I have been on this forum for a few months, & have made a couple post but have never really introduced myself or what I am about. Well here it goes. I am 21 Years Old and live in The Bronx, New York. I am currently a aspiring MMA fighter with a 4-1 Amateur MMA record. Looking to turn professional this year. For work I am a instructor & consultant at my MMA gym. I came across the forum while doing research on passive income.
After much reading of the forum I thought that going into importing was the most realistic and profitable entry point for me. I read through Econ man's entire thread and started in the motions of finding my products. It took me a while but I found a product that has thus far given me pretty good sales since November (Although there have been some hiccups)
In December I obtained my next product which has also given me some good sales. This product is 2x the margin of my original but now I am getting into price wars with a few sellers and am unsure what to do as it is cutting into sales. Now this January I stumbled onto a product that has given me astounding success. Very good profit margins, as well as consistent volume. Now I am unsure how long I will be able to sell this product or if I may get in trouble for it (Don't believe so there are many independent sellers who have sold 1,000's of it) But going to do it as long as possible to grow my available capital. My expenses are very small and I have a positive cash flow right now of around $1,500 with another $10,000 saved up.
I am not sure what my next step is going to be whether it be staying with importing. Looking for new products and branding them probably. Or if it's looking to get into some other ventures. I have a uncle and brother in law who are into real estate and own some apartment buildings, homes, and commercial space. May look to them for advice. I have one investment in mind, but would want to bounce it off one of you more experienced members for feedback. Before I brought it to the table at least.
So that's the rundown tried to condense as much as possible. Open to feedback or criticism from anyone. Hope to be a contributing member of the forum for years to come. Thanks for reading.
After much reading of the forum I thought that going into importing was the most realistic and profitable entry point for me. I read through Econ man's entire thread and started in the motions of finding my products. It took me a while but I found a product that has thus far given me pretty good sales since November (Although there have been some hiccups)
In December I obtained my next product which has also given me some good sales. This product is 2x the margin of my original but now I am getting into price wars with a few sellers and am unsure what to do as it is cutting into sales. Now this January I stumbled onto a product that has given me astounding success. Very good profit margins, as well as consistent volume. Now I am unsure how long I will be able to sell this product or if I may get in trouble for it (Don't believe so there are many independent sellers who have sold 1,000's of it) But going to do it as long as possible to grow my available capital. My expenses are very small and I have a positive cash flow right now of around $1,500 with another $10,000 saved up.
I am not sure what my next step is going to be whether it be staying with importing. Looking for new products and branding them probably. Or if it's looking to get into some other ventures. I have a uncle and brother in law who are into real estate and own some apartment buildings, homes, and commercial space. May look to them for advice. I have one investment in mind, but would want to bounce it off one of you more experienced members for feedback. Before I brought it to the table at least.
So that's the rundown tried to condense as much as possible. Open to feedback or criticism from anyone. Hope to be a contributing member of the forum for years to come. Thanks for reading.
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