Today, I have Clarence Cheang on the podcast. During this recording, he discusses how and why he got started selling on Amazon FBA. He also has other projects online, including SpriceWorld.com.
I asked Clarence to share some of his background and how he got started in business. You can listen to the entire episode or read what is covered below.
In the words of Clarence Cheang…
An hour a day is all it takes. And after numerous years, this hour a day has compounded to much. I grew up in Singapore and have a Bachelor’s Degree in Engineering. Like most people, I took a job in the corporate world after graduating and it didn’t take me long to realize that 40 years of sitting in an office for 40 hours per week with just 2-3 weeks of vacation time per year wasn’t going to cut it. I wanted a flexible lifestyle while making enough money, and online businesses were the answer. But don’t get me wrong,
I am focusing mainly on Amazon FBA as the primary business model, with niches websites coming in as a secondary model. I started Amazon FBA in Jan 2019 and dabbled with my first niche website (spriceworld.com) in Mid 2019.
I started Amazon FBA in Jan 2019. So it’s about 1.5 years now.
How successful is your business today?
Amazon FBA so far:
One of the affiliate statistics that is not Amazon Associates from Spriceworld.com earned from the 1st year.
What failure did you experience that perhaps made you doubt your future as an entrepreneur?
When I started out this entrepreneurial journey, I had to keep most of the journey very quietly to myself because my circle or group of friends just don’t get it. I tried talking about this to them and one of them even brought me to the back and gave me a friendly prep talk like “Are you sure you know what you are doing? You got a good job, why do you want to risk it all?” So what I can say is that this journey can be a very lonely one.
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That’s really when I took this experience and decided that we need a community of entrepreneurs who eat, sleep breaths the same kind of stuff that we need to grow our businesses. So the online communities have really been a great help and encouragement to people like me who just needed to hear and see other people achieving great stuff or just sharing their troubles along the way.
What are 1 or 2 strategies that have made your business successful?
An hour a day is all it takes. If you were to distill my journey, this is probably the biggest takeaway you can get. No matter how tired I get after my day job, I will commit one hour on my online businesses and let the power of compounding take over. This holds true for Amazon FBA, creating niche websites etc.
Tell us why you think your Amazon FBA business has been successful – what strategies have you used to make it successful?
I think many people mistakenly think that Amazon FBA is just about finding good products and selling them. Yes, you can make some money with that, but the long term success comes from you building an actual brand that customers are loyal to. Amazon FBA have made this very possible for anyone anywhere in the world.
The basic strategies that I have strictly followed are as follows:
Validate Product Demand via research
Find a pain point of the market
Differentiation of the product based on the pain point
Get Brand Registry ASAP
Utilize all kinds of Amazon PPC advertising campaigns (Sponsored Product, Sponsored Brand Videos, Display Ads for Products & Audience)
Where do you hope to take your business in the future?
I really hope to grow the Amazon FBA business by adding more SKUs to my product line through variation. It takes time but I am certain I can get there.
As for the niche websites, I will continue to grow spriceworld into an authority website for Amazon FBA sellers. At the same time, I think I am ready to start a brand new niche website based on Amazon Associates as the primary income. (Was inspired by OwnTheYard.com to pursue this) Who knows, it may even help my Amazon FBA products sell more through the niche website.
What advice do you have for someone interested in getting started on Amazon FBA?
Amazon FBA is a knowledge business. I say that because you will need to know what you are doing to do it well. Invest in your own education from good courses and coaches, spend time learning the ropes via Youtube and join a community ASAP.
These are what I wished I had known before I started Amazon FBA.