AF185 - Side Hustle to 7 Figures: How to turn your side business into a full-time income?
I receive a lot of emails and private messages from new Amazon sellers about what it really takes to build a successful Amazon business. During the COVID-19 pandemic when many people were laid off from their corporate jobs or had their work hours drastically reduced and were trying to decide what they should do to earn a livable wage, many people turned to starting an Amazon business.
Now, as things begin to open up and more businesses are slowly starting to hire or call their former employees back to work - many of us are faced with the decision: Should I return to my 9-5, or should I turn my side hustle into a full-time career?
In today’s episode, I discuss the nuts and bolts of turning your Amazon side hustle into a successful, 7-figure business. I share my own experience with running an Amazon business and discuss the realistic expectations you should have if you’re thinking about taking your side hustle to the next level. I dig into the real numbers of how much revenue my business earns each year, our average profit margins, and how much I actually pay myself. I explain how to ‘do the math’ to figure out how much you need to sell to earn enough to quit your 9-5 job and the things you need to consider when crunching the numbers. I highlight other factors - beyond money - that you should consider when deciding to turn your side hustle into your full-time career and how your “In a Perfect World” scenario can help you make this decision. I explain why it’s important to ask yourself what working from home could do for you, the sacrifices you’d need to make to be able to work from home full-time, and identifying your biggest fears about quitting your 9-5 job. I also share a blueprint you can follow to turn your Amazon side hustle into a full-time income.
“Staying stuck is hard, and changing is hard. So choose which ‘hard’ that you want.” - Kristin Ostrander
This week on the Amazon Files:
- Digging into the numbers - how much my Amazon business makes in annual revenue, our profit margin, and my salary
- What it takes to replace a $60,000 job to work full-time on your Amazon business
- Using your In a Perfect World scenario to help you decide if working full-time on your Amazon business is right for you
- Ask yourself: “What will working from home do for me?” and “What would I need to give up to work from home?”
- The importance of managing your time well as an entrepreneur
- Setting realistic goals and expectations
- The value of creating a plan for success
- Budgeting, planning your finances, and creating a master list of your expenses
- Planning for taxes and healthcare costs
- Why it’s critical to be organized and self-regulated
- Getting the support you need to be successful
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The Confident Wholesale Bundlers Workshop Goes VIRTUAL!
It’s time to take your Amazon business to the next level, meet other great Amazon sellers, and gain fresh, new ideas, skills, and strategies to consistently create Amazon bundles that sell like hot cakes!
This year, the Confident Wholesale Bundlers Workshop is going virtual! No need to pack your bags. No need to budget for hotel or flight expenses. The Confident Wholesale Bundlers Workshop is coming to you LIVE - right to your living room or home office.
At the Confident Wholesale Bundlers Virtual Workshop, you receive hands-on training on:
- What wholesale bundles are and why they work
- How to create a successful bundle - from start to finish
- How to find and properly communicate with vendors
- How to organize your wholesale research
- Pricing strategies for your wholesale bundles
- PLUS: All of the recordings of your training sessions and up to 10 new bundle ideas you can start right away
So if you’re ready to eliminate your competition and turn your research into a profitable revenue stream - the Confident Wholesale Bundle Virtual Workshop is for you.
To reserve your spot at the 2021 Confident Wholesale Bundlers Virtual Workshop, visit MommyIncome.com/Virtual
Spots are limited to 20 participants, so don’t wait - reserve your spot today!
Grow Your Amazon Business!
Thanks for tuning into this week’s episode of The Amazon Files, the show to help Amazon seller along their business journey one step at a time with Amazon expert and your host, Kristin Ostrander. If you enjoyed this episode, head over to Apple Podcasts, subscribe to the show and leave us your honest review. Don’t forget to share your favorite episodes with your friends on social media! Use the codeword #quitday to join us on Facebook. Each week, Kristin hosts a live discussion on how to grow your Amazon business. Don’t forget to check out our website and subscribe to our mailing list for even more resources.
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