Serial entrepreneur and business mogul Norman Farrar recently shared his formula for selling an Amazon FBA business for profit in 2021. Widely known as “The Beard Guy,” Farrar hosts the e-commerce and Amazon FBA podcast, “Lunch With Norm,” where he chats with industry leaders about all facets of online business and marketing.
To read the full blog post on how to sell an Amazon business, visit https://lunchwithnorm.com/2021/05/22/how-to-sell-your-amazon-business/.
Since the Amazon FBA business model has quickly gained traction in the online marketplace, many industry experts suggest this avenue is the best way to make money online in 2021. Amazon has established itself as the go-to platform for buyers to find goods they want and for sellers to reach customers worldwide.
Farrar’s guide is designed around established Amazon businesses looking to sell. However, those in the process of creating an FBA company or thinking about building one can still benefit from the provided insight into exit strategies, improving activities, and knowing what is needed to get to the “light at the end of the tunnel.”
Anyone looking to sell a business wants to increase the value of their business before selling. Farrar offers the following tips:
Financials. For brands with products affected by seasonal fluctuations, diversify into other product categories or look for seasonal products that sell well when the current seasonal products don’t. This creates cash flow stability.
Web traffic. A successful search engine optimization (SEO) strategy will result in significant increases in search traffic and new customers for companies with their own websites.
Type of business. The most valuable company form is one with a strong brand, exclusive goods, or patented technology, followed by private label companies, and finally resellers.
Operations. Automate or outsource anything that can be.
Customers. Use social media to engage with customers or create a website to showcase products and brands. The more information about customers, the better.
Suppliers. Sign exclusivity contracts with manufacturers where possible to ensure that no one else has access to the goods.
Diversification. Study other items that might add value to the company if a business is biased toward only a few products.
For those interested in additional information about Amazon FBA business or learn more from Norman Farrar on his “Lunch With Norm” podcast, visit https://podcasts.apple.com/ca/podcast/lunch-with-norm/id1525564513.
About Norman Farrar
Entrepreneur and businessman Norman “The Beard Guy” Farrar stands at the forefront of the economic mega-machine known as Amazon Marketplace. As a leading expert with over 25 years of product sourcing, development, and branding expertise, Norm is an advisor to many and an inspiration to all.
Throughout his career, he has worked with big brands including Mercedes-Benz, Coca-Cola, Dell, Microsoft, Target, Hershey, 20th Century Fox, Molson’s, Cadbury and a wide variety of emerging businesses that are celebrating sudden escalation in profitability and sales as a result of taking action on his advice and proven methods.
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About Us: Lunch With Norm is your resource for everything from Amazon, to e-commerce, to digital marketing, to social media, all in the form of a live stream podcast. We aim to arm the small business owner with the latest tools and advice from the experts making waves in the online space. Tune in to our Facebook page each week to have your questions answered live and on air.
Name: Norman Farrar
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