Matt: Welcome back. Now, we had a lot of questions based on our last week’s video. Adam, thanks so much for sharing some more of your time. Some people had questions they wanted to run by you, just to make it easier for everyone to understand.
Matt: One of the first questions people had is, maybe you’re already doing something at home, like an eBay business, or maybe you’re working full-time, or maybe you’re studying … whatever you’re doing, if you wanted to do Amazon, do you have to give up your job, or can you do it on the side?
Adam: That’s a great question. I actually ran a full-time company, an animation company in Hollywood. I had employees, voice actors, and all those things. I still have it.
Adam: And I started Amazon as a sideline. I was looking for something where I can sell a product, rather than a service, because products pay over and over, and you get paid without having to render any of your time. I built it up slowly, over a year, initially. I made lots of mistakes during my first year.
Matt: Yeah, as we all do.
Adam: As we all do, yeah. And I learnt the hard way. The answer is, yes. You can do it on the side. I built it around a full-time job, and it became a six figure business after the first year.
Adam: Yeah. It’s not the kind of thing you want to jump into full-time, anyway. Not straight away. You want to learn the ropes, do it slowly, and manage the risks. Look at it as a long-term business, and don’t pressure yourself.
Matt: Yeah, which a lot of people do when they’re learning something new. Another question that we had here was: What sort of capital would I require, or is there a certain budget people might need to have to start an Amazon business?
Adam: Look, it depends on the person. You can start with as little as a few hundred dollars if you want to. I interviewed one of the guys in my program that started off small—he’s doing seven million dollars a year in Amazon.
Adam: Yeah, and he’s twenty four years old, and he started off by just buying products on Alibaba Express, which is a little area of Alibaba that’s designed for you to get a very low quantity of products, so you can buy ten units. He’d buy just those ten units, ship them straight to Amazon’s warehouses, and trade them for a profit. And the profit wasn’t as high, because he was buying such low quantities. But, he learnt how to sell on Amazon that way. You can start off with a really low amount of money, and just grow as you go.
Matt: Fantastic. Yeah, one of the things we also do is, we invest so much into our education, and so over the years, we’ve done so many different courses. We’ve done your course, we’ve done other Amazon courses, and all types of courses. One question people always ask, because we previously promoted a different Amazon course, is: How would your course be different, and how does it fill in the gaps that the others leave open?
Adam: Yeah, it’s a good question. I’ve done most of the other Amazon courses as well, because I –
Matt: You’ve also heavily invested in yourself, in the education department?
Adam: A hundred percent. The old saying is, “If you think education is expensive, try ignorance.” [Laugh.] That’ll cost you a lot more. I think the reason I launched this program was to isolate some sweeping gaps in the learning. My program, for example, is dramatically less expensive than nearly every program in the market. I wanted to make it affordable for regular people, as well.
Adam: That’s the first thing. In terms of the actual content, I’m firstly a businessman, and I’ve been in business for twenty years now. I’m also forty-one, so I don’t want to be doing, for example, search engine optimization. I hate all those marketing hacks. I’m starting to feel behind the pace right now. I feel overwhelmed by all these new technologies. What I wanted to know is: What are the real fundamentals to building a long-term, reliable company? I never wanted to get rich off Amazon. I wanted to get something that’ll give me cash flow, so I could retire comfortably, in a reasonable amount of time. As I say in the program, I don’t dive into the tactile, granular things. I talk about things like, how to choose a product that has got a true market potential, or, the financial aspects of planning correctly. I think a lot of people quit good things too early because they were set up with false expectations.
Adam: I really teach people. This is a business. It takes some time to do it, so don’t try rushing it. Do it properly, rather than rushing, and relying on marketing hacks, which is what’s being taught to a thousand other people, or more.
Matt: Yeah. Which ultimately will lead to disappointment.
Matt: Which is a shame.
Adam: Which is a shame, with such an amazing opportunity right in front of you. It just takes a little bit of patience, some learning, and critical thinking. Ask yourself, “If I was a customer, would I want to buy that, and why?”
Matt: Exactly, which is why we teach, and also why we promote, because we want people to be set up for building a solid foundation, looking at the long-term, building a successful business, and making a reliable income.
Adam: Absolutely. I don’t have a lot of products. I only have a handful of products that are selling extremely well, because I was careful in my research.
Matt: It’s interesting, because the way we teach is to just find a niche, and then build a class of products around that niche-
Matt: And you pretty much do the exact same thing.
Adam: I do exactly what you guys teach, just on Amazon. For your students that are watching this that already have a business, you guys are ahead of the game, because you’ve already done the product sourcing. You already understand how to import. The only difference is, you’re going to ask the sellers to ship to Amazon’s warehouses, instead of to your home, because in Australia, I think eBay sells cheap themselves, right?
Matt: Often they do.
Adam: Often they do.
Matt: They’re just starting to bring in proper companies that can help you, but still –
Adam: That’s amazing, wow.
Matt: Yeah, they’re behind the eight ball. So, that probably lead us to another question that people ask, and it’s one of those things that you can only discover if you’ve done it yourself, which is: Can you do this from the other side of the planet? For us, we absolutely live in Australia full-time, and we travel a lot, so we’re not putting a lot of time into our Amazon business, now that it’s up and running. What would you say to people about their location, and what do you need to set up here, if at all?
Adam: Great question. My highest value in business is freedom. Of all the businesses I’ve owned in twenty years, Amazon is the one that gives me the most freedom, because it doesn’t rely on me being anywhere. I literally don’t touch the products, warehouse, or anything. Australia is a country recognized by Amazon. You can set up an Amazon account from Australia, and you can put in your Australian bank account details. When an item sells, Amazon will simply retain their fee for fulfilment, and pay straight into your Australian bank account every two weeks. So, you don’t need to be here, and you don’t need to open a company here. You can make US dollars in the largest consumer market in the world. I’ll be sitting on the beach in Australia, and you guys might be on your go-carts. It’s a phenomenal opportunity for Australians, and I know so many of your students that are doing so well on eBay, in a market of 23 million people, it blows my mind how much they could potentially make in a market of 320 million people, with US dollars. Just an amazing difference.
Matt: Which is exactly why we’re doing this. We saw the opportunity with Amazon, and thankfully, we came across someone like you, who’s been able to help us understand the fundamentals of how the platform works, and ultimately, how simple it is, because that’s what you do. You show how simple it is.
Adam: Yeah, it can be daunting for Australians. But, you’re really just shipping your products from China to an American address, instead of shipping it from China to your own address in Australia. That’s the only difference. The rest is just how you’re set up. It’s not that hard, once you know what you’re doing.
Matt: I like that difference, too. It means I’m not touching it at all.
Adam: Yeah, people are like, “I physically don’t touch my product. I order one to my address, just to make sure it’s okay.” [Laugh]. Other than that, I literally don’t touch my product at all, or see it. I just open my phone up each day. I have the Amazon seller app, and I remember a few months ago, I used to say to people, “I have got this stalker, and he follows me around all over the world, and every day he taps me on the shoulders, and says, ‘here’s $500 from today’s sale.’” And I’m not working or anything. I’m just traveling, or back at home, and the money keeps coming and coming, since it’s a product. There’s no time exchange, and that’s why this is so powerful.
Matt: Fantastic. I also like how you’re not talking hundreds and thousands of millions. You’re just talking about everyday dollars, which is what most people really understand when they’re first starting. You build it up from there, obviously.
Adam: A hundred percent. I see each product that I sell on Amazon like an investment property. You work all your life on an investment property, and you get seven hundred dollars a week from it, right? That’s yesterday’s plan. That doesn’t work anymore. Today, you need digital assets. Every product I launch on Amazon, I look at it as an investment property. I give it a little bit of time to get established, and I choose carefully which products I get into. Each one produces, mostly as much as an investment property, or more.
Matt: I love it. I love it. So, I’m really enjoying the way this is flying. I wouldn’t mind having you back another time as well, if you don’t mind, and we’ll go through some of the basics of your program: How it can help people move forward, and really tap into this online revolution.
Adam: I’d love to.
Matt: Let’s do it. See you then.