My starting plan - thoughts?

[Kruiser]

I wrote yesterday in my introduction that I would start a progress thread today, so here it is. That being said, I regret making that commitment yesterday. I've learned an amazing amount just reading through forum posts today (especially biophase's ecommerce thread) and feel like I should spend another week just reading.

Here is my situation:

I currently have two products on Amazon and am about to launch another in the next few days. They are not simply imported from China, I put them together myself using elements imported from a number of places. I put a ton of work in developing them. But, in the end, I kind of just created a profitable manufacturing job for myself. (So, yes, I violated both control and time). I net about 3k a month with my current Amazon products. I am reasonably confident that my new product will bump that to 4k a month.

I just lost a high-paying legal job (thank God!) and can now concentrate on entrepreneurship full time. I'm married with three young kids, so expenses are relatively high even though we live pretty frugally.

My plan is to launch three new Amazon products in the next three months in October, November, and December respectively. (Biophase's ecommerce thread gave me some very good ideas as to how one can modify and improve existing products).

My purpose for launching new Amazon products is simply to generate additional cash over the next six months. Doing so will reduce the savings burn rate and gives me a longer runway to launch a product that solves a big problem (and, no, I still haven't identified the big problem I want to solve or its solution).

My goal for the next week (week ending 9/1) is to identify one Amazon product that could use improving, identify a significant improvement, and make initial contact with the manufacturer.

I guess my question is this: should I just skip the idea of launching new Amazon products and instead work on identifying and working on a big problem with a difficult solution? My fear is that if I'll burn through savings at an unacceptable rate, I'll just end up practicing law again. But I also don't want to waste time launching stuff on Amazon that will never get me long term freedom.

Thanks in advance for any thoughts you might have!

Dave

 

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[Guest06196]

I wrote yesterday in my introduction that I would start a progress thread today, so here it is. That being said, I regret making that commitment yesterday. I've learned an amazing amount just reading through forum posts today (especially biophase's ecommerce thread) and feel like I should spend another week just reading.

Here is my situation:

I currently have two products on Amazon and am about to launch another in the next few days. They are not simply imported from China, I put them together myself using elements imported from a number of places. I put a ton of work in developing them. But, in the end, I kind of just created a profitable manufacturing job for myself. (So, yes, I violated both control and time). I net about 3k a month with my current Amazon products. I am reasonably confident that my new product will bump that to 4k a month.

I just lost a high-paying legal job (thank God!) and can now concentrate on entrepreneurship full time. I'm married with three young kids, so expenses are relatively high even though we live pretty frugally.

My plan is to launch three new Amazon products in the next three months in October, November, and December respectively. (Biophase's ecommerce thread gave me some very good ideas as to how one can modify and improve existing products).

My purpose for launching new Amazon products is simply to generate additional cash over the next six months. Doing so will reduce the savings burn rate and gives me a longer runway to launch a product that solves a big problem (and, no, I still haven't identified the big problem I want to solve or its solution).

My goal for the next week (week ending 9/1) is to identify one Amazon product that could use improving, identify a significant improvement, and make initial contact with the manufacturer.

I guess my question is this: should I just skip the idea of launching new Amazon products and instead work on identifying and working on a big problem with a difficult solution? My fear is that if I'll burn through savings at an unacceptable rate, I'll just end up practicing law again. But I also don't want to waste time launching stuff on Amazon that will never get me long term freedom.

Thanks in advance for any thoughts you might have!

Dave

Hi Dave @Kruiser

I'm also just starting out. You have made more progress than me so I don't present my opinion as superior.

I'm in a somewhat similar situation (and age too) - have some savings and able to pursue a business full-time but I can only last so long.

My advise is keep doing more on Amazon as long as you can make a reasonable profit. Reasons:
*First, it's still a solid entrepreneurial experience.
*Second, the profit buys you time and freedom to call yourself an entrepreneur (I do short-term jobs to buy that privilege).
*Third, you might waste time if you pursue something big on a full-time basis. When people are under pressure, they are usually more effective.
*Fourth, having income keeps you in a good mindset: You're out to help people and give. Not coming from an angle of scarcity and need.
*Fifth, if your Amazon business is large enough, outsourcing may be justified and you'll have more time! The operation could even turn fastlane!

I found you because you're also coming to Summit 2018! Meet you in person soon!

 

[MJ DeMarco]

They are not simply imported from China, I put them together myself using elements imported from a number of places. I put a ton of work in developing them. But, in the end, I kind of just created a profitable manufacturing job for myself.

This isn't unusual. I wouldn't fear this work, in fact, it adds an entry barrier.

Scale comes later.

Right now you are verifying product demand and value.

Once you get that, you can target scale and manufacturing.

A lot of product based businesses START with a ton of manual labor in production. @AllenCrawley -- didn't you start making stuff in your kitchen? And now you have pretty much automated much of your manufacturing?

 

[AllenCrawley]

A lot of product based businesses START with a ton of manual labor in production. @AllenCrawley -- didn't you start making stuff in your kitchen? And now you have pretty much automated much of your manufacturing?

Yes, sir. We then had a contract manufacturer make 3 of our products for about a year but fired him due to poor quality control and underhanded scumminess. That's when we took over the manufacturing of most of our products. An extra layer of an entry barrier, full control over quality and proprietary formulas. While it's more labor-intensive for you, in the beginning, you can eventually hire in-house for that. Or, if desired, find a quality, reputable manufacturer.

 

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