Starting to sell on Amazon with a small budget requires clear set goals, time, and hard work. You can do it, but it will take some hustle. When we started our business, we were both public school teachers with not a lot of time or money, but we decided that we were going to invest $100 into this idea and all the time that we could to make it work. Yes, that was hard, but it was worth it to us.
With this post, we’re going to give advice for individuals who have a very small budget to work with for starting their Amazon FBA business. Our tips are only for people with a tight budget because we have different suggestions for individuals with a larger budget at their disposal.
So let’s get started with the tips for starting to sell on Amazon with a small budget.
1. Start Your Amazon Business
That’s truly the first step! Sign up for a free, Individual Amazon FBA account through Amazon Seller Central. If the website forces you to sign up for the Professional account, you can open up a case with Amazon Support to request a downgrade. And don’t worry, you can upgrade when it’s time. Don’t forget to grab our free guide on how to set up an Amazon Seller account for free!
2. Spend Your Budget on Inventory
Yes, there are a million and one tools and subscriptions out there to help make things easier for you, but here’s the thing: if you only have $100 to spend, mainly spend it on inventory. For example, if you spend $40 of your budget on a subscription, that’s a huge percentage of your total budget that won’t be going immediately towards your profit. However, you will absolutely need a computer and a phone. Want more tips on how to do things on the cheap, or curios about what you actually need? Check out our video here: https://youtu.be/A5R-NHdL0v0.
3. Spend Time Not Money – Be Creative
Time is money. And if you don’t have a lot of money, spend your time on your strategy of spending your money carefully on inventory. Study what other sellers are doing, and then see what you can do better or differently. This means considering what of your stuff you might want to sell, becoming a coupon queen/king, or setting up a Craiglist ad for certain items. (For more detailed examples, watch Nate’s video here!)
4. Reinvest 100%
When you make that first sale, you’ll be so tempted to go out and celebrate your profit. And we get it. But here’s the thing, you have a small budget and the best way to see continual and optimized growth is to reinvest every penny you make—especially at the beginning. So high five yourself or your partner, and watch one of your old DVDs to celebrate or go out and buy some new inventory (if you still have the budget).
5. Re-evaluate Every Month
That’s right. Part of what will make your Amazon business extra successful is to re-evaluate your business every month. Ask yourself what’s working and what’s not working. Then, adjust your business as you can so that it works more efficiently. Speaking of which, if you want to join a group of like-minded thinkers, our Facebook group of Hustle Buddies is a great place to brainstorm together and learn from one another.
Remember these tips and tricks are specifically for people who have a very small budget to work with! As your business grows, you’ll want to make different choices with your budget.
Don’t forget to join our free Facebook group and go ahead and watch Nate’s video below, especially since he includes lots of examples and numbers too!
