Amazon Navigator - Sophie Howard (Aspiring Entrepreneurs)
MODULE 1 - Welcome to the Future
What's the biggest struggle entrepreneurs are facing today?
Learn it from Sophie today!
This is an in-depth review of the Module 1 of Sophie Howard's "Amazon Navigator".
MODULE 1 - Welcome to Amazon FBA
Time: 32 minutes, 46 seconds
When you start a business, any business, you will hit all sorts of roadblocks:
- Lack of Motivation
- Time Constraints
- Technology Issues
- Struggling to Stay Organized and more.
At times you will feel like the well-known Tesla Founder, Elon Musk, who said
So how do you overcome them?
What's going to pull you through?
Simon Sinek, a business owner-turned-consultant-and-motivational-speaker, has become famous for his Golden Circle:
Simon says that when you know your why, you will have the motivation to accomplish your ambition.
So your first step in proactively overcoming the obstacles is knowing yourself:
why you are doing what you are doing.
It makes sense then that Sophie would pose the following question in the introduction:
"Why do you desire freedom, wealth or other benefits of a successful Amazon Business?"
Pick up a notepad and pen or maybe simply in the notes section of your phone, take some time and really dig within yourself, asking why you want to start this business.
Do you want to provide for your family?
Do you just want to earn enough so you can go sit on the beach in Ibiza?
Do you want to get rid of the student loans you took out to get through that outdated system called college?
So what are your reasons?
Throw them into a comment below.
Sophie's 3 Step Goal Setting:
Set your goals in three steps:
- Define Your Strategy (What exactly are you trying to accomplish?)
- Establish a Timeline (When do you want to achieve it by?)
- Remain Accountable (Do what you need to do when you need to do it)
Once you've written out your strategy and timeline, you might take a hint from the 21st Century Sales Master, Grant Cardone, and scribble a summary of them down in a notepad every day, morning and night.
In our super-information driven society today, it's easy to get caught up in the cascading current, but that makes it all the more important to put pen and paper together 2x daily.
Harvard MBA Study:
So to get back to you about that Harvard Review Study. As it turns out, the breakdown went like this:
- 84% didn't write an specific goals
- 13% had put some goals in their heads, but didn't write them on the flat white stuff, paper
- 3% wrote down their specific goals and had made plans to accomplish them.
After emphasizing the importance of goals and plans, Sophie went on to tell her students why they should listen to her.
Sophie introduces herself and her Amazon Experience.
- Lives in New Zealand
- Married to a New Zealander and have a couple of kids
- Had business background as a transitional CEO for startups pitching VC's for funds
Sophie's Revenue Rule of Thirds:For those who struggle with budgeting, this is a simple way to mentally track your business income and expenses.
- 1/3 to Amazon Fees, (accurate according to Ad Badger Amazon Statistics 2019)
- 1/3 to Product costs,
- 1/3 is Profit.
Book Recommendation: Profit First explains that it's the bottom line, not the top line that matters. Reread the Grant Cardone quote from above: "What you give your attention to is what you will get."
My old driving instructor use to say that whatever you look at you will go towards, which is why the common traffic rule is when faced with oncoming vehicles, put your attention on the white line on the side of the road. That way you'll tend to drift in the direction of the shoulder, not crossing the centerline and cause an accident.
Focus on what you want
and in business that is PROFIT
Sophie gives an overview of the structure of the Amazon Navigator course.
Course is made up of 8 Modules of at least 1 session per module.
Then she moves on to talking about the merchant side of Amazon.
Sellercentral - When you decide to launch your amazon business one of the first tasks you will have to do is create a seller central account.
Sophie encourages serious Amazon business owners to invest in a professional account, where you pay 40 dollars per month, instead of a dollar per product sold.
If you are looking into taking Sophie's course, you are not getting into Amazon to sell only 40 products a month.
You're aiming at a much higher target.
You want to add a meaningful income stream to your lifestyle
and forty products a month doesn't do that.
Sophie shares that she has revolutionized her life in the past couple of years using the Amazon business model.
She shares that she,
after 15 months of intentional actions,
lots of late nights
and many mistakes,
has created a 7 figure per year business,
averaging just over 200k per month in sales.
She also includes a few notes about Amazon's fees,
speaking of both their fulfillment and warehousing prices.
Module 1 - My Primary Takeaways
The biggest struggle I think for the entrepreneur today is freezing.
Others call it overwhelm,
some call it analysis paralysis,
but really it's freezing
It's the stopping of daily action taking.
This is a continual theme throughout Sophie's first module.
Repeatedly, she emphasizes the need to be doing something, big or small, every day to move your business to the next level.
Take steps forward.
When the time comes to decide your product,
do your homework,
research a bit,
then make the decision by going with your gut,
which Forbes says is the highest form of intelligence.
OVERALL IMPRESSION OF MODULE 1
This module provides an excellent introduction to the Amazon business lifestyle, revealing what a motivated and consistent action-taking person can accomplish in a relatively short time.
Sophie shares both the first few steps to take to get started on Amazon as well as the mindset that is necessary, vital for creating a profitable business.