Over recent months, COVID has proven to businesses and individuals that putting your eggs all in one basket is not always the best method in keeping a regular income and that perhaps generating a side income offers a better way to work.
Continually, companies and their Directors work hard to build and grow their businesses. However, sadly sometimes external influences can have unpredictable effects. Incidentally, this has certainly been the case, especially in respect of those who have fallen short due to COVID and the time during lockdown. For those companies that have survived, some have had to quickly diversify or look to new online opportunities as a side income. Those companies who have diversified into other income streams, have also benefitted.
Setting up a side income has proved popular throughout the COVID epidemic with selling through the likes of Amazon FBA giving the opportunity for sellers to create new and extra revenue streams.
“For entrepreneurs, Amazon offers incredible earning potential, whether you’d like to scale your business or simply earn some extra income on the side while running your business.” Says a recent article by enrepeneur.com – How to Start Earning a Side Income with Amazon FBA and Shopify
For those thinking of setting up a side income through Amazon, here are some top tips:
- Personal or Professional - Decide if you are setting up with a personal or professional account. Personal accounts are for those who are looking to start slowly and test the market, whilst professional accounts are there for those who know what they want to sell. Switching to upgrade from a personal to professional account can be done at any time.
- Find out what’s hot – Research the product market to find niche products which will sell. Think about the time of year and how, what, when, why and where the products will be used.
- List your first product – Listing your first product is both exciting and daunting. If you receive sales straight away then great, you’re off to a good start! If not, then don’t be too alarmed. Go back and check that everything is in place in terms of the listing, learn from it and evaluate how to improve for selling your next product.
At Crendon Insurance we completely understand Amazon FBA and how it operates within the online retail sector. If you are considering embarking on a side income or using online retail to sell goods or even operating within Amazon FBA, then please get in touch to find out how we can support your online retail business further. With years of experience in online retail insurance, Amazon FBA insurance, dropshipping insurance and import insurance, Crendon Insurance offer bespoke policies to suit all clients based on individual requirements.
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