A Business is Born

[Brentnal]

Or you could maybe search google for other wholesalers! Absolutely no offense or disrespect to Walter, but I'm sure the information provided in his ebook is available in other places. Once I finish TMF , Walters book will be on my reading list!!!!

If the ebook isn't more than 12 dollars i will get it, i truly believe there is alot of good sh*t in his book. What is 12 dollar? I got alot more where that is coming from
Gonna start my own progress thread soon, but i first want to take some action before i start the progress thread.

 

[GuestUser202]

So I just spent about an hour talking to an alibaba supplier on Skype. Based of Walter's AMA thread and what he experienced, this is a wholesaler, not the manufacturer, but I am ok with that for now.

The conversation was half causal/personal talk and half business...just building a relationship like is mentioned so often, pretty much everywhere. I was able to see a little of the product and see a little how it performs. I was amazed at the product "demo"! FAR meets my expeditions!! This is probably the 10th supplier I contacted, and the only one that really seemed to want my business. I had one supplier just send me a . REALLY??

The rep started asking business specific questions: what is your main business? Have I ever bought _____ from China before? Where have I bought _____ before? I didn't want to lie, so I was completely honest...down to telling her I am just starting out, but I see a need for _____. She was quite ok with that!!

During our conversation, the rep said I could get BOTH materials in my sample!! This way, I can test both! Haha!! Price is higher for the sample order, which is expected. However, the rep said I'll get half the sample price back with my first "larger" order. I'll make sure to get that in writing. REALLY getting excited now!!!!!!!

The next step is visiting their website, ensuring its a reputable company...and picking out my samples!!!! I'll let you know how this next step goes!

 

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[GuestUser202]

Found another supplier and OH MY GOSH! I am over FREAKING whelmed at their product list! Again, a trader (I think), but at this point, still ok with it! Again, communicating via Skype and email. This is getting quite addicting!!!

 

[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!!

 

[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.

 

[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]

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]

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!!!

 

[Brentnal]

 

[GuestUser202]

VERY briefly checked out patents/trademarks/copyrights and it actually looks fairly manageable. Need to research and figure out which option I actually need. The website also states that a trademark lawyer is recommended. I heard that a trademark (which is what I would need) can cost $2,000, so with lawyer fees, I can see that. This may have to wait a bit longer.

Taking the day off from my J.O.B. tomorrow to take care of a few things. I'll also be meeting with a printer to talk about branding my product. I am thinking I can sell unbranded products and product brands that are not mine on ebay. I feel I need to move products regardless of where the business is at.

 

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[GuestUser202]

Custom hang tags for my product...Check!!

 

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[juggler619]

awesum thread! keep goin...will keep checking this

 

[GuestUser202]

Just an update to let everyone know that I am still here and have not given up. For anyone following along, I bought a 27' class A motorhome. I put $1,000 down, sold my motorcycle for $1,500, put that all on my motorhome, put another $1,000 out of pocket on it, and sold my Jeep for $1,900. This paid the motorhome off and I am now free and clear on it. I also traded my Volvo for a different car so I am also rid of that now too.

My challenge now is getting the motorhome running, drivable and livable. I bought it in a non-running state, so me being me, I figure I can get it running fairly inexpensively, so that is priority at this point. I had to tow it from the storage yard to my friends house, but that is done. I have parts in hand and on order that should get it running. Hoping for decent weather to do so. I plugged it into power at my friends house and it seems all electric works. Too afraid to test gas as the motorhome appears to have been sitting for 16 years, so not real sure of the condition of the gas lines.

Just as Mr. DeMarco says, people see the success, but never the struggle. I figure people here will be able to see both. My launch date has been pushed back, but who cares? I would rather push it back and have it done right, than to risk no inventory, customers, or sales.

 

[GuestUser202]

@Lone Wolf - I've not been ignoring you! Haha been busy, even though I'm only working part time now. Thanks for the feedback. It seems everyone on here has the same response as you..."how many samples have you sold?" So....in taking that as advise from more experienced entrepreneurs, I decided to try and focus on that right now.

So my question to you @Lone Wolf is where can I get a $10 domain? My reasoning for wanting the LLC and domain is to ensure someone doesn't steal my name.

Sometime last year, I bought my own pad printer so I can brand my own product. Well, after looking at what is available, I got quite overwhelmed and had no clue where to even start. So today, I acted on an idea I had a few months ago. I took my pad printer to a local silkscreener I've been working with to see if he would be interested in trading my pad printer for his labor to stamp my product. Well...he bit and bit hard. He's very interested in this deal! So hopefully, samples will be ready to sell within a month (still have just a few things to take care of as I want the samples do represnt the final product). And yes, they are a fairly generic product, but a product everyone needs and buys regularly!

In other news, I am now in my RV! It truly will save me about $1k a month in rent!! It's cold, but I'm working on that. My 401k should be here next week, but I am really liking the idea of selling my samples before dropping $4-5k on inventory.

 

[BostonHusky]

What do you mean if you change the URL?

Why don't you go buy a domain right now? It takes literally 3 minutes and $10. You can connect it to your current website in minutes.

No, I don't have any other suggestions other than Adwords. Adwords makes me (bleeeeeep) for every dollar I spend on advertising. Adwords is the greatest tool that you can ever have in your arsenal as an online marketer with a website.

 

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[randomnumber314]

So...I thought about going store to store and dropping off samples. I would rather not do that at this time.

followed by

As for not selling one single item yet...I don't know. Lack of advertising??

??????

 

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[el_hombre123]

I understand you want to get all the details of your business right, but I highly recommend you take a step back and think about whether it's actually required.

This thread greatly reminds me of the first 'business' I started. I registered all the domains, registered it as a Ltd. company, spent A LOT (for a 16-17 year old) on making a professional website and getting professional photographs done, planning every aspect of my marketing, I even got a professionally written PR made (amongst numerous other things). I did all these things over almost a full year, thinking everything needed to be absolutely perfect (but never actually getting a sale). You know what I did at the end of it? I didn't release it. I had virtually the perfect business ready to release, and I never did (now my reasons came down more to a legal matter that I was incredibly stupid to ignore / blinded by money - I was 16-17 at the time).

I know yours is a very different story to mine, but you may face similar pitfalls. You mention that there are other sellers selling for 2-3x less than you, and from what I've gathered in this thread, your main selling point is a different material and the warranty - meaning it's a relatively generic product. Which in turns mean these competitors can quite easily up there price and slap a warranty on their product.

I'm not saying this to demoralize you, but it just seems you're falling into the trap of making 'progress' without actually making any progress. You do these little things that feel good and make you feel like you're running a business, but they're not actually helping you to make real progress. The fact you haven't sold the samples from 7+ months ago should be a huge red flag.

So my advice is to sell your samples (you mention you can't sell these on Amazon / eBay), so use a free Wordpress template on a $10 domain, run some ads and see if people (other than you) actually want this product. Then continue from there. Work out the actual downfalls (i.e. figuring out the branding), rather than spending unnecessary money, which sounds as though it's scarce at the moment.

I only had a quick glance over the posts, so if I'm wrong then ignore and feel free to call me an idiot. I hope you succeed.

Was in the same boat as yourself back when I was 16... Definitely a big mistake...After that mistake, and correct me if I am wrong, I realized that those details come after you have established something worthy that has SALES / REVENUE!!!.. No point in complying with tax codes, government agencies, etc. if no money is coming in..

 

[Lone Wolf]

Was in the same boat as yourself back when I was 16... Definitely a big mistake...After that mistake, and correct me if I am wrong, I realized that those details come after you have established something worthy that has SALES / REVENUE!!!.. No point in complying with tax codes, government agencies, etc. if no money is coming in..

Exactly. It's so easy to get blinded by what you think people want, rather than what they actually want. So get some sales, get some feedback, and only then do you need to bother registering it as a business etc.

 

[Supa]

well, i am just boasting. Made with love and expertise. From seller to seller.

Did you read the forum rules?

 

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[GuestUser202]

I can feel your excitement through my screen

GOSH I WANT THIS BAD!!! And even more so that my product affects me personally!!

 

[Brentnal]

I have contacted some manufacturers already (from links he supplies) and I am just shocked at the low prices they offer for products I am researching. Forget Alibaba, Global Resource, whatever. The Ebook shows you where to find manufacturers, how to verify their credibility etc.

Okay i'm searching for this holy ebook now, my money wants it.

 

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[Brentnal]

Haha! Maybe 6-7 years...girlfriend/potential wife wants a Maserati.

Thats fine to hahaha, a nice audi or mercedes is nice to, it does the job right?

 

[GuestUser202]

Okay i'm searching for this holy ebook now, my money wants it.

Or you could maybe search google for other wholesalers! Absolutely no offense or disrespect to Walter, but I'm sure the information provided in his ebook is available in other places. Once I finish TMF , Walters book will be on my reading list!!!!

 

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[GuestUser202]

Thats fine to hahaha, a nice audi or mercedes is nice to, it does the job right?

Honestly, the only vehicle I can think that I really want is Toyota Tundra. MAYBE a Lamborghini Countach, but ehhh...Oh but the toys I'll have!!!!!!

 

[Brentnal]

Or you could maybe search google for other wholesalers! Absolutely no offense or disrespect to Walter, but I'm sure the information provided in his ebook is available in other places. Once I finish TMF , Walters book will be on my reading list!!!!

The book is 97 dollar ... maybe some other time i'll get it

 

[Walter Hay]

Thanks, Walter for the feedback and advise! I will SURELY locate your AMA thread and read through it!

Dealing with alibaba is NOT being kind to me at this point. Don't get me wrong, the suppliers are very friendly and (mostly) very responsive, but so far, no luck finding a supplier willing to send me samples of products in the material I want. I see no point in testing something I am not going to sell. Sure, they'll cater to me and make the product with the desired material IF I buy 300-500 at a time. And sure, down the line I will do this, but there is no way I'm going to order 500 immediately, NOR buy a sample order in a material I have no intensions of selling. The material is a key selling point.

I checked DHGate and searched Google for wholesale (my product) and their wholesale price is what my RETAIL price will be!! I KNOW I'm on to something now!! So DEFINITELY finding alternative suppliers is becoming more and more priority.

I also have to say I am having a hard time focusing on my Just Over Broke (J.O.B)...I seem to be on this forum or answering emails from suppliers or researching products. I'm at the point now where I don't care if they fire me. I'll take my slowlane 401k, pay 6 months rent, live off unemployment and build my business. Obviously, that is worst case scenario (even thought it sound SOOOOO freaking good).

They won't do anything special for you if they are traders because they have to convince a manufacturer to do it for them.

You need to find the manufacturer straight off. See my reply to albertut77 above.

 

[Walter Hay]

I don't expect to get "insta rich". I really don't, not financially anyway. Time and control are more important to me.

The problem with ordering samples from other sources is price. For example, aliexpress the product is $30-45 each and on alibaba, the product is $10-15 with shipping. So for an order of 10, aliexpress is $300-450, while on alibaba, it's around $140. I am also reading your AMA as we speak so now I am concerned about shipping...if I am being quoted complete shipping from warehouse to my house.

I completely understand the need to take risks, and I am not afraid to do so (and getting better at it). But buying my product at the cost I would sell them for seems way too risky. With a much higher margin, I can lower the prices to next to nothing if I have to in order to move my product.

Although I see albertut77's point in testing the market with samples bought locally, I would not do that myself. If you persevere and find the manufacturer you can do that market testing while at the same time testing the supplier.

Shipping cost for a sample or a few samples could range from $40 to $100 depending on size and weight. This could mean that your initial purchase may not make you much profit.

 

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[Walter Hay]

Okay i'm searching for this holy ebook now, my money wants it.

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.

 

[GuestUser202]

Although I see albertut77's point in testing the market with samples bought locally, I would not do that myself. If you persevere and find the manufacturer you can do that market testing while at the same time testing the supplier.

Shipping cost for a sample or a few samples could range from $40 to $100 depending on size and weight. This could mean that your initial purchase may not make you much profit.

Right, I am fully prepared for that. I also won't be be offering my warranty until I brand the product. Once all that is in place, then I increase the price accordingly.

I'm still reading your AMA post (currently 11pages long) and I'm learning A LOT! Thanks so much for the post! I will absolutely keep persevering!

 

[GuestUser202]

I may have a 2nd supplier (alibaba) with the material in stock to send me a sample. This 2nd supplier is communicating via email only at this time. But it's better than no communication!