Amazon Wholesale Success Story: My Path to a Seven-Figure FBA Business

Amazon Wholesale Success Story: My Path to a Seven-Figure FBA Business Speaker 1: Do you wish that you could see results and sales just like what you're seeing here on the screen today? What's up guys? My name is Mike Steven. I am a seven-figure Amazon wholesale seller, founder of Elite Wholesale, and over the past three and a half years, I've been building my Amazon FBA wholesale business and helping and showing others how. Today's video I'm going to tell you my background, my story, how I got to where I am and what I'm going to be doing in the future and why you should care so I could share my story and just let you guys know exactly where I came from and How I got to be where I am and making the sales, running the business that I do that you guys just saw right there. And I really just wanted to make this video so I can explain my business model, maybe show you guys a little bit of how it's done and how it can work for you. So without further ado, let's jump right into it. Alright, so a little bit about my background, going right back to when I was going to college. In college, I knew that I was working towards something bigger, something greater, and I wasn't 100% sure what my career trajectory would actually look like. So out of high school, I did go into the trades, actually became a machinist, which basically is a fancy word, meaning I make cool things out of metal. I quickly learned that that was really hard on your body and it's not something that I wanted to do. I didn't aspire to always be working with my hands. So I quickly went back to college after obtaining my certification in that trade and I went to study engineering. So I graduated that, actually went out into the workforce and I worked there for about four years. Through that time, I did work my way up right from junior entry level position all the way to project manager. I was running a small team, but deep down I knew that I wasn't fulfilled. So I started small, just a couple of hours per day, purchased some courses, some information, and I really started to build what would later be the Amazon wholesale business. That I know that I love and that I run every single day today. So throughout that career path I was growing and This business and it was having a snowball effect. Eventually, I got to a point where it made more sense for me to go all in and just to really focus on my Amazon business, then to continue to work a career path that really had a ceiling on what I could earn, what I could do, and ultimately determined where I had to be in a physical office every single day. And I got an opportunity to actually work from home. I saw what the freedom of Not having to commute every single day was it gave me a little bit more time and flexibility to spend on my business and ultimately I decided to make the decision to go all-in to go a hundred percent full-time with the Amazon business and the rest is history. Fast forward today. I've been running my Amazon wholesale business with my partner full-time and helping others start and grow their own Amazon businesses. It has been absolutely fulfilling. It's something that I truly love and is really my passion and something that I can see myself doing for a long time to come. And so now guys, I want to share with you what the Amazon wholesale model is, how I went from Broke college student to doing over a million dollars in sales in just a couple short years. And I want to give you some insight on how it can actually work for you. I'm going to introduce you to something called Amazon FBA Wholesale. Essentially what it is, is a business model whereby we find profitable products, We figure out suppliers who are actually selling those products business-to-business only and we purchase those products at a profitable wholesale price. These suppliers are some of the same suppliers that are selling inventory to our favorite big-box stores. For example, we have suppliers that sell products to Walmart, Target, Toys R Us, you name it. And so we're actually able to cut out the middleman of not actually having to purchase from those retailers, instead going directly to the source, going directly to either the brand making the product, Or they're authorized distributors or wholesalers that are selling their products business to business or B2B. Once we have accounts open with these suppliers, we'll actually go back and we'll do our product research on all the products that they have available. We're going to cherry pick all the best products, the most profitable and quickest moving items. We're going to purchase them for ourselves. Send them into Amazon and Amazon's customers are going to purchase those and we're going to be rewarded for that sale. The best thing about this opportunity is we actually use something called Amazon FBA. And if you're unfamiliar with Amazon FBA or Fulfilled by Amazon, Amazon actually takes on all of the responsibility once we send the product to their warehouses. This means when a sale happens, they pull it off the shelf, they ship it out with prime shipping to our customers in that two day or less time period. And they're going to handle everything after the fact, such as customer inquiries, returns and anything that may possibly come up after that time. So by leveraging this program, we're actually able to scale to a point that would be far beyond What a single person in a business could actually do. And so this is one of my favorite reasons and things about Amazon that makes it so appealing and actually makes it so that you can start the business with only a couple hours per day of time put into it. So what I want to do is I want to hop over to my screen and I want to share with you guys just very simply how this business model works. And some of the awesome tools that make it even easier to use. As you can see, we're on Google. We're just going to hop over to Amazon and we're going to go ahead and take a look at a couple different items. So I'm just going to go and take a look at maybe some items that I've looked for in the past. These are actually all supplies that we're using for our business. We're going to go ahead and we're going to take a look at these supplies and we're going to see if there's some opportunities for us here. Right, so what we're going to do is we're going to notice a couple of things. The first thing we're going to do is we're going to scroll down and we're going to take a look at the AMZScout arbitrage extension. This is extremely powerful for reviewing products and seeing exactly the opportunity that's in front of us. So there's some awesome different things that they show you in here. They're going to show you the different types of sellers, whether they're FBM or Fulfilled by Merchant or FBA. We just heard the FBA model just a second ago. And it's even going to tell us if Amazon is selling these products, meaning that Amazon is our competition on the listing. For this example, Amazon is not our competition. So that's really awesome. Gives us some other amazing information such as if the product is ungated, if it's a private label product. If it has that, if it has prime delivery, etc, etc. It'll even give us our estimated number of sales right in here quick and easy to see as well as we can see what the product rank is in its given category. The product rank represents How fast or how well a product sells, the lower the number, the faster it sells. So that's why we see this estimated sales of about 500 based on this rank. So if we were interested in this item and this was a category we were going to sell in an office products, we would actually go ahead and we would search for suppliers. Now, I can't go over the entire business model in this one short video, but essentially what we would do from here is we would just go over to Google We would have a look and we would try to figure out who actually sells the Kenco two and a quarter by one and a quarter thermal perforated sticker labels and we would see if we can find wholesale suppliers that can actually sell us these products. So that's just one product, one category, but what happens if We go through and we either are able to find this product or we're not able to find this product and we want to move on to the next one. I have another awesome tool by AMZScout that I want to share with you guys that actually shows some additional opportunities. So this is called the AMZScout Pro extension. So it's just a Google Chrome extension that's right embedded into your browser. So I'm just going to open that up. We're going to see some of the same information about this product that helps us check If the product is a good product for us and it's going to ultimately work, so brand, Kenco, we saw that, categories in the office products, that rank at 12,000 ranks, so just pulling some of the same information, the estimated sales, Our embedded there right there ready for us. And then the cool thing about finding similar products and what this tool can do is it can show us what the competition is for these other products, right? So this could be extremely powerful for being able to find other products in the category that could ultimately work as wholesale products for our store. For example, it's going to pull All of the direct competitors in competition, we can click right through and we can go ahead and take a look. At what the other products in the category look like, what they're doing, and then we could actually go back and reverse source, figure out where these suppliers are, order these items for our store and ultimately buy and sell them for a profit. Right. And if we were able to do that, find those suppliers, we could come back to the AMZScout tool. We go ahead and put in our costs so we could know our net profit margin. All of that information is baked right into this tool so it's super quick and easy to use and we know exactly what we're doing with this product before we even move forward, before we even spend a single cent on inventory. Alright guys, that has been a quick look at what the Amazon wholesale process is, my backstory and how I actually got into this business and And made my first million dollars in sales on Amazon. Going into the future, some of my plans moving forward are to impact more people, to help more people get their Amazon business started. It doesn't take a lot to see just how powerful this business really can be and how much of an impact and change that it can really have on your life at the end of the day. So thanks guys so much for sticking in with this. Take care for now.