Amazon FBA Mastermind Module 1 began on January 20 with Dr. Ellen Britt welcoming the new students and setting the stage for the next 4 modules.
Christine Cobb, our instructor, gave us an overview of the world of ecommerce and specifically how Amazon FBA fits into that world. Many of the barriers to entry for bricks-and-mortar stores do not exist for the ecommerce businesses. Yet, there are many aspects that are the same no matter what the business.
As part of this course, we will be setting up our Amazon accounts and sourcing our first inventory for our stores. Christine cautioned us to be nonspecific with business and store names as our experience may lead us into different markets.
She also cautioned: “Do not fall in love with any product – Things will change.”
We learned about the differences in Amazon seller Accounts: both Professional and Individual. We learned about the equipment and supplies that will be necessary. We learned about as many abbreviations as exist in the Military. We also learned about Sales tax and its many complexities.
This first-class was such a great overview for me. I typically only see Amazon businesses from the numbers. It’s fun to think about the selling aspects. I must admit, I want to try my hand at it. Christine and Ellen have an enthusiasm that is contagious!
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Interested in Profit First?
If your ecommerce business isn’t where you’d like it to be in terms of profitability, check out my book, Profit First for Ecommerce Sellers. It answers important questions about how to implement Profit First in an ecommerce business. Take control of your money and your business, and put Profit First to work for you!
You can also sign up for the Profit First for Ecommerce Sellers Online Course. As a Mastery Level, Certified Profit First Professional, I will teach you why Profit First works so well for ecommerce businesses and the particular challenges for businesses that have physical products requiring inventory management. You will learn how your behavior drives your money management habits for your business and how you can set up your business bank accounts to work with your habits.
Check out all our ecommerce accounting and profit advising services here!