Having additional sources of income will make achieving financial freedom easier as the extra income can be reinvested by allocating it to ensure the best returns. This post looks into “side hustling”, earning money on top of regular employment. I came across the Fulfilled By Amazon (FBA) programme while listening to a podcast about entrepreneurship and I think it is a great idea.
FBA is ideal as a side hustle for earning some extra income by reselling products. This is the first in a series of posts where I will show how I am progressing with this business idea.
FBA is a good way to get familiar with e-commerce, sourcing products and processes for shipping of products to customers. The basic principle is that you source products, ship them to an Amazon warehouse and Amazon take it from there by doing the selling, shipping to customers and dealing with customer service. Products can be sourced anywhere including shops, auctions and online.
It is always important to have the right tools for the job. After researching about FBA for a few hours, I identified a number of useful tools needed to get started and ordered the following:
Dymo Labelwriter 450
I plan to use this mini printer for printing barcode labels to stick on the products that I will be shipping to Amazon UK. The device will be dedicated to this task and requires no ink, cutting down costs.
Pacplus Tape Dispenser
This will be useful for taping together boxes of stock for shipping to warehouse. The dispenser can take up to 3 inches of masking tape, ideal for securely sealing large or heavy items.
Barcode scanning will save a lot of time compared to typing in product codes. This basic one seems like it will do the job fine.
Sticker removal kit
This will be for removing price tags and stickers from products before selling.
In addition to ordering these main items needed to kick off FBA, I have set aside some funds for the initial purchasing of stock to be shipped to Amazon. I am excited now about how it will all turn out. The next part of the process is now available here.
Top articles on investing
- The Snowball – How compound interest can make you rich
- Building a low cost investment portfolio of Index Funds
- Why you should invest only for the long term
- How to invest intelligently in a Bull market