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First time trying to start eCommerce / Amazon business at 40

Discussion in 'Ideas, Needs, Concept Feedback' started by rk123, Aug 13, 2018.

  1. rk123
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    rk123 New Contributor

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    Hello Friends,

    I am a 40 year old guy working as a manager in a software industry and making a decent living. With my current income, I can afford very good lifestyle. With that being said, I have the longing desire to start my own business. The thought of starting a business is killing me and I really want to try to start something without leaving my current job.

    I started my own consulting firm back in 2008 but due to the recession, I didn't survive and went back to work.

    Recently, I came across amazon Private labeling business idea. I have been surfing internet and listening to many podcasts and learning as much as i can. I am getting very mixed review about jumping into this business.

    My goal for next 6-10 months is to start small and make little money (as i don't need any money to survive). After that:I am hoping to invest big and make decent profit. I will be utilizing necessary software (virtual launch, inventory management, rebate, etc...) to make my life as much easy as i can.

    Do you guys think its a good idea for a guy like me to jump into Amazon private labeling or thinkg about something else? I just want your honest opinion......

    Let me know if you need any further information from me.... thank you

    -Rk
     
  2. ZCP
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    ZCP Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    What the hell does you being 40 have anything to do with it?

    You are looking for validation from a group of internet strangers. What do your numbers say? Market validation? CENTS?

    This is like someone coming to you and saying they are 60, should they start coding?...... what would you say to them?

    Don't try to start a business. Start a business. Make a plan. Run the analysis. Do. Fail miserably. Update / fix / revise. Do. Fail. Update / fix / revise. Do.
     
  3. JAJT
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    JAJT Ha Ha! Business Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    I would rephrase that goal to be: "My goal for the next 6-10 months is to invest (the amount you are comfortable with) to learn the business as best as I can and optimize it every step of the way. I will reinvest any profits back into this business as I don't need it to survive. Any tools I use need to be worth what they provide."

    Planning to make little and invest big makes little sense. Make as much as you can, reinvest the rest, and when you have a good foundation to stand on - scale up.

    Well... what's your criteria for picking Amazon?

    If it's because it sounds like "easy money" - it isn't. It used to be EASIER money, but that ship has largely sailed. You really do need to know what you are doing, understand your numbers, make good business choices, reduce costs, market and advertise well and pick good products if you want to succeed - just like almost any other business you could start, really.

    Most of the "I started not knowing what I was doing and now I'm a millionaire" stories are largely people getting very lucky at the right/place time, or they aren't telling you the whole story (like their $999k in expenses they don't show on their revenue graph).

    History has shown time and time again that any age is a great age to get into business but only you can decide what's right for you.
     
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  4. Sebastya
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    Sebastya Bronze Contributor

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    Please, no.

    Amazon is already polluted with a thousand private label copies of any given product. We don't need another. We need a solution to a real problem.
     
  5. JAJT
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    JAJT Ha Ha! Business Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    The world itself is filled with private label products - I don't get this sentiment?

    Private label companies can do this in many ways:

    - Changing the packaging (make a round tin into a square one and you save a ton of space and make shipping and storing easier)
    - Reduce the price (less expensive, easier to buy)
    - Change the colors or some other superficial aspect (offer more variety)
    - Provide far better information (make it easier to buy, easier to use, easier to troubleshoot)
    - Improve some aspect of the product in a meaningful way (change plastic screws to metal ones, increasing durability, or switch from aluminum to stainless steel and prevent rusting, etc...)

    Private label does not mean zero value.
     
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