Private Label Masters - Tim Sanders
MODULE 1 - Overview
Detailed Review of Module 1 of Tim Sanders' "Private Label Masters" online course that teaches entrepreneurs how to become successful sellers on Amazon.
If you're looking for a different detailed to the max, up-to-date review of Tim's PLM, then stop clicking and start scrolling because you have arrived.
MODULE 1 - Welcome to the Course
Video 01 - Welcome to Your new Future (Start here)
Video 02 - Mindset for Success
Video 03 - Licensing Your Business, Paying Uncle Sam and Limiting Product Liability
|Business License: |
1. Tim offers the disclaimer that he is not a lawyer, nor an accountant, so this is not to be considered formal advice.
2. he gives an overview of the different advantages that an LLC has over a sole proprietor or an S Corp. But he does urge you to start selling and then worry about getting the proper licensure.
Finally, Tim encourages you to get the protection that you need.
1. Tim explains the characteristics of a solid CPA and to whom you will be paying tax to (the State, the Federal Government).
2. He reveals a few simple tools to use to automate this process so you can concentrate on selling. (One detail is how to get an EIN and then input it in your seller central account).
Product Liability Insurance:
1. Tim offers some advice: don't go for high liability products! Rather start small.
2. Don't worry about this insurance until you have selected a product and it is in Amazon's warehouse.
3. Tim includes a pdf with a contact that specializes in PL insurance so you don't have to search around for one.
Video 4 - Amazon's Fee's: A Breakdown
|In this lesson, Tim gives an overview of the different kinds of fees that Amazon will charge you, from seller account fees (individual or professional), Fulfillment fees (reg. size and oversize tiers), referral fees, and more. At the end of the video, Tim does a quick walkthrough of the FBA Revenue Calculator tool.|
Module 1 - My Primary Takeaways
This lesson offers a nice introduction to the FBA business model, doing a great job at educating students that while not an overnight money maker, this business can be profitable in a fairly short period of time.
Additionally, Tim does a quality comparison as he lists the pros of different business licenses. Tim advocates for a Limited Liability Company license for a number of reasons. In my case, I went straight to an LLC as they can be obtained affordably and offer the most flexibility when filing Uncle Sam's dues (taxes).
Video Quality: 6/10
Some videos were pretty blurry.
This short module offers clear sound.
Tim's content in this first module is understandably foundational, which is very helpful for FBA newbies.
OVERALL IMPRESSION OF MODULE 01
This module provides important information, from how to stay motivated to how to structure your FBA to enable rapid growth.