Read Millionaire Fastlane
- Feb 2, 2020
Volumetric weight is 20.25kg per box if I recall correctly. LxWxH ÷6000
You could check with a forwarder see whether air or ocean is cheaper.
Volumetric weight is 20.25kg per box if I recall correctly. LxWxH ÷6000
I assume this is shipping by air? Shipping is currently pretty expensive. So you are talking about $70-$100 per box. That doesn't sound way off.
Is this through DHL, Fedex, UPS?
I thought I had better update the thread as it's been a while. Things have been crazy recently. I'm in the middle of a huge house refurbishment, I'm working full time from the new house (which is a building site) and I'm also working on this business.
Thank god I have the freedom to work from home with my social media marketing.
I decided to take a screen shot tonight inside my Amazon account specifically to post in this thread as I've just crossed a nice milestone. Since launching this business on June 1st 2020, I have crossed £50,000 in sales. Nice! I've also done over £2,500 today which is insane! I have made over £1,000 in profit in one day whilst project managing my house refurb. I can't get enough of this.
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I was discussing my branding conundrum with my wife and she has sparked a lightbulb for me. She casually suggested an idea that would allow me to brand the products, but actually get the customers to apply the branding on their own. So simple but great - I think. Sometimes it just takes a new set of eyes.
The plan is to start working on this right away to get it implemented. I will keep everyone up to date.
Seems like you are selling masses, why don't you just get the producer of the product to print your labels? Or maybe they don't do that? Also on the legal side, do you have a contract with the producer allowing you to place your own brand on the products? Asking because I'm starting my own eCommerce store soon and I only have "word of mouth" from the producer (alibaba producer) that I can put on my own brand myself. Really new to this.
Also are you only selling through amazon, and are you pushing out any ads whatsoever?
Extremely motivating! Thank you for sharing.
I am sourcing two different products and putting them together. So, in a sense, I am the manufacturer of my product as I am combining products from 2 suppliers to make one, which I will then brand. It's quite common to brand products bought on Alibaba, in fact, that is the whole 'Private Label' strategy in a nutshell.
I'm only selling on Amazon at the moment. I tried selling direct from my own website recently, but it demands a lot of attention. I want to stay absolutely focussed on building sales on Amazon before I start diluting my focus into other areas. Besides, I'm not even scratching the surface at the moment and I'm already struggling to keep up with demand. Sales have just started growing in France and I haven't even got going in Spain, Italy or Germany.
In fact, I've only just realised that Amazon will automatically transfer my stock to fulfilment centres throughout Europe. I thought I had to send stock to each country. It's so easy for me to sell across the whole of Europe. I used Fiverr to get my listings properly translated and Helium 10 to do keyword research. That seems to have worked in France, but Spain and Italy need a little more work. I need to be VAT registered in Germany before I can sell there. In the process of doing that now.
There are also supply issues with one part of my product due to a worldwide shortage, so I have begun contacting other supplies throughout the world. One company in the US have got back to me and can potentially supply me. This has got me thinking about sending stock from suppliers to a 3PL in the US, where they could potentially package up my products and send them into Amazon US. That would solve the problem of such high shipping costs from the UK to USA and would allow me to tap into Amazon's biggest market - Amazon.com
Can anyone recommend a company I could ship stock to directly from suppliers in order to be prepped and sent into FBA?
The Managing Director's business partner read my email and then intended to reply to the MD, but accidentally sent the email to me. It read - "I like this boy". That put a smile on my face. I don't know if he's realised his mistake yet - I didn't tell him.
Apologies for having to mark out parts of the image. I should have made this thread on the inside!
So strange I started reading this thread half an hour ago and got to the last post 5 minutes after you'd posted an update, I was just about to ask
This was so wholesome and lifted my mood, that's awesome!
Maybe after you reach your initial goal you can do a thread on the inside about this brand? I'd love to hear more.
I'd love to be able to share more details. We'll see how the business goes over the next 6 months or so.
Thanks for reading!
I can't believe you sold it. Can you please tell us why? It looked like it was going so smoothly. Also what plans do you have for the future now? Now that you sold it, would you tell us what products you were selling.I have to apologise as I have neglected to update this thread - there's so much to tell. Reading through this thread actually made me remember everything that went into getting this set up. It's easy to fall into the habit of thinking the way things are right now are the way they've always been. I really enjoyed reading this - especially today.
Let me summarise, if I can remember correctly.
Not long after my last update, it became very difficult to source what had now become my main product (the supplementary product sold so well it quickly became my main product).
I believe I ran out of stock and stopped selling across Europe in order to focus on the sales in the UK. My thinking was that if I'm struggling to get stock, I may as well focus on my main marketplace that has the highest margins. Sales in the UK were growing and growing. Not long after that (1st January 2021) the UK officially left the EU and it became too costly for me to send stock to Europe anyway. I haven't sold in any European countries since.
Aside from a few problems mainly involving stock (either not being able to get enough or not ordering in time to keep up with sales causing me to run out), things went very well. I've just taken a screenshot of my year to date sales on Amazon, see below.
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I faced different challenges every month and achieved new things every month, but time has gone on a little so it's hard for me to recall the ins and outs. I regret not updating this thread more as I'm now missing a lot of detail.
Mostly though, things were good. The FBA product just got hotter and hotter. It broke into the top 100 in home and kitchen and became the number 1 bestseller for a very high volume search term on Amazon.co.uk. The potential of the product was maxed out in this particular marketplace and it was selling 30k per month (8-10k profit). I must add that it had now changed from a 5-pack to a 2-pack (I'm remembering more as I write). I was always around number 5 or 6 in this category back when I was updating this thread and I could never quite compete with the top sellers. However, reducing the pack size allowed me to reduce my price and it just propelled me to the top. The others sellers were from China and I know they must have been paying high transportation costs to get their products into Amazon. I was sourcing my product in the UK. This allowed me to beat them on price as well as quality.
My main concern was that it was a generic, unbranded product and anyone could have sourced it, jumped on my listing and disrupted my rhythm. But they didn't. It just went on and on, month after month without any major issues.
Because I'm interested in acquiring businesses, I'm always on Flippa and other sites like it.
I decided to speak to someone from Flippa and see if I had something to sell in this Amazon business. At this point, it was only 8/9 months old. I presumed it was far too young to sell and so I thought I would list it, see what happens and increase the price of the business month after month as it got older and the numbers stayed strong. It's an unbranded product on Amazon that has been selling for less than a year, so it may be hard to sell - I thought to myself. Naturally, the guy from Flippa was convinced I had a great asset and should list it for sale, but I knew he just wanted the sign up fee and so may have been exaggerating a little. I went with it anyway.
However, I was blown away with interest. A lot of tyre kickers, but also companies across the world who are aggregating small FBA businesses.
So, here's why I am updating the thread today - and here's why I've enjoyed reading through my experiences from a year ago back when I started the business...
A fantastic 6 figure sum landed in my bank account this morning after 3 months of negotiation to sell the business.
I sold it!
I could write another thread on that experience. It's been an absolute rollercoaster journey. Selling the business ended up being harder than building the business (or maybe all the initial problems are just too distant a memory), but I'm sitting here with a big smile on my face and a big bank balance today.
My average bank balance throughout my adult life (I'm 26 now) has been 1-5k. Right now I can open up my mobile banking app and see a number I could never have imagined, after just 12 months work. And it's barely even been 12 months of work as the business has been on autopilot for the majority of the last 6 months.
I'm excited to get going investing the money and continuing my business journey.
This will be a foundation upon which I build F U money.
Thanks for reading!
Wow good for you Adam, congrats! This was a great thread, thank you for creating it. So now you'll have to bring us along on the journey to that FU money.
So now that you've sold, could you let us know what the product/brand was? Totally understand if you can't with your buyer in mind though.
Cheers and good luck with your next chapter!! Hampus
I can't believe you sold it. Can you please tell us why? It looked like it was going so smoothly. Also what plans do you have for the future now? Now that you sold it, would you tell us what products you were selling.
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