Learn how to build a successful online business!
You've probably used Amazon to buy products now learn how to become a seller! A recent JungleScout study found that 70% of Amazon sellers make more than $1,000 per month with one in four (25%) making over $25,000 in monthly sales. With the right product, many sellers achieve 6, 7 or even 8 figure sales per month.
10X is a 10 month “e-accelerator” program to help 10 individuals and companies understand, develop, source and launch an online product business. Leveraging the robust selling platform of Amazon, participants will have an opportunity to quickly build a business with national reach, avoiding the capital requirements and longer time to market of traditional retail. We will approach this with a cohort model to facilitate collaboration and teamwork. This is designed as a side hustle but success will require daily focus.
Program requirements
Time commitment
The main requirement for participation is time. Amazon FBA sellers cannot be successful without a persistent and daily focus on their business. However this program is flexible and even an hour each day, whenever you have it available, will help move it forward. This time is in addition to the individual and group meetings outlined below.
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Financial investment
This program will require some investment from you, primarily for sourcing your product inventory. This amount can vary depending on the price of your product and how much inventory you hold. There will also be some business set up fees and ongoing monthly Amazon reseller fees. Typical startup costs can begin at $2500, depending on the product.
Program schedule
We will follow an active meeting schedule and all cohort members are expected to attend each meeting. Like anything, success with this will require daily focus.
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GROUP MEETINGS, Weekly, 1 hour
Weekly group sessions will include immersive business training and mentorship to cover critical early-stage business challenges including value proposition, market fit, funding, financial projections, and marketing. We will meet at a time that will work for the cohort. it will likely be at night to support work schedules. These meetings will typically be virtual videos call with one in-person meeting each month.
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INDIVIDUAL COACHING, Weekly, 30 minutes
These meetings will be scheduled on a standing schedule to answer questions, provide support and keep each cohort member on track. These are typical video calls.
How to apply
To apply for the program, please send an email to Robert Abbott at rabbott@innovate120.org. Include the following information :
1. Name
2. Email
3. Mobile number
4. Motivation for applying to the program
5. Questions
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We will follow up to schedule a video call with each applicant and then make a final cohort selection by October 1, 2024.
Program roadmap
1
Kickoff
We begin our cohort with an overview of the roadmap, set clear expectations and commitments, and begin the process of setting up your LLC, bank account and Amazon account.
2
Ideation
Participants will research to validate a focus on the right product opportunities. Using Amazon’s platform, we introduce research tools to help them analyze market data and understand niche trends.
3
Competitor Analysis
We introduce methods to examine competitors, from reverse engineering top products through reviews, strategies and available performance metrics.
4
Product Design and Branding
We will coach you to identify opportunities for product differentiation by improving design, functionality and experience. We’ll cover approaches from private-label to custom development.
5
Pricing and Financial Modeling
Leveraging a range of inputs, we coach you to utilize financial modeling tools to understand pricing, platform fees, landing costs, taxes, shipping, etc. and how the product can achieve profitability.
6
Sourcing
Producing a benefit to reduce time and lower investment requirements, we will share approaches and options for sourcing products. Key to much early product development, we will utilize Alibaba to connect the cohort with manufacturing options and will cover important process priorities for helping them get the product they want.
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Inventory
Another advantage of utilizing established e-commerce marketplaces is to be able to engage others in the warehousing, transaction and fulfillment of product sales. For example, we’ll outline the process for direct from supplier to Amazon FBA. Rural communities certainly have cost advantages to warehousing and fulfillment so the FBM (fulfillment by merchant) process will also be explored for higher cost/higher margin products.
8
Marketing
One of the most important to master for success in any business including branding, messaging and content development, We utilize Amazon programs and support to set up and monitor customer acquisition cost, PPC ad programs, sponsored placement, etc. Coaching is key during this process to explore and test many options to drive and optimize performance.
9
Launch
Launching the product is the beginning and we coach you on daily monitoring of all qualitative and quantitative metrics including reviews and profitability. We will advise on when to adjust pricing, media content, messaging, and promotions.
10
Optimization
With an understanding of the process, it becomes easier to explore and build a product portfolio. This is the opportunity to scale up your business!