May 17, 2021
Around seven years ago, Stephen Somers started his path towards building an amazing Ecommerce business by Googling “how to build an online business.” What he found was an abundance of terrible courses. Real knowledge on expanding an Amazon business later came when he met his mentor and eventual business partner, Robert Rickey, with whom he co-founded Market Superheroes, an online education and services company.Robert and Stephen have sold over $12 million in products and have helped over 8,000 people start, run, and grow their Amazon businesses by selling products worldwide.
Stephen joins me today to explore different private label options with Amazon. He discusses how an Amazon entrepreneur can earn a large income by selling niche, non-brand items on Amazon. He defines the “Amazon iceberg principle,” explains the Rule of Five and how to apply it in an Amazon business, and describes his unique product research process. He also underscores the value of diversifying an Amazon business and highlights the importance of being part of an Amazon community.
“There are many ways to sell on Amazon. But more importantly, whether you’re doing wholesale bundling or private label, look at what you want to get from your business.” - Stephen Somers
This week on the Amazon Files:
- Stephen’s background, from trying to become a rockstar to becoming an Amazon entrepreneur
- The beginnings of Marketplace Superheroes and Superhero Freight
- The role of patience when it comes to building a business and entrepreneurship
- The Amazon iceberg and the Rule of Five
- Where in the Amazon iceberg lies long-term business sustainability
- Stephens’s product research process to figure out the sweet spot between niche and high-demand products
- What “segway searching is” and what it means to emulate the customer
- The roots-scoring system and why selling seed boxes is better than selling bento boxes on Amazon
- The importance of putting customers head-on when conducting product research
- Building a well-rounded Amazon empire and why sellers may want to consider diversifying their business
- Considering long-term sustainability and why I call wholesale bundling the “poor man’s private label”
- Why I started making wholesale bundles instead of creating a Private Label product when I started on Amazon
- The most challenging parts of starting an online business and the importance of being part of a community of Amazon sellers
- How college isn’t the only place to learn and the impact of investing in self-education
Related Content:
Resources Mentioned:
- Book: How to Get from Where You Are to Where You Want to Be: The 25 Principles of Success by Jack Canfield
Connect with Stephen Somers:
Grow Your Amazon Business!
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 #Hero 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.