Everything below wholesale has a very low barrier to entry. Wholesale has a higher barrier to entry, but you still don't have control of the products because they are not your own. Amazon or other sellers may be on those listings as well.
Private Label is at the top of the food chain because of these 4 Main Reasons: • No Competition on your listing • Replenishable Inventory • Virtually Unlimited Opportunities • Build your Own Brand If you want to go into more depth of these four reasons – please reference the yourprofitstore review . I should add a disclaimer for the red letters “Full Control” in the private label layer.
If you are launching your product on Amazon, you never have absolute control because you are playing in their sandbox. As an Amazon seller, you have to play by their rules and they can change them at any time. With private label, however, you have as much control as is possible on Amazon. But let's think beyond Amazon as well.
If you want to continue doing retail arbitrage because you love the thrill of hunting and finding great inventory that's fine. Keep doing it. If you love garage sales, you don't have to stop that either. If you are in either of these places, look at private label to be the way you get to do all the other forms of sourcing simply because you want to...
not because your business relies on it. I'm thankful that our business does not rely on us going out every day or even every week to source products at Walmart or any other store. In fact, it's been a while since we have sourced anything via retail arbitrage. My goal is to keep building multiple private label products.
I never want to have to rely on any other type of product sourcing for my business to run. I love the freedom that private label gives me to work on projects like this mentoring group. What is motivating you to take this course? Why do you want a private label product? I encourage you to write down your motivation.
Write it down somewhere that you will be able to see it often. We think in pictures so maybe find a picture that represents your motivation. So if your motivation is to get out of your 9-5 job (if you have one) maybe your picture is of someone working at home in their pajamas :) If your motivation is to be able to travel more. Get a picture of some of the places that you want to go and keep it in front of you.
There may be days in your private label journey where things seem hard or not going your way. Having those pictures nearby can push you to keep going. Of course you have this group here that will help you as well. I'm most excited about the interaction that happens in the yourprofitstore reviewgroup. It will provide a level of accountability that will propel you to your goals.
If you feel comfortable sharing your motivation to the group I encourage you to do so. If you want to keep it private, that's fine too. I look forward to working with all of you in the coming months. It's time to look at YOUR business! In Lesson 3 we looked at the Pyramid of Inventory Sourcing and how many sellers get their start at the bottom...
But, I know there are many brand new sellers that jump right into private label and make it work. In fact, every seller's story is a bit different and unique because we all start with what we know and what resources are available to us at the time. Whether you are an Amazon rookie or have been selling on Amazon for a long time, private label is an attainable goal and we want to help you get there.
I also mentioned that once you have a private label product, you don't necessarily have to quit the other forms of inventory. If you enjoy going to thrift stores or garage sales then by all means continue to do so, but keep in mind that your goal should be to source that way because you want to, not because your business relies on it. With that being said there are three business models that I can think of with regard to adding in private label.
There is no level that is better than another – it simply depends on preference and what works best for your business. But before we get into those models I want you to think about your goals with private label. I'll explain on the next page. Ready to jump in? Let's go... Developing YOUR Private Label StrategyWhat's your end goal with private label? We try to keep things simple around here so I believe there are 2 main goals for the private label journey.1. Brand Building2.
Merchant Building Obviously the point is to gain profit - but are you looking to sell whatever makes you money? Perhaps you are ungated in every category on Amazon and you will sell yourprofitstore reviewthat makes you a decent profit. That would be a merchantbuilding goal. Others have the purpose to build a brand with private label. They are niche focused.
Rather than looking for any item in any category that will sell, brandbuilding sellers are looking for profitable products within a specific niche or for a specific audience. It's totally okay if at this point you're not sure which one is for you. You can figure that out as you go through the process. However, if your goal is to build a brand and have your own e-commerce site eventually with that brand, it could benefit you to keep that in mind while you are working through these lessons and developing private label products.
When we get to the logo design and brand name stage it can be helpful to have an idea which way you're leaning. As you go through the course, we will be sharing various strategies and things you may want to consider if you are looking to brand build with your business. Don't stress out about this decision right now, though. The most important thing is to take action.
We'll talk about this later, but just know that there are things you can do to keep the door open for building a brand should you be interested.The 3 Different Business Models In the introduction above, I mentioned three business models for selling online that include private label. They are: 1. Jumping in Head First: 100% Private Label 2. Working Your Way Up: 100% Other Methods Then 100% Private Label 3.
Jack of All Trades: Various Percentages of Other Sourcing Along with Private Label Let's look at these three models a bit closer