221: Wholesale on Amazon: From Part-Time Hobby to $13 Million in Amazon FBA Sales
The Side Hustle Show
Nick Loper
4.7 • 1.6K Ratings
🗓️ 16 March 2017
⏱️ 27 minutes
🧾️ Download transcript
Summary
Dan Meadors is one-half of TheWholesaleFormula.com. He and his partner Eric Lambert began selling on Amazon as a hobby with an original investment of only $600.
They would work nights and weekends buying products on clearance at local retail stores and selling them on Amazon for profit.
It took only a few months before they saw the potential to turn this hobby into a business and they both left their day jobs to sell on Amazon full-time. Since then they have been able to generate over $13,000,000 in total sales on Amazon.
Most of Side Hustle Nation will be familiar with the Amazon FBA program, but Dan's strategy is a bit different from the retail arbitrage and private label strategies we've covered in the past.
In Dan's case, he's buying inventory at wholesale prices from a brand or manufacturer, instead of trolling the clearance section at Walmart or having a product built specifically for him by a manufacturer. Then, like the other Amazon FBA business models, it's on him to list and sell it through Amazon.
In this episode, Dan talks me through everything you need to know to get started with wholesaling on Amazon, including how to target potential products and brands to sell, and how to reach out to them in a helpful way.
Full Show Notes and Full Highlight Reel: Wholesale on Amazon: From Part-Time Hobby to $13 Million in Amazon FBA Sales
Transcript
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| 0:00.0 | Side Hustle Show 221 wholesale on Amazon from part-time hobby to $13 million in Amazon FBA sales. |
| 0:07.0 | Welcome to the Side Hustle Show, where aspiring part-time entrepreneurs learn how to turn their side hustle dreams into reality |
| 0:15.4 | Because your 9-to-5 may make you a living but your 5-9 makes you alive |
| 0:20.7 | And now your host, Nick Loper. |
| 0:25.0 | What's up, Nick Loper? |
| 0:28.0 | What's up, Nick, |
| 0:29.0 | here? |
| 0:30.0 | Welcome to the Side Hustle show. |
| 0:31.0 | Know what you're thinking? |
| 0:32.0 | 13 million, Nick. Come on. |
| 0:33.2 | Well my guest is Dan Meaders and in 2011 he and his partner Eric |
| 0:35.9 | began selling on Amazon doing the whole retail arbitrage thing |
| 0:39.1 | starting out with an investment of just $600. |
| 0:41.3 | If you want to learn more about that business model, check |
| 0:43.7 | on my chat with Travis Scott in episode 125. But for Dan and Eric, they |
| 0:47.1 | quickly saw the potential to build a business on Amazon and shifted their focus to |
| 0:51.0 | wholesaling, or rather I should say buying items at wholesale prices |
| 0:54.3 | instead of from the clearance bin at Walmart. And that's what's taken them from that $600 startup cost |
| 0:59.7 | side hustle experiment to a business. They now full-time and five and a half years |
| 1:04.0 | later they've done over 13 million dollars in sales through Amazon. You can check |
| 1:08.2 | them out at the wholesale formula.com and stay tuned to this conversation |
| 1:11.3 | with Dan to hear how this whole wholesalealing works, how it's different, and in Dan's opinion better than private labeling, |
... |
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