My Biggest Amazon FAILS in 2021 (FBA sales update)
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- Äas pĆidĂĄn 3. 07. 2024
- 0:00 Intro
1:12 Amazon fba sales update
6:30 failure #1
14:20 failure #2
23:08 failure #3
32:45 failure #4
35:30 failure #5
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Thanks for sharing - so many valuable insights for me 9 months into my FBA journey. (and don't be too hard on yourself...)
Love your integrity and openness, Myles. Thank you for all that you share.
It means a lot to us smaller sellers like me who have only been selling for 1 year with 2 products now, and Iâm already feeling the emotional ups and downs of learning this business model. Thank you for spending your time to explain your frustrations and success.
Have you been able to make a profit at all mate? Im just wondering if its worth getting into.
good to see you back. Don't beat yourself up, you've done really well. Shake it off, keep putting one foot in front of the other.
Great information. Really appreciate your honesty and transparency.
Fantastic and useful content, as always! Iâm waiting for my German VAT now too with the product ready to go, so that was super interesting to hear! Luckily my supplier didnât mind keeping the product at their factory for free while Iâm waiting đ
so excited for more videos from you, Myles, you are just the best (along with Adam Heist đ).
Thanks for the update. A detailed team strategy video and what part of the milestone to implement would be great .
Always enjoy listening to your content, as it has a refreshing honesty! Actually, I would like to get the opportunity to chat with you at some point, as I encounter more and more similarities: started Amazon about the same time ago, 7-digit FBA business, way of thinking⊠most problems that you encounter and describe, I am experiencing as well, but coming from the other side. I started in Germany (as I am German and used to live there), then expanded into EU and now had my first two containers arriving in the US just last month.
I would be particularly interested on your thoughts on the differences of selling in US and EU and also on the similarities.
Regarding the VAT-number, there are two reasons why it took you so long: 1) because German bureaucracy is horrible and super slow even on a good day and 2) the VAT-regulation is relatively new which is creating a lot of demand from foreign businesses resulting in even slower processes at the authorities. Also, the VAT service agencies are overwhelmed by the demand and could not increase their capacity at the same pace. What worsens the situation is, that usually the local tax office of your business address is responsible for issuing the VAT number but there is just one office (Berlin) which is responsible for all foreign VAT processes, no matter where they come from.
As a piece of German/EU-insight advice: be aware of all the regulations regarding conformity in Europe. There are the obvious ones such as CE, RoHS, REACH etc. But there are more subtle ones like your WEEE registration for electronics or the licensing of your paper and plastic packaging. Non-compliance can result in heavy fines by the government as well as suspensions of your listing on Amazon.
Let me know if you would be up for a chat! All the best from Vietnam!
Great video as always. Thanks for sharing. I have been following you since 2 years ago. Your Amazon PPC video was the best I saw on youtube đđđ
Excellent work myles and what a fantastic journey. Cant wait to see what the future hold for you bro.
Great content, thank you so much for sharing đđŒ
Itâs super helpful to be able to reflect on other peopleâs experiences and difficulties, especially when on a solo journey. Thanks to people like you who choose to share their story, our journey feels less isolated! Very grateful Myles đ§Ą
For a future video, it would be great if you could touch on the systems and processes that an FBA seller could implement to run a well oiled-machine.
Great stuff man, it's always nice to see the reality of it all from someone IN the business.
Also, that's the most you've ever swore on a video :D
Also, if you need an extra one person... hint hint cough cough
Hi oh are a wonderful leader who owns mistakes and shares learnings with the community! So proud of your growth (business and personal). Itâs been amazing to witness! Definitely gets me inspired! Suggestions for the next video- 1) talk about how to obtain and maintain happiness after acing the money game 2) how you do the geography arbitrage to save on expenditures and taxes and 3) how to keep your wealth and 4) entrepreneurship and building a community both online and offline. Keep up the wonderful work! :)
Great tips. Valid not only for Amazon, but for business in general. Costs calculation, expectations, worst case scenario...
Good to see you back with the videos man! That's rough about Germany, we've been speaking to some VAT services and they all say around 3 months to get the #.
Yes I have heard that timeframe is usually reasonable
Thanks for sharing Myles. The frustration is so raw and real in your voice, and itâs this transparency that is so valuable for aspiring sellers like myself-I donât need the rose-y picture painted by most gurus.
By the way-I saw that youâre planning on expanding into Japan. In case you didnât know already, Japan customs is cracking down on Amazon-bound inventory hard, disregarding any submitted documents and artificially setting the declared value extremely high, and it is a huge headache. Something I would recommend you and your team look into first-if you havenât already-before it springs on you as a surprise.
PS: I sell in Japan
That's a good heads up. Thanks!
Awesome content, thanks for sharing
Wow, As real as it gets, Awesome content man, I'm struggling in my business because of the costs going up and new competition as well, felt really down for some time, But manage to just keep going forward every day by watching your journey from 3 years ago until now, truly remarkable and inspirational journey, honestly every experience you've had and shared helped and will help so many people, so keep the bigger picture in mind and keep crushing it as always!đȘ
It would be awesome if you could do a video on team building structures with all responsibilities and tasks for each department, all that good stuff.
Keep going man!
I will do that video.
Switch to local lead generation, more niche opportunities, less competition than Amazon and way less upfront cost. Let me know if you are interested đ
Holy F! That's such a huge profit margin... You're doing it super big. Bravo. I know you've learned some tough lessons. But every business owner goes through that.
Very good Video!
Great video Nomad. Really appreciate sharing your failures with others to try to avoid them. Chapeau for such transparency. Would love to hear more about the hierarchy of the business, the team, how and where you recruit your team members, how you shifted your mind from being the corner stone of the business to have a CEO that manages everything for you..was that easy for you? :) What do you do with the financials? Who pays to the suppliers? Does the team or the CEO have access to your bank accounts? A lot of info would love to know about your business because I really believe thats how businesses should be operated. Would ofcourse love as well to know which books you have read that really impacted you and the way you operate your business today. Despite all your mentioned failures, you must know you are a successful business man Nomad and your numbers just prove it. Best of luck and thanks for sharing again.
Thanks for another great video and sharing your story! I appreciate the honestly ( so hard to find these days). Prior to watching this video, I watched the episode in which you interview Adam Heist ( Iâm huge fan of his channel)⊠what a dramatic change in tone between the two episodes ⊠numerous times it was mentioned how relatively easy it is to start Amazon FBA and do 30k a month in sales, etc⊠Do you no longer feel this way? I understand there are a lot of new challenges⊠shipping fees, tariffs, PPC , etc. What do you think defines who will and who wonât make it?
My favourite....đđđNew member
your preparation is so different...
will try this one day...thanks
Myles, Fantastic honesty and transparency. How many new products are you still launching?
Love your content! Are you building brands and selling our own products on your shopify store? Or you only focus all of your business on Amazon right now? Are you planning to sell on Walmart as well (Fulfillment by Walmart)?
Make a high level video on the processes used in your business
Great Video,
I am using FNSKU barcodes for my products but to sell in Europe should i change to upc or use separate FNSKU barcodes?
Great video mate. Really interesting to see your viewpoint on Amazon now, and where itâs going. Youâve changed my life by helping me with Amazon, although Iâve only been selling for 9 months, Iâve already quit my job and will soon be hitting $50k+ months, which I still canât believe is real. So I canât put into words my thanks to you. To any new guys, there is still definitely opportunity there, the game has changed massively, but you can still make it for sure.
For next videos Iâd love to hear what your plans after your exit. Any other businesses catch your attention? Whether it be crypto related or whatever. Thanks mate!
Knew you'd kill it since our first chat, still amazing to see it. Awesome work Joe!
Hi mate, would you be willing to help me out on Amazon? I really want to make it big like yourself
Hey Myles, Austin from the group. Do you think shipping costs will come back down to 2019 levels in the future? Or do you see this trend continuing?
Also would love to see a crypto update video from you and where you see things going. Currently I'm in both crypto and Amazon, but am having to sell most my crypto for my 2nd order.
With shipping my margins are not as great, wondering if I should sell out this 2nd order and just do crypto till shipping rates come down
Hi Austin,
Shipping costs: Consensus seems to be very low probability that they start dropping between here and next year sometime.
Crypto v Amazon. Why dont you just use your crypto as collateral for a 25% LVR / 1% PA / 2 year loan on Celsius instead of selling it. Be aware then that your risk will then get pushed to a margin call event (ie if the collateral price drops >50%). But being forced to drop volatile assets for cashflow is a very sub-optimal way of managing them.
Could you please tell the 3PL service that you are using in Germany?
Appreciate the transparency. Just out of curiosity, has your UK business been affected by Brexit? E.i importing cost & shipping delays
I would say delays & rising import costs are covid related more so than brexit, and yes
Hey myles. My name is Jamie white. Im from Western Australia and am in mining at the moment. I have been doing a lot of research on fba and am doing the h10 freedom ticket. I have been trying to join your Facebook group but it has been pending for about a month. Im keen as mustard bro.
Heh, I had to rewind a couple of times that 3:00-4:00 mark. Could it be that somebody is actually speaking the truth for once? Thank you for the integrity, it's a rare sight amongst FBA youtubers.
Always.
Is it possible to get in touch with you to get the processes you use in your business?
@Nomadmillionaire, I would love you to mentor me. Let me know please