Many parents are torn between two paths. One: Hustle and work constantly to provide your family with financial stability and security. Two: Spend time with your kids and family to create emotional stability and security. If that sounds like you, here’s what you need to learn: You can do both! With passive or residual income, you can spend more time with your kids and family while making more money than you ever thought… in your spare time!
One of the ways you can do this is with an Amazon FBA business. While there are lots of ways to make money with Amazon, like affiliate marketing, however FBA is one of the best ways to develop a passive income stream. FBA means “fulfilled by Amazon.” More than half of the products you see on Prime aren’t actually owned by Amazon.
Instead, they’re owned by FBA business owners who buy products from a factory, add their branding and other customization, then launch and sell the product on Amazon. Amazon has a large customer base and handles shipping, fulfillment, customer service, and warehousing– Amazon sellers often don’t even have to touch their own product. It’s an easy way to make money online and will help you grow your wealth and save money for your family’s future.
If you are ready to jump right int, join us in the Rainmaker Challenge here!
Getting Started With FBA
Starting an Amazon FBA business requires some work to get started, but you don’t have to do it by yourself. Our Rainmaker Families and friends know that once you get started with the initial investment, the FBA business is a great income stream. To start, you have to sign up at Amazon’s Seller Central.
Once you’ve gone through the onboarding process there, you can try to find products and sell them yourself… or you can work with seller software like Helium 10 so that you don’t have to reinvent the wheel and can get your new passive income stream going right away. Helium10 gives FBA sellers the whole toolkit that they need to sell products on Amazon and can help with things like keyword research, which you’ll need to do in order to sell successfully.
How Does FBA Work?
In a nutshell, FBA works like this:
- You find what’s selling well on Amazon, or create a product of your own.
- You work with a manufacturer to have those products made or order the existing products at wholesale prices.
- You have those products shipped to the nearest Amazon Warehouse.
- You get the benefit of Amazon’s massive customer base and the passive nature of using their fulfillment centers.
Once Amazon has the products and your listing is created, they take care of everything from the point of sale onward. Amazon takes a small fulfillment fee to handle the shipping, handling, and customer service, meaning you can be hands-off for this part of the business and still bring in extra money for your family.
However, for the beginning phases of an FBA business, you can’t be totally hands-off. You will have to make sure that you have quality FBA inventory to sell from, which will mean ordering products and restocking when your inventory levels get low. Pay special attention to this around the holidays, as sales volumes increase significantly sitewide. You will also have to launch your product by creating your product listing and paying attention to product categories in order to sell successfully.
However, this is something that you can really do part time; you can write listings whenever you’ve got a spare minute or two. Remember, the goal of selling on Amazon is to have an income stream that’s mostly passive so that you can spend time doing the things that really matter, like spending time with your kids and making fun family memories!
The Power of Prime
One of the reasons that FBA sellers have such a good income stream is because Amazon is the largest online marketplace in the world. People trust Amazon as a retailer and love its many features like Prime’s two-day free shipping. Free two-day shipping is a business expense that can be hard for a small business to guarantee… but not for a behemoth like Amazon.
When you sell through Amazon, your customers get the benefit of Prime’s speed and convenience. It’s a huge win for your business. When you deliver convenience and quality, you get happy customers who leave good reviews that boost your product’s ranking. Combine the benefits of selling through Prime with the awesome effects of good SEO and keyword research, and you’ll see your business and passive income stream grow.
If a passive income to boost your family’s wealth and financial stability sounds great to you, you should join up and take our Rainmaker Challenge! The Rainmaker Challenge is specially designed to help you boost your at-home earning potential without eating into your personal time. If you’re ready to take the plunge, sign up to take the challenge today!