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GOLD! [AMA] Importing & wholesaling for resale on eBay.

Discussion in 'Product Creation, Inventing, Importing, Sourcing' started by Ecom man, Apr 18, 2014.

  1. Ecom man
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    Ecom man Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    So it’s been a while since I posted so just a quick update about my business.

    For the first time ever I’ve taken on some debt to purchase inventory. Everything I’ve done before has been cash or paid off within the 30day window on the credit card. Having that debt has added some additional stress to my daily life but it should pay off big at Christmas.

    Sales are beginning to ramp up for Christmas and it is looking like it should be a good season.

    Finally the goal for 2018. Near the end of 2018 I turn 30 years old. My goal is to have 1 million in personal assets (excluding my business) by that time. When I was a teenager I read a lot of books about finance and money and one goal that I read was to be a millionaire by 30. I wanted that for my life and my family. I wanted that million at a young enough age where I could actually use it rather than give it to a nursing home. Near the end of 2018 my time will be “up”. I’m looking forward to hitting this goal and to see what the next chapter of life brings.
     
    Tommo, xxlfire, Magneto C and 15 others like this.
  2. Ecom man
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    Ecom man Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    The problem with many entrepreneurs is they own a job rather than a business. If they don’t work today the work stops and soon after the paycheck stops.

    I was basically at that stage up until about a year ago when I hired someone to handle the day to day operations. That hire has turned out to be one of the best things I’ve ever done since I am having surgery at the end of this month. The surgery will require me to not do anything physically for 3-6 months and possibly longer. Day to day operations of my business will be impossible for me to do during that time. (Won’t be able to lift more than a few pounds) If I had not fixed the violation of time that was in my business a year ago I would be up a creek right now.

    All of the above is to say this, don’t think your business is different because of x,y, or,z. If you violate one of the commandments it will come back to bite you in the future. If you are violating any of the CENTS principles in your business, fix them before they bite you!
     
    Last edited by a moderator: Jun 7, 2018
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  3. Paul David
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    Paul David Silver Contributor Read Millionaire Fastlane Speedway Pass

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    How do you compete with brand leaders when it comes to products on google.

    For example in the UK I just typed into google Travel Umbrella. Now there are numerous ppc ads at the top ranging from well known brands like House to Fraser to companies that only specialise in umbrellas. How would I compete for sales against these types of companies if i only sold one type of umbrella?


    Sent from my iPhone using Tapatalk
     
  4. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR

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    Great post @Ecom man

    We tend to take our health for granted for sure. Assuming you’ll always have good health violates Control and Time.

    I got carried away yesterday with my new 1500w e-bike motor and wiped out my bike on the first ride at 30mph and broke my wrist.

    I can’t work in the business for 6-8 weeks. Thankfully, I’ve got employees who can. Other than me typing a lot slower, there’s no effect on the output of the business.

    I hope your recovery goes well.
     
    Longinus and Ecom man like this.
  5. vice
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    vice New Contributor

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    I just wanted to say thank you for this amazing thread, the value and help you have provided here goes beyond measure. You are an inspiration to many of us. Good luck in your business and future endeavours.
     
  6. papi016
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    papi016 Bronze Contributor I've Read UNSCRIPTED Speedway Pass

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    Update ???
     
  7. Yussef
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    Yussef Knowledge Recycler Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    If I were close enough to remove my belt and whoop you I certainly would. Man haven’t you heard of Murphy’s law. Why would you tempt fate when you are about to take your business to the moon. Get better quick because we are taking that bike away until you hit xx,xxx,xxx. You can break whatever you want to then.
     
  8. Ecom man
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    Ecom man Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

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    Life moves on, surgery went well and recovery has gone pretty well too. Can lift 25lbs now woo hoo!

    Business is slower this time of year so prepping for the holiday season is in full swing. Sales are almost identical to 2017s numbers up until this point of the year.

    I’m in the process of setting up some new backend funnels that should help capture more revenue per customer (post purchase upsells, etc.) We will see how that goes over the next couple of months.
     

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