When you hear “Build a 5 figure a month business”, what comes to mind? Chances are, you’re thinking that it’s extremely difficult especially if you have no experience in building a business.
Benjamin is known to help individuals to build 5 to even 6 figures per month Amazon business even if they have zero prior experience, with one of his students generating over US$800,000 a year as a single mom with 3 kids.
We spoke to him and shed some wisdom on what it takes to build a 5 figure a month Amazon business.
Break Your False Mentality
Before joining his coaching community, AMZ Family, many came to Benjamin with the belief that starting a 5 or 6 figure business would be impossible for them.
“It’s funny because whenever I break down what it takes to build a 5 figure a month business, they’re always shocked at how simple it is, and they immediately start to have more confidence in themselves. Which I’ve always believed that it’s essential whenever you start a business”, says Benjamin.
Benjamin breaks down a 5 figure a month business by using the concept of counting backward.
“If you want to generate $10,000 a month by selling a $30 product…
You just have to sell 334 pieces of it a month…
83 pieces a week…
12 pieces a day…
When you see it this way, is it really impossible?” Chuckles Benjamin as he shared this concept with us.
Success Is In The Listing
With Amazon being a marketplace with thousands of products, it’s crucial to know how you can stand out from your competitors.
Benjamin shared with us his “Trifecta for product listing”.
“To stand out and get your customers to come to you is NOT to lower your price, that’s one way to kill your business. Focus on having great pictures, optimized headlines, and a great product description. Lowering your price will only reduce your profit margins” says Benjamin.
He then went on to add, “There will always be someone who can offer a lower price than you. If you engage in the price war (to compete for the lowest price), you’ll never be the winner. Stand out differently, and if you can get people to buy from you at a premium price, you’ll have a much more profitable business.”
He Who Can Spend The Most To Acquire A Customer, Wins
Learned from a wise marketer during his early days of his journey as an Amazon seller, Benjamin operates his business with the concept of “he who can spend the most to acquire a customer, wins.”
He went on to share “It’s pretty simple. Running paid advertising is one of the key pillars to drive more customers to your product, but there are many people advertising too, therefore driving up the advertising costs. Those who are unable to afford it get left behind, while those sellers who can afford it, get to constantly advertise their products and get all the customers.”
He then went on to share some ways to be able to afford the rising paid advertising costs, and it’s not to raise funds from your friends and family…
Instead, focus on increasing the profit for each sale you make. “Increase your average order value! Either create a bundle for your product or add cross-sells! It’s simple!” Exclaimed in excitement when we asked Benjamin how one can increase their profits.
There are many other ways to start and scale an Amazon business. However, Benjamin teaches his community to focus on the fundamentals of all great Amazon businesses. Needless to say, his teaching method is definitely working for both him and his students with the number of success stories they’re producing every month on their Facebook group.
If you’re looking to start an Amazon business and generate upwards of 5 figures a month, we would definitely recommend for you to take a look at Benjamin’s AMZ Family community.