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Have you been mulling over whether or not to start a passive income stream? Do you want to introduce additional income into your budget so that you can take time to rest in between months of seeing clients? If so, how can you get started?
In this podcast episode, Joe Sanok speaks about a side hustle on Amazon for passive or full-time income with Lesley Hensell.
Podcast Sponsor: WellReceived
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Meet Lesley Hensell
Lesley Hensell is co-founder of Riverbend Consulting, whose 85+ employees solve problems for e-commerce sellers. Lesley oversees Riverbend’s service team, and she has personally helped hundreds of sellers get suspended Amazon accounts and ASINs up and running. She has been an Amazon seller for more than a decade.
A lifelong Longhorns fan, Lesley earned a bachelor’s degree in journalism and an MBA from the University of Texas at Austin. She volunteers for A Wish with Wings, a wish-granting organization for little Texans with life-threatening conditions, and she serves on the Board of Directors for Hallie’s Heroes, which funds bone marrow matches and medical research for kids with cancer and critical illnesses.
Visit Riverbend Consulting and connect on Facebook, Instagram, and Twitter. Check out the Amazon Incubator!
- Passive income terms
- How therapists are well positioned to do private labeling
- How to brainstorm some ideas
- What to be aware of
- Lesley’s advice to private practitioners
Passive income terms
Retail arbitrage and online arbitrage are where you are finding and selling something that currently has a demand at a fraction of the standard going price, so that by the time you have shipped it to Amazon and they ship it to the customer, you’re still making a profit. Additionally, many people who buy and sell goods through Amazon use the wholesale system.
A lot of sellers on Amazon follow a wholesale model where they go to wholesalers or distributors of products … You purchase from them and then you flip it on Amazon. (Lesley Hensell)
Lastly, suppose you develop a private-label product. In that case, it is your product on Amazon that people cannot compete with you over – or you are the sole seller of this product alongside your unique wholesaler or distributor.
On the other hand, white labeling is where someone is specifically developing a product that they try to get other people to get their brand names on.
[Private labeling is my favorite] because if you do it well and you launch a high quality product and you can get traction, you have repeat buyers, you have referral buyers, and you get to develop an entire line of products that are spin offs of that one product. (Lesley Hensell)
How therapists are well positioned to do private labeling
There are some great ideas that therapists can develop that are highly sought after by the public, such as dating cards, conversation questions, and all kinds of products.
A game like that [which] is all about relationships … There’s some great ideas like that that a therapist could develop that actually uses their own skills that they have developed over time. A lot of these [products like], “How to build a conversation, party games … The games area is huge, and it is there for the taking. (Lesley Hensell)
How to brainstorm some ideas
- Search on Amazon itself and look for competitors because you are trying to find a niche that doesn’t have a powerful competitor
- Utilize research tools like Jungle Scout to help you search for competitors
- Present your idea to friends and family and ask them how they would describe it to help you find ways to market your idea that would reflect what the everyday person would search for when they were looking for this type of product
- Keep your costs low and do a small test of products
- Allocate a few hours a week to work on these passive Amazon income streams. In the beginning, it may be more, but as the process builds, the hours will become less and your ROIs will become more pronounced
There are hundreds, if not thousands, of virtual assistants out there who specialize in Amazon … A lot of the day-to-day on Amazon, they can take care of that for you for very small fees … So if you find a great virtual assistant, then it’s even less time for you over the long term. (Lesley Hensell)
What to be aware of
With any new venture, there are always risks. The biggest risk with this passive income stream is if you invest in a product and it doesn’t sell and it’s sitting in your garage.
What Lesley encourages you to do is to create a budget that shows what the price is to create these products so that you can manage your finances, profits, and losses so that you know when you keep going and when to change tactics.
Additionally, keep some budget aside not only for creating the product but also for marketing it, since that will be necessary at times, especially in the beginning.
Lesley’s advice to private practitioners
Be mindful of burnout. Look into some platform for an additional stream of income so that when you need to step away from counseling you will still be receiving some income to support you.
Sponsors Mentioned in this episode:
- Head to WellReceived.com/joe to start growing your practice today.
- Apply to work with us one-on-one!
Useful links mentioned in this episode:
- Visit Riverbend Consulting and connect on Facebook, Instagram, and Twitter.
- Read Lesley’s new book!
- Find out more about Smart Passive Income and Entrepreneurs on Fire
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Email Joe at [email protected] to suggest guests for the show
Check out these additional resources:
Why therapists are Perfectly Positioned to write a Novel or Memoir with Mary Adkins | POP 973
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Meet Joe Sanok
Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners who are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.
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