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AI generated Quick Recap
Faruk and Jim discussed their personal experiences and their journey into e-commerce, with Faruk sharing his strategies for success in online arbitrage and wholesale Amazon. They also emphasized the importance of understanding the market, customer needs, and the dynamics of Amazon’s marketplace, as well as the need for tracking numbers and expenses, diversification, and maintaining a consistent seller status. The conversation ended with an invitation to attend the upcoming Proven Amazon course event in Orlando, Florida.
Next steps
- Taskin to attend the Proven Conference in Orlando, Florida from May 29-31, 2025.
- Taskin to explore the 3P Mercury tool at silentjim.com/thesystem.
- Jim to follow up with Taskin about his experience at the Proven Conference.
- Taskin to continue reinvesting profits back into his Amazon business for the next 3-5 years.
- Taskin to maintain his strategy of aiming for 40-50% ROI and 29-30% net margin on his Amazon products.
- Jim to potentially feature Taskin in future podcast episodes or community content as a success story.
Summary
Casual Conversation and E-Commerce Experience
Faruk and Jim had a casual conversation about their personal lives, including their experiences with fostering children and having grandchildren. They also discussed their experiences with e-commerce and their involvement in a community. Faruk expressed his excitement about sharing his story and his hope that it would be beneficial to the listeners. They agreed to record the conversation for a future episode, with SilentJim.com leading the discussion and guiding Faruk through his story.
Faruk’s E-Commerce Journey and Coaching
Faruk shared his journey into e-commerce, starting with selling Lego online and later venturing into Amazon sales. He expressed his initial struggles and how he overcame them with the help of resources like modules and coaching. Faruk mentioned his coaching sessions with Ted Harden, Grant Douglas, and Leanna, all of whom he found to be excellent. He also mentioned his wife’s involvement in the process. The conversation took place less than a year ago, with Faruk starting coaching in February 2024.
Online Arbitrage and Wholesale Amazon
Faruk discussed his journey into online arbitrage and wholesale Amazon, highlighting the importance of passion, discipline, and understanding the product before selling. He emphasized the need for a daily and weekly plan to manage the business effectively. Faruk also stressed the importance of using the right tools, such as Rev. Seller and Nepeto, to streamline the process. He shared his experience of making mistakes and learning from them, advising others not to get into the business for the wrong reasons. Faruk also mentioned the importance of understanding one’s numbers and costs to avoid potential losses. The conversation ended with Faruk needing to attend an emergency call.
Tracking Numbers and Business Growth
Faruk and Jim discussed the importance of tracking numbers and expenses in their business. Faruk shared his strategy of focusing on one category at a time, similar to a supermarket, and reinvesting profits back into the business. He started with an initial investment of under $1,000 and has since grown his inventory to approximately $47,000. Faruk also mentioned hiring a VA for sourcing wholesale products and sending them to prep centers. The conversation ended with SilentJim.com praising Faruk’s business strategy and return on investment.
Maximizing Profits and Minimizing Risks
Faruk and Jim discussed strategies for maximizing profits and minimizing risks in their business. Faruk emphasized the importance of understanding return on investment (ROI) and net profit margins, suggesting that a 40-50% ROI and a 29-30% net margin are ideal. He also stressed the importance of diversification and maintaining a consistent seller status with Amazon. SilentJim.com likened the business model to investing in stocks, highlighting the potential for high returns and low risks. Both agreed on the importance of cautious buying habits and the need to understand average blended margins.
Understanding Market and Customer Needs
Faruk and Jim discussed the importance of understanding the market and customer needs when selling products. They emphasized the need for a repetitive customer base and the importance of trust in the product. Faruk shared his strategy of monitoring inventory and adjusting it based on customer demand, while SilentJim.com highlighted the significance of Amazon’s buy box and the impact of high prices on sales. They agreed that Amazon is not just a central shopping store but also a platform where customers seek speed and convenience. The conversation concluded with Faruk’s tip of filling the shelves with expedited shipments to meet customer demand.
Understanding Amazon Marketplace Dynamics
Jim and Faruk discussed the importance of understanding the dynamics of Amazon’s marketplace. They highlighted the example of a seller who, despite being the highest-priced among 200 sellers, managed to sell 2,400 units due to his strategic positioning as one of the few sellers with units listed as FBA. This underscored the concept of underserved shelf space at Amazon’s 250 warehouses and the need to focus on strategy rather than just price. They also emphasized the importance of managing inventory and understanding the risks involved in the marketplace, likening it to a stock market.
Faruk’s Amazon Business Strategy Discussed
In the meeting, Jim and Faruk discussed Faruk’s business, which involves selling products on Amazon. Faruk shared his strategy of monitoring product prices and adjusting his inventory accordingly, which has helped him achieve a minimum 40% ROI and 29 to 30% net margin. He also mentioned his plans to attend the Proven Conference in Orlando in May. Faruk, who has a background in retail and finance, expressed his appreciation for the community and offered to assist anyone with questions. The conversation ended with SilentJim.com thanking Faruk for his insights and encouraging listeners to check out past episodes of the podcast.
Proven Amazon Course and Reselling Success
Jim discussed the Proven Amazon course, a training program that has led more people into successful Amazon businesses than any other. The community is a multiple income stream community that uses e-commerce creatively to build desired lifestyles. They have a free Facebook group with over 80,000 members and a podcast with hundreds of interviews with successful students. The meeting also featured Taskin, a student of the Proven Amazon course who has built a reselling business with impressive net margins and ROI. He shared his experience and the powerful model he used, emphasizing the importance of hard work and dedication in building a successful business. The conversation ended with an invitation to attend the upcoming event in Orlando, Florida.
