Anyone with a valid ID and the correct tax documents can sell products on Amazon. But becoming a successful seller, one who's making seven figures or more a year on the platform, isn't quite that easy.
Just ask the Million Dollar Sellers. One of the most exclusive communities tied to the e-commerce platform, the Million Dollar Sellers has over 700 members, all of whom have managed to hit that benchmark. Combined, the group brings in over $8 billion in annual revenue, according to its website.
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Founded in the early 2010s as a small Facebook community, the organization has evolved quite a bit over the last 15 years. Now, alongside the Facebook group, MDS offers local in-person events, international summits, weekly virtual calls, and small "accountability squads" composed of six to eight members who share business and personal interests.
“At the center of [Million Dollar Sellers] is still a Facebook group,” the organization's chief operating officer Eugene Khayman told Business Insider. "It’s your collective 24/7 brain trust, so at any point in time, you can drop a question.”
However, joining that Facebook group, or any of the Million Dollar Sellers events, is no easy task.
In the group's earliest days, prospective members would just e-mail the founders a copy of their ID and their sales records. These days, the membership process has a few more steps, including an interview.
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"No community ever wants to get bigger," Khyman explained. "That’s always a thing, like, it’s going to lose its charm if it gets too big. And everybody wanted to really preserve that."
"[Prospective members] need to have the mindset that they’re coming in here to help and share and become a member of the community. Sometimes people come in with some kind of agenda to sell some other product or service, so it’s meant to filter for that,” he continued.
Despite its growth, the group has managed to retain many of its core values and principles. One of those values, "give more, get more," best defines what they're all about, Khyman told Business Insider.
"That’s a big thing we try to instill in everybody, so there’s not really much judgment or flash. It’s just people that are really deep in their businesses and just wanting to help one another,” he said.
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Looking ahead, though, Khyman sees some big changes coming for the Million Dollar Sellers.
“For a long time, we were a very Amazon-focused community, and we’ve been trying to break away from that overall stigma and just be a general community for e-commerce founders. It’s been nice to see over the past few years that people coming into the group have a wider understanding of e-commerce… I think that aligns with the future,” he told Business Insider.
Regardless of where its members hawk their products, Khyman says the group will still provide a lot of value. "I truly think the best way to succeed is to surround yourself with people that have already succeeded,” he said. “You’re going to make mistakes and mistakes are always great, but why learn from your own mistakes when you can learn from other people’s?”
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