TAS 151 – Fiona Soutter’s journey to $100k per month (profit) selling on Amazon.
Jan 2, 2024
auto_awesome
Fiona Soutter, a remarkable entrepreneur who skyrocketed her Amazon sales to $100k monthly profit in just three years, shares her inspiring journey. Joined by Paul Harvey, a VIP in eCommerce, they discuss the critical importance of mindset and community networking in achieving business success. Fiona opens up about navigating product launches, cash flow management, and overcoming global market challenges. Their insights highlight the necessity of relationships and resilience in the fast-paced world of online selling.
A significant mindset shift is essential for overcoming self-limiting beliefs and achieving high financial goals in the Amazon space.
Strategically managing cash flow and diversifying sales channels, including international markets, are crucial for navigating challenges and ensuring business stability.
Deep dives
Mindset Transformation for Success
The journey of a successful Amazon seller involves a significant shift in mindset, which is crucial for overcoming self-limiting beliefs. The individual shares how, while affirming their goal of earning $100,000 a month, they initially encountered doubt and skepticism from within themselves. This realization prompted an exploration of their childhood beliefs about money and success, leading to a reprogramming of their mindset to align with their goals. Understanding that achieving success requires not only strategies but also a solid mental framework has been essential to their growth in the Amazon space.
Navigating Challenges and Cash Flow
Operating a rapidly growing business can lead to significant challenges, particularly around cash flow, which becomes especially apparent during downturns in sales. The seller recounts facing cash flow issues during a significant decline in their primary marketplace, leading to the need for strategic planning and strong supplier relationships. By negotiating favorable payment terms with suppliers, they managed to weather the tough times while also focusing on expanding their sales channels internationally. This proactive approach highlights the importance of diversifying revenue streams to mitigate risk and ensure stability.
Building Strong Relationships in Business
The importance of nurturing relationships is emphasized as a core strength in building a successful Amazon business. From suppliers to team members, creating a network based on trust and loyalty has been instrumental in navigating both highs and lows. One seller tells how their strong relationships with suppliers allowed for favorable payment terms that aid cash flow management, showcasing the mutual benefits of such bonds. This focus on relationship-building not only contributes to business resilience but also fosters a supportive community that enhances personal and professional growth.
Expanding Markets and Growth Strategies
As market conditions shift, successfully adapting to changing environments is critical for sustained growth. The seller shares their journey of entering new international markets in response to declining sales in the U.S., successfully launching in Europe and Singapore. Their approach involved market research and product compliance, especially important in the children’s category, highlighting the diligence needed for expansion. By diversifying their market presence and employing an omni-channel strategy, they position their business for long-term success while minimizing the risks associated with reliance on a single market.
Happy New Year! I hope you brought in the New Year in style and you’re excited as I am for 2024!
The 4th Amazon Collective Mastermind is being held in March on the 22nd, 23rd and 24th , this time in the Blue Mountains NSW. It’s being sponsored by multi-currency solutions provider, World First and Australian eCommerce Accountants, Intrepid Advisory. To join us, Fiona Soutter and international VIP guests including Paul Harvey. Head over to www.theaustralianseller.com/collective to learn more and apply!
This week I chat with the amazing Fiona Soutter, who you might know from her on-stage appearances at the Southern Seller Fest. I actually recorded this chat with Fe a couple of weeks ago, so some of the dates and references to ‘next year’ refer to this year… Anyway, Fiona’s an Australian Amazon seller who started only selling in 2020 and is already making over $100K per month in profit. Today she breaks down her journey, from changing her mindset, to the highs and the lows of dealing with everything Amazon and world has thrown at her along the way.
And I am offering private coaching so please head over to www.theaustralianseller.com/chris to book an hour session with me to make sure you’re heading in the right direction!
If you own or work for a consumer products brand and need help setting up or running your Amazon business, feel free to get in touch with me – I have a new agency, www.Amasphere.com.au – an official Amazon Service Provider.