Progress Thread: Automatic Money

[EvanOkanagan]

Hey guys,

This is my 2nd progress thread. My first progress thread was dedicated to a Real Estate fastlane and a goal I had set for myself to buy 3 investment properties before 2015:

https://www.thefastlaneforum.com/fa...ans-progress-thread-real-estate-fastlane.html

Well, I destroyed my goal and hit this mark about 6 months after I set it.

What I realized after I had hit this is that the route I as going wasn't as "fastlane" as I want to hit and exceed my goals. I realized that my investment properties were just that--investments, and that I needed a business system that is more scaleable. The investments I have are amazing returns and I will be actively using my business system money to put more money towards them.

New Definite Chief Aim: Cumulative passive cash deposits netting $10,000/month before 2015

I currently earn about 2k/month in passive income through my Real Estate investments with little time effort involved. My new aim is to raise this to at least $10,000/month before the end of next year. My plan isn't quite clear yet, as I don't think anything ever goes exactly how you plan it, so I've just started taking action to see where it goes. I plan to use the medium of importing products and selling them through various online sources and was inspired by Addicted to Passive Cash Deposits (thanks Vigilante!).

Manifestation Journal: Automatic Money



If you read my last thread, you'd see that I started a journal and titled it "Three Houses". This was a way to keep myself accountable and also give positive manifestation to hit my goals. I would write in it often about what I was grateful for and what I am looking forward to.

My current journal includes a picture of the Maldives, a set of tropical islands that I've wanted to go to in a long time and represents a fastlane destination for me.

I might have set my goal for 2013 a little low for the year, but hey, I love smashing my goals!

My next post will update so far on what I've done.

 

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[EvanOkanagan]

UPDATE - What I've Done so Far:

This is a fairly new goal that I've set for myself and I started taking action a few days ago, on Friday.

Here's what I've done so far:

- Researched products on eBay that are selling well. Found a product that has many sales on eBay and no presence yet on Amazon.com (a good opportunity?)

- Went on alibaba.com and narrowed down the style of product I researched that had the highest margins (compared to the average sale price on eBay)

- Narrowed the type of product down to the one that had the most "completed sales" (ones that have actually sold)

- Further narrowed down the specific model & features that had the best sales

- Contacted 30-40 factories (through alibaba, DHgate, and google) to get quotes on the exact product I'm looking for, shipped to CANADA

- Narrowed this down to 2-3 suppliers that have the best prices

Where I'm At:

I've gotten a couple quotes I'm satisfied with that work out to be about $10-$11 per unit shipped to Canada. The average price they sell for on eBay is $28-$35 per unit.

On eBay.ca the price usually DOES NOT include shipping (an extra $10 for this item). On eBay.com it's about 70% of the time including shipping (or low shipping).

If I'm to charge shipping on top of the purchase I'll be making about $20 per item, otherwise I'll make $10 per item if I include it.

I'm looking at pulling the trigger on an exporter within the next 24 hours.

 

[Mike Kavanagh]

Are you going to bypass selling on eBay first? Just wondering.

As you said you product is the same or similar to the one already selling on eBay. I'd like to know your strategy on this topic.

Following your progress once again

 

[EvanOkanagan]

Are you going to bypass selling on eBay first? Just wondering.

As you said you product is the same or similar to the one already selling on eBay. I'd like to know your strategy on this topic.

Following your progress once again

I'll be ordering a sample of 20 units at a slightly higher per unit charge to test the quality and sell on eBay. If they are selling great, I can order 100-200 units at a time for the lower rate ($9/peice). Will cost me around $300 shipped to test.

 

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[amp0193]

Love this thread, you can do it man.

My big takeaway from your posts was the journal idea. I've got several unused composition notebooks up at the school, and I'm going to start one this week as I'm starting to get my new project off the ground. Next month (after becoming semi-functional with my currently-being-acquired web design skills) I hope to have started a thread of my own like this.

 

[robotunicr0n]

Great thread and good luck. You're inspiring me to pull out my Moleskines that haven't seen much love and start journaling about passive money and getting healthy again.

 

[EvanOkanagan]

Quick Update

My heads been in the game over the weekend and my girlfriend was feeling a bit neglected yesterday...Spent most of the day having quality time.. after she fell asleep though I powered up the ole' MacBook and went to work! Here's what I did:

1. I'd never done a Purchase Order before, but I did what Vigilante says in "Addicted" and compiled a Purchase Order that matches the companies PRO FORMA invoice that I got the best offer from.

2. Sent PayPal payment to them for the goods and received a confirmation that it was accepted and they're preparing the goods to be shipped! Should be here in 3-5 days

3. Created a bank account dedicated to where the business system income will be going to

I've got about a week I'm guessing until the product comes in, but that will give me some time to get some things done!

Next Actions

- Draft up an eBay sales page so I'm ready to go when product comes in
- Research Amazon to see if my product lies within the "restricted products" categories (I'm curious as to why it's not on there)
- Contact Facebook friends to see if any photogs can take professional pictures of the product when it comes in (for small fee/beer)
- Think of idea for a video I can use on the sales page, and have same photog record it

I've got a stacked work week, and doing a few things with my rental properties so this should be a pretty busy/productive week.

 

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[EvanOkanagan]

Quick Update:

It's been super busy the last few weeks between vacations, Real Estate, and learning about importing.



Got my first package and just listed on eBay! My product falls within the "restricted products" on Amazon though... this has been a good learning experience but I want something that I can market through Amazon.com. This will earn me some good profit (might order another bigger shipment or two) in the meantime while I think of another

 

[EvanOkanagan]

UPDATE:

It's been about a month since I got my test package in. It was great experience, but I won't be pursuing this product further.

The product I did a test on and imported was Portable Vaporizer Pens. I wanted to see how the whole process worked and I got what I wanted out of the exercise. I also made about $300 profit, not great but awesome to learn as I earned.

The product didn't fulfill the criteria I'm looking for in a product so I won't be going further. Here's the downfalls I saw with this product:

1) Restricted markets: I wouldn't be able to sell on Amazon.com, and these pens can be difficult to import into Canada

2) Electronic issues: I've had 2 or 3 defective units out of the 20 I ordered. This hassle of having to return them and test every one is not worth it.

3) Market saturation: There are so many people selling the exact same pens on eBay, independent websites, etc.


----------------

UPDATE #2:

Being in the import game has crossed my path with two other guys who I've partnered with in a safety apparel company. I'll release details of the company when our tests are approved but the scale of this could be HUGE.

I've been trying to contain my excitement until everything is passed, and once that happens, it'll be a wild ride! Will update near the end of the month on this

 

[jon.a]

What are Portable Vaporizer Pens?

UPDATE:

It's been about a month since I got my test package in. It was great experience, but I won't be pursuing this product further.

The product I did a test on and imported was Portable Vaporizer Pens. I wanted to see how the whole process worked and I got what I wanted out of the exercise. I also made about $300 profit, not great but awesome to learn as I earned.

The product didn't fulfill the criteria I'm looking for in a product so I won't be going further. Here's the downfalls I saw with this product:

1) Restricted markets: I wouldn't be able to sell on Amazon.com, and these pens can be difficult to import into Canada

2) Electronic issues: I've had 2 or 3 defective units out of the 20 I ordered. This hassle of having to return them and test every one is not worth it.

3) Market saturation: There are so many people selling the exact same pens on eBay, independent websites, etc.


----------------

UPDATE #2:

Being in the import game has crossed my path with two other guys who I've partnered with in a safety apparel company. I'll release details of the company when our tests are approved but the scale of this could be HUGE.

I've been trying to contain my excitement until everything is passed, and once that happens, it'll be a wild ride! Will update near the end of the month on this

 

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[MattCour]

Sounds like some awesome lessons learned so far! You made a profit also so you didn't waste any cash, great job.

 

[EvanOkanagan]

What are Portable Vaporizer Pens?

Basically rechargeable electronic cigarettes (used for vaporizing tobacco/grass/etc). Also go by hookah pens.

 

[brycer9]

Basically rechargeable electronic cigarettes (used for vaporizing tobacco/grass/etc). Also go by hookah pens.

hope you weren't trying to copycat/compete with Darius

 

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[EvanOkanagan]

hope you weren't trying to copycat/compete with Darius

I don't know who Darius is, but I'm sure he's aware of all the competition out there, and if he's doing it better than everyone else he's got nothing to worry about

 

[Darius]

Here's the downfalls I saw with this product:

1) Restricted markets: I wouldn't be able to sell on Amazon.com, and these pens can be difficult to import into Canada

2) Electronic issues: I've had 2 or 3 defective units out of the 20 I ordered. This hassle of having to return them and test every one is not worth it.

3) Market saturation: There are so many people selling the exact same pens on eBay, independent websites, etc.

Yea I can see how those could be downfalls. Good luck with the safety apparel brand! Make sure to keep us updated.

 

[MJ DeMarco]

Basically rechargeable electronic cigarettes (used for vaporizing tobacco/grass/etc). Also go by hookah pens.

hope you weren't trying to copycat/compete with Darius

I don't know who Darius is, but I'm sure he's aware of all the competition out there, and if he's doing it better than everyone else he's got nothing to worry about

I hope this is the truth. Copying another INSIDERS's progress, step-by-step is pretty much a first class ticket to getting booted around here. Nothing pisses me off more...

 

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[MattCour]

Could have just been a coincidence, I'm sure that market is massive right now. Ecigs are all the rage!

 

[EvanOkanagan]

UPDATE - What I've Done so Far:

This is a fairly new goal that I've set for myself and I started taking action a few days ago, on Friday.

Here's what I've done so far:

- Researched products on eBay that are selling well. Found a product that has many sales on eBay and no presence yet on Amazon.com (a good opportunity?)

- Went on alibaba.com and narrowed down the style of product I researched that had the highest margins (compared to the average sale price on eBay)

- Narrowed the type of product down to the one that had the most "completed sales" (ones that have actually sold)

- Further narrowed down the specific model & features that had the best sales

- Contacted 30-40 factories (through alibaba, DHgate, and google) to get quotes on the exact product I'm looking for, shipped to CANADA

- Narrowed this down to 2-3 suppliers that have the best prices

Where I'm At:

I've gotten a couple quotes I'm satisfied with that work out to be about $10-$11 per unit shipped to Canada. The average price they sell for on eBay is $28-$35 per unit.

On eBay.ca the price usually DOES NOT include shipping (an extra $10 for this item). On eBay.com it's about 70% of the time including shipping (or low shipping).

If I'm to charge shipping on top of the purchase I'll be making about $20 per item, otherwise I'll make $10 per item if I include it.

I'm looking at pulling the trigger on an exporter within the next 24 hours.

Could have just been a coincidence, I'm sure that market is massive right now. Ecigs are all the rage!

^^ You bet! If you read my second post I show how I came up with the idea. I kept seeing them come up when it was researching products on eBay to test. Would've been a great market to get established in before they came on the rise.

 

[brycer9]

^^ You bet! If you read my second post I show how I came up with the idea. I kept seeing them come up when it was researching products on eBay to test. Would've been a great market to get established in before they came on the rise.

I apologize for assuming then, its always good to make sure

 

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[EvanOkanagan]

Alright, back on topic...




As I mentioned at the beginning of the month (post #9), I've partnered with two others and we're starting a safety apparel company. We offer a product unique to anyone in the marketplace, with a huge market for business. There is a need for our product. It is a fairly simple idea, but is not being done currently.

Here's where we're at so far:

1) Spoke with all of the small safety supply companies in my medium-sized city. Have interest from all of them, just wanted to gain contacts as our product isn't ready for launch. Spoke to a key contact at Acklands Grainger, which is a multi-billion dollar company. They have over 180 stores in Canada and 350+ in the US. He is quite interested in our product and is willing to help us get our foot in the door.

Note: He did mention that since Acklands is such a large company, they could simply take our idea instead of paying more for our product, so we're going to strategize a bit differently.

2) We've gotten 3 drilling companies and a smaller store agree to purchase around 350-400 units in total when our product launches.

3) We've created the share structure and fully incorporated our business.

4) I've created a database of over 70 companies in Alberta that we'll be doing sales calls for to set up meetings.

5) Also, we've been in talks with Marks Workwear World (owned by Canadian Tire) and over 100 stores in Canada. A key contact with the company is guiding us through everything we need done with the product to get it ready for the shelves. They want to have talks with us when it is approved.

Strategy:

Now since we're small fish in a large pond we need to be a bit careful of how we play this. We've decided to go the route of supplying oil and gas companies directly with our product (we already have 2 or 3 that will be buying without making any sales calls). This will help us build capital and fly under the radar a bit. Once we have enough capital to market the shit out of our product, we want to market it BIG.

We want to be the Redbull of this industry, so even if Monster (owned by Coca-Cola) copy-cats us, we're still known as THE Energy Drink. Obviously replace Safety Apparel with energy drinks, but you know what I mean.

What do you guys think of this strategy?