This week’s success story is an interview with Travis Scott, owner of the website www.StuffParentsLike.com and also an authority figure when it comes to earning money with Amazon FBA.
Why should we listen to Travis? He is on earning $2500k per month on average by sourcing products to sell on Amazon FBA.
After hearing Travis talk about his journey on a few different podcasts, I was really happy when he agreed to talk to me and arrange a Q&A interview to provide more information about what he does to source his products and earn his money, he actually inspired me to source some products of my own to buy and sell on Amazon, more of which I will discuss in a future post.
Travis has always been really open about how he earns his additional income through Amazon FBA so let’s get to the interview so you will feel inspired as well to try and earn an additional income for yourself in a similar way.
Please tell us about yourself and your background?
Where do I start? My life has been all over the place, but I believe the Steve Jobs quote, “You can’t connect the dots looking forward. You can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something — your gut, destiny, life, karma, whatever. Because believing that the dots will connect down the road, will give you the confidence to follow your heart, even when it leads you off the well-worn path. And that will make all the difference.”
Most importantly, I have been married to my wife for 11 years and have four children. So that keeps me busy.
In college, I wanted to be a financial advisor and help people manage their money. I earned all of the appropriate licenses and worked in the banking industry doing exactly that. At one point, I was managing over $20 million of peoples money. I came to a crossroads after 10 years and realised the banks didn’t do what was in the best interest of clients and I wasn’t helping people like wanted. At that point, I decided to pursue a different path and got a job in dental sales (which I love).
I also started a blog, Stuff Parents Like, where I help parents lead healthier and wealthier lives. I actually use a lot of what I learned as a financial advisor to actually help people. It is there where I help people earn extra side income selling on Amazon, teach financial principles, and give lots of value…
Do you have a full-time job on top of your website and Amazon FBA business?
I do have a full-time job as a Dental Sales Rep.
How do you find the time to run your business alongside working a day job and having a family life? Do you have a set daily routine?
Great question. Some weeks are busier than others. It all comes down to systems. When I am full-go in my Amazon business (which I have scaled back recently to focus more attention on my blog), this is what a typical week looks like:
– Obviously, my real job comes first which is 40 hours a week.
– I spend 5-10 hours sourcing items to sell on Amazon either online or in stores
– I spend 2 hours prepping and shipping items
– I also subscribe to a list where they provide leads for me
I find when I am consistent with that schedule, I can easily earn an extra $2,500 a month which is about $62 an hour.
Around Christmas time you can double those numbers and I am really hustling for about six weeks.
How did you find out about the information required to start your own blog and Amazon FBA business?
When I started on Amazon, I was stupid and self-taught myself. I scoured websites and lots of trial and error. If I would have taken a course, my learning curve would have been much smaller and I would have made more money faster.
Do you have a mentor?
Yes and No. I don’t have a mentor that personally helps me, but I have learned a lot from people like Stephen Smotherman from Full Time FBA and Jessica Larrew from the Selling Family.
Additionally, I am a big believer in courses! I take courses for sorts of subjects including blogs, copywriting, and design.
Was your Amazon FBA business a success start straight from the start? Did you make any costly mistakes?
Luckily, I did experience success pretty early. When I first heard about selling on Amazon from the Smart Passive Income Podcast, I thought I would give it a shot.
Since I am a ready, fire, aim type of guy I went all in. The first item I found within a few weeks and it was from a toy store going out of business. The item was Mind Flex Duel and I purchased them for like $12 or $15 each. I purchased 20 games nd sold them all for over $50. My first deal I made over $500. That got me hooked and the rest is history:)
I haven’t made any horrible mistakes! I have lost money on certain items, but nothing life-shattering.
Can you advise the most amount of money that you earned during one month through selling on Amazon FBA? I read on another online interview that you have been earning upwards of $2500 per month.
That is true. When I am focused on Amazon, $2,500 is average. Sometimes more, sometimes less. However, lately I have scaled back to about 10 hours a month and am only averaging about $500 a month.
My highest month ever was December 2015 when I earned $11,539. I had $42,000 in sales. Here is a picture from Inventory Lab (my accounting software).
What has been your most profitable item that you have sourced and sold?
That’s a great question.
Some of my most profitable items have been books I purchased for a quarter at Goodwill and sold for $50+ dollars.
My most profitable group of items came from Radio Shack when a few of them were going out of business. I earned over $10K from those stores going out of business.
Another profitable item came from my local Walmart where I found Infinity games for $10 around Christmas. Apparently, I purchased over 80 of them.
How many months did it take you to start earning a profit from your blog and Amazon business?
I was profitable the first month and never looked back.
What do you now know that you wished you had known when you had first started your own business?
I wish I knew how addicting it can be.
Do you have any particular apps or software that use for your Amazon FBA business?
How many hours per week do you spend sourcing products?
Are there any particular stores that you source products from? I have read that Target is a very popular store in the USA for people who are involved in Amazon FBA.
Actually, I usually don’t source at Target (except for Coffee items). My favourite stores include:
What is your ideal profit margin on products that you source?
My minimum profit margin is 30%, but my ideal profit margin is 50%.
How many products do you sell per month?
According to my accounting software, I sold about 525 items per month. Here is a screenshot of my total items sold in 2016:
How important are customer reviews for the products that you sell?
Reviews are important for two reasons:
Are there any negatives to selling products on Amazon? What happens when a customer returns a product?
The negatives to selling on Amazon include:
What tips would you give to our readers looking to earn an additional income to supplement their day job?
Find something you enjoy doing. Some people love Amazon, others hate it. We live in such a great time to make extra money and there are endless opportunities.
Personally, I earn income from a few sources that include teaching online courses, writing, books, etc.
You need to find something you enjoy, something you are good at, and something you can earn money at quickly.
What are your plans for the future?
Currently, I want to expand my Stuff Parents Like website and monetize it more. Additionally, I want to branch out my Amazon business to include private label items.
Looking to learn more about making money from Amazon? We have a whole section dedicated here.
You can visit Travis’s website Stuff Parents Like here.