Jul 20, 2020
Change is inevitable in any business. And sometimes, in order to grow, you have to let go. You need to let go of things that are no longer serving your growth, whether that’s in your Amazon business or life. That’s a key insight from Lori Tomonto, a savvy entrepreneur who has had so much success not only with wholesale bundling on Amazon but also in her other businesses. But to find the freedom and prosperity she enjoys today, she had to make one critical decision in her business.
Lori joins me today to share how she began her flea market business and her experiences while running it. She discusses how she started selling on Amazon and why she decided to change her online business model from retail arbitrage to wholesale bundling. She shares her recommendations on wholesale bundling and reveals the benefits of focusing on niches when doing so. She also shares her “time-money” scale, the challenges she faced in her Amazon business, and her advice to people who want to find success in their life but are afraid of change.
“You’re not going to be good on Amazon if you’re trying to do too many. If you want success with bundles, you have to pick a niche.” - Lori Tomonto
This week on the Amazon Files:
- Lori’s beginnings in the flea market business and how she pivoted to starting an Amazon business
- The importance of researching and teaching yourself how to grow a business on Amazon
- Lori’s first year and a half in running an Amazon business and challenges she faced
- Starting Amazon retail arbitrage and how Lori sourced products to sell
- Getting ungated on Amazon and the pros and cons of selling in different product categories
- Wholesale bundling as an answer to price tanking
- How Lori realized that retail arbitrage was not sustainable in the long-term
- Why Lori recommends focusing on a niche or two when doing wholesale bundling
- The opportunities and challenges in wholesale bundling on Amazon
- How to make your Amazon wholesale bundle difficult to replicate
- Lori’s “time-money scale” and why she decided to liquidate her flea market business and focus on her Amazon business
- Why Lori didn’t liquidate her flea market business into Amazon and how she’s reinvesting the capital from it
Related Content:
Resources Mentioned:
- Book: The Tipping Point: How Little Things Can Make a Big Difference by Malcolm Gladwell
- Book: The Seven Habits for Highly Effective People: Powerful Lessons in Personal Change by Stephen Covey
Connect with Lori Tomonto:
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Thanks for tuning into this week’s episode of The Amazon Files, the show to help Amazon seller along their business journey one step at a time with Amazon expert and your host, Kristin Ostrander. If you enjoyed this episode, head over to Apple Podcasts, subscribe to the show and leave us your honest review. Don’t forget to share your favorite episodes with your friends on social media! Use the codeword #Lori to join us on Facebook. Each week, Kristin hosts a live discussion on how to grow your Amazon business. Don’t forget to check out our website and subscribe to our mailing list for even more resources.