Your profit margins are essential.
When you buy a product to sell, there are product costs that you need to cover. Many sellers want to make some money while keeping the price relatively low. However, what they don’t realize is all the fees that need to be covered. This is a very critical thing to consider!
It is sad to have a business that fails while running into the ground with work that is costing you money not earning you money!
Don’t let it be you. You need to get involved and know every fee, how much you spend on advertisement, shipment costs, costs of your products, taxes, etc. Keep it all in a spreadsheet or use automated tools such as amzcontol so you can instantly see if a product is profitable and a good choice or not.
Do your margin analysis and determine which products are your top performers and review what you can do with those that pull you back.
Also it’s very useful to have Amazon app on your phone so when you out and some idea come to mind you can check to see if something similar is on Amazon already and determine if it’s a good idea or one not to pursue.
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