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How to drastically boost your value as an entrepreneur – and as a human

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A rundown of The Last Safe Investment by Bryan Franklin and Michael Ellsberg

Don’t worry, there’s not a dress code for this article – although it looks like there might be one for the book itself.

Don’t worry, there’s not a dress code for this article – although it looks like there might be one for the book itself.

Investments are dangerous these days. Everything just gobbles up my money while giving me nothing in return.

Settle down, there, cowboy. Luckily, not “everything” works that way.

Have you ever heard of a little term known as systematic spending? It should serve as your guideline when it comes to parting with that leafy green presidential parchment.

This basically keeps you on the right track and averts you from any frivolous indulgences.

The principle of systematic spending is very, very simple: As long as you’re funneling your funds into things that will contribute to your own self-development, you can invest however you wish.

It’s like dropping guap on taekwondo lessons instead of buying a life-sized Karate Kid statue. See the difference?

Life experiences are often a safe bet for spending. Through lessons learned, they equip you with skills, and skills then equip you for life.

After all, isn’t that how everyone grows and accrues knowledge, savvy, and overall value?

This value isn’t just for you, either, pal. It bleeds into the lives of everyone around you, whether you like it or not. (So you might as well like it.)

So um… What exactly do I shoot for? What skills should I be chasing? I’m already pretty good at Jenga. Does that count?

…Yeah. That counts. For something, somewhere. But uh, let’s talk about what The Last Safe Investment calls superskills. It’s doubtful that Jenga mastery is included, though, champ.

  1. Interpersonal Superskills

You know, talking with folks, developing lasting and positive relationships, being able to lighten the mood or slice through the tension of an awkward situation.

Customer service is definitely a part of it, but you should also remember that networking and even general friendliness and etiquette fall under this umbrella.

Master the art of communication, and you hold in your hand the key to the universe. Well, metaphorically speaking, anyway. This book doesn’t come with a key.

Master the art of communication, and you hold in your hand the key to the universe. Well, metaphorically speaking, anyway. This book doesn’t come with a key.

Subsets of interpersonal superskills:

  • Leadership and influence
  • Public speaking
  • Teaching
  • Selling

It’s not always about the sale itself. In fact, it very rarely is. This is what so many talented and potential-filled wantrepreneurs unfortunately overlook. Social skills normally do all the heavy lifting for you.

Anything from commanding a crowd to having a grounded, honest conversation with a consumer requires that gentle touch of genuine care, tact, and respect.

2) Creative Superskills

Say that, for example, you’re a terrible painter. Not trying to beat you up, that’s just the way it is.

Have you ever thought that it very well could just be because you don’t know the first thing about the art form?

A few basic classes that cover the fundamentals might save you from those all-too-frequent trips to the shredder. Awaken that sleeping creative genius inside of you!

And hey, maybe painting just isn’t your thing. That’s okay, too. Creative superskills don’t just stop there.

And hey, maybe painting just isn’t your thing. That’s okay, too. Creative superskills don’t just stop there.

Subsets of creative superskills:

  • Improvisation
  • Writing / copywriting
  • Storytelling
  • Design

It’s all about bringing ideas to life, man. You are an originality hub, and the sooner you develop the ability to tap into that, the better.

You would be surprised to discover just how much latent value you have rolling around in the imagination corner of that noggin.

  1. Physical Superskills

Okay, the phrase “physical superskills” makes it sound like you’re going to be bench-pressing busses and jumping over buildings like Superman, but that isn’t the case.

Your body is an essential part of your business venture, but you should also consider your immediate surroundings an extension of you.

Be productive, be healthy, and uh… clean up every once in a while, would ya?

This is Alex. He has no idea where this year’s expense report is. Don’t be like Alex.

This is Alex. He has no idea where this year’s expense report is. Don’t be like Alex.

Subsets of physical superskills:

  • Extending someones physical productive worklife
  • Taking care of your body/mind (they are connected, don’t forget that)
  • Increasing mental clarity
  • Maintaining a neat appearance
  • Organizing your work environment

This one is pretty straightforward.  People need help in their daily lives and mastering a physical superskill can create immense value in someone else’s life.  Take care of them and they take care of you. On to the next one!

4) Technical Superskills

Do you even know how to think? That might sound like a jab, but it’s an honest question. Can you dial in thoughts and actually produce fruit from the gears turning inside of that skull?

Learn how to turn your noisy monkey brain into a well-oiled idea factory.

Learn how to turn your noisy monkey brain into a well-oiled idea factory.

Subsets of physical superskills:

  • Creating mental models
  • Thinking systematically
  • Visualizing
  • Conceptualizing
  • Logic-izing

Your brain is your ultimate asset. Imagine it as a business partner that will never leave your side. Investing in how this sucker breaks things down is definitely a good move.

**RED ALERT** This category has the highest ROI (return on investment – do your homework, you should know this one by now). Whoop whoop!

But I don’t have the resources / money / time / <insert excuse here>!

Don’t you have internet access? How are you reading this right now? Yeah, we thought so.

Don’t stand in your own way! The web is a fascinating place that is teeming with outlets and information banks that are just waiting to be tapped by YOU.

Do some research, take some classes, connect with some people who know what they’re doing, and keep checking back in with us. We’ll hook you up with the essential nuggets.

The Last Safe Investment gets into the nitty-gritty with you, making it well worth your time and money.

Your end goal here, and in many situations, is to grow and accrue value. Aim high and keep at it. You are worth more and more every day.

With these skills and the right mindset, no investor, customer, employer, or in-law will be able to deny your inherent value.

Now get out there and build you!

The post How to drastically boost your value as an entrepreneur – and as a human appeared first on StartupBros.


Double Your Productivity Part 4: 8 Clutch Online Tools That Will Seriously Pimp Out Your Proverbial Utility Belt

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We’d like to kick off this portion of the series with a disclaimer: Of course you absolutely CAN beast your way to next-level productivity by yourself. The power isn’t hidden outside of you, locked away in some program in the deep web.

It’s lying dormant inside of you. All you have to do is tap into it, and you’ll have a wealth of unshakeable focus at your fingertips. Heartwarming, empowering, and a touch patronizing, but 100% true.

But uh, as you might have come to realize, it’s pretty freaking hard to just dive deep into your psyche and overhaul the roadblocks that are standing tall in your way.

What we are discussing is cutting the cord between you and the most common online sidetracking bogies.

Trying to lose weight? Don’t keep Twinkies in your house. It’s the same concept, and it’s overwhelmingly effective.

So here are some dynamite time-saving, distraction-stiff-arming tools that will undoubtedly aid you in your efforts. Not that you need them or anything, but… You know, just in case you do. (You do.)

1) Momentum: Encouraging mom-style motivation every time you crack open a new tab on your browser.

(DISCLAIMER: It’s not literally mom-based, so if that stuff weirds you out, still give it a shot. We’re just doing a bit with it.)

Be honest, you don’t talk to your parents enough anymore. They wiped your butt for half of your natural life, but you can’t find the time to call them on the weekends? Tsk tsk. For shame.

And even if your personal mama wasn’t big on the positive reinforcement front, you’ve probably seen enough painfully cheesy, overly predictable cookie-cutter sitcoms starring mothers whose entire character arcs are based on maternal morale boosting.

Basically the opposite of Lois from Malcolm in the Middle. Her last priority is encouraging you.

Basically the opposite of Lois from Malcolm in the Middle. Her last priority is encouraging you.

Right now, whenever you create a new tab, regardless of your intentions, you are bombarded by daunting, seductive traps that beg your immediate attention.

Google Chrome presents you with your most frequently visited sites right off the bat, which is basically like dangling carrots in front of a horse – or apple fritters in front of a me.

Your browser is basically saying, “Here you go, friend. I know you opened this to check your website statistics, but are you positive you don’t need to check Reddit’s list of funny toddler videos again? They might have uploaded something new since this morning.”

This might look like Chrome is being sweet and trying to make your day easier, but whether it’s on purpose or not, it is fatefully tempting you to veer off course.

With Momentum, clicking that “new tab” button will bring you face to face with an inspirational quote backed up by beautiful, calming scenery. Ahhh…

And as if that’s not enough, you can also insert a to-do list, which will pop up in the place of all of those terrifying suggestions that normally swarm you. This is akin to a stern mother with piercing eyes prying, “Shouldn’t you be filing your taxes, young man?”

This tool persistently reminds you that a) you have a boatload of ish to do today and b) you can absolutely, positively handle all of it because you are superman, all the while eliminating the romantic allure of the Facebook tab staring you down with googly eyes.

2) News Feed Eradicator: Going straight scorched earth on the useless drivel that your loose acquaintances shove down your throat.

You don’t care about Jamie’s stamp collection, so why are you thumbing through all 115 photos? Likely because you don’t want to get to work. Understandable, for sure.

Now, we’re not pointing the finger. It could be a conscious stab at procrastination, but the odds are that you’re not even aware of how much time you’re wasting because the powerful magnetism of social media has you gasping for air in its vice grip.

You are the North pole, and those Tasty videos where they make Cheeto-crusted mozzarella sticks are the South. Steer clear at all costs. We repeat: AT ALL COSTS.

You are the North pole, and those Tasty videos where they make Cheeto-crusted mozzarella sticks are the South. Steer clear at all costs. We repeat: AT ALL COSTS.

The problem here is that as soon as you open Facebook, you are confronted by your timeline. A quite literally endless stream of things that do not even remotely pertain to your interests is calling your name like a siren. (The mermaid kind, not the ambulance kind.)

Keep in mind that we are not trying to trash talk Facebook at all. It is an incredible asset when used correctly, so dropping the outlet altogether might come back to bite you. This, along with #3 and #4, will help level the playing field and keep your head in the game.

Instead of jumping ship, use News Feed Eradicator. The typical garbage that fills up your screen when you log in will now be replaced by an inspirational quote. D’awwww, how sweet.

3) Facebook Messenger: Because communicating with your customers is more important than creeping through their profiles and liking Christmas photos from 2011.

Are you logging onto Facebook to respond to a consumer query or hit that investor back? First of all, have you ever heard of email? Ugh, never mind. I guess Facebook is fine for networking and customer relations. I guess.

Either way, using the Messenger app grants you access to all of your conversations without teasing you with the downright evil option to sniff through your newsfeed and troll your day away.


4) Facebook Pages: View insights and make posts without being reminded that your brother is drinking out of coconuts in Jamaica while you’re stuck in the office.

In a perfect world, you handle all of your business matters through your company’s page, keeping your personal affairs on your personal account.

Of course, no one is perfect, and this world sure as sugar ain’t, either. Sometimes your mashed potatoes touch the peas on your plate. Don’t panic. They are still edible.

Using the Pages app means that, when you log in to handle business crap, you will only have access to business crap. None of the personal crap will be readily available. Boo-hoo / Yay!

5) Hootsuite: Owls aren’t just for delivering parcels to Hogwarts anymore.

Yes, this neck-swiveling night bird can plan your social media strategy eons in advance.

Yes, this neck-swiveling night bird can plan your social media strategy eons in advance.

Like we’ve discussed, social media has become an inarguably necessary evil. Going against the grain and attempting to make it “off the grid” could mean the implosion of your business. In the modern era, it’s a matter of making it work for you.

Making original content posts or sharing things on your page’s timeline is a great way to engage consumers and other businesses. Having an active feed helps maintain your brand’s active image.

However, how much time do you actually devote to staring at your screen, racking your brain for interesting things to post?

Every day, and for some people, multiple times per day, you remove yourself from your current task to dip your toe back into the social media pool. You know this by now, but we’ll remind you: Removing yourself = productivity loss.

If only there was some way to schedule all of your week’s activity in advance so you didn’t have to break away from more pertinent work… Oh wait, there is. And it’s called Hootsuite. *Cue chorus of angels*

You can even go full-on left-brain and schedule all of your posts months ahead of time. This way, you won’t have to open up the social apps during your workday in the first place and risk being whisked away by some Buzzfeed article about expensive pizza.

Spending 20 minutes a day on social media can really add up. From opening the tab, resisting mindless clicking and scrolling, crafting the perfect post, and posting it, the whole endeavor can really devour precious clock time.

With Hootsuite, you can knock a bunch of it out in one sitting, concentrating fully in social media mode. Making something your primary priority and staying focused on that one effort for a period of time drastically streamlines the quality of your posts.

6) Slack: The grown-up version of AOL Instant Messenger.

It is a little different, though. Yes, you can technically choose your screen name, but you should shelf “bigmoneyballer5000” for now. It worked in 2003 when you were spitting game at your chat room crush, but it might be time to retire it.

You know, now that you’re an adult and all.

When running a team, instant communication is absolutely essential. Try to block out the temptation of simply using Facebook or Skype for chatting purposes, because other people signing on might steal your attention away. Instead, use Slack!

The Slackbot keeps it real AF, too. It don’t play no games.

The Slackbot keeps it real AF, too. It don’t play no games.

It’s more of a business-centric instant chat program, where you can send lightning-fast messages to coworkers. This is another classic example of keeping your business with your business and your play with play.

While incredibly useful, if you’re not careful, it can devolve into AIM 2.0. Don’t fall into the GIF trap! Admittedly, it is fun to shoot goofy jokes back and forth, and it definitely can help ease your mind during a busy day, but don’t let it become a habit.

7) LastPass: For when you are fed up with getting locked out of your accounts because you can’t remember your FREAKING passwords.

“It was bahamamama12, right? Or was the B capital? Wait, is this one of those sites that requires a special character like an exclamation mark or an underscore? Let me try again… Oh, great. My account is frozen. I JUST WANT TO CHECK MY PAYPAL BALANCE.”

Oldest trick in the book. 60% of the time, it works every time.

Oldest trick in the book. 60% of the time, it works every time.

Let’s not spend this whole section talking about how annoying and taxing it can be to keep track of your plethora of slightly different passwords for online accounts – although we totally could.

Instead, let’s talk solutions. Let’s talk LastPass. This tool streamlines sign-ons, while only requiring one single password in total.

That’s right, hoss. The pressure is off, and that goldfish memory of yours can finally come to terms with its inadequacy while leaning on a computer program to do the heavy lifting for it.

The buck doesn’t stop there, though. You can share accounts and passwords with people on your team, which means that you won’t have to buy multiple accounts for each member. Wahoo!

This saves you time, money, and hassle. What more could you ask for?

Concerned with security? You shouldn’t be, because you can create folders within your account that only certain users can access. You have free reign over who can look at what, adding and removing people as you please.

Got beef with LastPass for some strange reason? Did your ex invent it or something? No worries, there are other options. Try 1Password or KeePass. If you also used to be involved with the geniuses that invented those, then I guess you’re SOL, pal.

What a dating résumé, though. Hot-cha-cha.

8) RescueTime: Watching your every online move like some NSA big brother, but for good reason.

At first glance, this sounds a little skin-crawly and violating, but give it a chance. Yes, it meticulously records all of your activity down to the minute. Yes, the idea of having to come to terms with how you spend your time online sounds mortifying.

But it will be so, so good for you. We promise. It shines a light on your deepest, darkest, most insidious habits (like browsing Amazon for phone cases) and presents you with an opportunity to kick them.

This Chrome extension tells you the ugly truth: You spent an hour and 18 minutes watching Vine compilations yesterday. Come on man, you’re at work. Get it together.

Denial is just one of the stages. We saw it coming.

Denial is just one of the stages. We saw it coming.

RescueTime isn’t just a finger-pointer, you wounded soldier. It’s time management software, designed to highlight your online behavior and hopefully inspire change, if necessary.

Reviewing the statistics will also grant you the ability to see through the illusion of sites that masquerade as productive and useful, but are actually giant, ravenous time-gobbling beasts. (Not listing any sites here for legal reasons, but y’all know who you are.)

Being aware of how you spend your time is the first step in the journey of making the necessary amendments to boost your productivity.

Conveniently, this tool doesn’t ask you to log everything yourself – and let’s be real, you would definitely fudge the numbers anyway.

The quantification of something like this can have a tremendous impact on your habits. Of course you will feel convicted, but sometimes that’s what it takes to kick nasty habits. Consider it an AI intervention.

I don’t like the idea of having to rely on external factors to increase my productivity. I’d rather do it au natural without feeling dependent on something outside of myself.”

We certainly get that, but don’t let yourself grow too proud to accept help. Many of these tools are widely used, and only wish to help you establish yourself in a brand new foundation of healthy habits.

It’s not like taking steroids or anything. More like a vitamin. Or just buying veggies at the grocery store.

You likely won’t need to use these forever, either. Initially, they are here to ease you into the new, doubly productive chapter of your life that is right around the corner.

Soon, you’ll be an absolute beast when it comes to dodging distractions and staying focused for hours and even days at a time. For the moment, though, don’t be afraid to reach out and grab one of these helping hands.

Who knows? Maybe the simple free download of one of these programs could save you from some of your most devious pitfalls.

These tiny tweaks to your procedure are only going to gift you with more hours on the clock each day – hours you can spend churning out top-quality productivity.

The post Double Your Productivity Part 4: 8 Clutch Online Tools That Will Seriously Pimp Out Your Proverbial Utility Belt appeared first on StartupBros.

6 Pillars of Amazon Product Listing Optimization

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Do you spend a big chunk of time creating your Amazon product listing, getting it all singing and dancing, and then set it free to run in the wild? How much time do you spend ensuring it is optimized after this?

It’s no secret that having a powerful product listing is important. But this isn’t just a one time investment. Realistically, an Amazon product listing is a moving feast that can always be improved and optimized to gain more profit.

When I created Jungle Scout, I wanted to provide a wealth of data for people who wanted to make a living selling on Amazon. The tool helps you find profitable products to sell alongside a whole host of real sales information. But what happens when you pick out that product and you need to create the best possible listing to sell it?

Marketing gurus would advise that optimizing your website is necessary to get found in the search engines. I’m here to tell you how important your Amazon product listing is, what you need to know when creating a listing and how you can continue to optimize in the future.

Why follow product listing best practice?

If you don’t, your product is less likely to rank well and you will lose sales to the competitor. I know it’s a busy life running your own business but this really does require some of your attention to get the most out of your products.

You need to ensure all of your products are optimized so that you can:

  • Increase visits
  • Increase conversions
  • Increase profit

The Amazon platform is pretty set in terms of how your product listing is pieced together and what limitations you have. However, it’s totally up to you how you populate those pages with product info, keywords and images. That’s where the fun part comes in.

The anatomy of a product listing

There are 6 pillars to every product listing that are important to understand as an Amazon seller.

These are:

  1. Product Title
  2. Product Images
  3. Key Product Features
  4. Product Description
  5. Product Reviews
  6. Product Rating

You should ensure you follow best practice guidelines for each element of your product listing and then continuing to improve and optimize. Then you can stay ahead of your competitor, add value and the customers will come!

Grading your product listing

Before we take a look at some best practice for each of the 6 core elements of a product listing, I thought it would be useful to explain how important each element is. The Jungle Scout Product Listing Grader is a useful, totally free tool which gives you an instant insight into where you can improve your listing.

It will give you a rating and a breakdown of how each element on the page performs:

We calculate this by appending points to each element. Below is the maximum amount of points each is worth, which gives you an idea of where you need to spend the most time optimizing:

 

And this is backed up by data too. Take a look at some of our studies below, where you can see how much some of these product listing elements play a part in the average conversion rates for those products:

So in a nutshell, the more you work towards the upper limitations Amazon gives you in terms of character limits and number of images, the better off you’ll be.

Let’s take a look at each pillar in more detail!

Product Title

You have a 250 character limit (for most categories), and you should use it. All of it.

Some categories are allowed longer product titles and others require a little shorter titles but regardless, you need to be using the real estate Amazon gives you.

 

Here’s some best practice takeaways for writing killer product titles:

  • Remember you are writing your title for humans – although Amazon has algorithms, these algorithms are based on what real people are searching for. Plus, when people see your product title, they need to understand it and want to click it
  • Include something of added value, such as a product benefit or a key element that differentiates you from your competitor.

    For one of my products, Jungle Stix, we have included all sorts of things people want to know such as the size, material, quantity and even that the marshmallow skewers are eco friendly and biodegradable!

  • Include your priority target keywords, and make sure they’re relevant. Keywords in titles have the biggest effect (compared to features and description) so think about this carefully.

When you think about it, you should probably struggle to fit in all of the amazing facts about your product and your target keywords in under 250 characters. So this one should be easy!

Product Images

You can have up to 9 images including a lead image. Guess what, use them. All of them.

Images are so important, as people are so visual and your product images are the main thing they are going to use as their first impression of your product.

If you’re thinking, how am I going to create that many images for each product, here’s some more top tips:

  • Ensure images are at least 1000px in width and 500px in height (more is better) – this means they will look nice when zoomed in
  • Invest in some professional photography to ensure you images are high resolution and potential customers can zoom right in and see what they’re buying
  • The main image needs to have a plain white background and cannot include watermarks, infographics or anything in it to deceive the customer
  • Show your product from different angles, zoomed in and zoomed out
  • Have an image showing your product packaging
  • Include some lifestyle images, showing the product in use

  • Take some photos to demonstrate the size and scale of the product
  • Utilize infographics to demonstrate key features of the product, or to show a money back guarantee or 100% satisfaction guarantee. Here’s an example from Jungle Stix where we used an infographic to show the size of the product:

Get creative – with all of the different things you want to include here, generating 9 images should be easy enough.

Key Product Features

Remember how we were struggling to get all of our features for our amazing product into a 250 character title?

Well now we have the opportunity to include lots of bullet point features about our product. It’s recommended that you have 5 or more points in your listing. The official character limit is 1000 chars.

Key takeaways:

  • Put yourself in the shoes of the customer, what do they want to know? Why should they buy your product over the competitors. Remember to add value!
  • Put the most important features at the top of the list, many viewers will skim read
  • Try to answer any customer objections that might come up – you can also add to this with any questions you get about the product over time
  • Include any guarantees or warranty you are offering (Amazon offers the A-Z guarantee anyway so go ahead and play that up)
  • Mention what the product is made of – is the material high quality?
  • Does the product solve a problem? Explain how

Product Description 

Here you have a whole 2000 characters to take a deep dive into your product, what it is, what it does and why it’s the best product on the market in your niche. I feel like a broken record here, but use up that character count.

Here you can elaborate on any of the features you have already written above. Those need to be sharp and short, but interested visitors can read more here in the description.

The same rules apply when writing any content for the web – make sure it’s easy to read:

  • Keep sentences short – between 15 – 25 words
  • Lead with the features and benefits to the customer, and talk about the product secondary to that
  • Make the visitor believe that your product is something they need
  • Keep it relatable – use language that you would use if you were speaking to someone
  • Include your target keywords but don’t keyword stuff and make it difficult to read
  • Try and use a storytelling approach about the product 

Results

Now, we assume reviews are important when it comes to Amazon’s algorithms. They’re also more so important in terms of providing social proof and giving potential customers trust and confidence in your product, or indeed you as a seller.

This is a bit of a hot topic right now, with Amazon recently changing their Terms of Service and banning incentivized reviews. But there are still things you can do to provide a fantastic customer experience which can help to encourage completely organic reviews.

  • Run some automated email campaigns to keep customers informed about when their product will arrive, and follow up emails. So long as you are not running any promotions you can encourage seller feedback and product reviews here.
  • Ensure your product is of high quality, always review samples and invest in some quality control

I understand that if you’re starting out, or you are a small business, getting reviews can be tough. But remember, everyone else is in the same boat, including your competitors. Providing a good, honest customer experience will really stand in your favor.

Product Rating

The reviews you do get are important because these will fuel your rating.

If you’re in the upper 4-5 star realm, that means you’re doing really well. If your product is struggling with a lower rating, here’s a few ideas and actions you can take:

  • Look out for patterns in the bad reviews, is there something wrong with the product that can be fixed?
  • Gather feedback from customers with automated email campaigns, this can sometimes help you to resolve a problem before a negative review has been left
  • Accumulate more reviews and hopefully balance out your overall rating with better reviews (see points above in number of reviews)

You have to develop a thick skin in the ecommerce world, because negative comments can creep in and sometimes they are unavoidable. As a seller, make sure you are doing everything you can to offer an amazing product at a reasonable price, and provide a great customer experience.

Bonus Tip: Hack your product URL with keywords

Did you know that you can include your top keyword in the product URL?

Here’s a breakdown of how I do it with the Jungle Stix product as an example:

What about keywords?

So, it’s super important to understand what keywords you are targeting and what you are ranking for. This can help you to optimize your listing, but it’s just generally good practice for improving your sales and profits.

There’s a cool manual hack where you can see directly if you are ranking for a specific keyword. Simply type in your ASIN plus your keyword to find out if Amazon are ranking you for it:

If you aren’t ranking for keywords that you should be, you can go back to your product listing and see if you have included the keyword, if there are any typos or stray punctuation.

Some people have found that changing their keywords in the listing causes their rank to change almost immediately (sometimes within an hour for listings with less history). So you can even test your keywords manually by experimenting. For example:

  1. See where you rank for a keyword by searching for it and finding your listing directly in Amazon

  2. Go and add the keyword to your title, or your features

  3. Then search for the keyword again and see if your ranking has improved

You can also stuff your search terms field with any keywords, but make sure you keep them relevant otherwise Amazon will struggle to understand what you are offering.

Oh yea, finally, don’t forget that Amazon PPC is also a great way to get more data on your keywords.

Split testing your way to the top

If you follow the best practice tips above, you will be making excellent progress in getting your listing fully optimized. But there are still other things you can do.

Split testing is possibly the most verifiable way to find out what works and what doesn’t. This involves changing one element of your listing and serving both this and the original to visitors of your product page. Split tests need to be left to run for a long enough time to gather significant data, which can give you scalable ways to improve your listing.

The highest impact split tests to run on an Amazon product listing are altering your price +/- 10% and testing your lead image.

We recently launched Amazon’s only split testing tool, Splitly. It helps sellers easily create experiments to find out where their products can be optimized. In some cases, sellers have been able to more than double their average daily sales.

 

The test results above show that the change in the product listing, which was a decrease in price of 3 dollars, has dramatically improved average daily sales and conversion rate. It actually provided an extra $88 in profit per day!

Final Words

Whether you are just listing your first product or a seasoned pro with several products selling on Amazon already, I hope you found some useful tips in there on how you can improve your listings today. Competition can be fierce on Amazon so it’s important to ensure your products stand out above the rest.

Good luck out there, wishing you every success!

About The Author

Greg Mercer

Greg is the founder at Jungle Scout, Jump Send, Fetcher and co-founder of Splitly. He is on a mission to help more people create profitable Amazon businesses.

The post 6 Pillars of Amazon Product Listing Optimization appeared first on StartupBros.

Double Your Productivity Series Part 5: Focus And Prioritize Like An Elite Entrepreneur

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Hopefully you’re not looking for gigantic, ornate catacombs of advice, because you’ll be wildly disappointed. The secrets behind the productivity of the most successful entrepreneurs aren’t grandiose and magical at all.

Instead, they’re seemingly miniscule and slap-you-in-the-face obvious. The persistent act of nailing a bunch of tiny targets every time they pop up eventually equates to enormous wins by proxy.

That’s something to remember as we continue: Simplicity is a lifesaver. De-clutter whenever you can. Go minimalist so that you can save your complexity for things that actually beg for it.

As for now, listen up. Class is in session. *Smacks blackboard with yardstick*

— KEEPING YOUR HEAD IN THE GAME 101 —

“Focusing is so hard. It’s like every time I try to – WOAH. Was that a squirrel? Out that window, just now, I swear I saw a squirrel. A GIANT one.”

*Sigh* Try to pay attention. At least until the end of this article.

Your phone could very well be your productivity’s mortal enemy.

“My phone is my best friend. She would never do anything to hurt me.” Yeah, RIGHT.

“My phone is my best friend. She would never do anything to hurt me.” Yeah, RIGHT.

As it stands right now, you don’t own your phone. It is not your possession, your tool. Whether or not you are willing to admit it, there is a daunting possibility that it might own you.

That’s right, you chump. You’ve been made a fool by the very intelligence that has the word “smart” in its name. Suckaaaa.

The first step is admitting that you have a problem. This pocket-sized marvel of technological advancement has single-handedly robbed you of countless hours of your existence that you will never get back, no matter how hard you try.

Un-addict yourself from your phone, in all its splendor and fearful might.

When was the last time you experienced 3 straight hours of unbroken focus? Yeah, sit there and really think about it. No Gmail alerts, no Instagram likes, no heinous cellular tomfoolery whatsoever.

Even one slight vibration or flash of light can snap you out of focus. The devil on your shoulder that was helpfully trying to correct your typos a moment ago is now tugging on your earlobe and whispering slyly, “But what if it’s important?”

It takes a whopping chunk of energy to tune that voice out and stay locked into your work. Even if you overcome the urge itself, you are using up a considerable portion of your mental faculties in doing so.

You can take matters into your own hands by switching that MF to “Do not disturb” mode. We know that sounds scary, but your jaw will drop when you get 8 hours of work done in 90 minutes.

Returning to your phone afterwards, you’ll realize what you missed: absolutely nothing.

How about placing your phone face down? “Now, that’s downright absurd,” you protest. “How will I know when totally irrelevant, useless things happen that don’t pertain to my present situation whatsoever? Oh no! It’s the end of the world!”

Cry me a river. Now mute that thing once and for all.

Too much of a scaredy cat to mute it? Then conduct a monthly audit of your apps and notifications.

So you’re running a Facebook campaign and you want updates from it in real time. That’s fine and dandy. But in 3 weeks, when the ad is long dead, you need to rewire your notification settings so that they align with your current needs.

Conditions vary from month to month, and even day to day depending on the nature of your work. It is absolutely vital to recalibrate on a regular basis to ensure that every little vibration is expressly necessary to the mission at hand.

Oh, and you could always totally eliminate social apps from your phone altogether.

This seems radical to the phone addict, but is it? Think about the psychological reason behind aimlessly scrolling through social media. Most of the time, it’s solely because you have instant access in the palm of your hand.
Sitting on the couch with a bowl of popcorn in your lap, you will eat the entire thing without blinking. Why? Did you actually plan on devouring 3 gallons of buttery goodness?

RIP Orville Redenbacher. We knew you well.

RIP Orville Redenbacher. We knew you well.

No, it just kind of happened. And you didn’t even realize it until your fingernails scraped the bottom of the bowl and your tongue finished tracing the unpopped kernels for excess salt and oil. Mmmmm.

The odds are that, if you really are a serious buckle-down type of entrepreneur, you originally installed these apps for business purposes. Your intention wasn’t to get sucked into a portal of meaningless updates from strangers.

To help prevent random daylight-burning noodling, drop those apps and run all of your Facebook, Instagram, and Twitter interactions from your work computer instead.

It sounds limiting, but it’s actually liberating.

If you really, really, really need to keep the apps and the notifications (and you probably don’t, you liar, liar, pants-looking-like-Dante’s-Inferno), at least filter your contacts and their settings.

You are clearly too lazy or petrified or P.O.’ed at us to take any of the above measures, so please consider this one. Your current Facebook settings likely allow anyone on the entire planet to buzz your phone whenever they please.

By tinkering around with these settings, you can allow messages from certain contacts to show up in your inbox without all the fanfare.

Some of you might think that having Slack notifications on means that you are just being attentive at work. Who do you think you’re fooling? You just love distractions and you can finally justify it.

When your annoying coworker sends you a GIF of a dog chasing its own tail, do you really need to minimize the spreadsheet you’re working on to check it right when it pops up in your chat? NO. No, you don’t. Although it is a little cute…

Silence the less pressing conversations and only keep notifications activated for the ones that pertain to your current mission.

Now that your phone isn’t buzzing every two minutes, here comes the hardest part of all: Stop habitually checking it.

Would you just put it down and leave it alone for a moment? Having your face cemented to your phone screen gives off terrible vibes to those around you.

Not only is this a rude habit, but it could very well have a more long-lasting impact on the integrity of your business and personal relationships than you can perceive right now.

When you are spending time with people (or just plain being productive in general), checking your phone is literally clocking out of the present moment. Baaaad move, grasshopper.

Trying to stand in the way of your own progress and network development? Go right ahead and unlock that sucker. Who knows, you might have gotten a buzz since 20 seconds ago.

It’s not like you’re going to miss out… Well, you are, but who cares?

Get real, speed-reader. There is no possible way you could keep up with every little thing that is happening in the world today. Media is frightfully oversaturated.

Janet decided to print out and bind all of CNN’s tweets with the hashtag #business since last Tuesday. Everyone say, “Good luck, Janet!”

Janet decided to print out and bind all of CNN’s tweets with the hashtag #business since last Tuesday. Everyone say, “Good luck, Janet!”

Watching, clicking, reading, and listening to every nugget on the net would squash your career and personal life into a shapeless pulp.

There’s simply too much out there to consume. Even if you dedicated a 55-hour lunch-less workweek to swallowing it all, you’d still be out of the loop. You might as well throw in the towel now and accept defeat.

You need to set some standards and stick to them. Cut out everything that does not pertain to your life and work, sticking with only relevant pieces of information.

Whatever you do, avoid the trap of living for someone else’s mission by constantly keeping up with other people and losing sight of yourself. Stay grounded and collected by centering your energy on your own personal mission.

Want to put your big boy trousers on? Cut to the chase and try using your phone as it was meant to be used.

 

Bizzare but true: Did you know that telephones were once used to transmit your voice to someone in another location, and their voice back to you?

Bizzare but true: Did you know that telephones were once used to transmit your voice to someone in another location, and their voice back to you?

Imagine that. Using a phone… to make a phone call. What year is it, 1761?

Spoken conversation is more efficient than typing or texting, hands down. In the amount of time it took you to type, re-type, edit, and spell-check that email, you could have had the entire discussion over the phone three times in all sorts of different goofy accents.

Many people have an email conversation over the course of several days or weeks, sending one or two messages a day. Would you just pick up your godforsaken phone and call the guy already?

Can you please, for the love of all that is holy, focus on one thing at a time.

Forget the bubonic plague. Forget mad cow disease. Forget… shingles. Whatever those were. Multitasking is the current epidemic, and I’m diagnosing you right now. Dr. StartupBro in the BUILDING. *Air horns*

The very act of multitasking could be the biggest obstacle between you and your hyper-productive higher self.

Don’t spread yourself too thin. The shiny objects on the sideline are excellent distractions, but you can’t fall for that old trick. It doesn’t matter if they seem like easy ventures, or even lucrative ones.

Focus on the exact thing that you want to do, and do it well. The other opportunities will sniff you out and come knocking when you have established that foundation.

We’ve said it before, and we’ll say it again: Give one project at a time your complete attention, and watch excellence pour out of your every motion.

— GETTING YOUR PRIORITIES STRAIGHT 101 —

“I frequently find myself getting super backed up. I just don’t have enough time for it all, you know? I’m too busy.”

Saying you’re “too busy” is a comfortable, hammock-esque safety net that keeps you from having to swallow your pride and mail all of those newsletters yourself.

 “Yeah, I wish I had time for your engagement party, but I’m all booked up making excuses through next week. Sorry!”

“Yeah, I wish I had time for your engagement party, but I’m all booked up making excuses through next week. Sorry!”

You need to be careful, though. When using that excuse, be conscious of this: Are you actually too swamped, or is it that you aren’t willing to make time for it?

If someone were to say, “My car is totaled. Can you drive me to and from work for the next month? I’ll give you a million dollars for your trouble,” you’d probably freaking pull some time out of your butt to make it happen.

As for deciding what is worth your time, ask yourself the following questions. Their answers should paint a pretty clear picture of how important the subject is.

  • Does this align with my compass?Whether it’s God, money, acclaim, your family, success, your mission in life, your intuition, or some parrot named Captain Rainbow that steers your ship, check in with that navigational system. If an obligation or opportunity seems to fall in line with that, you are lookin’ good, sailor. (Not trying to make a pass at you or anything. I’m not exactly emotionally available right now.)
  • Does this solve problems or create value?

    When you solve problems, you automatically create value. The two concepts are nearly synonymous. Answer questions, meet needs, and you will experience a dramatic inflation of value.
  • Is this a big door in a small market?

    Making a tidal wave in a small pond is where the money is. Conversely, if you are cannonballing into the Atlantic, it would be surprising if anyone noticed at all. I know we started with a door metaphor, but the water thing works way better.
  • Can this be easily integrated into my business model?

    Your video game store doesn’t need a shoe aisle. I don’t care how much you like them. I don’t care how well you think they’ll sell. The two things just don’t mix. That’s an orange-juice-and-toothpaste level combo right there.
  • Will this attract more business?

    This is obvious. You can refer to the ripple effect, or the butterfly effect, but some small steps can have tremendous repercussions (possibly career-changing ones) later on down the road.
  • How does this pan out in the long term?

    Do NOT get caught up chasing short-term success. Literally everyone loses and stumbles and starves to death in the first lap. Play the long game and shoot for that stability, because that’s where the grand prize lives. Keep things in perspective and you should be in the clear, hombre.
  • Is the juice worth the squeeze?Remember that manpower, energy, and mental effort are figurative forms of currency. Spending too much of these things on what would be a comparatively unworthy ROI is a telltale sign of something that doesn’t deserve to be on your to-do list in the first place.

Doing a weekly reassessment of your priorities keeps you from getting stuck in a rut.

Some things are done for money’s sake, and money’s sake alone. Others are more of a fulfillment endeavor, and that’s fine as well. Your priorities will oscillate depending on your immediate goals, so adjust as often as necessary.

Also, did we mention how important making a physical to-do list is? Oops. Well, it’s important.

We get it. You think you’re smart. You think your bulging brain has superhuman capabilities. You’re that hot-shot waitress that doesn’t write down any of the orders for a 14-top table because she can “remember it all.”

“Of course I remember! You had the uh… fish? No, steak. Or, were you the vegetarian?”

“Of course I remember! You had the uh… fish? No, steak. Or, were you the vegetarian?”

No one is saying that you’re not smart, but we are kind of urging you to get the list out of your head and onto a piece of paper. Don’t waste any of your precious mental juju keeping track of a laundry list of tasks that are competing for your attention.

You will either a) forget stuff or b) remember everything, but in doing so, keep a corner of your brain wholly occupied with keeping track of it all.

Besides, there’s something magical about visualizing tasks in plain text that helps you categorize them in order of importance.

The easiest approach to take is the “First things first” filter.

TOP PRIORITY: Makes you fat wads of dough right meow.

MID-LEVEL PRIORITY: Retains the fat wads of dough that you already have.

WHO CARES HONESTLY: The world will not end if this waits ‘til next week.

All in all, the “secrets” aren’t so elusive.

Success-inducing habits and world-changing levels of productivity aren’t only available to a privileged, elite few. Other people might have more money than you, more connections than you, or tastier catered lunches than you, but that doesn’t matter.

Why?

Because you know the secrets.

Download Your FREE Double Your Productivity E-Book Now!

Download Your FREE Double Your Productivity E-Book Now!

The post Double Your Productivity Series Part 5: Focus And Prioritize Like An Elite Entrepreneur appeared first on StartupBros.

Breakdown of the Top 3 Best & Worst Super Bowl Commercials

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If you’re an entrepreneur, you probably get more excited about the commercials during the Super Bowl than you do about the big game itself.

Airing a Super Bowl commercial the riskiest (and potentially most rewarding) single-use advertising channel out there. With 30-seconds of airtime coming in at a cool $5-million (and production costs that can easily exceed an additional $5-million), it’s exciting to see which companies are willing to take the risk.

Since most of the Super Bowl commercial breakdowns out there are not based in any business logic, I decided to do it myself.

How I Ranked the Commercials

When it comes to marketing, who you target determines the effectiveness of your pitch. So we first need to think about who actually watches these commercials.

Each Super Bowl frequently breaks the record for the most watched television event of all time, with the latest clocking it at 111.3-million live viewers. The demographics reflect the makeup of the United States itself across a wide array of demographics.

In short, when you’re doing a Super Bowl commercial – you’re advertising to everybody. You have a little bit of skew towards males, adults, and conservative political leanings. Beyond that, there’s no real targeting…

You should also take into account where people watch these commercials. Most are viewed in loud environments with friends, alcohol, and a whole lot of distractions. These commercials need to be entertaining, attention-grabbing, and memorable.

You’re also competing with tens-of-millions of competing advertising dollars, so these commercials also need to be better than the others.

Ranking Beyond the Demographics

One of the keys to a winning Super Bowl commercial this year was to not get too political. People are exhausted by politics, and they’re absolutely not tuning into the Super Bowl to see how much corporate America understands our struggles.

Going political is always a risky route when it comes to mass marketing, and this year it was particularly risky. But many chose to take that risk…

I also tried to take into account the market positions and campaign strategies of the companies airing these commercials. You’ll see this in my analysis under each video.

Also – please keep in mind that I am analyzing these commercials from a marketing perspective. Just because a commercial has a righteous message does not mean that it’s an effective marketing message. So please don’t freak out when you see my picks for the worst commercials below…

Enjoy 🙂

#3 Worst: Inspiration Drops (LIFEWTR)

I’m pretty sure I just watched a commercial for acid. Really not sure what Pepsi was thinking with this, but it doesn’t seem like a great way to sell this premium water bottles…

People watching this commercial during the Super Bowl most likely spaced out, as this is just music and pretty colors (great background noise for a party). There’s a reason the best Super Bowl commercials aim to be memorable through humor, jingle, and/or emotional impact. It’s so people will actually remember this thing in the morning.

This commercial absolutely won’t be remembered (or sell water bottles).

#2 Worst: We Accept (Airbnb)

I’ll probably catch some flak for this one, but this is was a terrible marketing blunder for Airbnb. The founding team decided (less than a week before the game) to spend $5-million to make a political statement. It doesn’t matter if you agree with the message they’re pushing here, I undoubtedly think this $5-million could have been better spent.

Airbnb’s customer base is not strictly liberal, so it was an incredibly bad move to make a direct statement against the current conservative demigod. On top of that, they did it during the Super Bowl – they chose to do this in the most expensive way possible, and pushed it to an audience whose core skews conservative.

Airbnb is a company who is desperate for exposure to the exact audience the Super Bowl provides. Instead of highlighting what people love about Airbnb or giving us any incentive to actually try Airbnb, they decided to make a political statement in a temple that worships the conservative demigod himself.

This is BAD guys. They didn’t give us a call-to-action, or even a freaking website to go to at the end. If I were an investor, I would be pissed…

#1 Worst Commercial of Super Bowl 51:
Drive Progress (Audi)

This commercial took the risk of going political, and it failed spectacularly. This commercial is guilty of everything the Airbnb commerical is guilty of, and then lots more.

This is not a good commercial. Of course I agree with the message, but Audi should not be the company delivering it. In a market becoming more competitive, Audi decided to make a political statement rather than any type of pitch on why anybody should buy an Audi.

At least Airbnb only managed to isolate politically charged conservatives – Audi managed to isolate an entire gender along with them. There’s also a huge disconnect between the message and the $60,000 car they drive off in at the end.

It feels like the marketing agency that cooked this concept up has never spoken to an Audi owner. Simply put – I don’t think this was an effective use of $5-million.


#3 Best: Cleaner of Your Dreams (Mr. Clean)

This commercial has a lot going for it. Great pattern interrupt (it certainly grabs attention, whether you like it or not). It’s funny in and of itself, and only gets funnier with the twist at the end.

I think this commercial will speak to the target demographic well, and I think they’ll remember it. This is the type of campaign that will get mentioned in the cleaning aisle by many couples, and likely help sell more Mr. Clean products.

#2 Best: Bai Bai Bai (Bai)

Brilliant concept here to latch onto such a deeply embedded cultural jingle (Nsync’s Bye Bye Bye) to increase brand awareness. This one has a lot going for it – it’s funny and extremely memorable.

Bai is a relatively small company with $300-million in annual revenue at the time of this article, so it’s a cockroach compared to the larger beverage players. I think many more people will remember Bai after seeing this commercial – so it achieves it’s goal.

Fun fact – Justin Timberlake recently invested in this company, so it’s not surprising to see him leveraging his star power to push it 🙂

#1 Best Commercial of Super Bowl 51:
Born the Hard Way (Budweiser)

Budweiser really hit it out of the park with this one. In a time when personal brands are becoming stronger than ever, Anheuser-Busch managed to create an emotional connection between their customers and their original founding story.

When you look at who is giving this massive beer conglomerate the most trouble (small independent breweries), it’s no wonder they took a shot at reminding people that they too were once a small independent brewery.

This was one of the most powerful, most popular, and likely most effective commercials of Super Bowl 51.

Honorable Mentions

Another one from Budweiser, who is known for having the most consistently solid Super Bowl commercials.

This one is probably the most emotionally gripping commercial of this Super Bowl, however I don’t think it makes many people want to drink beer (let alone Budweiser). It’s an incredible short story, but I don’t know if it’s an effective way to sell beer.

Maybe they were just going for ‘Best Commercial’ with this one, because it’s got a lot of viral potential.

This one is funny and memorable, while also pushing the value proposition of the product (healthy fats in Avacado’s). So it’s certainly an effective commercial.

However, I don’t think it can compare with the top 3 that made it – although it was close.

Beautiful ad (must have cost them a fortune).

It will probably get people to download the game, but this game genre is so spent I think they’re going to run into diminishing returns.

One last general theme I noticed – TONS of celebrities this year.

I’ve had a theory for a while that as personal brands become bigger (and major ‘faceless’ brands become harder to emotionally connect with), you’ll see more companies bringing in celebrities to simply communicate their value proposition to the viewer. People are simply done listening to your prototypical commercial – but they are still willing to listen to entertainers they know and like.

There was a lot of that this year, and I thought the ‘Yearbook’ commercial above was the ultimate example.

So that’s it for my Top 3 Best & Worst Super Bowl Commercials

Let me know what your favorites were in the comments below!

The post Breakdown of the Top 3 Best & Worst Super Bowl Commercials appeared first on StartupBros.

How to Get Your Amazon FBA Business Ready for Tax Time

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Are you ready for tax season?

While most people groan and many try to procrastinate over anything tax-related, the fact is that the better prepared you are, the more likely that things will go well for you.

First of all, you really need to be keeping on top of anything tax and accounting all year around. If you let it build up to an onerous task for tax time, you’ll only make more work for yourself and possibly miss things which put you at a disadvantage.

Regardless of how you structure your bookkeeping though, there are some things which must be completed for tax time anyway.

Here’s what you need to know and have ready:

Do You Need to File?

There often seems to be a lot of confusion around this which stems from the “$20k rule.” This rule means that all sellers who use marketplaces such as Amazon and make more than $20k of unadjusted gross sales or have more than 200 transactions will automatically have a 1099-K form filed for them by their payment provider.

In short, if you meet this criteria the IRS already knows about you so you had better be filing correctly.

This doesn’t mean those who do less don’t need to file — always check with a tax professional, but generally speaking, all income must be reported.

If you are based outside of the US and therefore not liable for US tax, IRS regulations require non-U.S. taxpayers to provide Form W-8BEN to Amazon in order to be exempt from U.S. tax reporting requirements.

(Check out Amazon’s information on third-party reporting to the IRS here).

US-based Amazon sellers will need to file taxes, even if below the threshold for an instant 1099K

Sales Tax Nexus

FBA sellers are liable for collecting sales tax in all states where they have “nexus” – a physical business presence in a given state.

You have nexus in any state that stores or ships your products from an Amazon Fulfillment Center (Amazon has fulfillment centers in 20+ states). You probably also have nexus in your own home state, particularly if you maintain any kind of office or business-related facility there.

You could potentially have nexus in multiple states, so you will need to determine filing requirements (or use a service such as TaxJar which will autofile for you).

What Else Must You Report?

Income

The IRS wants to know your gross annual income, which includes EVERYTHING that came in, not just the cost of the product for the customer. This means if there was a charge for shipping, then this is included in gross income.

One thing we will always recommend, particularly if you’re not sure is to consult with a qualified accountant. Under-reporting is a risk that you run which might catch up with you unpleasantly later on if the IRS decides to audit you. This means, as a general rule, just report every dollar that came into your business.

We highly recommend using automated accounting solutions such as A2X with Xero in order to make life easier. This way, your reporting can be automatically pulled and there will be little left for you to sort out manually.

Deductions

There are many expenses incurred by businesses which are permitted to be used as deductions from your gross income. These vary in their application, so again, do check in with a qualified professional to make sure you’ve got it right. Honestly, there are so many variations in the tax code that you may well be short-changing yourself if you try to do it on your own without knowing your full entitlements.

Common deductions might include:

  • Inventory costs (cost of goods sold).
  • Amazon Fees
  • Software and subscription fees.
  • Shipping and office supplies.
  • Education or business-related courses.
  • Donations of items.
  • Home office deduction (you may have a deductible percentage of your rent or mortgage).
  • Mileage
  • Health insurance plans (talk it over with an accountant — this applies to specific types of plans).
  • Retirement plans (as above).
  • Travel and meals where business-related.

Of course, you need to keep track of all of these expenses throughout the year, or face a possible scramble trying to figure them out prior to filing taxes. The key is to have receipts for everything — the tax code changes fairly regularly with new deductions permitted or some you were once allowed being removed. If it’s a business-related cost, file a receipt.

Storing Receipts

As an FBA seller, you probably get many of your receipts for expenses sent via email.

If this is the case, then most good automated accounting programs (including Xero or Quickbooks) allow you to forward the email to them for automatic storage of your receipt.

If you’re not using a program with this capability, there are other receipt apps available via which you can forward email receipts, such as Shoeboxed. This app has other very useful features, including that you can scan physical receipts into it for storage and track any mileage with it. It helps you to create expense reports and even stores business card information if you need it as well.

Many business owners short-change themselves on potential deductions because they don’t have their receipts well-organized. If you’re stuffing receipts into a shoebox or searching through purses, pockets, wallets, cars and desk drawers, then you really need to be using a receipt app for organization.

Putting It All Together

If you’re a DIYer, you might choose to use a program like Turbo Tax and input everything yourself, which means you’ll need to have all summary figures of income and deductible expenses available. Keep all receipts and summary statements in a specific “taxes” folder marked for the particular year you are filing for.

If you’re walking more on the side of caution and visiting your accountant to have your taxes done, then here’s what they would like to see:

  • Financial statements. These might include a balance sheet, income statement and cash flow statement, although the one most important to your accountant for tax filing is the income statement.
  • Summary of business expenses, including cost of goods sold and any inventory write-offs or donations.
  • Vehicle log where applicable for business-related use.
  • Home office expenses. Here’s what Quickbooks has to say: “These expenses include a percentage of your utilities, repairs and maintenance, home insurance, and mortgage interest or rent. You can calculate your home-office deduction by dividing the square footage of your office space by the livable square footage of your house, or by dividing the number of rooms your home office occupies by the total number of rooms in the house. Using either formula, multiply your total home expenses by the home-office percentage. Some accountants will ask for all of your original receipts, while others will only want the summary; be sure to ask what your accountant expects you to provide and prep those documents.”
  • Form 1098, showing mortgage interest and property taxes. This is for the home office deduction if you have a mortgage.

Final Thoughts

Hey, we know taxes aren’t the most exciting thing to be dealing with, but the fact is that successful businesses are often separated by how effectively they tackle financial matters. If your books are in a mess, what state is your business in?

Besides that, everyone is required to correctly file taxes. If you make mistakes, they can be detrimental to your business either by causing an audit and tax bill later on or by short-changing yourself on deductions you’re legally allowed.

In short, get your business ready for tax season early — you’ll be glad you did.

The post How to Get Your Amazon FBA Business Ready for Tax Time appeared first on StartupBros.

Retail Arbitrage: What Happened When I Tried to Buy Low and Sell High

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Retail arbitrage is simple. A retail store sells a product, you purchase that product, sell it for a higher price yourself and pocket the profit.

Like you, I am a curious person. 

When I hear about starting a business that offers little investment and not much risk I am all about giving it a try.

Why not?

Before I started working at StartupBros I came across the videos and articles StartupBros had posted online explaining how to sell on Amazon using retail arbitrage.


Here they are in case you want to check them out:

YouTube: Amazon FBA Clearance Arbitrage Trip
How I Turned $2,200 Of Rice Cakes Into A $1-Million E-Commerce Business

What is retail arbitrage?

This is the definition I was able to Google:

“The practice of taking advantage of a price difference between two or more markets, striking a combination of matching deals that capitalize upon the imbalance, the profit being the difference between the market prices.”

Simply stated, this means that retail arbitrage is where you find a retail product for sale at an unbeatable deal, purchase it and then resell it for a profit. 

Using the information direct from StartupBros I went out to Walmart, Big Lots and Target to try and find some great deals.

I found nothing at Big Lots, some cheap bracelets at Walmart, but most of what I purchased were red sticker clearance items from Target.

The time it took for me to shop and scan items was about 2 hours.

At times I was nervous that store employees were watching me. The nervousness was all in my head, nobody from the store came up to me or asked me any questions.

I ended up walking away purchasing 6 unique items, 13 total in quantity. Some items I was able to buy multiple of.

These are the exact items I ended up buying. Nothing special here. Just great deals!

These are the exact items I ended up buying. Nothing special here. Just great deals!

Yes, I could have bought more but I was afraid of wasting money.
I gave myself a $150 budget and stuck to it.

When I got home I quickly opened a free Amazon seller account (since I was selling less than 40 items a month, I chose the free option).

Scanning my items into my Amazon seller account using the iPhone app and creating a shipment to an Amazon fulfillment center was easy.

I did let Amazon label my items for me.
They charged me a little for this, but I was ok with that.

Living in Florida Amazon had me ship all of my items to Joliet, IL right outside of Chicago.
I thought that was strange since there were closer Amazon warehouses, but went with it.

SUPER CHEAP shipping to the Amazon warehouse.

SUPER CHEAP shipping to the Amazon warehouse.

The cost for sending this shipment using Amazon’s discount was $5.03.
I dropped the package off at the UPS store.

Easy.

A few days later my items were delivered to Amazon, checked into their system and placed on the Amazon US Marketplace.

Amazon notified me during this entire process.

To my surprise, the very next day I had a sale.
And then another.
And another.

Wow!

People were actually buying these items and I was making a decent profit!

After about a month and a half all my items had sold.

Well, actually one item took a little longer.

The Peanuts blanket didn’t sell until I dropped the price multiple times.
Regardless, the profit from the other 12 items more than made up for it.

At the end of the day I made around $100 from selling these 13 products using Amazon FBA.

It took me around 2.5 hours of my time, so I made $40 an hour.

Not too bad for just getting started!

Obviously there is more to retail arbitrage than just watching a YouTube video or reading an article.

I get that.

The reason I wrote this article is to motivate you to stop waiting and just DO IT. 

You could research things until you pass out.
You can think about all of the “what-if’s”.

Or you can just START.
DO IT.

Take action, learn, and change direction if you need to.
You will never know everything. You will always be learning new and improved ways to grow your business.

By experimenting with retail arbitrage I was able to learn how to:
• Create an Amazon Seller account
• Learn how to use Amazon Seller Central
• Ship products to Amazon fulfillment centers
• Learn about labeling products to sell on Amazon
• Learn how to set up my bank account to accept payments from Amazon
• See how other sellers react when you add your product to Amazon
• Understand the importance of Amazon Prime
• and much more

The education I received just by taking a very small financial risk and taking action was worth thousands of dollars.

This took was less than 3 hours of my time and around $150 up front so that I could buy the products at retail.

I look at the $100 I made in profit as a BONUS.

Have you ever been curious about selling products on Amazon?
Retail arbitrage is a great way to get started with very little risk.

Why not give it a try yourself?

If you end up enjoying the process and want to grow as an Amazon seller your next logical step would be to private label a product.

If you hate it, you can move on to the next business opportunity.

Don’t forget if you have questions about retail arbitrage, selling on Amazon or private labeling a product we have a live Q&A session weekly. Just ask us and we will help.

So what are you waiting for?

If I can get started selling on Amazon, so can you.

The post Retail Arbitrage: What Happened When I Tried to Buy Low and Sell High appeared first on StartupBros.

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