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Action - Find A Product To Run Through Our Choosing A Product Cheat Sheet

in this video, our task is to find a product that we can run through our choosing a product cheat sheet. Now you can download this cheat sheet as an attachment to this video or you can find it in your resource packet and I am very excited to show this resource to you. It is something that erIC and I have spent a ton of time creating and it's gonna save you so much time when you go searching for a profitable product idea. The purpose of the sheet is to be a very quick way for you to decide while you're looking through potential products, whether they have a lot of potential and you should save them so later you can do a deeper look at them or if you should skip a certain product and your time is better spent looking at other products and what's so cool about the sheet is it's interactive. So instead of having to print it out and write on it, you can just click here, type in the product name and then as you look at each of these criterias, if the answer is yes, you can check that box off...

or if the answer is no, you could check that box. And the way the sheet is designed is you're looking for a product that you can answer yes to all eight of these questions. And if for a certain product, one of the answers turns out to be no, you should stop right there and go look for a different product, We've carefully selected all eight of these criterias to be essential. So you're looking for a product that passes all of them. Although this is going to take some time up front. The advantage of doing this is you're going to save a ton of time down the road. This means you're only going to take a deep look at products that have already passed these basic criterias and it gives that product a much higher chance of being what we're looking for. Now, I'm gonna explain to you a little bit about each of these eight criterias and why we chose it. And don't worry if you get lost at some point while I'm explaining this because after I explain why we chose these criterias, we're gonna pick a product online and run it through this worksheet. So you're going to find out exactly what I mean by each of these and how you can use them. The first criteria is five of the top 10 products have a Bs are between and 25,000. Now, this thing called the bs are is something that's going to be very important to us when we're looking at potential product ideas, what it stands for is bestseller rank. And it's a way for amazon to tell us how well is a product selling within its main category. So I'll give you an example. Now let's say we're looking online and we're in the pet supplies main category and we find a special dog leash And this special dog Leash has a B. S. are of 500, what that means is in that main pet category, this special dog leash is the 5/100 best selling item in that category. The reason why it's important to look at A. B. S. R. That falls in this range is products that have A B. S. R. That's very, very low are making a lot of sales, but it also means they have a lot of competition. And on the other end of the spectrum, products with a very high Bs are may not have a lot of competition, but they're also not selling very well. So we're looking for products that fall in that sweet spot in the middle where they're having enough sales volume that we can make money if we were to sell a product there, but they're not too competitive. Where it's gonna be very hard for us to compete with other people. The next criteria is none of the top 10 products have a BS are below and this has a lot to do with what I just explained about the Bs are we want to avoid products that are selling really, really well because if any of the top 10 products have a bs are below 500 that means it's gonna be very hard for us to compete with that seller because they're doing so well. The next criteria is each of the top 15 products has less than 1000 reviews. And it's important that our competition doesn't have too many reviews because when we start selling our products, we're starting out with zero reviews. And if we have zero reviews and our competitors have thousands, it's going to be very hard for us to catch up. The next criteria is 10 of the top 15 products have less than 200 reviews. And the reason for this is we don't want our competition in general to have too many reviews because if they do, like I mentioned with the last criteria, it's harder for us to catch up when we're starting out with zero reviews. The next criteria is we're looking for a product that sells between 15 and $75 and we chose this range because you don't want the selling price to be too low. Otherwise there's not a big enough profit margin or it's worth it for you to sell that product. But you also don't want your selling price to be too high because that means you have an expensive product which increases your risk because you're spending a lot more money on inventory. The next criteria is the product is durable and unlikely to break all shipping. The last thing we want is a fragile product that's gonna break by the time it arrives at the customer's doorstep. Next we want a product that's not too big because that's gonna save us a ton of money on shipping costs when the product shipped from china to our amazon warehouse and then from the amazon warehouse to our customer. The last criteria is the product does not violate any copyrights or patents. And this is very important because if it does, we're going to run into a lot of legal trouble. Now it's time to find a product that we can run through the sheet. And to do this. You're gonna want to open up an internet browser from here. We want to type in amazon best seller list. And what this is is it's an incredible tool that amazon created for us that shows you all of the best selling items in each category. And to get started, we're gonna want to think back to the category we chose in an earlier video. So if you remember the category I chose was pet. So I'm gonna be clicking on the pet main category. But for you, you're gonna want to click on the main category that you chose earlier. So now that we're in the pet category, we're going to see a list of items. So if you look here, this bag of cat food has a number one next to it. And that means it's the number one best selling item in the pet category. Or in other words it has a B. S. R. Of one. Now, if you remember from looking at our sheet, A B. S. R. Of one is way too competitive. There's no chance that we're able to compete with that. So we want to look for products that have a much lower Bs are. So we could scroll through this list, but all of the items here have a high B. S. Ar 15 means that this item is the 15th best selling item And we're looking for products that have a BS are at the very least that's lower than 500. What we can do then is look at the categories subcategories. So in the main pet category, we have a list here of all of the subcategories that live within it. For this example, I'm going to click on the dog subcategory. What we have here is the best selling items in the dog supplies subcategory, but we could care less about how well the product is selling in a given subcategory. All we care about is how well is that item selling in the main category? So I'm gonna pick up products here as an example, let's use this dog training collar And here it's # six. So that means in this subcategory of dog supplies, it's the sixth best selling item. But you're probably wondering how do we find out how well this product is selling in the main pet supplies category to do that. We want to click on the listing and scroll down until we find the product details page and then we want to look for amazon bestsellers rank and we're looking for the number in the main category. So the main category that I'm looking at now is pet supplies. And in that category this colour is # eight. So that's still way too low. The Bs are for what we're looking for. So I'm gonna go back and I'm gonna try going a subcategory deeper. So we're in the dog's subcategory within the main pet category. But now within that dog subcategory, there's a bunch of sub subcategories that live within it. Don't worry if it's a little confusing right now, the more you play with this, the quicker you're going to understand how it all works. Now I'm going to click on the colors, harnesses and leashes category. The deeper we go into these subcategories, the lower the Bs are number is going to be. So I'm gonna pick one of these as an example. I'm gonna look at this reflective harness and I'm gonna scroll down And here we can see that the best seller rank in the main category is 578. So in general, that's still a very lowBS are But according to our criteria sheet, it isn't below 500. So potentially it could work for us. So now let's say we want to run this product through our choosing a product sheet sheet. How exactly do we do that? Well, the first thing we're going to do is look at the product name, which is a reflective harness. And I'm gonna open up a new tab and type in amazon dot com. And now I'm gonna type in this product, it's a reflective dog harness and now we're going to see a bunch of products show up that are all reflective dog harnesses. So let's look at our criteria sheet. The first thing we can do is enter the product name and this will help keep us organized. Next up is five of the top 10 products have a Bs are between 2500 and 25,000. So let's find out if the answer to this criteria is yes, they do or no, they don't. So the slow way to do this is to open up all the top 10 listings and scroll down until you find the bs are for each of them and see if they pass this criteria. But as you can imagine, this will take a very, very long time and how we can save our time is by using the unicorn smasher plug in. So you want to click on this box in the top right hand corner and it's gonna scan all of the top products for us and give us the information that we need. So we can ignore these top two products because they are advertised listings or sponsored listings and for that reason it's not giving us the information that we want. So we can say that this is the first product. Now let's take a look back at our criteria to make sure we're looking for the right thing. We want to see if five of the top 10 products have the BS are between 2500 and 25,000. We'll hear Bs are is under rank And so we can look at the rank for the top 10 products. So this first one is within the range, so I'm going to count one, two, three. This one's outside of the range. So is this one? So is this one, four outside of the range? Outside of the range? Five. And since the first two products, we weren't counting those, that's why I went to 12 over here. So five of the top 10 products are within our given BS our range. So that means we can check off. Yes. So here, I'm gonna check yes. And just type in five of the top 10 products pass The next criteria is none of the top 10 products have a BS are below and we can find that out very quickly by looking at the rank And here we can see that none of them are under 500. This one is close at 578 but we're still okay, so I'm gonna click Yes, Next up is each of the top 15 products has less than 1000 reviews here. We have the number of reviews next to each products And it looks like this item here has over 2000 reviews. And so does this one down here. So no, it does not pass that criteria. Normally, when I check no for any of the criterias, I would immediately stop looking at this product and start looking at a different product. But for this example, I just want to show you how to walk through each of these criterias. So we're gonna keep going. Next up is 10 of the top 15 products have less than 200 reviews and we can do a simple check here. No, No, That's one two, 34 five. So only five of the top 15 products have less than 200 reviews and we need 10. So I'm gonna click now. The product selling price is between and $75 and by taking a look at the price here, it seems like yes, the average selling price lies in that range. The product is durable and unlikely to break while shipping, I think we can say yes for a dog harness. Now we need to find out the product size and to do that. We're going to have to exit out of unicorn smasher And click on one of these listings and we're gonna scroll down until we see the product dimensions here. It's saying that this product is five by five by one inches, which is smaller than this criteria. So we can click Yes. And finally, the product does not violate any copyrights or patents further on. If we decide to do a deeper search in this product, we can more thoroughly look to see if it does have any copyrights or patents, but for now, for the dog harness, my gut is to say that yes, it does not violate any copyrights or patents. But if we were to look at this product more closely, we would want to check that further before importing it. So that's it. We've run the reflective dog harness through our choosing a product cheat cheat and it passes five out of the eight criterias, which in our case is not good enough. It has to answer yes to every single one of these questions for it to be worth us saving this product to do a deeper search. Later on in this video, we found a product and ran it through our choosing a product cheat sheet. In the next video we're going to look for and find three products that pass are choosing a product cheat sheet, pause this video now and don't move on until you found a product to run through our choosing a product cheat sheet.