I had no idea how to manage money when I started Amazon.
I didn't know the first thing about what needed to be set aside for taxes, what percentage should be spent on supplies, what percentage is needed for growth, or what percentage was going to be left for me. The first three months of my business, I used my own personal credit card and kept all my personal money commingled, (if you take one thing from this review, get a separate account and card for your business.*)
Birdseye view, I knew I got $X amount back from Amazon every two weeks, but where was it? Where did it go? Three months in and an entirely lost shipment later, I was pretty sure I'd failed. That all of it was just a money pit of a hobby. So I desperately searched for someone to walk me through owning a business. Then I figured out there was a lot of nuances that made selling on Amazon different than traditional business. Hello, reserves!
Then I found "Profit First for Ecommerce Sellers."
If you're just starting on Amazon, owning and managing a business, or having difficulty with business growth, I recommend you read "Profit First for Ecommerce Sellers'' by Cyndi Thomason. It provided the valuable insight I felt like I was missing when trying to get profit, inventory, and Amazon's reserve system all figured out. It provides real actions you can take to get results.
Within a month of applying her recommendations, my worries eased up and the pit about fiances left my stomach. I now go through every payday and actively budget the money on a spreadsheet with her recommendations. Over the last year since reading and applying the ideologies, I was able to scale my business to the current level that I maintain with my full-time job. If you're feeling the money pit of dread, give this book a read and see if it can provide you with any clarity.
*Disclaimer* this is not tax or financial advice and you should ask a professional if you have any questions.
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