Today we will be reviewing a program known as The Wholesale Formula. Is The Wholesale Formula legit? Find out in this The Wholesale Formula review.
Whenever I hear about side hustles, the first thing I think about are small businesses. You have probably seen brands like these in social media, especially in Instagram and in Facebook.
Most brands I have seen that do this usually sell clothes, fashion items, and cosmetics. I have also seen small businesses that sell handicrafts and other personalized items.
I mean, I think it is good to have a side business along with a full-time job so you can supplement your income. After all, we are all taking the brunt of the painful changes that the pandemic has brought upon the world.
However, not all businesses do well. Take note that if you decide to start your own business, you have the possibility to lose your investment.
Also, starting a business from scratch is simply way too expensive, which is why a lot of entrepreneurs choose to dropship their items.
You probably know of this, as a lot of Amazon sellers do it. They don’t manufacture their items themselves, as they get them from a supplier, most probably China.
Will The Wholesale Formula help you establish a well-earning business?
Before you decide to commit to this program, you should read this The Wholesale Formula review first. You should check if it is worth your time before you pay for it.
DISCLAIMER: This is a fully independent review. I’m not affiliated with The Wholesale Formula in any shape or form whatsoever.
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What is The Wholesale Formula?
The Wholesale Formula is a course that teaches how to be a reseller in Amazon.
Basically, the process involves purchasing products in bulk directly from a supplier for discounted prices, then reselling them on Amazon for a higher retail prices in order to get a profit.
This way, you have the confidence that you can sell products that are already in-demand from established and trusted brands.
Take note that most of the time, you will encounter other sellers who are selling the same exact things as you do. That is because it is not impossible to get the same suppliers as anyone else.
Also, another thing to note is that it is pretty difficult to find a product to resell that isn’t already in Amazon.
There is also the possibility that you will get rejected by suppliers from reselling their products on Amazon, as you need to have good credit and sales history. They wouldn’t just allow anyone to resell their products for them.
The ones who created this course are Dan Meadors and Dylan Frost.
Who are Dan Meadors and Dylan Frost?
Dan Meadors and Dylan Frost decided to start their very own Amazon sales business so they can make extra money. This was in 2011.
They invested around $600 to get started with their business. Of course, starting a business always has ups and downs, especially when you are just starting.
The two of them decided to experiment on how they can make as much money on Amazon as possible, using simple methods. They found success with it, fortunately.
Because of this, they decided to design a course which lets people know what this formula is so that they can also succeed with their business endeavors.
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The Wholesale Formula Overview
This course includes six modules, along with over 90 videos you can watch in order to make learning a smoother experience.
In this section of The Wholesale Formula, I will be discussing what you will be learning in each module.
1st Module: Orientation
This module is all about understanding the basics. It includes creating your Amazon account, and how the Reverse Sourcing Wholesale model works. It is pretty much a module that will introduce you to Amazon and the course itself.
2nd Module: Product Analysis
In this module, there are 10 videos included which will teach you how to find the best products to sell on Amazon. You will be introduced to concepts such as competition analysis and sales rank.
3rd Module: Scouting
This module’s main goal is to introduce you to the system known as the TWF Scouting and Sourcing. You will learn topics such as Amazon filtering, Leaf Sourcing, and Jungle Scout, to name a few.
4th Module: Value Propositions
You will learn here how to get noticed by brands which will then let you resell their products, as well as increasing your account approvals. You will also be getting tips on building your very own website and how to optimize your listings.
5th Module: Sourcing
This module is about how you can source products from brand owners. You will learn how to properly contact brand owners and negotiate lower prices with them. You will also learn about how you predict sales trends, meaning that you can place orders ahead of time without missing out on the profit.
6th Module: Growth
Once you finally get a grasp of the business and you think your business is growing, you need to scale it. Now, you should set your income goals, and use automation techniques so you can take a backseat and watch the business grow without having to spend a lot of time on it.
Bonuses
Along with the modules, you also get some pretty neat bonuses which can help you learn more effectively, as well as some tools that you can use to help run your business.
Facebook Group
There is a private Facebook group which you can gain access to upon paying for the course. The purpose of this group is so that you can build your network, get answers to your inquiries, and share some techniques with other like-minded people.
VA Launchpad
This is an introductory course which will teach you how to hire and train your virtual assistants. This is especially helpful once you are at the stage of scaling your business. Also, it will help you greatly to outsource the work instead of having to do everything by yourself
Discounts
You will be getting some discounts on software that you can use to make your business a lot easier to manage, such as Tactical Arbitrage and Jungle Scout
Files and Resources
These are templates which you can use when you want to contact suppliers. Along with these, you also get checklists, calculators, and spreadsheets which you can use to monitor your business efficiently.
TWF Webinar Recordings
These recordings are around 10 hours of webinar replays. You can watch them as supplementary resources, and they can teach you about product analysis, growth, and other related topics about the business.
Pricing
The course will cost you $2,497, and honestly, that is pretty expensive, considering how they advertise the course for newbies. I doubt that a lot of people can afford to pay that much, and are willing to pay that much.
If you want to invest money in a course, then you should at least know the basics first. In fact, if you decide to look for free resources, you are bound to find one, considering how much content is being uploaded to the internet everyday.
FBA (Fulfillment by Amazon) Explained
Given that this is a rather simple concept, I believe a brief description of the business model would suffice. This section of the The Wholesale Formula review is dedicated to explaining to you the concept of FBA.
FBA works like this. You make contact with a supplier to obtain the goods you want to resell, and then have them delivered to an Amazon warehouse. The online hub allows you to keep track of your goods.
When a customer places an order for a product you’ve listed, Amazon fills it by pulling goods from your warehouse inventory and shipping them straight to the customer. It’s that simple.
This business strategy has the advantages of not requiring you to find and rent a warehouse. You also save money on logistics because Amazon handles everything for you.
Feel free to consult my reviews regarding similar programs:
Why I Don’t Recommend FBA
According to my research, Amazon retailers’ usual profit margin is barely 10%. Keep in mind that they are experienced sellers; the number for newcomers would be far lower.
Prepare yourself since it looks like you will be competing against a large number of people. You’ll require a lot of effort and endurance to separate yourself apart from your competitors.
This section of my The Wholesale Formula review will explain why I am not a fan of the business model.
Even better, I suggest creating a side business that requires no work on your part.
Very Low Profit Margin
In the reselling business, there isn’t a lot of money to be made. If you want to make money, you must put in a lot of effort, but success isn’t guaranteed.
Dropshipping is not a really a lucrative business plan, even if you are lured by all the money you can save.
High Financial Risk
Dropshipping can help you save a lot of money on production and storage costs. However, there are a number of expenses to consider even if you won’t be maintaining your store’s inventory personally.
These services include advertising, branding, shipping, and packaging. Even if no one buys from you, you must keep running your pricey ad campaigns.
Little Quality Control
Whether you plan to outsource your items, you won’t be able to inspect them to see if they meet your quality standards. Is there any sort of harm? Is the merchandise durable? Did product price you set for it make it worth buying in terms of quality?
The poor quality of mass-produced commodities, particularly those made in China, is well-known. Keep in mind that low-cost items are often produced quickly, making quality control difficult.
Also, if your supplier provides you defective or malfunctioning merchandise, your customers will almost surely demand a refund and leave a poor review. That does not reflect well on your business’ reputation
Saturated Market
There are already far too many vendors competing for clients on Amazon’s marketplace. Almost probably, the products you wish to sell are already on the market, offered by other sellers.
As a consequence, your store will most likely be overlooked by shoppers.
The odds are stacked against you even before you start selling. It’s tough to stand out on a platform with a lot of seasoned sellers, and it’s practically impossible, in my opinion, to tap into a niche that isn’t already known by them.
Long Startup Time
Before you can start selling and making money, you must first complete a series of tedious steps. Establishing your shop, acquiring suppliers, and running marketing all need time and effort. It might be months, if not a year, before you start earning decent money.
Price Wars
People shop because they feel they will get a good price if they go to a sale.
However, if one store decides to have a sale, the other stores are obligated to follow suit. If they don’t, the earnings will go to that one store only.
This may need you to reduce product expenses in order to maintain your profit margins. When you produce the items yourself or through a supplier, the quality of the final product is typically compromised.
Does The Wholesale Formula Work?
This portion of our The Wholesale Formula review will address the most essential question: Will this course be helpful for you if you are starting an FBA business?
This course will go over the methods that the owners used in order to be successful. This means that it is a matter of personal circumstance whether or not it will work for you.
It’s also worth noting that successfully completing this course does not guarantee in your business’ success.
It depends entirely on the niche you want to enter and the items you want to offer. It’s likely that what worked for someone else will not work for you at all.
At least this course is sufficiently broad to cover a wide range of topics that can be helpful for you. The destiny of your business is still in your control.
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Why I Don’t Recommend The Wholesale Formula
Expensive Course
Well, let us address the elephant in the room, shall we?
The course is way too expensive, especially for rookies who are still trying to figure what business they should get into. In fact, I don’t think most people are willing to sink that much for a course.
Remember that there are a lot of sites that offer courses like this one, and they are relatively cheaper. Sometimes, courses even go on sale too, meaning that you can get them dirt cheap if you managed to find a sale.
Also, take note that it is best to look for free resources, especially if you do not have a fair understanding of the basics yet.
Short Refund Policy
Another thing that bothers me is that the course only allows you to ask for a refund within 30 days of purchase.
Take note that it will take you around 2 weeks to complete the course. You also need to set up your Amazon account and store, as well as reach out to potential suppliers.
Simply put, one month is way too short to test whether or not the techniques mentioned in the course can work for you.
Poor Coverage on Traffic Strategies
In Amazon, those who are successful are usually the ones which advertise in social media, and have the financial capacity to keep advertising there.
This course simply does not have a proper module that discusses how to direct traffic to Amazon stores, and that is a bummer, considering how expensive they priced it.
There is simply not enough information in here regarding how to utilize ads to use as promotion, considering how advertising in social media is how brands advertise things now.
Take note that in Facebook, an approximate of 6 million businesses run ads. As you can see, there is a huge market of shoppers in social media sites.
There is also the issue of not having information about how to do marketing without having to use paid ads.
As you can see, there is just too many important content missing from the course, and I don’t think it’s worth it.
Final Verdict – The Wholesale Formula
Before I end this The Wholesale Formula review, I would like to share a few more insights that could help you.
I can’t advocate Amazon FBA as a business approach for a variety of reasons, which I’m sure I’ve already addressed. This company isn’t as simple as it appears, and you’ll need to be prepared to learn a lot of complicated concepts before getting started.
Before you can start selling on Amazon, you must prepare to do so for a lengthy period of time. It’s not only a matter of posting your products on Amazon and finding a distributor. Because there are so many everyday responsibilities to attend to, a one-man team wouldn’t really work.
Even if you do not handle your items personally, you still have to spend cash because you will be running various adverts. And, especially on social media, advertising aren’t cheap.
It is just not worth the time and effort since the return on investment is so low. It’s simply not worth it as a side venture. It’s more of a full-time commitment.
In my opinion, a good side business is something you can do in your spare time. This isn’t the greatest of the bunch.
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