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I joined the forum in July (this year) immediately after reading MFL. I’ve primarily lurked and absorbed. The amount of knowledge and wisdom the members have been willing to share here has been mind-blowing. I try to tune in daily to see the latest posts.
I never in a million years thought I would have anything like this to share. So sorry for this mini-novel but I really want to show just how powerful The Millionaire Fastlane and this forum have been in my life by sharing how I was inspired to do this.
“Life Perception: My dreams are worth pursuing no matter HOW OUTLANDISH!
3 months ago a friend suggested a new method to dry my hair to reduce frizz. I tried it, I loved it and I changed my daily routine to include this new way. The trouble with the method was that it was cumbersome to do and had to be “messed” with constantly so that it would stay until my hair was at least partially dry. It did however reduce my frizz by 50% initially and as I continue to use it, it has only gotten better, thus eliminating the need for a lot of extra hair products (oils, sprays, gels, etc.). Overall, this has saved me money, time and has made my hair much healthier.
5 weeks ago an idea popped in my head for a design to make this work better. I poo-poo’d the idea at first as “outlandish”, dumb and thought it would never work. My fear voices were screaming in my ears all day “don’t even THINK ABOUT IT”! I tried putting it out of my head but the next morning it was still nagging at me. I am on my 3rd time re-reading Part 5 of the MFL so I made a decision to stop reading and ACT.
I made my first prototype of what I was seeing in my head that day. My hand sewing was atrocious but I could tell that it would work so I went out the next day and borrowed a sewing machine from a friend to make a more professional looking one. I tried it and it worked perfectly. My granddaughter has extremely long curly hair and I let her use it. I hadn’t shared with her the original method because at 11 years old I knew she wouldn’t take the time to make it work. She loved the prototype and she immediately saw how her hair was silkier with almost no frizz, so I made two more, one for her and her sister. They are both still using them and loving them.
I called the friend who originally told me about this method and told her that I think I had a product to make this easier but I need to do a little more work before sharing. I asked her if she knew any seamstresses. Low and behold, she just happened to know not just any seamstress, but a seamstress who had worked in and managed a sewing company which produced apparel in large quantities. She and most of her crew were recently laid off due to the company closing. That afternoon I spoke to her and she gladly accepted my request to produce 10 prototypes/samples.
I immediately emailed her a confidentiality/non-compete agreement which she signed and in 5 days I had my first REAL prototypes. All of this took place (idea to first prototypes) in 10 days.
Since then I have:
Since the first 10 prototypes, we have made 4 revisions and I am now in possession of the FINAL prototypes for photography. The seamstress has a network of seamstresses so scaling this initially will not be a problem. She has done a time study and she can produce 55 units per day and will commit to 5 or 6 days depending on volume. She is in Kansas and we will set up shipments here to Atlanta 3 x per week via Fedex’s new flat rate program. I could let her do the final shipping but I feel more comfortable initially controlling what goes to the customer. I know at some juncture, when sales indicate it, I will have to have these produced in a manufacturing environment either here in the US or out of the country. But she/her network will work out perfectly for now.
The initial plans are to produce these on-demand by offering the standard as seen on TV statement “please allow 2/4 week or 4/6 weeks” for delivery. Based on the time studies for production we should be able to ship within 7 days initially.
I watched Shark Tank and saw how this company Grace & Lace (socks with lace sewed to the top) sold over $1,125,000 in a 12 month period with no money on marketing. (Clip from episode) They sold the majority on the web (spending as little as possible at first) using Facebook and Pinterest. I am planning a similar strategy tapping in to the many YouTube Celebrities who talk about hair, do tutorials and have massive followings. I will also use FB, Twitter and Pinterest having both our own page and contacting page owners about sharing. I missed the Facebook webinar but just downloaded the call (Thanks JasonR).
I have found a hair media company which has bought quite a few popular hair blogs. The stats include: 10 million page views monthly, 5 million visits monthly, 2.7 million unique visitors per month and a 350K opt-in subscribers. They also have an online store which accepts new products wholesale.
I will also take a look at Amazon fulfillment (thanks to a couple of great threads on this forum), eBay and Etsy. Down the line (based on sales) this product would make a great point of purchase product at Bath and Bodyworks and Bed Bath and Beyond. I'm thinking some old-fashioned grassroots marketing - have a nice biz card made and pass them out to as many women as I can when I'm out and about.
I plan to use Paypal and possibly Dwolla for purchase payment (just because it is the easiest to start with).
As far as competition, there really isn’t right now but when it catches on I can see the knock offs coming. The blanket with sleeves had lots of imitators but they still made a ton of money!
I’ve spent $175.00 so far on samples and shipping. The website template I found for $10.00 on sale. (Demo - will tweak colors, add photos to header, etc.) Before launching my total spend may be around $550.00 which includes the $200.00 for the photographer. My copywriter friend just wanted a nice lunch!
Had I NOT READ the MFL, I would have probably not even started the process because the thought of setting up the official structure and all the other stuff that goes into starting a company would have overwhelmed me (I’ve done it in the past) and I would have said “forget it”!
This time all of my energies have gone into making the product, talking about the product and sharing it to see if it works and makes sense and so far so good. This has been one of the most exciting times of my life. Threads here on the forum like the “soap” thread have shown me to just do it! Get out there, test it and see if the process works. Initially I will run the money through my business account (I presently have a website that houses the employment applications for the concessionaires at the Atlanta Int'l Airport which I earn money from paying clients and ads). Once sales pick up, I'll get a separate account.
At 56 years “young” I thought my time of creating something and coming up with new ideas had passed me by. I have to give James Altucher a plug here also because after reading his AMA and Choose Yourself, I started writing my 5 ideas per day 2 months ago. They were all crappy but I now think that my “idea” muscle was strengthened which made it possible for my product to come through.
In MFL, one passage that stays in my brain is not to worry about making $5000.00 per month - work on making $50.00/month. I will work on all the back up systems but first I have to see if this is a viable concept and see how they sell.
I’m not attached to the product’s success (although I will always use it) and continue to say “if it all goes bust I’ve taken ACTion and I’ve had the best experiences which I know will only make me fearless enough to get out there and do it again and again. This has shown me that I can do it! I went from 0-80mph in weeks! I’m also pushed to go the distance and finish it now, just to prove to myself that I CAN!
I plan on hitting the launch button no later than the 2nd Monday of 2014. I’ll post my progress here and after my provisional patent is filed and I'm launched I can be more specific. Posting this is making me accountable which adds an additional push.
Any feedback and/or suggestions to make my ride smoother and/or faster will be greatly appreciated. If I missed anything, please let me know. If you have read this far - THANK YOU!
Here are a few things I’m still working on:
[*]Affiliate Program
[*]Other forms of marketing/advertising
[/LIST]
MJ, THANK YOU! Your book and this forum have literally changed my life! I can't sing your, your book and your forum's praises loud enough! I feel like I need to send you a royalty in perpetuity. :eusa_clap:
Wishing You All Only The Best! Jaie
I never in a million years thought I would have anything like this to share. So sorry for this mini-novel but I really want to show just how powerful The Millionaire Fastlane and this forum have been in my life by sharing how I was inspired to do this.
“Life Perception: My dreams are worth pursuing no matter HOW OUTLANDISH!
3 months ago a friend suggested a new method to dry my hair to reduce frizz. I tried it, I loved it and I changed my daily routine to include this new way. The trouble with the method was that it was cumbersome to do and had to be “messed” with constantly so that it would stay until my hair was at least partially dry. It did however reduce my frizz by 50% initially and as I continue to use it, it has only gotten better, thus eliminating the need for a lot of extra hair products (oils, sprays, gels, etc.). Overall, this has saved me money, time and has made my hair much healthier.
5 weeks ago an idea popped in my head for a design to make this work better. I poo-poo’d the idea at first as “outlandish”, dumb and thought it would never work. My fear voices were screaming in my ears all day “don’t even THINK ABOUT IT”! I tried putting it out of my head but the next morning it was still nagging at me. I am on my 3rd time re-reading Part 5 of the MFL so I made a decision to stop reading and ACT.
I made my first prototype of what I was seeing in my head that day. My hand sewing was atrocious but I could tell that it would work so I went out the next day and borrowed a sewing machine from a friend to make a more professional looking one. I tried it and it worked perfectly. My granddaughter has extremely long curly hair and I let her use it. I hadn’t shared with her the original method because at 11 years old I knew she wouldn’t take the time to make it work. She loved the prototype and she immediately saw how her hair was silkier with almost no frizz, so I made two more, one for her and her sister. They are both still using them and loving them.
I called the friend who originally told me about this method and told her that I think I had a product to make this easier but I need to do a little more work before sharing. I asked her if she knew any seamstresses. Low and behold, she just happened to know not just any seamstress, but a seamstress who had worked in and managed a sewing company which produced apparel in large quantities. She and most of her crew were recently laid off due to the company closing. That afternoon I spoke to her and she gladly accepted my request to produce 10 prototypes/samples.
I immediately emailed her a confidentiality/non-compete agreement which she signed and in 5 days I had my first REAL prototypes. All of this took place (idea to first prototypes) in 10 days.
Since then I have:
- Named the product
- Downloaded the provisional patent application (need advice in this area)
- Designed the Logo (I worked with designers in my corporate life and have taught myself photoshop and web design)
- After going through many ideas of how to brand the product (embroidery - too expensive; logo patch - too hard; screen print - won't last) - have come up with using a fabric woven label - found company in upstate NY with great pricing. Will be stitched on the right side above ear. Order in the works.
- Decided on two colors/two sizes to launch with
- Have finalized packaging
- Have identified all costs involved and decided on final price point:
- Cost = $3.58 - Retail: 1 for $12.95 or 2 for $19.95 + $7.00 for shipping and handling
- Identified final shipping method
- Flat rate USPS box $5.80
- Will also check into Fedex and UPS for corporate rate when sales dictate
- Found a Wordpress Template for website with call to action on home page. I have decided to do the site myself.
- Have met with a copywriter who will write my verbiage (she is a Facebook friend and works for marketing firm here in Atlanta)
- Have scheduled a product photographer for the 4th of January (the holidays have delayed pretty much everything - bah humbug lol). He is a yoga friend’s husband who is taking all of my shots and will deliver final high res photos with clipping paths for only $200.00
- I have put all of the prototypes to use with friends and family and everyone so far says they love it, will use it and can’t see why they wouldn’t sell. The only one who thinks it silly is my mom which is actually a great indicator. Every time she has laughed at anything I’ve done has usually turned out successfully...lol...so this should be a hit!
Since the first 10 prototypes, we have made 4 revisions and I am now in possession of the FINAL prototypes for photography. The seamstress has a network of seamstresses so scaling this initially will not be a problem. She has done a time study and she can produce 55 units per day and will commit to 5 or 6 days depending on volume. She is in Kansas and we will set up shipments here to Atlanta 3 x per week via Fedex’s new flat rate program. I could let her do the final shipping but I feel more comfortable initially controlling what goes to the customer. I know at some juncture, when sales indicate it, I will have to have these produced in a manufacturing environment either here in the US or out of the country. But she/her network will work out perfectly for now.
The initial plans are to produce these on-demand by offering the standard as seen on TV statement “please allow 2/4 week or 4/6 weeks” for delivery. Based on the time studies for production we should be able to ship within 7 days initially.
I watched Shark Tank and saw how this company Grace & Lace (socks with lace sewed to the top) sold over $1,125,000 in a 12 month period with no money on marketing. (Clip from episode) They sold the majority on the web (spending as little as possible at first) using Facebook and Pinterest. I am planning a similar strategy tapping in to the many YouTube Celebrities who talk about hair, do tutorials and have massive followings. I will also use FB, Twitter and Pinterest having both our own page and contacting page owners about sharing. I missed the Facebook webinar but just downloaded the call (Thanks JasonR).
I have found a hair media company which has bought quite a few popular hair blogs. The stats include: 10 million page views monthly, 5 million visits monthly, 2.7 million unique visitors per month and a 350K opt-in subscribers. They also have an online store which accepts new products wholesale.
I will also take a look at Amazon fulfillment (thanks to a couple of great threads on this forum), eBay and Etsy. Down the line (based on sales) this product would make a great point of purchase product at Bath and Bodyworks and Bed Bath and Beyond. I'm thinking some old-fashioned grassroots marketing - have a nice biz card made and pass them out to as many women as I can when I'm out and about.
I plan to use Paypal and possibly Dwolla for purchase payment (just because it is the easiest to start with).
As far as competition, there really isn’t right now but when it catches on I can see the knock offs coming. The blanket with sleeves had lots of imitators but they still made a ton of money!
I’ve spent $175.00 so far on samples and shipping. The website template I found for $10.00 on sale. (Demo - will tweak colors, add photos to header, etc.) Before launching my total spend may be around $550.00 which includes the $200.00 for the photographer. My copywriter friend just wanted a nice lunch!
Had I NOT READ the MFL, I would have probably not even started the process because the thought of setting up the official structure and all the other stuff that goes into starting a company would have overwhelmed me (I’ve done it in the past) and I would have said “forget it”!
This time all of my energies have gone into making the product, talking about the product and sharing it to see if it works and makes sense and so far so good. This has been one of the most exciting times of my life. Threads here on the forum like the “soap” thread have shown me to just do it! Get out there, test it and see if the process works. Initially I will run the money through my business account (I presently have a website that houses the employment applications for the concessionaires at the Atlanta Int'l Airport which I earn money from paying clients and ads). Once sales pick up, I'll get a separate account.
At 56 years “young” I thought my time of creating something and coming up with new ideas had passed me by. I have to give James Altucher a plug here also because after reading his AMA and Choose Yourself, I started writing my 5 ideas per day 2 months ago. They were all crappy but I now think that my “idea” muscle was strengthened which made it possible for my product to come through.
In MFL, one passage that stays in my brain is not to worry about making $5000.00 per month - work on making $50.00/month. I will work on all the back up systems but first I have to see if this is a viable concept and see how they sell.
I’m not attached to the product’s success (although I will always use it) and continue to say “if it all goes bust I’ve taken ACTion and I’ve had the best experiences which I know will only make me fearless enough to get out there and do it again and again. This has shown me that I can do it! I went from 0-80mph in weeks! I’m also pushed to go the distance and finish it now, just to prove to myself that I CAN!
I plan on hitting the launch button no later than the 2nd Monday of 2014. I’ll post my progress here and after my provisional patent is filed and I'm launched I can be more specific. Posting this is making me accountable which adds an additional push.
Any feedback and/or suggestions to make my ride smoother and/or faster will be greatly appreciated. If I missed anything, please let me know. If you have read this far - THANK YOU!
Here are a few things I’m still working on:
- Provisional Patent (I would be so grateful for any thoughts on this process)
- Cash Flow Analysis (I've done rough sales numbers/targets)
- Illustration Instruction Card to go in final package - will go to ODesk to get a bid
- Wholesale pricing strategy
- Customer Service solution (i.e. zendesk)
- I can eventually see this in salons, hotel salon/spas (with their branding) and as mentioned above in stores like Bath and Bodyworks
[*]Affiliate Program
[*]Other forms of marketing/advertising
[/LIST]
MJ, THANK YOU! Your book and this forum have literally changed my life! I can't sing your, your book and your forum's praises loud enough! I feel like I need to send you a royalty in perpetuity. :eusa_clap:
Wishing You All Only The Best! Jaie
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