How I Went From -$5k To $8 Million (My Story)- AMAZON FBA SUCCESS STORY

Summary

The speaker shares their journey from a PhD in Organic Chemistry to a challenging career and the birth of their premature son, which led to the pursuit of an Amazon FBA business. Starting with eBay and transitioning to private labeling on Amazon, they overcame physical exhaustion and market challenges, achieving significant sales growth. The story emphasizes the importance of a growth mindset and the potential for anyone to succeed despite obstacles.

Takeaways

• 🎓 The speaker graduated with an Organic Chemistry degree and pursued a PhD in cancer research, highlighting the importance of determination in achieving goals.
• 🧪 The PhD experience taught the speaker that being an expert in a specific topic requires self-motivation and responsibility for one's own project.
• 📚 Traditional education is structured with set curriculums and exams, but a PhD demands presenting something novel and unique.
• 🔬 After completing the PhD, the speaker faced the reality of an economic crisis and struggled to find a job, eventually settling for a job that didn't suit their qualifications.
• 👶 The birth of the speaker's son, who required intensive care, was a turning point that motivated them to seek a source of income from home.
• 🛍️ The speaker initially tried to succeed on eBay, reaching a status that indicated a good position, but found the physical effort and competition exhausting.
• 🤔 Hearing about Amazon FBA, the speaker was initially skeptical but decided to research and commit fully to understanding the model.
• 🔍 The speaker explored Retail Arbitrage on Amazon, which involved finding discounted items locally and selling them on Amazon for profit.
• 📦 After sending four boxes of toys to Amazon around Christmas, the speaker experienced quick sales, which encouraged them to continue with Arbitrage.
• 💼 The speaker realized the need for a more sustainable business model and transitioned to private labeling, creating their own brand and products.
• 🏆 The first private-label product became a bestseller in its category within the first week, marking the beginning of significant business growth.
• 💰 Reinvesting profits and expanding the product line led to a 'Snowball Effect,' growing the initial £5,000 investment into millions in sales over 7.5 years.
• 🌟 The story emphasizes the possibility of creating an alternative income stream, especially for those facing obstacles such as age or caring for children, by adopting a growth mindset.

Q & A

What was the speaker's educational background before they started their journey on Amazon?

The speaker graduated with an Organic Chemistry degree from a UK University and pursued a PhD in cancer research.

What did the speaker learn from their PhD experience that was different from traditional education?

The speaker learned that a PhD requires presenting something novel and unique, being the most knowledgeable person on Earth about their specific topic, and being entirely responsible for their project without the structure of attendance sheets or lectures.

Why did the speaker accept a job at their University that didn't suit their qualifications?

The speaker accepted the job because it was during an economic crisis, and there were not many jobs available in their field.

What life event led the speaker to consider finding an income source from home?

The birth of the speaker's son, Salm, who was born prematurely and required constant care, led the speaker to consider finding an income source from home.

Why did the speaker decide to try eBay before Amazon FBA?

The speaker had previous experience with eBay 10 years ago and chose to start there due to familiarity.

What challenges did the speaker face while managing their eBay business alongside their full-time job and caring for their sick child?

The speaker faced physical exhaustion from managing orders, contacting suppliers, restocking, and posting orders during their lunchtime at work.

What was the speaker's initial approach to Amazon FBA, and how did they learn about it?

The speaker's initial approach was Retail Arbitrage, where they found discounted items in local stores and sent them to Amazon's warehouse for profit. They learned about it through research and further exploration.

What was the outcome of the speaker's first attempt at Retail Arbitrage on Amazon?

The speaker sent four boxes of goods to Amazon, which were sold out within a couple of hours after receiving the emails confirming the goods were checked in and received.

Why did the speaker decide to move from Retail Arbitrage to private labeling on Amazon?

The speaker found Retail Arbitrage to be physically exhausting and challenging in finding successful items repeatedly, leading them to seek a more sustainable model.

What was the speaker's first product under their private labeling model, and how did it perform?

The speaker's first product was unique and designed by them. It became a bestseller in its category within the first week.

How much sales growth did the speaker achieve from their initial investment to 7 and 1/2 years later?

The speaker achieved sales growth from an initial investment of 5,000 to 10 to 8 million in sales over 7 and 1/2 years.

What message does the speaker want to convey to others with their story?

The speaker wants to convey that with a growth mindset, it is possible to overcome obstacles and create an additional income stream, regardless of one's age or perceived skill level.