A little bit about my background.
Prior to starting my Amazon FBA journey, I was a trader and not a very successful one at that. I mainly traded Singapore stocks, Forex, Indices and some US stocks. I’ve taken numerous courses over the years, subscribed to numerous signal services and tried out countless trading systems, with very inconsistent results. After I got tired of throwing away money into the market, I decided I needed to look elsewhere, to try something else.
I found many promising ideas. There’s affiliate marketing, eBook publishing, website/blog monetizing and of course, eCommerce.
I first chance upon a course in Udemy on website monetizing, and I was hooked. Even if I never got around to doing it, it still taught me a lot about SEO. Fascinating stuff.
Next, I dabbled briefly in eBook publishing, which turned out to be quite a headache. I have a grand total of 1 published eBook on Smash Books and 4 eBooks which had been in progress since late December or early January. Felt like a lifetime ago.
Basically for eBook publishing, the recommended way to do it, is to hire ghostwriters for writing the book and then publish it under your own name. You can look for ghostwriters on Upwork or Fiverr. I found mine from these two sites. The trick is to publish as many books as possible to provide you with a consistent passive stream of income over time.
I did hire a few ghostwriters, but their writing is horrible. I ended up editing most of the books myself and basically alternate between wanting to bash my head against the wall and puking blood when I do the editing. No kidding.
In the end, I only managed to finish editing and publishing one eBook. I haven’t checked back since, but I don’t think it generated any sales.
The next thing that caught my interest was affiliate marketing. There are many types of affiliate marketing. Amazon has an affiliate program, but the percentage you got is not a lot. The one that seem to reward Affiliate well was ClickBank. There are many courses that you can take for this.
Chancing upon Amazon affiliate program led me to the Proven Amazon Course. Selling real physical goods on Amazon. To be very honest, it was very promising. Not to mention that the course only cost me a fraction of what I would be paying for any course in trading. And yes, this is a real business model, unlike trading. It also offered a lifetime 100% money back guarantee. If I’m unhappy with it 10 years down the road, I could probably get a refund on it. I wished I could get the same guarantee on my trading courses.
It had a really big learning curve though. I have no experience in accounting, eCommerce, running a business or marketing.
I spent the entire January studying. Going through all the course materials in the PAC. Learning about setting up my own business in Singapore. The difference between the various business structures in both US and SG. Sales tax in US. VAT in the UK. Learning how to do my accounting and bookkeeping. The various accounting software and terms. Sourcing for profitable inventory. The list is endless. I learnt so much just in January alone.
So far, I’ve gotten my Seller Account set up. Set up my account with a US prep service. Successfully sourced for inventory, sent them to the Prep service I’m using, and my first listing is already live on Amazon!