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Sanj Modha

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Aim higher. Much higher.

Find things to sell. Look at products/services that's hot right now.

Look for a proven traffic source and go run some ads.

All business is distribution.
 
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eTox

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Aim higher. Much higher.

Find things to sell. Look at products/services that's hot right now.

Look for a proven traffic source and go run some ads.

All business is distribution.

It's like I have a moral road block right with Facebook ads. I know that I need to target people, but I am lacking creativity at targeting the right people. How would you go about targeting males, who have a 9-5 and are interested in slim laptop backpacks?

I targeted males, 24-45, UK, US, CA, who like Combatant Gentlemen. Do you have any tips on targeting the right people? Any questions you ask? Any help would be much appreciated @Sanj Modha

I feel like I am always off with targetting. And now I got hit again with few $6/click costs... It's like I am scared of running ads now again lol.
 

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Not sure if this is possible in targetting but I'm just spitting out my thoughts: working for bigger companies, e.g. Banks, telecom, insurance, Microsoft, etc. People interested in IT: software development, business analysts, software testers, etc. Finance workers. They may follow certain it or finance related websites/magazines (Gartner, Bloomberg, etc) Google for those. Keep us updated!


Verzonden vanaf mijn iPhone met Tapatalk
 

Sanj Modha

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It's like I have a moral road block right with Facebook ads. I know that I need to target people, but I am lacking creativity at targeting the right people. How would you go about targeting males, who have a 9-5 and are interested in slim laptop backpacks?

I targeted males, 24-45, UK, US, CA, who like Combatant Gentlemen. Do you have any tips on targeting the right people? Any questions you ask? Any help would be much appreciated @Sanj Modha

I feel like I am always off with targetting. And now I got hit again with few $6/click costs... It's like I am scared of running ads now again lol.

I always do my research the other way around. Find the audience first, research what they like or buy then run products and ad campaigns towards that. It's much easier.
 
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eTox

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I always do my research the other way around. Find the audience first, research what they like or buy then run products and ad campaigns towards that. It's much easier.

Would you say, you would find first of all the groups people would hang out at on facebook, and then find a product to serve that group of people? Give us a concrete (made up) example. You always leave me (imho) confused by being too vague in your description.

I apologize for insisting too much, I just feel that you have an answer that will help me, and potentially others a lot :)

Thank you :)
 

Sanj Modha

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Would you say, you would find first of all the groups people would hang out at on facebook, and then find a product to serve that group of people? Give us a concrete (made up) example. You always leave me (imho) confused by being too vague in your description.

I apologize for insisting too much, I just feel that you have an answer that will help me, and potentially others a lot :)

Thank you :)

OK let's say you want to sell a product to dog lovers. Go hangout where your potential customers hangout. Look at dog forums, newsletters, magazines, run some keyword searches, look at trends etc.

Get to know them, what they like, what they spend money on, how they talk (very important). You can't bullshit a passionate audience because they will catch you out instantly.

Based off this initial research, brainstorm some product ideas. You could sell the same best sellers or you could add a twist like private labelling, bundle offers etc. Think out of the box and be creative.
 
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eTox

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Burned through another $40 in ads and got one sale, the first sale as I posted above. I feel like an idiot. How much more cash do I have to burn, to get results? I am past $100 now. Hopeful, being the less gifted of intelligence from God, I won't have to spend my last food pennies.

F*ck... :headbanger:
 

Sanj Modha

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Burned through another $40 in ads and got one sale, the first sale as I posted above. I feel like an idiot. How much more cash do I have to burn, to get results? I am past $100 now. Hopeful, being the less gifted of intelligence from God, I won't have to spend my last food pennies.

F*ck... :headbanger:

I spent around $2000 on FB ads before selling my first shirt. It felt amazing but the $2000 wasn't wasted. It bought me data.

At that point, I dug deep into all the reports and joined the dots. Who are my clickers, what's the best age range to promote too.

Keep analysing and optimizing. That was a few years back and now I spend thousands per day on ads. Once you tap the audience, the product and the ads it's much easier.

I'm still failing though. I've spent about a $1000 on Adwords with little ROI. I love it.
 
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eTox

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Summer is almost over. I took a step forward and ended up two back.

Budget is drained: I have until the end of September. Let's see what I can do. It's not like I will starve and die... I won't. I will succeed. I have a close person to take care of and I won't let him down.

-

Sometimes you just have to let go off fears and take small steps towards your goal.
 

eTox

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I think the low goal is a great way to start.

Too many people set unrealistic goals and then give up.

In entrepreneurship, getting from $0 to $1 is definitely a lot harder than getting from $1 to $100.

Starting with the $50 goal sets the right goals and expectations. It's not a lot of money, but the perfect first step to building a "system" / "machine" that does.

I've been just rereading my own thread, and I thought that this was an invaluable advice that I have missed. It's not about getting from $0 to $1. That part is much easier to me than understanding that I have to build a "system". A process which will dictate my execution. It's basically "lather, rinse, repeat" and at that time I hated doing things over and over again.

Bump... Lesson learned.
 

Andy Black

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I've been just rereading my own thread, and I thought that this was an invaluable advice that I have missed. It's not about getting from $0 to $1. That part is much easier to me than understanding that I have to build a "system". A process which will dictate my execution. It's basically "lather, rinse, repeat" and at that time I hated doing things over and over again.

Bump... Lesson learned.
I've been realising more and more lately that the solution is normally already there. We're just looking too hard to see what's right under our nose.
 
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eTox

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YEah, but that requires work and effort, plus it's a one time thing. I'm here for the easy dollars. You know, passive income, Andy! :joyful:

To be honest, in my near past I was trying out with offering a service, I looked at different options, a course, then programming, etc. Then I was into game development.

I don't want to go back. I hate providing service, especially interacting with people. I don't know, I am just that f*cked up, but I am fine with it. I feel right at home when I am looking into eCommerce. I feel like I can provide much more value to others when helping indirectly by offering a product (well I am yet to do so).

My problem right now is choosing a problem. So many options, and I can't figure out how find an audience with a need and a prodcut that is not oversold.

I thing the core of the problem lies in me having difficulty understanding how to target specific groups on facebook. I understand how to do it, I just cant seem to find exactly the people who may be interested in it. Maybe it's because I do not have a specific product, again.

:brb:

Wow, can't believe I said that. I said it because I was emotional and upset at that time because I was doing something and failed at it. I invested so much time into app and game development but have not realized that I have to take care of marketing and distribution as well.

Perhaps it's something to consider?
 

Andy Black

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Start with marketing?


Here's my definition of marketing:
  1. Find out what people want.
  2. Find out if you can sell it to them.
  3. Find out if you can make a profit.
  4. Do it.


When you're focused on "app development", "game development", "eCommerce", (AKA "building" stuff), then you're at step 4, without having done steps 1-3.





I don't know if you've already listened to it yet, but I did a radio interview that might help you.

It's linked to in my big new super duper signature.
 

eTox

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Start with marketing?


Here's my definition of marketing:
  1. Find out what people want.
  2. Find out if you can sell it to them.
  3. Find out if you can make a profit.
  4. Do it.


When you're focused on "app development", "game development", "eCommerce", (AKA "building" stuff), then you're at step 4, without having done steps 1-3.




I don't know if you've already listened to it yet, but I did a radio interview that might help you.

It's linked to in my big new super duper signature.

You are right.

Thank you, Andy.

I will start from the beginning.
 
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DrunkFish

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Hey man, congrats on taking action and trying. That's far far more than so many are willing to do. Seriously. Really proud of your progress even if you feel like you took two steps back. The action itself is meaningful.

When you threw more ads, I'm assuming you sent it to the same audience that got you the first sale?
 

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Let's throw in some rewards:
- @eTox, if you reach your goal until September 30, I will help you with your website and will be answering all your questions related to this topic until October 30.

If somebody else feels like you can stimulate a fellow member of TFLF to effectively change his life - I personally ask you to join this initiative.
Each of us can do something.
 

eTox

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Hey man, congrats on taking action and trying. That's far far more than so many are willing to do. Seriously. Really proud of your progress even if you feel like you took two steps back. The action itself is meaningful.

When you threw more ads, I'm assuming you sent it to the same audience that got you the first sale?

Thank you. I believe you are right. Now I just have to analyze what I have done, improve the things that have gone wrong, and repeat the process again and again and again.

Lather, rinse, repeat.

I've done one cycle, I've proved it works, I will continue until I prove myself otherwise.
 
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eTox

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Let's throw in some rewards:
- @eTox, if you reach your goal until September 30, I will help you with your website and will be answering all your questions related to this topic until October 30.

If somebody else feels like you can stimulate a fellow member of TFLF to effectively change his life - I personally ask you to join this initiative.
Each of us can do something.

Thank you @devine, I really appreciate your courage at stepping forward and offering a hand. I think you just lit a spark in me again.
 

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1: You're idea hopping, something many do at the start.

2: Something I learned from my first business is keep it simple. You don't have to start the next big app or website. Get a simple idea, get it running in a few weeks, and start selling. That advice would have saved me a lot of time and money. You just need to commit to one idea.

3:Once you actually start you'll never look back. New ideas won't phase you.

Just felt like this was really valuable.
 

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For all of those who have followed my journey pretty much know that I have got no where in the past 6 months, plus I am now in a position where I have prepaid my october rent and put aside my november rent, other than that I have $25 in my pocket, hungry stomach, and an upset girlfriend (6 years together, almost wife).

Over the last 3 months, I have been reading the forum every day and changing my perception of reality gradually. I have spent over $500 on different opportunities during this time and have got my first sale.

On October 28th, 2015 (last year around this time) I finished developing a game for android with huge ambitions that I will become rich. I was so into it finally hoping that I am doing my dream job and will get rewarded for it, I dropped out of beginning of 2nd year accounting in university at that time.

And the best thing happened to me next. My game wasn't being downloaded, and all of my huge dreams and ambitions went crashing down on me with an immense impact after a month of waiting and further working on it.

As a result I went into such a huge depression, that I didn't do anything from then until almost the end of spring. I am happy that it happened to me. Life is a bitch, but it teaches invaluable lessons. As a result, I've got the most aggressive feeling that there is another side to the "story of life" that I am not being told nor exposed to. And there it was, waiting for its moment. Crawling. Slowly, painfully, making me scream in agony. But it happened, and its sour taste is mixed with bittersweetness. And dead dreams are scented in the scene.

To be continued...
 
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For anyone watching this it's pretty clear:

Here is where you always start:

developing

As someone already pointed out, you're idea hopping. I did too when I first came here.

What you need to do is this:
  1. Find out what people want.
  2. Find out if you can sell it to them.
  3. Find out if you can make a profit.
  4. Do it.

Problem for you is that you start with no. 4.

Tony Robbins has a great story about a chiropractor who wanted to start a practice in a community where there were already lots of chiropractors. The guy was told to find another occupation. But instead of giving up the aspiring chiropractor went knocking on doors (I think it was like 1,200 or so). He asked the residents of the community what they thought could improve with the already existing chiropractors. In addition, he also left his card with contact information. Then he connected the dots to see what people really needed and he created a chiropractor practice that solved all the common problems he found. He went on to be the most successful in the area.

I think the story is somewhere on Youtube (in which format it is also better told by Mr. Robbins himself).

You need to connect the dots from what Andy said, with what Sanj said:

OK let's say you want to sell a product to dog lovers. Go hangout where your potential customers hangout. Look at dog forums, newsletters, magazines, run some keyword searches, look at trends etc.

Get to know them, what they like, what they spend money on, how they talk (very important). You can't bullshit a passionate audience because they will catch you out instantly.

Based off this initial research, brainstorm some product ideas. You could sell the same best sellers or you could add a twist like private labelling, bundle offers etc. Think out of the box and be creative.

Conclusion for you:
The hard part is finding people who want a solution to their problems. You don't first go to Alibaba or AliExpress or whatever sourcing site you might use.

I would start by going to Facebook and look up a few groups in a niche that relate to you. I read that your first sale was a bag. So let's think about what category or niche "bag" falls under.

If it is a bag with a sole purpose of carrying and protecting a laptop you need to figure out who carries such a bag. On top of my head, I would say probably men mostly, working middle-class men. You need to find out then whether you want to target those who commute by train to work or those who drive the latest BMW to work - they are different people and one wants function and the other one high-end (I'm speculating here).

Go to facebook group where "bag-interested" people hang out and socialize with them for a while, ask questions and look for clues in the past threads. Go to Amazon and look at reviews of similar bags, see what's good/bad with them.

Make a landing page on your website where they can "purchase" your product and see how many clicks thru. Go back and analyze the data to see who is clicking and who is not. Narrow your audience further.

Keep reading forums and go to eCommerce stores where they sell your kind of product and look for more reviews. If it is a laptop bag, chances are those are being discussed at tech forums and communities. You can find real life examples of the product in-use.

Keep doing research and document the use of the product as well as jargon.

ALWAYS keep your focus on ONE type of product - keep researching until you see a pattern (you will). Once you see the pattern, you will know exactly what product they want, how you can position yourself and you will sell it.

You see, the three first steps Andy laid out above are somewhat the barrier to entry in any field. Most people confuse barrier to entry with other stuff.

People say it is easy to start a blog and the barrier to entry is almost non-existent. Sure it is, if you think the barrier to entry is the part where you setup the blog on wordpress. But it ain't. The lowest barrier to entry in any field is the research part you need to do upfront. The difference is that in some fields the research is more extensive than others. For bags, I would say spend about a week of full-time if you've never done it before.
 

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For anyone watching this it's pretty clear:

Here is where you always start:



As someone already pointed out, you're idea hopping. I did too when I first came here.

What you need to do is this:


Problem for you is that you start with no. 4.

Tony Robbins has a great story about a chiropractor who wanted to start a practice in a community where there were already lots of chiropractors. The guy was told to find another occupation. But instead of giving up the aspiring chiropractor went knocking on doors (I think it was like 1,200 or so). He asked the residents of the community what they thought could improve with the already existing chiropractors. In addition, he also left his card with contact information. Then he connected the dots to see what people really needed and he created a chiropractor practice that solved all the common problems he found. He went on to be the most successful in the area.

I think the story is somewhere on Youtube (in which format it is also better told by Mr. Robbins himself).

You need to connect the dots from what Andy said, with what Sanj said:



Conclusion for you:
The hard part is finding people who want a solution to their problems. You don't first go to Alibaba or AliExpress or whatever sourcing site you might use.

I would start by going to Facebook and look up a few groups in a niche that relate to you. I read that your first sale was a bag. So let's think about what category or niche "bag" falls under.

If it is a bag with a sole purpose of carrying and protecting a laptop you need to figure out who carries such a bag. On top of my head, I would say probably men mostly, working middle-class men. You need to find out then whether you want to target those who commute by train to work or those who drive the latest BMW to work - they are different people and one wants function and the other one high-end (I'm speculating here).

Go to facebook group where "bag-interested" people hang out and socialize with them for a while, ask questions and look for clues in the past threads. Go to Amazon and look at reviews of similar bags, see what's good/bad with them.

Make a landing page on your website where they can "purchase" your product and see how many clicks thru. Go back and analyze the data to see who is clicking and who is not. Narrow your audience further.

Keep reading forums and go to eCommerce stores where they sell your kind of product and look for more reviews. If it is a laptop bag, chances are those are being discussed at tech forums and communities. You can find real life examples of the product in-use.

Keep doing research and document the use of the product as well as jargon.

ALWAYS keep your focus on ONE type of product - keep researching until you see a pattern (you will). Once you see the pattern, you will know exactly what product they want, how you can position yourself and you will sell it.

You see, the three first steps Andy laid out above are somewhat the barrier to entry in any field. Most people confuse barrier to entry with other stuff.

People say it is easy to start a blog and the barrier to entry is almost non-existent. Sure it is, if you think the barrier to entry is the part where you setup the blog on wordpress. But it ain't. The lowest barrier to entry in any field is the research part you need to do upfront. The difference is that in some fields the research is more extensive than others. For bags, I would say spend about a week of full-time if you've never done it before.

Thank you for the kick in the a$$ :) I have never really done any research, I just hop onto the idea and do a few minute look around to see what it is about instead of dwelling into it and doing a nice in-depth research. I will definitely stop what I am doing now and do my research before hand. I'll post back.

Thank you.

Rep transferred. Speed++
 

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There is no standard answer to this hypothetical. In fact, the opposite is likely FACT. It's not IF, it is when. There literally is no way to prevent that from happening. It's also a traditional slow lane cause of analysis paralysis and inaction. It's a question that is cemented in fear from people that have never built (or sold) a successful business before. The answer is --- there's no way to prevent it.

So what.

Wan-Mart wasn't the first discount store in the world. Sam Walton just copied K-Mart and made it better.

Debbie Fields didn't invent the chocolate chip cookie. She just made it better.

Best Buy was much smaller than Circuit City in the 1970's and into the early 1980's. Best Buy figured out how to adapt to changing market conditions and Circuit City died.

The concept you are working on is likely not original either. It's likely a derivative of an existing product. No matter.

That's not a reason to not start. Build a business worth expanding, or selling.

This is an exercise that akin to mental masturbation you hear about often on the forum. "What if my idea is so awesome that a huge company copies me?" Don't flatter yourself. This is usually a question asked by or of people that haven't sold the first dollars worth yet.

For the entrepreneurial group that I consider my mastermind (of 10-12 people, mostly from the forum) do you know how much time they spend worrying about this, per day? As a group, or individuals? I can answer for all of them. Exactly... zero.

You could be so blessed as to be a competitor to a large company that thinks you are so brilliant they want to replicate your success. Because... by definition by that point... you'd be a success.

I'm obsessed with providing something my customers would want. Winners focus on winning. Losers focus on winners. You don't have the large companies sitting around in their offices waiting for ideas to poach. Moreso, it's likely you're not the first with your idea. If you are, you're off to the races and by the time anyone gives a shit you already have appreciable revenue.

It's a straw man circle jerk that can keep you worried and give you a reason not to start. I have about 15 better reasons not to start a business than that if you're looking for one.

If someone asked me "what if Bank of America decided to copy you" my response is... "you should invest then, because we might as well sell this to Bank of America."

Stop worrying. Stop ringing your hands. Stop talking to people who have never built a business before --- because people who have --- would never ask you that question.

You cross bridges as you need to. If you become the GoPro of your business, you really don't need to be concerned that Sony has motion cameras also. People still want what you have to offer.

Don't borrow trouble. Don't spend time in these circular firing squads with no answer. It doesn't matter. Before you're worried that your idea is so awesome some big company is going to try and rip you off... earn your first $1 from a stranger who is willing to pay you for what ever value you cast out there. Then your second dollar. Than $100 dollars. Than a thousand.

You won't have time to sit and worry that you're so brilliant that McDonalds wants to copy your concept. By the time they even care, you'll already be in business and you'll be able to answer your own question at that point.

Lets go back to the basics. You haven't earned a dollar with the product yet. It's too soon to pick out your lambo color, and too soon to worry about how to protect your non-revenue generating idea from being scaled by someone else.

I've stole this as not to forget it.
 
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I've heard this saying many times: "You must spend money to make money." But I didn't realize it until now, that the spent money should go towards advertising the product to the people who demand it.

Great sudden insight. Love the change in thinking process.
 

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I feel instantly discouraged, knowing how many people are doing EXACTLY the same thing... There is something wrong about it. Just what is it?

Perhaps the third time I shoot myself in the foot, the bullet will hopefully go around it.

F*ck...
 
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I feel like I should rename this progress thread: "Earn $50 by January 31st. Budget 3K" because so far I am at a net $625 loss, excluding hosting and learning expenses.

And I F*cking love it! <3
 

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I feel like I should rename this progress thread: "Earn $50 by January 31st. Budget 3K" because so far I am at a net $625 loss, excluding hosting and learning expenses.

And I F*cking love it! <3

Now that you have data you can double down on whatever seemed to work and cut out the rest. Seems like you're set up pretty well for 2017.
 

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