Amazon Business reached $35 billion in annualized sales in 2023

Amazon spent the last 25 years building Amazon com. It now serves over 300 million active customers a wide selection of goods at competitive prices. You may be one of them. But different customers have different needs. Amazon has long known that businesses and organizations were shopping for office supplies and other goods in bulk on its store. To better serve them, the company launched Amazon Business in 2015. “Everything we do at Amazon starts with the customer, and we kept asking ourselves, ‘How can we better serve those business customers?’” said 20 year Amazon veteran Alexander Gag non, vice president of Worldwide Amazon Business. “The procurement space is ready for innovation. We have leveraged the size, expertise, technology, and infrastructure we have built at Amazon, and adapted it for businesses and organizations of all sizes.” Amazon Business has since become one of the fastest growing ventures in Amazon’s history. It reached $35 billion in annualized sales in 2023.

"I’ve been excited about Amazon Business since the day it launched,” said Doug Harrington, CEO of Amazon Worldwide Stores. “The Amazon Business team is committed to long term success of their business and its customers. Day in and day out, we dig into the specific purchasing needs of businesses and organizations and come up with innovative ways to deliver great prices, extensive selection, and consistent, reliable convenience. Businesses and organizations need different tools and features for their purchasing, and Amazon Business has built those tools. But we know that’s not enough, and we’ll keep iterating to make the customer experience even better.”

How does Amazon Business work? 

Amazon Business gives organizations of all sizes the ability to buy from a large selection of hundreds of millions of items directly from the Amazon Business store, which has the same easy to use and intuitive interface as Amazon 

“One of the best things we have as a tailwind for Amazon Business is all of the work we've done for the last 25 years for consumers on Amazon,” Hermes said. “We've got a catalog with a wide selection, a world-class fulfillment capability, and a great customer experience that you're used to. It’s easy to use with no training necessary. The search experience, the reviews, the shopping cart, and other popular features are all the same, and on top of that we’ve built business specific features that allow companies of all sizes to integrate their procurement policies into the buying process.” 

What does Amazon Business offer beyond vast selection, low prices, and convenience? 

“We are so much more than a B2B store or a procurement organization,” said Aster Angara, vice president and head of commercial, public, and strategic sector at Amazon Business. “Amazon Business is designed to be flexible and can support customers of all shapes and sizes. We continuously develop salable solutions by customer size and industry vertical. We work with our customers to solve their biggest procurement challenges by giving them incredible technology such as Amazon Business analytics and Guided Buying, available with eligible Business Prime memberships.” “Amazon Business lets our customers use a set of policies or rules to ensure that certain types of products they buy meet those requirements,” Hermes said. “So, you could say, ‘I want to buy local,’ ‘I want to buy products with sustainability certifications,’ ‘I want to buy from veteran-owned or diverse suppliers.’

How do customers use Amazon Business? 

Angara said Amazon Business helps large and small customers leverage what they're doing today in the area of spend. But Amazon Business can also help them source products with sustainability certification or goods sold by local, diverse, and other businesses. “We are really giving customers control and visibility of these purchases and knowing where they spend their money,” she said. “If you're a teacher and you want to be able to buy specific books or tools for your class, you no longer have to go through a series of people in the process. You can go to the Amazon Business store, and you will be able to purchase what you need for your students. Utilizing the set budget that is designed for you, you can actually spend it over a semester or a year or a month however you want to manage it.” These benefits also translate to tangible savings. “We make it really easy for them to procure at competitive prices and save money that can be then reinvested,” Gag non said.

 

7 Great Side Business Ideas

Why Veterans are Great at Business 

According to the American census, veterans own 7.5% of 5.4 million businesses. The reason for this is simple: the military teaches skills most business owners have to learn the hard way like self-sufficiency, leadership, and the ability to perform under pressure. If you’ve already got those skills, you’ve got some of what it takes to run a successful business. All you need to do now is take one of these ideas and make it work for you. We’re here to help you on your journey. Work together with a SCORE mentor today to find the best side business idea for you and get started.

1. Open a private security firm If you make decisions quickly and like working alone, a private security firm is a natural fit for you. As a private security contractor, you’ll be responsible for defusing and deescalating high risk situations: something that already comes naturally to veterans. There are two simple ways to get started with private security. You can either contract work from larger security firms or offer your services to malls, businesses, schools, and councils in your area.

2. Become a franchise owner Is leading people one of your strengths? Then you’re fit for franchising. Owning a franchise is an easy way to start a retail business (provided you start with some capital, of course). Unlike new businesses, franchises already have a customer base and a product line when they open, as they leverage the services offered by the parent business. As a fresh franchise owner, all you need to do is manage the business: something your military past has trained you for. 

3. Work as a government contractor If you’re still interested in government work but want to be involved in a role that extends beyond the office, you should consider a contracting role. The United States government contracts out enormous amounts of logistics work, including IT work, network security work, and administrative work. The government is mandated to contract out 3% of those services to veterans like you. If you’re interested in contracting, check out the Small Business Administration’s Boots to Businesses development program.

4. Get into the personal fitness industry Very few people leave the military with zero personal fitness knowledge. Just because you no longer serve doesn’t mean your fitness skills are out of date. Leverage those skills, and you can make people fitter while building a business. There are many ways to start a personal fitness business. You could recruit clients with a letterbox campaign, contract through a private gym, or even createa fitness Instagram to show off your skills. Whichever way you choose, keep it unique to you. People are mostly drawn to personality (though they like muscles, too). 

5. Work as a tech consultant If you’ve got great tech skills, then you’ve got a golden ticket to a great career as a tech consultant. There are many ways to work as a tech consultant  from doing tech audits to running virtual mentoring programs that let you share your skills with small businesses and teams.

6. Consider health care advocacy and emergency services When weighing up potential side business ideas, never discount your experience. As a veteran, you have a unique perspective invaluable to hospitals, universities, and healthcare organizations working with veterans. If you love working with people, take that knowledge and build a business that teaches organizations how to help. You could even become a consultant for veteran services, helping new and injured veterans navigate through the complexities of post-service life. Just don’t forget to brush up on those calendar management skills before you start juggling clients. 

7. Become a workplace trainer As a veteran, you’re likely an expert in managing challenges like work life balance, changing sleep cycles, and routine shifts. As Americans take over 460 million work trips a year, you could build a  business by teaching people how to manage their work lives on the move.

 

American Online Business Ideas

10 Useful Things to Know to Start an Online Business with No Money 

A lot of people would love to start an online business. Unfortunately, not everyone has the capital to go as big as they’d like when setting it up. However, many people will start one with having little or no money. All it takes is determination, motivation and a willingness to learn as you go. This isn’t saying that business education is a waste of time. On the contrary, a good education could be worth the investment. But not everyone has the funds to go back to school, let alone start a business. So, what should you know when you’re ready to step up and build a business from the ground up without a dime to your name? Well, here are 15 things you might find useful about how to get into an online business when you’re broke. 

1. Identify Your Target Market

In 2014, it was discovered that 42% of failed startups were from the result of a poor market for products and services. This didn’t mean that the ideas themselves were bad, but that the immediate market had no use for the business. For example, it would be difficult to sell air conditioning units to people living in Alaska. From the perspective of an online business, this will be more centered around marketing. If you offer a specific service or product, you need to make sure the right people are getting those advertisements. This may take a bit of research as you need to identify who will be the most interested in what you offer. Thanks to the various marketing tools available on the Internet, this process can be easier than you might think. 

2. Start Small 

You don’t have to step into the world of business with an extensive portfolio or a vast array of goods to sell. When you have no money, starting small gives you the chance to build up the company. Some owners started with just a few items to sell out of their basement and expanded into larger facilities. Again, this centers around how well you market the brand and how much effort you put into the business. Even the smallest of online startups can attract a consumer base with the right ads or the perfect comment in social media. It’s all about building a reputation for excellent service. Let the income of the business provide its own expansion.

3. Don’t Underestimate the Competition   

Because it’s easy to get the ball rolling for an online business, you need to be aware of the competition. You’re not the only one trying to make a living off of the Internet without an extensive bankroll. In fact, this is often one of the top 10 reasons why many businesses fail according to many experts. Starting an online company without money doesn’t guarantee failure. It doesn’t guarantee success, either. It’s worth your time to perform your own kind of reconnaissance to discover how the other guys are working. Don’t try to copy the competition, though. Do what you can to make your company better.

4. Social Media is Your Friend

Social media sites such as Facebook and Twitter are excellent platforms for marketing. First of all, it costs nothing to create profiles specifically for your online business. You can start using these immediately to focus on engaging your target market. Nearly 80% of people in the United States have a social media profile of some kind. Depending on the type of online services you offer, you have access to literally millions of potential buyers through these hubs. However, this doesn’t mean you’ll access all of these people instantly. It takes a bit of strategy and planning to get their attention when you post something new on your profile. Luckily, you have access to a myriad of excellent tools for social media marketing. 

5. Know Your Skill Set

It doesn’t take much for anyone to identify a skill that can be offered online. Many freelancers make their living from providing services ranging from filing online documents to writing. If you have a marketable talent to offer, then you don’t need an investment for products. In 2015, approximately one third of the entire workforce in the US participated in freelance work of some kind. A large portion of this was due to online business operations. When you don’t need anything but your skills and an Internet connection, it’s possible to develop a degree of success. The hardest part about offering yourself in such a manner is realizing the amount of competition you’ll face.

6. Do You Really Need a Business Loan? 

For a traditional startup, a business loan may be ideal to get the equipment and products needed for the company. However, not a lot of funding is required when operating an online organization. While you might need a few pieces of equipment to get started, it may take less money than you realize. If you’re looking to start an online store and need money for inventory, be smart with it. Essentially, you can run the business out of a room in your house using an old laptop. Keep your expenses as low as possible and you won’t need a hefty loan that will loom over your head for the next several years. You may be surprised with what you don’t need for the business just by using some of the things you have laying around your house. 

7. Crowdfunding May Be a Source of Finances 

Crowdfunding is when you post your business idea on sites like Kick starter or Indigo Go and receive donations from others. These platforms have helped a lot of people get their projects off the ground. What makes these platforms ideal is that you don’t have to worry about paying back a loan. Unfortunately, not all projects can reach their goals. For instance, only 28.7% of projects on Kick starter actually reached their monetary amounts. Since most platforms like this will deny a payment if a goal isn’t reached, you can’t assume you’ll have success raising revenue. On the upside, crowdfunding costs nothing to join and has potential to be a worthwhile venture depending on your idea. 

8. You Don’t Really Need Staff

While having an extra set of hands would be beneficial in some cases, it’s not a necessity. Don’t worry about trying to pay someone to perform a task that you can do yourself. If you don’t have any money to begin with, you can’t really pay this person, right? Some owners believe they need to delegate and have a strong workforce in order to be successful. For a startup, it may be putting you on the hook for paying someone when the coffers are limited. Besides, there are many ways to outsource small tasks to other freelancers in the event you are dire for some help later on. 

9. You Don’t Need a Commercial Office

One of the best things about an online business is that it doesn’t necessarily require a physical location. You don’t have to worry about rent or overhead expenses such as utility bills. In fact, some online businesses can travel with you regardless of where you go. The home based business makes up approximately 52% of all small businesses in the United States. Should these individuals decide to move to a new part of the country, it’s possible the company can move with them without a hassle. However, this will also depend on the type of online organization you develop. Something like an E Commerce store may take a bit of effort to move.

10. Maintain a Good Budget Plan   

Once the money starts coming in, you need to set up a comprehensive budget plan. After all, putting money back into the business could increase your income. Focusing more on purchases that can further your business is ideal. Expanding inventory, adding services or even increasing advertising could all be beneficial. You don’t want your success to become stagnant. You don’t have to set up an extensive research and development section of your online business, though. Put a few extra dollars into something that will boost your success. According to statistics, approximately 75% of business owners stated how marketing was effective. This doesn’t mean you need to put in thousands of dollars in something like Google Adwords. However, it does show how setting up a good budget plan can help your online business grow by setting aside a few dollars for advertising.

Investments for Today’s Investors

 In a world where financial markets can be volatile and unpredictable, the quest for low risk investment opportunities has become a priority for many investors. While higher risk investments might offer attractive returns, they often come with a significant level of uncertainty. For those seeking stable and secure ways to grow their money, low risk investments present a viable alternative. In this article, we explore five of the best low risk investment options available right now, providing a roadmap to balance potential gains with peace of mind.

1. Certificates of Deposit 

Certificates of Deposit are time based deposits offered by banks, often with fixed interest rates over a specified period. These investments are considered low risk because they are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account holder, per institution. While the returns may be modest compared to riskier investments, CDs provide a predictable stream of income, making them a suitable choice for those who prioritize capital preservation.

2. Treasury Bonds

United States Treasury Bonds are debt securities issued by the U.S. Department of the Treasury. Backed by the full faith and credit of the U.S. government, these bonds are considered one of the safest investment options available. Treasury bonds offer fixed interest payments at regular intervals and return the principal amount at maturity. With various maturity dates and terms available, investors can tailor their investments to their financial goals.

3. Money Market Funds

Money Market Funds (MMFs) provide a low risk alternative to traditional savings accounts. These funds invest in highly liquid, short term debt securities like Treasury bills and commercial paper. MMFs aim to maintain a stable net asset value (NAV) of $1 per share, making them a low volatility option. While they may offer slightly higher returns than regular savings accounts, they still provide easy access to funds, making them suitable for emergency cash reserves.

4. Peer to Peer Lending 

Peer to Peer (P2P) lending platforms connect individual borrowers with investors willing to lend money for interest. While P2P lending carries some risk, investors can mitigate it by diversifying their loans across multiple borrowers. Many platforms also offer risk assessment tools to help investors make informed decisions. P2P lending can provide competitive returns compared to traditional savings accounts or CDs, making it an option for those seeking a slightly higher yield with a calculated level of risk.

5. Blue Chip Stocks with Dividend Payments  

Blue chip stocks of established and financially stable companies are often considered low risk investments due to their long history of consistent performance. Additionally, investing in blue chip stocks that pay dividends can provide a reliable source of income. Dividend payments can cushion against market fluctuations, offering investors a way to generate returns while holding onto shares that historically hold their value.

United States Govt Trying to Ban TikTok

The decision to force divestment or ban TikTok in the United States stems from concerns about national security and data privacy. Some US officials worry that TikTok, which is owned by the Chinese company Byte Dance, could be compelled to hand over user data to the Chinese government or engage in censorship at its behest. These concerns intensified amid rising tensions between the US and China over trade, technology, and geopolitical issues. The Trump administration in particular took a hard stance against Chinese owned technology companies, viewing them as potential threats to US national security. As a result, there were efforts to either force TikTok to sell its US operations to an American company or ban the app altogether. Such actions were seen as a way to mitigate the perceived risks associated with Chinese control over a popular social media platform with millions of users in the US. However, the situation may have evolved since my last update, so it's worth checking the latest news for any developments regarding TikTok's status in the US.

The decision to pursue divestment or ban laws regarding TikTok would involve various government agencies and officials at both the federal and state levels in the United States. At the federal level, the decision could involve the President, executive branch agencies such as the Department of Commerce and the Committee on Foreign Investment in the United States (CFIUS), as well as members of Congress who may propose or support legislation related to this issue. State governments may also take their own actions or express opinions on the matter, particularly if there are concerns about data privacy or security at the state level. Specifically, voting on legislation related to TikTok could occur in congressional committees or in full sessions of Congress, depending on the nature of the proposed measures. It's important to consult official government sources and news outlets for specific information on which individuals or entities have voted in favor of such laws.

What does the law mean?

In an election year when many politicians do not want to be seen as soft on China, the legislation is part of a series of moves responding to national security concerns. Officials in both political parties have raised red flags about TikTok along with other issues ranging from connected vehicles to advanced artificial intelligence chips to cranes at US ports. On the other side, many younger voters oppose a ban because they use the app to express their views and follow politics. Earlier this year, President Joe Biden's re election campaign joined TikTok to reach young voters ahead of the November presidential elections.

Sci tech Why is US govt trying to ban TikTok or force Bytedance to divest? TikTok, ByteDance sued to block US law seeking sale or ban of app By Reuters May 08, 2024 A view shows the office of TikTok in Culver City, California, March 13, 2024. Reuters 

WASHINGTON: TikTok and its owner Bytedance on Tuesday sued to stop a law that would give its Chinese parent about a year to divest the US assets of the short video app, or face a nationwide ban. Here is a look at the effort to ban the app. Why are US officials forcing divestment or banning TikTok US officials warned TikTok's management is beholden to the Chinese government and fear Beijing could use the social media app to influence the 2024 US elections, Director of National Intelligence Avril Haines told a House of Representatives intelligence committee hearing in March. Many US lawmakers from both the Republican and Democratic parties and the Biden administration also say TikTok poses national security risks because China could compel the company to share the data of its 170 million monthly US users. The Department of Justice recently told lawmakers that because ByteDance is headquartered in Beijing, TikTok’s American users are at risk because foreign governments like China's "are known for their surveillance and censorship." TikTok has denied that it has or ever would share US user data, accusing American lawmakers in the lawsuit of advancing "speculative" concerns. What does the law mean? In an election year when many politicians do not want to be seen as soft on China, the legislation is part of a series of moves responding to national security concerns. Officials in both political parties have raised red flags about TikTok along with other issues ranging from connected vehicles to advanced artificial intelligence chips to cranes at US ports. On the other side, many younger voters oppose a ban because they use the app to express their views and follow politics. Earlier this year, President Joe Biden's re election campaign joined TikTok to reach young voters ahead of the November presidential elections. Who voted in favour of divest or ban law? The House passed the law 360-58 with broad bipartisan support as part of a $95 billion legislative package that also provides security assistance to Ukraine, Israel and Taiwan. Days later, the Senate approved the legislation and US President Joe Biden signed it into law. The TikTok measure stems from legislation introduced on March 5 by Republican Congressman Mike Gallagher, who resigned in April, and Representative Raja Krishnamurti, the committee's top Democrat, with more than a dozen other lawmakers. Detractors include Democratic Representative Ro Khanna who has said he felt a TikTok ban may not survive legal scrutiny in courts, citing the Constitution's free speech protections. A number of prominent Democrats in the House voted against the bill, including Alexandria Ocasio Cortez, Cori Bush and Pramila Jayapal. "There are serious antitrust and privacy questions here, and any national security concerns should be laid out to the public prior to a vote," Ocasio Cortez said at the time. 

How would a ban be enforced? 

The law gives TikTok's Chinese owner ByteDance about nine months to divest the US assets of the short video app. The deadline could be extended by three months if the president determines there is progress toward a sale. It is unclear whether China would approve any sale or if TikTok could divest its US assets by the deadline. If ByteDance failed to do so, app stores operated by Apple, Alphabet's Google and others could not legally offer TikTok or provide web hosting services to ByteDance controlled applications. In theory, the ban would make it difficult, if not impossible, for users to access TikTok in the US.

Is TikTok banned in other countries?

India banned TikTok along with dozens of other apps by Chinese developers in June 2020, saying they could compromise national security and integrity. Nepal's government banned the app in November 2023. Several countries, including the US, Australia, Canada and New Zealand have banned TikTok from federal government-owned devices.