project life mastery and I've been
joined right now by my beautiful fiancee
Tatiana and today we want to answer a
pressing concern a question that a lot
of you have which is should I get
started selling on Amazon right now
amid the coronavirus concern I know many
of you that are looking to get started
want to source products from China China
is one of the most common places that a
lot of Amazon FBA sellers source their
products from and there's been a big
outbreak of coronavirus particularly in
Wuhan which is a certain part of China
where the virus originated from and you
want to know how is it affecting Amazon
you got started selling on Amazon so
talk to you do you want to share first
just how it's affected your business and
what advice you have for new sellers
sure yeah so I've been in my new pack
chain from China for the last five years
now and there are five major you know
manufacturing cities in China there is
Shanghai Beijing Shenzhen Guang zoo and
tension
I've got suppliers in about two of those
main manufacturing cities and so one of
my suppliers is closer to Wuhan and they
are in gwang-soo and they've actually
temporarily shut down because of the
corona virus and so I'm not able to
place an order with that manufacturer
but luckily for me they're just my
manufacturer from my product packaging
and I placed a very large order before
Chinese New Year anticipation of the
delays with Chinese New Year so I'm good
for a while on that one and then my main
manufacturer is further away from the
epicenter of the virus in Shenzhen and
they're still open so they have not been
affected people are still going to work
there so things have been good for me in
my business in fact the weird thing is
that my sales have just been increasing
which is interesting because I kind of
would have thought maybe at this time
you know times like this people are
gonna be buying fewer luxury items and
maybe sticking to the necessities but
maybe that hasn't settled in yet but
nonetheless I'm not going to complain
about that but my advice you know for
you guys is that you know this is
something that it's yes this is real
this is happening right now but I don't
think that it should take away from your
desire
and you taking action towards building
your online business because at the end
of the day you know the fact of the
matter is that this will pass you know
eventually we don't know how long it's
gonna take whether it's the next month
three months six months one year but
eventually we're gonna come up with a
vaccine and it's gonna be history just
like polio was just like Zika just like
SARS you know so it's gonna be in the
past and I don't think that it should
stop you guys from taking action with
building your online business because
really your only business again like
there's so many benefits to this
business especially during times like
this it's just a great reminder why this
is such an opportunity you know Stefan
and I are here and it feels really good
you know with the talks of a possible
recession you know floating around to be
in charge of a financial situation you
know we've got we're in charge we're not
worried about getting laid off or
anything like that we're in charge of
our finances we own our own businesses
we have a level security we've
diversified our income we've got a lot
of cash flow so we can take advantage of
a possible market crash which we we are
doing and also the ability to work from
home you know a lot of people now are
gonna be you know living you know
avoiding to go outside in public you
know not going to their jobs you know
some people maybe they even don't even
get paid because they aren't going to
their jobs and they don't have
employment yeah I and and so we get to
just stay at home we could stay spend
months in the a house and still make an
income so it's a huge opportunity and
you know again like this is gonna pass
and so if you guys are thinking about
starting your Amazon business today just
realize that it's not like you're gonna
just have your business up and running
in the next week it's gonna take you
three months to 6 months to maybe start
this business and by then we have no
idea what the situation is gonna be it
could be the end by that yeah you know I
think also what I look at is like in
China right now things are slowing down
with coronavirus outbreak and so I think
the worst has already kind of passed and
things are getting better there so I'm
very optimistic about they'll look in
China right now and China is so big
there's so much manufacturer that's
going on there that's just not been
affected by
this at all and if you're gonna source
from China which is still an option for
many of you then just talk to suppliers
and see where they are where they're
located are they located near GU Han if
that's the case maybe you want to avoid
that and find other suppliers and other
parts of China and just talk to
suppliers ask them and express your
concerns you know in some cases you can
put down a deposit and then wait until
they manufacture the product and then
pay them the remainder amount of the
money based on that because in some
cases things could get delayed I'd say
in production on products and if you're
first getting started I mean that's
really the worst case I see is that
production just ends up getting delayed
and tell things settle down obviously
people still need to go to work in China
and you know it's important for these
companies to have your business and to
still operate and so they're gonna do
everything they can to ensure that their
workers are healthy and people can you
know come but there's gonna be certain
restrictions and China I think kind of
did a good they're kind of slow they've
got some criticism on some parts of it
but they've done a good job creating a
lot of restrictions that have kind of
helped contain the spread of this now
which is which is looking pretty good I
think more of the concern and by the way
on that note too
you don't have to source from China a
lot of amazon that sellers think they've
got a source from China there's many
other countries that you can source
products from I've sourced from the
United States you can source from
Vietnam you can source some tile and you
can start some Indonesia in Indonesia
India Bangladesh
there's many countries and you know
maybe part of the concern is that you
might not get as great prices if you
have to source somewhere else but all
businesses can be affected by this and
if that's the event then yes for profit
margins for a period of time and tell
them this settles down might not be as
good but that's okay when you're getting
started because you just want to gain
the experience get something up and
running and selling and then as things
get better the profit margins will
return as will for all other businesses
yeah and you know there's a there's a
bit of a misconception about you know
getting the cheapest price 20 source in
China you know maybe it was like that
five ten years ago but with the new
trade implications so it's not
necessarily the
so it is the easiest in my opinion
oftentimes to source from China because
there are mega manufacturers they know
what they're doing like they are so
fluid with the process of manufacturing
that it's just the easiest to to go
there and find a manufacturer and sorts
from there especially with places like
Alibaba just makes it easy to find
manufacturers but doesn't necessarily
mean they're the cheapest so don't be
misled into thinking that sourcing from
China will be cheaper than so sourcing
in your own country you know so if you
live in the US it depends on the product
that you decide to sell on Amazon but it
might actually be cheaper to source in
your own country especially if you're
considering shipping and the import
duties so with the import duties now it
might actually be a better option and
that's then that's why Donald Trump you
know made those tax scares to encourage
you and me and Tatiana - she's sorcerer
products in the United States so they're
trying to incentivize you for that
reason but I think the more the concern
is more internationally outside of China
now at this stage because now that the
virus is a pandemic and has spread and
you know in the US and Canada and Europe
there's more concerns there and just how
the marketplace is responding to it and
I see there's a legitimate concern but
there's also great opportunities I think
the concern is you know right now we're
in a bear market there could be a
recession things can get worse some
people you know might not be able to go
to work and be affected their income and
usually when that happens then people
might not be spending as much money
they're gonna want to save their money
and hold on to it during that time and
so in that event in some ways people
will be spending less money they're not
gonna you know be shopping as much and
maybe buy more products their
necessities so based on what category
what type of product you're you're in
that is something that you might want to
keep in mind but at the same time I look
at the opportunity because if people do
spend money and they do shop which
people still do they're you know less
people are gonna go to retail stores
less people are gonna want to go to
Walmart and Costco and Target and Home
Depot because they don't want to expose
themselves to the risk and so more and
more people will be buying online and
that opens up an opportunity
we'll be buying on Amazon and Shopify
and other online platforms like that
which can open up a great opportunity
for you and your online business as well
and so that's that's kind of an
advantage that I see from that is that
it you know more people will be spending
money online and then oftentimes when
this does pass there's often a big surge
in spending because when people have
been isolated at home they you know and
then things get better they end up
spending a lot more and often the
economy will have a big boost because
people are gonna want to go out go to
movies and buy you know go to the malls
and shop and spend more money too and so
I kind of see it as a temporary
situation and often times when there's a
winter when there's adversity it weeds
out the weak so really the most
important thing is your mindset your
mentality because the strong mentality
people often survive these difficult
times but then also you know the other
thing would be just as what you alluded
to is that the benefit that this
opportunity provides which is the
ability to work from home you know a lot
of people for example if you have a job
and you've got to go to an office each
day are you working retail and you've
got to be exposed to people each day
you're putting yourself at risk and and
that's one of the disadvantages of
having a traditional type job or even
being a student at university and having
to go to school I know a lot of schools
now are kind of being closed down and
whatnot and for me that's more of an
incentive and motivator for you to work
now on building your online business
because that gives you the ability to
work from home to work just from your
laptop and be anywhere in the world and
for us you know we have contingency
plans in place that you know right now
we're in Panama there's no break here
and so we've kind of seen some panic
arise but we know that at any moment we
can take our computers we can go
somewhere secluded we can live anywhere
in the world we can or we can just stay
inside all day we don't have to get out
side and expose ourselves like a lot of
other people do and so I think that's
one of the greatest advantages of
building this business that you want to
keep in mind and as part of the
motivator of why you should build a
business and work hard today to build it
up mm-hmm yeah absolutely so it's really
thinking long-term you know the current
events aren't going to change the fact
that you know building an online biz
this is gonna benefit you and you know
you just have to anticipate that things
like this happen you know these things
happen and there's gonna be the next
coronavirus you know five ten years from
now something like this is gonna happen
again just like a recession tends to
happen every decade you know even last
year at the end of the year they were
already predicting a recession for this
year just based on the trends and the
economists and all of them are you know
predicting these things because you know
that you can predict things from history
so it's being prepared and so it doesn't
change the fact that building your own
name business is a huge opportunity and
at times like this I think it's still a
great opportunity you just have to be a
bit smarter about like okay let's do
more due diligence with our suppliers
consider sourcing from another country
potentially or just don't source
you know from cities that are you know
closed down and talk to the
manufacturers have open communication
and it's just a good reminder also to
make sure that you have backup suppliers
so if you guys already have a business
making sure that you have one two even
three backup suppliers you know for
myself I have a backup supplier in China
so in the same country where I am have
my main supplier but I also have a
backup supplier outside of China and so
that just kind of protects my business
and cushions my business so that I feel
really secure in case you know who knows
what happens yeah absolutely so that's
our advice for you guys you know I think
this is still a great opportunity you
just have to be a little bit more
mindful and smart about it but you know
things will pass they always do the best
is yet to come and just use this as a
motivator for you to take your finances
in your own hands a business what's
great about it whatever you put in is
what you get out of it and so if you
work hard on it you can make more money
you can scale it you can diversify it
you can go international you know you
can really take your financial future in
your hands and that's what a business
and an opportunity like Amazon can
provide for you I've been investing in
Amazon but Amazon is one of those stocks
that hasn't been going down as much
because certain you know certain stocks
have more than others Amazon still be
going down but Amazon and a few others
been staying strong for the most part
because people still want to hold it
they know that people are gonna still be
buying on Amazon you know they know that
during the time of a coronavirus people
are still going to Google
watching you more YouTube videos and and
you know searching for more things on
Google or on Facebook yeah you know even
for example zoom zoom the company has
been skyrocketing because more people
they're doing conference calls rather
than in person so it provides
opportunity as well Microsoft with Skype
I mean Microsoft has been dropping a bit
but also because they have a Skype
component to it not as much as some
other stocks and so there's always
opportunities whenever something like
this arises and if you can take
advantage of it and have a mindset and
not have fear and panic and worry and be
calm and confident and optimistic then I
think the mindset mentality is the most
important thing during this time so we
want to thank you guys so much for your
time hopefully we answered your question
and we're able to provide some value for
you if you want to check out Tatiana
she's got a great channel on YouTube she
goes more into selling on Amazon she's
got a great video on her channel on the
coronavirus for Amazon sellers so her
name is Tatiana James and we'll put that
in the description for you guys as well
otherwise if you enjoyed this give it a
thumbs up subscribe for more videos here
on project life mastery and if you're
interested in more in-depth training on
how to get started on Amazon then go to
WWF master comm slash FBA I'll put a
link below but that's a free training
that I have of some videos that can help
you get started and my best
recommendations for you thank you so
much we'll see you again in the next
video
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