Is this THE golden formula for making a million dollars with Amazon FBA?
Ellen Lin’s course says that she will teach you how to increase your monthly online sales to climb up newer steps each time with simple steps, this one-time opportunity comes along for you to change how you have always operated your online business. With 30-days conditional guarantee attached, this course is definitely worth going for.
According to Ellen, you can follow her strategies to scale your monthly sales and climb to new heights with simple steps.
But since there are so many gurus out there and Amazon is notorious for the intense competition, you might wonder if Ellen’s Golden Formula is really the answer to your business dream.
1. What is Million Dollar Golden Formula?
• The process how to find the right niche set out in a step by step guideline and to validate your niche ideas
• The sourcing of products from the best suppliers and how to convert potential customers into sales
• Provides you with hacks to stay ahead of your competitors and manage the business-related risks that Amazon vendors would face
• Instill the entrepreneurship into the students of this course
• Shows you the best ways to scale your business while you just start to sell on Amazon
2. Who is Ellen Lin?
She started as a small vendor on eBay to become one a top seller on Amazon, reaching two million dollars in sales.
3. How Does Amazon FBA?
1. You send your products to Amazon.
2. They store them in their warehouses.
3. When a customer orders one of your products, Amazon picks, packs, ships and tracks the order for you.
4. They also handle returns and refunds.
All this does come at a price. Amazon charges both storage fees and fulfillment fees.
However, those fees include Amazon’s stellar 24/7 customer service, the cost of shipping goods to customers and access to one of the largest and most advanced fulfillment networks in the world.
4. Is Amazon FBA Legit or a Scam?
Since its release, Amazon FBA has become extremely popular as a way to make money online. But, with all the hype and the various products out there, Amazon FBA can end up looking a little bit like a scam. After all, some of the success stories for Amazon FBA sound like pipe dreams and they’re the types of claims that you would expect on a scam site.
So, it's very obvious that not only is the FBA program not a scam, it's actually an exciting opportunity. The concept is simple, and with the extra help of some some online courses, getting from newbie-status to your first sale isn't very hard to imagine. Not only is it exciting because there's a lot of money to be made in the world of online shopping, but it's also something you can do in the evenings or on weekends as a second job or a potential job replacement.
5. How much does Ellen's Million Dollar Golden Formula Course Cost? Any Specials?
Pros of Million Dollar Golden Formula
6. Good Content
7. Top Notch Mentorship
8. Ellen Lin
9. Refund Policy
Cons of Million Dollar Golden Formula
10. Time Consuming
11. Challenging to become a leader in the industry
12. High Startup cost
The cost involved to run a business on Amazon is significant as you need to buy stock and spend money on advertising. Later expenditure is downplayed in the promotion of Ellen’s programme.
13. Difficulties in tracking inventory
Once those products reach the thousands, though, it will be hard to really be abreast of what inventory you have, what you need, and what you should cut back on.
14. Do Ellen Lin's Students Actually Make Money?
15. Who's a Good Fit for Million Dollar Golden Formula?
Ellen makes it clear that starting an Amazon FBA business requires persistence and relentless focus, which is definitely not suitable for the faint of heart. To launch a business on Amazon, you will need $15-20k, at least.
Besides, since you can’t get started without any knowledge, you have to pay for an FBA course such as Million Dollar Golden Formula which is quite expensive to novices.Moreover, you have to spend money on product samples and inventory, labeling and shipping costs, product launch services/pay-per-click advertising and Amazon Marketing Services.
Taking all the facts into account, it is clear that this course is better suited to the entrepreneur that’s well established.
16. What alternatives are there to Ellen's Million Dollar Golden Formula?
The FBA Ninja Masterclass does have some holes, but you can really see glimpses into Kevin David's brilliance when it comes to his FB Ads Training that he includes.
This course do a pretty good job at covering a lot of the details product listing construction as well as providing specific suggestions on product shipping and packaging, like how to tell your supplier where to label your items and proactively fixing some of the issues that shipping your products via plane brings.
Finally, if you're the type that needs motivation or hype, this course is for you!
How Does Amazon FBA Stand up to Others? Like Dropshipping, & Lead Generation?
Competition / Market Saturation is the main reason most people will fail to create their laptop lifestyle. It sides more favorably with lead generation by a significant degree, its one of the main reasons why I chose lead generation over Amazon FBA as my primary focus.
Once those products reach the thousands, though, it will be hard to really be abreast of what inventory you have, what you need, and what you should cut back on. Sure, you’ll be able to track your best sellers, but aside from that, it’ll be difficult – especially since the whole process is so automated.
With Lead Generation You own the asset – don’t sell it. Not like building website for someone and you get one-time cheque.
Lead Generation on the other hand gives you more advantages because you don't merely want money, you want freedom, the ability to go where you want, when you want, with whom you want.
or who's going to foot the bill to the exotic location.
The passivity of my lead gen business enabled me to free up time for myself.
19. Ellen's Course works, but Generating Leads is Better, Here's Why:
Here are five quick reasons why Amazon FBA is not so great:
Amazon charges both storage fees and fulfillment fees.You’ll need to understand how quickly your inventory moves in order to minimize storage fees and you’ll want to make sure your products are still profitable after paying Amazon’s fulfillment fees.
2. Long-term storage fees.
Storage fees aren’t too bad unless your items sit for over six months.Amazon is in the business of selling products, not storing them.So they make sure you pay if your products aren’t selling.If you let your inventory sit too long, you could be faced with sky-high storage fees.
3. You may see more returns.
The flip side of having an easy returns process is that customers are more likely to make returns.You may see more impulse and test buys from customers, which can result in higher rates of returns.
4. Product prep can be difficult.
Amazon has strict guidelines on how to prepare and ship your items to them.Products must be correctly entered into Amazon’s database, properly labeled and then shipped to the right warehouses.It takes time to get the hang of all the details when you’re first starting out.
5. Tracking inventory can be difficult.
It can be challenging to stay on top of what products you have available, what you need to order, and what’s not selling when everything is out of view.Out of sight, out of mind.It’s especially difficult to keep inventory changes in sync if you sell on multiple channels.
MARKET SATURATION & COMPETITION
You're going head to head with literally millions of sellers covering over 6000 different product niches. Breaking into an established niche is next to impossible - and finding untapped niches are becoming increasingly rare.
Start up costs require roughly $5000 in initial inventory, $10,000 in advertising, and $3000 in listing optimization, packaging, and branding. All in all, if you want to have a chance at success, you'll need to spend roughly $15,000 to $20,000 just as an initial investment.
Nearly all successful products are copied and resold by either Amazon or Chinese manufacturers who then undercut their competition at margins that only billion dollar companies can afford. Every time you see an Amazon Basics or Essentials product at the top ranked listing, it's likely that dozens of independent sellers went out of business.
The key to long term wealth is in building and owning valuable assets, but with Amazon FBA, you own nothing. You're an enslaved middleman to Amazon, who care only about market domination and making a profit. Remember, you're there to make them money - and your use of Amazon is a privilege they grant you; a privilege they can revoke at any time.
Between identifying products and suppliers, passing quality assurance, securing inventory, and then product ranking, you're looking at over a year before you even have a chance at seeing a net positive income.
Profit margins are extremely low, meaning the only real way to make money is through mass ordering. Successful Amazon sellers often make less than 10% profit off of their sales.
Amazon's terms of service are fickle and ever changing. Bans are frequent and can spell disaster for FBA startups and established businesses alike.
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