A Business is Born

[GuestUser202]

That's great. A good education for you.

Exactly!!

 

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[Brentnal]

Well I see you have found it. Yes you are right, the price is $97, but I have a paid support team with a core group that I have trained in sourcing and importing.

Those testimonials you will have seen on my website are genuine. I have hundreds more that I don't publish. I am unusual in that I publicly offer to provide proof of authenticity to the FTC or to fair trading authorities in other countries on demand.

I would love to get the book but it is to expensive for me right now.

 

[GuestUser202]

I would love to get the book but it is to expensive for me right now.

Find and follow his AMA thread. Follow him on this forum. Check out the website in his signature. There are other ways to get what you want.

 

[GuestUser202]

I will check in he morning and PM you. I am currently speaking to a 3rd supplier claiming to be the factory so I'll research tomorrow and let you know. I kind of want to do this on my own, and maybe just double check my findings with you, Walter.

PM sent!

 

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[GuestUser202]

So...I was up until midnight last night speaking to another supplier! This conversation was all text based through Skype (no video) and it started out pretty slow. But something changed and I cannot pinpoint it. It REALLY started picking up! This conversation was ALL business. The rep from this company also asked a few questions about my business and again I was completely honest saying I am just starting out (which btw, most people say to NOT do!). She could tell I was new the market somehow. But it didn't phase her. We kept talking and I got a sample quote and shipping cost. This supplier was GREAT! She said typically, sample costs are $16/pcs, but for me, it would be $8.pcs. She also quoted a mere $31 for 5 day shipping via DHL. Seeing as how it was midnight and I had to be up at 6am for my J.O.B., we agreed to complete the deal today (tomorrow for the supplier). Plus this has given me chance to research the company a bit.

SO...I told the guys I work with what I am doing (they are slowlane conformist so no worries...yet), and I already have my 1st sale!! HAHA!!!. Momentum is a beautiful thing!!

 

[Brentnal]

So...I was up until midnight last night speaking to another supplier! This conversation was all text based through Skype (no video) and it started out pretty slow. But something changed and I cannot pinpoint it. It REALLY started picking up! This conversation was ALL business. The rep from this company also asked a few questions about my business and again I was completely honest saying I am just starting out (which btw, most people say to NOT do!). She could tell I was new the market somehow. But it didn't phase her. We kept talking and I got a sample quote and shipping cost. This supplier was GREAT! She said typically, sample costs are $16/pcs, but for me, it would be $8.pcs. She also quoted a mere $31 for 5 day shipping via DHL. Seeing as how it was midnight and I had to be up at 6am for my J.O.B., we agreed to complete the deal today (tomorrow for the supplier). Plus this has given me chance to research the company a bit.

SO...I told the guys I work with what I am doing (they are slowlane conformist so no worries...yet), and I already have my 1st sale!! HAHA!!!. Momentum is a beautiful thing!!

I'm happy for you man, enjoy the start of a new life.

 

[Brentnal]

Find and follow his AMA thread. Follow him on this forum. Check out the website in his signature. There are other ways to get what you want.

Pff its not that i get a discount or free book if i do that right?

 

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[Brentnal]

An idea just came into my head and i want to share it, ventilated watch band.
Alot of people have sweaty skin at the place where the watch is, for me it didn't felt very comfortable.

 

[Walter Hay]

So...I was up until midnight last night speaking to another supplier! This conversation was all text based through Skype (no video) and it started out pretty slow. But something changed and I cannot pinpoint it. It REALLY started picking up! This conversation was ALL business. The rep from this company also asked a few questions about my business and again I was completely honest saying I am just starting out (which btw, most people say to NOT do!). She could tell I was new the market somehow. But it didn't phase her. We kept talking and I got a sample quote and shipping cost. This supplier was GREAT! She said typically, sample costs are $16/pcs, but for me, it would be $8.pcs. She also quoted a mere $31 for 5 day shipping via DHL. Seeing as how it was midnight and I had to be up at 6am for my J.O.B., we agreed to complete the deal today (tomorrow for the supplier). Plus this has given me chance to research the company a bit.

SO...I told the guys I work with what I am doing (they are slowlane conformist so no worries...yet), and I already have my 1st sale!! HAHA!!!. Momentum is a beautiful thing!!

I think that your enthusiasm is catching! Even the suppliers have detected it. I hope they don't take advantage of it, so be a bit wary, regardless of how well negotiations appear to go.

As I mentioned in my PM you have done well in finding one definitely genuine manufacturer and one likely so far. Keep up the good work.

 

[Ecom man]

I would love to get the book but it is to expensive for me right now.

I've never read Walter's book so I can't speak from personal experience on the book but in the grand scheme of things what is $100 bucks? Get a part time job for a week and buy it. If I can learn 1 thing from a book it is worth the read. I just finished reading a book called "New Money Staying Rich" by Phillip Buchanon. Worth far more than the $20 I spent to get it. Knowledge is far more valuable and far more powerful than a little bit of money it takes to buy a book. Again, I've never read his book but if you believe he knows what he is talking about then get the money and buy it.

 

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[elbambino]

Well...I didn't want to do a progress thread, because frankly, I'd rather devote my time to other things, but MAN am I EXCITED!!! I think I found my niche...MY pain point!!! That being said, I don't know how much time I am willing to devote to this thread at this time.

A little background: My first thought of my own business was to fix and flip cars and I've wanted to this for a VERY long time. I've done it the past and been relatively successful at it. But at the time of this writing, I now have TWO vehicles just sitting, waiting for parts. SO it hit me...this may not be the best fastlane strategy. Inventory sitting and cannot be sold (for profit anyway), and plus one of my vehicles is a COMPLETE money pit! This specific vehicle, I was told it needs one part to get running right. Well, it did need that one part, but it needed SO much other work in addition to that "one part". $3500 later I think I can FINALLY sell the car (we have emissions testing here so if it cannot pass emissions, car is practically worthless...or a parts car). I will still make money, but not the profit I has hoped for. This all led me to believe fix-n-flip is just too risky. Plus I also found out that you need A LOT od capital to get dealer's license.

SO...I've been looking around on this forum and it seems there are a lot of people importing from China (www.alibaba.com and such) and selling through various means. This seems like a much more stable, more viable "fastlane" way to start a business. So I thought about it for a few minutes thinking to myself, "What am I interested in?" First thing to mind was LED light bars for off-roading...these things sell for $1,000+! I Thought I had it...until I checked alibaba and the cost/piece and shipping and the market. I cannot make money with that product, and in fact, I'd end up losing money.

So then, taking the advice of Eco Man and the advice in Mr. DeMarco's book, I started thinking about what do people need? What is an evergreen product people need? What is major pain point people have? I thought about things like dishes, glasses, cookware, silverware, 800 thread count Egyptian cotton sheets, but nothing really "stood out". Plus the market seems saturated with these products anyway (too much competition). I also thought "How can I add value to these already existing products?'

I spent like a week, maybe even 2 weeks looking around my house, my yard, my slowlane job...what do people need? LED lights for the house, sunscreen, car seat covers...I checked on Craigslist to see what people need, what they are getting rid of. Nothing. Nothing said to me, "I can add value to this and sell it!" Until it happened...One Friday when leaving work, my _______ (you really didn't think I'd tell you my product, did you?) broke...again. I was like #$%^! Now I need to buy this.

I went to my usual spot to buy said product and their main display had absolutely nothing I liked. I did manage to find more of what I needed in a different location, found something I liked and bought it. I stepped out of the store and said, "I don't like this." But I'll just deal with it. About 2 days later, it hit me...what if I started a business selling this product? Not only sell it, but offer a lifetime warranty? Offer a product that you buy once and once only? This particular product has been a HUGE pain point for me personally for DECADES! I thought to myself, what if I never had to buy this again? What if I buy one that is light, comfortable and fairly inexpensive and never had to buy it again? How wonderful of an idea!!

So I had my product! Now the research. I checked on ebay and amazon and even did a Google search for my product with a lifetime warranty and it was as I expected...only a few HUGE name brand players, but the warranties were very tightly written...so much so it almost made them pointless. I checked alibaba and through researching my product, I found the exact features I want for my product.

At this point, I am in contact with SEVERAL suppliers to see if they offer what I want. Pricing and shipping is right where I expected it to be, and my margin will be so great that offering a lifetime warranty is still VERY profitable. Funny, because when I checked the biggest, most well know supplier of my product, it seems they are doing the EXACT same thing!!! My warranty and material will be different, setting me apart. One pain point for me right now is the time difference...I am asleep when they are awake and emailing me. I lose SO much sleep right now because I am SO ANXIOUS!!

So now the REAL fun begins! Once I find a supplier that offers EXACTLY what I want, I'll order a sample. From there, if demand is there, I want to brand my product, copy write/trademark it, get an LLC, and make it a viable business. I even have a company name and slogan picked out, checked the web and the domain is expired, but I can do a .net or .biz. I want to compete with the BIG DOGS!

AWESOME brother. Continue to feed off this newfound energy and organize it! Set small and easy goals to keep you going. I love the beginning stages of an idea. Its actually my favorite part because my mind just comes up with soon many possibilities and the excitement is all there. THEN there is the cooling off stage..... thats when the motivation kinda plateaus. So keep an easy timeline and track your progress! GOOD LUCK!

 

[GuestUser202]

I think that your enthusiasm is catching! Even the suppliers have detected it. I hope they don't take advantage of it, so be a bit wary, regardless of how well negotiations appear to go.

As I mentioned in my PM you have done well in finding one definitely genuine manufacturer and one likely so far. Keep up the good work.

Thanks Walter! The 1st supplier is REALLY working with me! My product has 2 main materials, and I want the higher priced item. They said MOQ for that material is 1000 pieces. I said I cannot do 1,000 pieces. They instantly dropped it to 300. I said still a bit high for me right now, I offered MOQ of 50, but they will not go that low. So, we agreed to start with the less expensive material with NO MOQ! Again, another hour+ with both suppliers tonight with Skype video call with the 1st one for another demo.

Also actually ordered a sample and paid via PayPal from the 2nd supplier. On the note of PayPal, supplier number 1 said PayPal is accepted on orders up to $400. Anything higher and the fees are too high (which I translate into a negotiation item).

@Ecom man, you are correct! I learned SO much from Mr. DeMarco's books, SO much from this forum and SO much from Walter Hay! It's funny because this all started from something I learned from another supposed self made millionaire wanting to sell me his 67 steps to becoming rich. I didn't buy a thing from him, but I learned one thing which led me here....millionaires read!!

@elbambino, yes I am setting small goals for now and leading up to bigger and bigger goals. Ideas are flowing like HOTCAKES!! I've already accomplished a few goals...find a product, find a few reputable suppliers, start business relationships, order a sample. Next is to actually start selling! Then I can work up to that 300 MOQ and introduce a new technology to the U.S. (I hope new)!

 

[Walter Hay]

I've never read Walter's book so I can't speak from personal experience on the book but in the grand scheme of things what is $100 bucks? Get a part time job for a week and buy it. If I can learn 1 thing from a book it is worth the read. I just finished reading a book called "New Money Staying Rich" by Phillip Buchanon. Worth far more than the $20 I spent to get it. Knowledge is far more valuable and far more powerful than a little bit of money it takes to buy a book. Again, I've never read his book but if you believe he knows what he is talking about then get the money and buy it.

Thanks Ecom man. I would personally hesitate a little at spending money on an eBook, so I can understand why people don't.

I guess my hesitation is due to reading quite a few that have been sent to me for review, hoping that I will endorse them. I have endorsed a handful, but with rare exceptions the books I get bore me silly for the first few pages trying to get me excited about reading the book. Then on page after page there is fluff. The fact that I hate that so much is probably why I get people writing like this either to me or about me: "I purchased his book last week, it's an awesome book! Straight to the point.. And didn't have to waste my time reading many worthless pages!! "

 

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[Brentnal]

67 steps to becoming

Tai Lopez

 

[Brentnal]

I've never read Walter's book so I can't speak from personal experience on the book but in the grand scheme of things what is $100 bucks? Get a part time job for a week and buy it. If I can learn 1 thing from a book it is worth the read. I just finished reading a book called "New Money Staying Rich" by Phillip Buchanon. Worth far more than the $20 I spent to get it. Knowledge is far more valuable and far more powerful than a little bit of money it takes to buy a book. Again, I've never read his book but if you believe he knows what he is talking about then get the money and buy it.

You're right, i've did the startupbros jumpstart group thing for 400 euro's and it was worth it. in the next few months i will buy Walters book. I'm gonna write it down somewhere before i forget.

 

[GuestUser202]

HAHA

Tai Lopez

HAHA! Yup! He annoys the crap out of me now! But he IS the reason I am here, the reason I purchased Mr. DeMarco's book, the reason I am once again trying the entrepreneur avenue.

 

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[GuestUser202]

SO....One of the supplier has request my business card (through alibaba)...I don't have a business card. I don't even have a business (yet)! I DO have a name picked out, a logo, a slogan, but no business card. I plan on getting some, but I need to wait until the .com domain I want is available so I can put my website on my business cards. I can only assume the supplier wants my business card to check MY business just as I checked THEIR business. Any suggestions? I have told this supplier that I am just starting out, but at the same time, I hope I have conveyed the idea that I currently have a business (I have not said I do, but I have not said I don't if that makes any sense). Fake it till you make it, right?

 

[Walter Hay]

You're right, i've did the startupbros jumpstart group thing for 400 euro's and it was worth it. in the next few months i will buy Walters book. I'm gonna write it down somewhere before i forget.

In the meantime, I suggest you ignore their recommendation to use Alibaba and to filter by Gold Supplier etc. If you check out my AMA you will see why I say Alibaba is a risky site to use.

 

[Walter Hay]

SO....One of the supplier has request my business card (through alibaba)...I don't have a business card. I don't even have a business (yet)! I DO have a name picked out, a logo, a slogan, but no business card. I plan on getting some, but I need to wait until the .com domain I want is available so I can put my website on my business cards. I can only assume the supplier wants my business card to check MY business just as I checked THEIR business. Any suggestions? I have told this supplier that I am just starting out, but at the same time, I hope I have conveyed the idea that I currently have a business (I have not said I do, but I have not said I don't if that makes any sense). Fake it till you make it, right?

That's right - Fake it till you make it. As for a business card, there are plenty of templates available including Windows and you can make up your own without the website on it for the time being.

 

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[GuestUser202]

That's right - Fake it till you make it. As for a business card, there are plenty of templates available including Windows and you can make up your own without the website on it for the time being.

Yeah, I made one...vistaprint, screenshot and crop. But I wonder if the supplier is requesting the business card in alibaba site?

I am not encouraging using alibaba. I just seem to have gotten real lucky in finding my suppliers...and fairly quickly too. I'm still reading through your AMA (18 pages now) and I have already read the 2263 thieves of alibaba post. There's just not enough hours in one day!!!

 

[Walter Hay]

Yeah, I made one...vistaprint, screenshot and crop. But I wonder if the supplier is requesting the business card in alibaba site?

I am not encouraging using alibaba. I just seem to have gotten real lucky in finding my suppliers...and fairly quickly too. I'm still reading through your AMA (18 pages now) and I have already read the 2263 thieves of alibaba post. There's just not enough hours in one day!!!

It is not likely that they mean the business card in the Alibaba site. I would just send them a scan of the one you have made up.

Yes, you are one of the lucky ones. A lot of people do well on Alibaba, but it is too risky for me to recommend it.

 

[Brentnal]

HAHA

HAHA! Yup! He annoys the crap out of me now! But he IS the reason I am here, the reason I purchased Mr. DeMarco's book, the reason I am once again trying the entrepreneur avenue.

Hahaha i knew, i watch his video's on youtubezz

 

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[Brentnal]

In the meantime, I suggest you ignore their recommendation to use Alibaba and to filter by Gold Supplier etc. If you check out my AMA you will see why I say Alibaba is a risky site to use.

Yeah i am busy with a word document about you're AMA, i am busy putting all the information neatly in the document. Its alot of work though but it is gonna be worth it. Maybe i can post the document in you're thread for other people to see it.

Almost at page 5 hahaha

 

[GuestUser202]

2nd sample ordered from 2nd supplier last night. Once "business" was taken care of, the conversation turned again to personal, which is kind of nice. Both suppliers suggested I come to China to meet them, to which I replied by saying I could make it a business trip and tour the factory. Both suppliers said I am more than welcome to tour their factories! It just so happens that my girlfriend lives in Singapore....coincidence??? I'm sure one of my trips to Singapore will result in heading up to China for a few days.

Now it's wait time...only a week or so, but in the meantime, I'll work on my sales pitch and continue to develop the business. I checked yesterday and to get an LLC in my state is only $50 and one form. Pretty easy. I also want to take Walters advice and get off alibaba, so I'll be looking for other sites and suppliers.

One question: my niche has probably millions of different styles. The sample styles I have selected range in price from $4 to $15 (pre shipping charges). Should I price each style at the same price (total cost/#of pieces)? Or sell each style at a percentage above cost (ie $4 + (shipping cost/total pieces)*200%, $15 + (shipping cost/total pieces)*200%)? Hope that makes sense. My goal is to have an entry level product, a mid level product and a high end flagship product..depending on material and features.

 

[GuestUser202]

Today, I researched my competitors warranty and started on my own warranty statement. I need to VERY explicit in my wording so I don't get burned. Once it is as I want it, I'll have my legal team review it.

Also refined company logo. Ideas are just flying into my head!! I have informed my coworkers about my business...one is like " Yeah! Go get'me! Love the entrepreneur attitude in you!" The other one is like, "I'm going to be your competitor!" Then he said, "Well shoot, I'll just invest in your company." Either way, I take it as a compliment. Definitely keeping some things secret.

Also started looking at branding today and processes and if I can or want to do it on my own. Didn't find a whole lot. I feel with the warranty I am going to offer, I had better brand my product. My supplier can brand my product if I order like 2000 pieces, which my be a possibly at some point.

Also started thinking about how I will market my product, which avenues to take. I really do not want to sell on eBay or Amazon, especially once the product is branded. I think I'll start a business Facebook page, but I think I need to wait to at least get an LLC or something so no one can steal my ideas and such. I also want some sort of advertisement on my vehicle...stickers or magnetic signs or a wrap or something....use my vehicle as free advertising.

Last night, I also told my dad about my idea to run my own business. I was expecting "you can't make money doing that" or "most business fail". But he was quite supportive and said he hopes it works out for me.

I started document things too...make an operations manual. That's about it for now.

 

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[GuestUser202]

It is not likely that they mean the business card in the Alibaba site. I would just send them a scan of the one you have made up.

Yes, you are one of the lucky ones. A lot of people do well on Alibaba, but it is too risky for me to recommend it.

@Walter Hay, turns they just wanted my contact info...phone and email as it was hidden on alibaba. Nevertheless, I have a business card designed now. Since I don't have a need to hand it out just yet, I'm going to redo it.

 

[GuestUser202]

Quick update. This weekend was mainly spent on this forum and reading TMF (and chores at home). I DID get one tracking number from supplier #2 and a photo of my package from supplier #1. Getting SUPER excited!!! One, because I am about 99% sure I won't get scammed (at least at this point) and two because I cannot wait to see if this is going to work.

 

[GuestUser202]

Samples from supplier #2 received today. SUPER quick shipping! Most of the samples (8 in total) seem to meet most of the needs I require. Pretty impressed with the finish!

I had a conversation with the supplier once inspecting the samples and she pointed out features I didn't see. Very personal attention so pretty confident #2 is also a manufacturer. The rep even said they could customize a particular product if I so desired (not branding...haven't had that conversation yet).

I did a quick, basic price list and looks like I'll be around 250-300% margin on average or possibly more. I still toying with the idea of a tiered price structure so this may be skewed some. I like the idea of tiered price structure as the higher prices would indicate more features, better materials, etc.

I contacted a local printer this week in regards to branding my product, but after receiving the product, I need to rethink it (text instead of a logo).

Also had a wonderful conversation last night with a friend that started her own business a few months ago and we talked A LOT about selling/marketing on Instagram. My friend also created a B2B group on Facebook and added me and people there too recommend Instagram. I don't want to do eBay or Amazon because of where I want my company to go (Amazon might be ok). I can certainly try those as well, but from what I saw, competition is fierce!

My next step is branding somehow. I will need to take my samples in and see what options I have. Once that is accomplished, I can add my warranty and REALLY be competitive and set my company and brand apart! Thinking through this, I will have to up the price but I should still be around 250-300% margin. I have a few set price points in my mind once everything is in place. Still need to get a website up and quick!

 

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[Brentnal]

I am beginning to like this thread, you don't seem like one of those people who quit after a week or two. Keep going, fail+learn+repeat=succeed

 

[GuestUser202]

I am beginning to like this thread, you don't seem like one of those people who quit after a week or two. Keep going, fail+learn+repeat=succeed

Thanks a @Brentnal! I am SICK of working for someone else. I've wanted my own business for decades, just never knew how to make a reality..never knew what to do. But that day my ______broke at work, it finally hit me! Of course being part of this forum put the idea of importing in my head. It's...waaaaiiitt....it's a PROCESS!!!