“I’d get tons of rejection,” he adds. “But that’s why my skin is much thicker than everybody else’s, because I’ve already faced objections. And what I came to understand is every single no gets you closer to a yes.
And that’s the exact same thing that happens in the business world. You’re gonna have failures, you’re gonna have rejections, but then your skin grows thicker and thicker. And every single no will get you closer to that yes. So if you wanna become an entrepreneur? Find a sales job first.”
Okay, cool, so say you are ready to launch an Amazon FBA business. How much is it gonna cost? “That’s probably the number one question I get asked all the time,” Tom continues.
“But how it works, it’s not like a binary number. Let me ask you this: How much does it cost to get into the stock market? How much does it cost to buy real estate? It really depends on the stock, and it really depends on the piece of real estate. Same as Amazon FBA. It really depends on the product that you’re trying to sell.”
“You can find products where the barrier to entry is very low, and you can invest a couple thousand dollars, or you can actually get into a product whether the barrier to entry is really high, and you can spend ten, twenty, fifty thousand dollars. Even a hundred thousand dollars.
So the question is not how much money does it cost to start an Amazon business, it’s how much money do you have? And then you find a product that fits within that criteria.”
Are there any skills you need to start an Amazon FBA business? Tom says you need to be a bit data driven and analytical.
His reasoning is: when you’re checking out different products trying to determine which you should start with, you’re going to need a software like Helium 10 or Viral Launch. This is so you can analyze the metrics and make good business decisions on what to go with. Otherwise, there is a huge chance you’ll invest in the wrong product, buy a ton of it, and lose your money.
You’re going to also need good communication and negotiation skills. When you’re working alongside suppliers, you want to make sure you can hold your own. Your goal is to get the top product for a bargain price.
Lastly, you need to have an idea of how to market. You want to win the “buy box” so it’s important that you get creative with your marketing and stand out from the competition.
If you have these 3 skills, you can definitely take on an Amazon business.
Want to know how to become an Amazon millionaire? Tom explains that the first step is to believe in yourself. Then, you need to get to work. For Tom, when he first started his business he was still working his full time job at Yellow Pages. He is the prime example that if you want it bad enough you can make it happen!
Tom kept on grinding until he was able to quit Yellow Pages, and now look at him. He’s a multi-millionaire.