Fastlane convert. Join along for the ride...

[jesset17]

Scroll to Lessons Learned section to skip over my rambling.
(still working on my non-technical writing)


Hello Fastlane Community

I joined this forum only a few months ago after reading The Fastlane Millionaire. Like many of you, MJ’s book revolutionized the way I look at wealth, money, and most importantly how to obtain it. I am forever grateful and am determined to use the golden information MJ provides to reach my goals and better the life for everyone around me and myself. I would also like to thank all the contributing members of the forum. I have learned so much in the short time I have been here that it would be impossible to quantify. With large scale media constantly showing all the horrible events and people of this world, it is refreshing to see so many people come together and share experiences, advice, success, and failures for the betterment of everyone on the forum. In time I hope to contribute back to the forum a small percentage of what I have already taken away.

Quick background on myself: 26 years young, B.S. in engineering, working a slowlane career in the semiconductor industry; always had the entrepreneur “spirit” but never committed to taking action; physically active in sports, running, anything outdoors; mortgage and student loan debts, 3 pets, 1 wife, no kids; happy with my life but know I can and will achieve more in finance, family, and fitness.


The Beginning of my Journey

A few days after completing the book I decided to start off with the ecommerce route and find a product to private label on Amazon, just to get my feet wet and start the ball rolling. Many product ideas and research led me to something that I had some interest in and also that met my criteria for producing the product. Now I just had to determine how I could set myself apart. The item had some strong competition but no name brands. I decided I could add an extra component to the item: an upgrade of sorts that is commonly bought with the main product.
I finalized on two suppliers (one for each product) and went through the sample ordering, logistics, brand labeling, etc. and was satisfied with their service and quality. So I committed to a bulk order. Everything was going smoothly. Had a logo created, designed a custom packaging, and was ready to list the item on Amazon.

The plan from the get go was to utilize Fulfillment by Amazon (FBA) to hold and ship the products. In my eyes this was key in multiple ways: Amazon takes care of customer service, fulfillment, customers get free Prime shipping, and the costs to me came out lower because of Amazons discounted shipping contracts. Unfortunately when I listed the item it was flagged for Hazmat and was not approved for FBA. I had not planned for this.

Was I up the creek without a paddle, no. I could still sell the product and fulfill myself but this takes my time away from other projects and also cuts into the profit margins. This felt like a devastating blow at first (probably being overdramatic) but I was determined to get approval for FBA. I began with following the instructions Amazon provides on how to be prove items are not hazmat. Submitted the needed documents and waited the 4 days. Product Under Hazmat Review. Called seller support to get an answer on what the issue is. Was given a generic answer that did not help, “Resubmit the documents, wait 4 days and we will escalate to the next department if there are more problems.” 4 days later, Product Under Hazmat Review. Seller support agent after seller support agent, more generic responses: inconsistencies in the documents, please resubmit; reviewer did not provide specific details, please resubmit. After 3 weeks of this dance, my patience started to diminish and my temperament on the phone showed that. I demanded a specific reason why the product was not approved when nothing was hazmat and all of the requested documents were provided. Over the phone and by email, I explained clearly the situation, components of concern, and how the documents provided exonerated the product from being hazmat. No room for misunderstanding or misinterpretation.

No response for 3 days. Until finally I saw an email at the crack of dawn from Amazon seller support. I thought, oh great another denied request and my account is locked out for annoying too many people. Opened the email and to my amazement and joy, the email stated: I am glad to inform you that our Product Compliance team has completed their review and concluded it as non-Hazmat. You shall now be able to use FBA with no modifications to your product. Shouts of joy rang through my head (too early to actually shout), the sunrise broke over the mountains, and my frustrations with Amazon were erased.
Though that was a win in my book, it is not a success story quite yet. The bulk order is planned to be completed soon and shipped to me around mid-November. Then I will be able to see if I indeed added enough value to set my product apart and make any sales.

In the meantime I will post here if there are any more updates, setbacks, or successes. I also am going to start a clothing line (well t-shirt company for now) and will either start a new progress thread or add it to this one.


Lessons Learned:

• Consider all the scenarios: I didn’t even consider Amazon refusing to accept the product for FBA since the majority of the competitors use Amazon for fulfillment. Being denied FBA would not have been a deal breaker but would have cut into profits and time. I need to remind myself to think realistically and factor in any possible roadblocks or setbacks. Unexpected situations can and will always arise, but you can do your best to pull your head out of the clouds and be prepared for any obstacles.

• Listen to the professionals: Before committing to the bulk order, I was fortunate enough to briefly run the product idea through Biophase and he was unsure if I was adding enough value to really surpass the competitors in the market. At the time I was too eager and emotionally invested in my own idea that I went for it anyway. Looking back now, I should have taken is advice more seriously and improved my idea or changed plans completely. I do still believe that it will sell but only time will tell if it will be a hit or just another struggling item on Amazon. Regardless, I will hustle my a$$ off online and in person to get the first order sold and determine if continuing the product is viable.

• QUIT READING, START DOING!

Many thanks to @biophase, @Andy Black, @Walter Hay, @AgainstAllOdds, (quite frankly every forum member since most have more experience than me) for the golden nuggets of information and inspiration. And of course @MJ DeMarco for creating this community and providing the public with the ammo to improve their life at a cost lower than a case of beer.

 

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