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Ever considered an Amazon loan? Want to grow and scale your FBA empire faster. Why? Why not? That is what is on tap today. Would love to hear if you used loans or credit to create a killer Amazon business.
The Amazon Loan Show
- Why I do not want loans in my business
- How to think about physical product businesses
- The speed of success when you have money upfront
- Why $500 challenges are stupid
- The reason I buy at least 1000 units at a time
- What should you do with credit
- When do loans make sense in Amazon
- Why betting on yourself scales faster
- The I must not fail mentality for failure
- Why business money is not your money
- The reason I hate birds
- How to avoid friends and family money
- The reasons crowdfunding does not work for private label products
- Why responsibility is really important to me
- The credit game for supplement sales
- Why I work on higher margin products
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I’m financing my for 4 products using credit card, but I have the cash to pay off entire balance each period. If the products prove to sell, then I don’t mind carrying a balance to finance growth. At 14% though, I would be looking for other options. I have no reservations borrowing money to expand growth.
Matt, what are you doing! LOL! 🙂
Go get a secured credit card. I looked into wells fargo the other day and they have miles on the secured credit cards 🙂
I’m kicking myself with how many miles I could have racked up over the years!
If I find more cards that are secured that let you do miles I’ll let you know. I’m getting as many as I can now to build my credit in USA. Much harder for me as I’m not a US citizen/resident.
And don’t worry about a low $500 limit on a secured card for example. If you need to spend $2k on something for example you just transfer the cash over to your credit card in online banking and then make the purchase with your own cash. And you still get points 🙂
Hope this helps.
Very interesting. I will need to check that out, thanks a ton man. Just got a credit card, not a business one though.
Is your secured card a business card?
Sorry for the late reply Matt!
I forgot to hit subscribe before. It’s a secured business card. But In my conversations with the Wells Fargo staff as soon as I get my ITIN (SSN for non-USA resident/citizens) in a few more weeks then they are going to apply for a un-secured card for me. They said new applicants like me get from $5k to $25k.
So that’s a new development and I’m not even from USA so you should have no issues if you deal with them being from USA. You would have to do an ID check state side. So you might not be able to do it ASAP though.
Here is who I dealt with initially:
Danielle Valencia
Personal Banker 2 – Small Business Advocate
NMLSR: 1243849
Wells Fargo Bank, N.A. | 1701 Capitol Ave | Cheyenne, Wyoming 82001
MAC C7800-011
Tel: 1 (307) 771-3726 | Fax: 1 (307) 771-3777
[email protected]