Selling on Amazon in the US (and the UK) is a great opportunity, and in this episode of the Maximizing Ecommerce, I am excited to have Michael Veazey.
Since Michael lives just outside of London, he has a unique perspective on selling on Amazon (from outside the US) and how things work within the UK.
Michael started as a music coach and branched into selling on Amazon, built his own brand, and now runs a mastermind for successful Amazon sellers, and we talk about what works to be successful on Amazon these days.
“Imperfect action beats perfect inaction everytime”
Oftentimes we overcomplicate things, and in his perspective, VAT is simpler to understand than the complexity of US sales tax. I can certainly see where he is coming from.
We talked about how starting in international marketplaces does not have to be a huge risk. You can start with small portions of the orders you are already placing as a test.
His take is that adding another Amazon marketplace is considerably less work than sourcing new products (and less risk)
One of the differences he notices between the US and the UK is that the UK less competitive and he explains why he believes you can go after broader markets than in the US.
A benefit of selling on international marketplaces is that by adding diverse revenue streams, you can make the numbers work out so that your product is a success because it will help you sell through your inventory faster than just remaining in the US.
Hire people to fill in the gaps where you are not sure what to do and shorten the learning curve.
Michael has found that a common trait of successful sellers is that they tend to take calculated risks (not gamble and waiting on the sidelines).
His biggest takeaway is to go after markets (or sub/niche markets) that you can dominate. The key to success is never enter a fight you can’t win.
People & Resources Mentioned
- John Cant
- Star Principle by Richard Koch
- Scaling Up by Verne Harnish
- Jim Collins – Fire Bullets, Then Cannonballs
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