My Amazon Guy When to Quit Your Job? Make Amazon Full Time? Todd Welch Entrepreneur Adventure #60
Jul 13, 2020
28:38
How do you know when to burn your ships, quit your full time job, and make Amazon full time? We speak to Todd Welch, host of the Entrepreneur Adventure podcast and Amazon Seller. Todd left his job too early in the process and ended up going back to his 9-5 job. He's still working in fact. He shares his mistakes and advice to know your numbers before you make the leap yourself.
- Now hire a bookkeeper.
- After all expenses.
- Can’t just look at top line sales.
- Got $60,000 into debt.
- Now that I know the numbers, back at topline 130k per month. Snowball it ongoing.
- Took Amazon to purchase more product.
- How did the business model change after you had the bookkeeping in place?
- Now all wholesale.
- 15% profit margin good number in wholesale world.
- 2 week budget
- In the beginning too much money not enough products. Later too much products and not enough money.
- ROI 60%. 26% margin.
- Listings collect dust
- So how do you know when you should quit your job?
- Book: Profit First, for ecommerce sellers. https://www.amazon.com/Profit-First-Ecommerce-Sellers-Money-Making/dp/0960028315
- Take salary out 3 months before you quit, take money out, see if business can run.
- Debate of debt
- Scale. Risk vs reward.
- Product failures
- Didn’t differentiate
- Too low price - $15
- Seek unique stuff
- How did it feel to fail, how did it feel when you went back to work?
- Plan to go back to full time soon?
- You may also like “So you married an Amazon Seller” https://www.youtube.com/watch?v=8jmeKKY9r7o
Find Todd at https://entrepreneuradventure.com/