1. Stay Organised in Bookkeeping and Accounting
Other than being the answer to the riddle “What word has three double letters in a row?’”, bookkeeping means being organized and on top of your numbers. And when you know exactly what’s coming in and going out, it’ll be easier to see where to trim the fat and where potential revenue goldmines are this alone will help you build a solid amazon passive income on Amazon
2. Keep on Top of Your Inventory
Having lousy inventory management sucks. Running out means losing customers and sales while carrying too much means super high long-term storage fees. But that Goldilocks spot right in the middle? That means you’re able to meet buyer demands and capitalise on competitor mistakes. Invest in a good inventory management system and develop smart strategies to put yourself in the sweet spot.
3. Get Tools to Do the Work for You
There are very few reasons why you should put things like repricing, keyword research and product sourcing on the backburner. But if you’re feeling stressed at the idea of ramping all that up a level, then use software to take the load off your shoulders.
Your Seller Central account can help a lot, but things like repricing software, feedback software, project management software and inventory management tools can save you time and help you keep on of things.
4. Hire, Subcontract and Delegate
In the beginning, it’s fine to wear all the hats yourself. But as you grow and expand, you’ll need to take on skilled help in different areas like marketing, customer support, sourcing, fulfillment, accounting, legal and more.
It’s not to say you should totally separate yourself from these areas, but you should not be working half a dozen skilled full-time jobs when there are pros out there that can help.
5. Stay on Top of Arbitrage Restrictions
These days, it might seem like online arbitrage is getting tougher to carry off. For example, if you ship to the U.S., then you’ll need to make sure your products are in line with California’s Prop 65 guidelines.
And that’s only considering one state in one country — each marketplace and country has its own list of rules and restrictions you need to follow. Not doing so means you can lose out on potential sales or, worse, get your account suspended.
6. Develop Smart and Efficient Systems
What we mean by this is creating schedules and habits that lead to an overall ecosystem that helps your business thrive and grow. Start with little things, then snowball them into big systems, working from the bottom up. Look at it this way: pretend you’re an investor looking to buy a company.
Would you choose the one that operates in a freewheeling, haphazard way? Or would you chase the one running a tight ship that can account for everything?
7. Don’t Forget the Past, Live in the Present, and Look Ahead to the Future
Before you dismiss this as New Age hooey, give it a chance.
Do the following:
Write down the top five things you’re proudest of accomplishing in the last year. Seeing this in black and white will help solidify just how far you’ve come, as well as point out areas you need to improve in.
Give yourself a pat on the back for what you’ve done so far — it’s important to not forget to reward yourself.
Write down the top five things you want to achieve in the coming year, and the steps you’ll need to take to get there.
People who make goals and hold themselves accountable are far likelier to accomplish what they want, and faster, than those who don’t.