Amazon Marketplace.
Amna: I use a business model in where I find a potentially viable opportunity specifically for a chosen marketplace - in my case it's Amazon USA. I research and identify products which are relatively popular but have few competitors and low barrier to entry. I then find suppliers and create my own brand using private labelling. I also use Amazon's FBA service which stands for 'Fulfilled by Amazon'; this is where you send your products to Amazon and they complete the deliveries for you and Prime customers can benefit from faster deliveries of your products.
In 2020, I did an Amazon selling course which taught me about the ins-and-outs of the business model and how to navigate your strategy depending on the outcome at each step. The course was really comprehensive and made me realise the realities of starting an e-commerce business and the risks involved - quite often you will have a few products which are duds and they breakeven before you find the winning product.
I was recently awarded funding for my business idea and with this I plan to do my research and development. After I have done this, I will be ready to place my first inventory order of approximately 300-500 products. The grant money will go towards ordering samples from China and India, designing the packaging and creating the branding of my potentially viable products. I will compare different suppliers and negotiate my prices. I will pay particular attention to the branding of my product and ensure it appeals to my target audience. If the product is successful, I could extend the range of products offered by the same brand, so it's important to get it right.
The best aspect of running my own business is that I can be creative. I really enjoy seeing a process through from start to finish. I see it almost as a 'game' to try and make a product successful.
The most challenging part of having a business is the responsibility and pressure of having to navigate between suppliers and customers. There are bound to be times where things don't go to plan and you have to be ready for those times. It's important to learn how to manage stress and understand that hiccups are just apart of business.
I wish I had known how long it really takes to research and launch a product. I definitely overestimated how quickly things can be done and now I realise that this process can take months and that there will be unpredictable setbacks along the way. You have to learn to be patient.
When selecting a potentially viable opportunities, the information is quite time sensitive and needs to be kept private - if you have found a good opportunity, the chances are others are also looking at the same thing. I hope to update you all on my progress soon!
With thanks to Amna Aziz (MSc Computer Science)
Edited by Bob Lee (B-Enterprising)
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