grocery have much stricter requirements.
Set Aside Time
Set aside time every day and every week to both grow and manage your new business and finally, do not forget to plan to set aside time every week and every day to both grow and manage your new Amazon business. You need to set aside time every day to manage orders and to do things like answer emails. An hour a day should be more than enough, especially in the beginning but make sure you make time for it and make it a priority.