DarrenW
New Contributor
Hey guys,
Long time reader, first time poster.
This will be my first time creating my own product. Not a completely new one, but a tiny improvement on an existing one. And I've started this thread to journal my progress (as well as to seek some help).
I've had this idea for the past two weeks. But honestly, I have no clue what I'm doing... No experience creating a product, and no experience selling on Amazon.
I'm just trying to get something going ASAP.
Here's where I'm currently at...
My idea is a silicone add-on for a generic product that's in a very targeted niche. The add-on is extremely small (~1 centimeter big).
I've looked for a manufacturer on dhgate/aliexpress and have decided to go with one I found on alibaba. We've been in contact for the past week.
They're very professional and are doing their best to walk me through the process (since I've never done this before). I ran my idea by them. And now, we're at pricing...
The silicone mold will cost $221.
And each unit will cost $1.99.
This is where I'm stuck.
The product currently sells on Amazon for $15 (3 sellers, one with 150 reviews). And I'm looking to sell it for ~$20 instead. But I don't know all the expenses I need to take into account in order to turn a profit.
Is a unit cost of $2 sold for $20, a good enough margin on Amazon?
Should I sell it on my own website instead?
What other expenses should I be aware of?
At the moment, I'm willing to go with whatever price is given to me. Mainly because I just want the experience of creating and selling my own product on Amazon. I have some money to play with, so no matter what, I'm going to get this product up and running.
But of course, I don't want to do it terribly and make silly, obvious mistakes. So any advice/pointers you guys have is greatly appreciated.
Anyway, here's my mini plan on getting sales for this product:
I currently have a (affiliate marketing) niche site that this product is related to. And I was going to put an ad there of my product to drive traffic to my Amazon listing.
I started the site in January, and I'm getting more visitors each month. All the traffic is purely SEO. And I've already gotten 63 visitors/113 views this month - as well as a sale
.
So yeah, that's where I'm at, at the moment.
I'm really excited to get this started. And hopefully, have it become a success. I will be posting all my progress here.
Thanks for reading!
Darren
Long time reader, first time poster.
This will be my first time creating my own product. Not a completely new one, but a tiny improvement on an existing one. And I've started this thread to journal my progress (as well as to seek some help).
I've had this idea for the past two weeks. But honestly, I have no clue what I'm doing... No experience creating a product, and no experience selling on Amazon.
I'm just trying to get something going ASAP.
Here's where I'm currently at...
My idea is a silicone add-on for a generic product that's in a very targeted niche. The add-on is extremely small (~1 centimeter big).
I've looked for a manufacturer on dhgate/aliexpress and have decided to go with one I found on alibaba. We've been in contact for the past week.
They're very professional and are doing their best to walk me through the process (since I've never done this before). I ran my idea by them. And now, we're at pricing...
The silicone mold will cost $221.
And each unit will cost $1.99.
This is where I'm stuck.
The product currently sells on Amazon for $15 (3 sellers, one with 150 reviews). And I'm looking to sell it for ~$20 instead. But I don't know all the expenses I need to take into account in order to turn a profit.
Is a unit cost of $2 sold for $20, a good enough margin on Amazon?
Should I sell it on my own website instead?
What other expenses should I be aware of?
At the moment, I'm willing to go with whatever price is given to me. Mainly because I just want the experience of creating and selling my own product on Amazon. I have some money to play with, so no matter what, I'm going to get this product up and running.
But of course, I don't want to do it terribly and make silly, obvious mistakes. So any advice/pointers you guys have is greatly appreciated.
Anyway, here's my mini plan on getting sales for this product:
I currently have a (affiliate marketing) niche site that this product is related to. And I was going to put an ad there of my product to drive traffic to my Amazon listing.
I started the site in January, and I'm getting more visitors each month. All the traffic is purely SEO. And I've already gotten 63 visitors/113 views this month - as well as a sale
. So yeah, that's where I'm at, at the moment.
I'm really excited to get this started. And hopefully, have it become a success. I will be posting all my progress here.
Thanks for reading!
Darren
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
