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JByers210

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Now that you see you can get some sales, have you thought about ordering more at a time for a larger price break(IE more profit each)?
Yeah but I'm so critical of this product. I'm assuming I'm going to get 1 star reviews and the next 30 may not sell. It's a cool product and it works well but I'm just not sure, maybe I'm thinking into it too much. I don't have my logo on it yet, I haven't added that much value to it aside from something small, but I did sell all 20 so far. I'm looking at a product right now to really improve because none of them actually work. 1 star reviews and they all say that it breaks on each of these sellers products. If this one I'm selling right now keeps doing well and I can put my logo on it, then I'll keep ordering in increments. I'll probably consider going 150 units though next order if these do very well so I can get my logo on them.
 

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Walter Hay

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Yeah but I'm so critical of this product. I'm assuming I'm going to get 1 star reviews and the next 30 may not sell. It's a cool product and it works well but I'm just not sure, maybe I'm thinking into it too much. I don't have my logo on it yet, I haven't added that much value to it aside from something small, but I did sell all 20 so far. I'm looking at a product right now to really improve because none of them actually work. 1 star reviews and they all say that it breaks on each of these sellers products. If this one I'm selling right now keeps doing well and I can put my logo on it, then I'll keep ordering in increments. I'll probably consider going 150 units though next order if these do very well so I can get my logo on them.
Depending on the kind of product, it is usually possible to have your logo applied post-production, often close by where you are located. This means you don't have to order larger quantities just so you can attach a logo.

There are many different ways to attach or incorporate a logo on a product. In my labeling book I deal with 27 different methods, so try thinking outside the square. There are some labeling/branding methods that can cost you more if done by your supplier in China than they would cost in the USA.

Walter
 
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Depending on the kind of product, it is usually possible to have your logo applied post-production, often close by where you are located. This means you don't have to order larger quantities just so you can attach a logo.

There are many different ways to attach or incorporate a logo on a product. In my labeling book I deal with 27 different methods, so try thinking outside the square. There are some labeling/branding methods that can cost you more if done by your supplier in China than they would cost in the USA.

Walter
I really appreciate that. Never thought that I could do it post-production. Really considering getting your book!
 
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Here are the sales I've made the past 4 days:
Tuesday: 4
Wednesday: 4
Thursday: 3
Friday:1

I've been waiting for a bad review and got it today. A one star review trashing the product. It's weird because the guy messaged me 5 days earlier saying "copycat china junk" and then bought it today? It seems like he's trying to give me a bad review. Anyways, I've gotten my first red gumball. I'm ready to go all in with the profits I've made from this product and the money I have saved and really improve a product and add a ton of value. I already have one in mind. My instagram is at 1300 followers and I have gotten a few sales through my shopify store. If I can sell a product that I barely added value to, I'll kill it with a product I really focus on. It sucks, but I now have a basic understanding of how this all works. I'm so clueless when it comes to marketing but I'm reading and figuring it out. Back to work!
 

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Here are the sales I've made the past 4 days:
Tuesday: 4
Wednesday: 4
Thursday: 3
Friday:1

I've been waiting for a bad review and got it today. A one star review trashing the product. It's weird because the guy messaged me 5 days earlier saying "copycat china junk" and then bought it today? It seems like he's trying to give me a bad review. Anyways, I've gotten my first red gumball. I'm ready to go all in with the profits I've made from this product and the money I have saved and really improve a product and add a ton of value. I already have one in mind. My instagram is at 1300 followers and I have gotten a few sales through my shopify store. If I can sell a product that I barely added value to, I'll kill it with a product I really focus on. It sucks, but I now have a basic understanding of how this all works. I'm so clueless when it comes to marketing but I'm reading and figuring it out. Back to work!

Probably a competitor noticing you coming onto their turf.
 
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Probably a competitor noticing you coming onto their turf.
I figured. Have you ever dealt with that? I'm not sure how to find out for sure if it is. Will research and figure it out
 

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Hey u seem to be progressing well bit jelly of ya! Keep hustling up, good to see you are breaking free. It all starts with a system... $100 a month... $1000 month.... $10000 a month... Hustle hard and gtfo from the script!!
 
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Hey u seem to be progressing well bit jelly of ya! Keep hustling up, good to see you are breaking free. It all starts with a system... $100 a month... $1000 month.... $10000 a month... Hustle hard and gtfo from the script!!
I appreciate your support man!! are you running a business yourself!?
 

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I figured. Have you ever dealt with that? I'm not sure how to find out for sure if it is. Will research and figure it out
I don't sell on Amazon, if it's just 1 bad review I'd ignore them and move on and focus on providing more value and satisfaction to your customers. Let them waste time worrying about the competition and throw a tantrum about other peoples products.
 

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I don't sell on Amazon, if it's just 1 bad review I'd ignore them and move on and focus on providing more value and satisfaction to your customers. Let them waste time worrying about the competition and throw a tantrum about other peoples products.
For sure. I contacted Amazon and they will decide what to do with the review. Hopefully they remove it but if not, I'm already working on creating more value :thumbsup:
 
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I've been all over the place this week trying to decide which products to move forward with improving and adding value to and I just decided today to go all in with one and figure it out somehow. It has a patent on it, so today I'm learning how to read patents and figuring out how to get around this. Google is life (So is this forum)

(edit: I spent a bunch of time today researching best possible outcomes and the barriers to entry, and I changed my mind. I took the second hardest product to do, with barriers to entry in importing, and it has 10,000$ more in revenue per month than the idea I had in mind. Wrote up all 5 ideas I've had and just looked at it from a perspective of whatever is harder and has more potential. NO MORE ACTION FAKING AND PICKING! I'm going all in with this one product and making the best it can be.)
 
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I looked at a product today that is the same as mine and found out that another person with the same last name had left a negative review. lol. Contacted Amazon again with the information and hoping they deal with it. Definitely a competitor like @StevieB said.
 

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Oh man, I can smell your awesomeness from afar!

Keep your chin high and keep grinding! You'll achieve amazing things.

Counting on you! Fingers crossed :)
 

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I've been all over the place this week trying to decide which products to move forward with improving and adding value to and I just decided today to go all in with one and figure it out somehow. It has a patent on it, so today I'm learning how to read patents and figuring out how to get around this. Google is life (So is this forum)

(edit: I spent a bunch of time today researching best possible outcomes and the barriers to entry, and I changed my mind. I took the second hardest product to do, with barriers to entry in importing, and it has 10,000$ more in revenue per month than the idea I had in mind. Wrote up all 5 ideas I've had and just looked at it from a perspective of whatever is harder and has more potential. NO MORE ACTION FAKING AND PICKING! I'm going all in with this one product and making the best it can be.)
Why don’t you perfect your first product before launching a second. Just seems like a bad idea and you are moving just to move. Faster doesn’t mean better.
 
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Why don’t you perfect your first product before launching a second. Just seems like a bad idea and you are moving just to move. Faster doesn’t mean better.
True. I value your advice way more than anything I have to say or think. Here are a few reasons why I didn't feel like I should stay on this product.
  1. My manufacturer has my product listed as well. They are the only manufacturers for this product that I've been able to find at all.
  2. I'm only making 6$ profit a unit. Doesn't seem as great as some of the details of other guys products I'm reading about on other threads.
  3. It seems like it's somewhat seasonal. Is it safe to share the niche here? Would love to see whether you think it is or not.
What do you think?
 
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Oh man, I can smell your awesomeness from afar!

Keep your chin high and keep grinding! You'll achieve amazing things.

Counting on you! Fingers crossed :)
I really appreciate it man. I've read some of your stuff lately on here and enjoy it!! Thanks for the encouragement :smile:
 
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After getting some thoughts and advice from both @biophase and @PTP , I've been thinking about my brand and if this business is something I want to keep pursuing. It is. I've decided this to be the business I work on and plan out for the next 5 years. I have so much to learn but I'm out here and I'm taking action.

Here is my status right now:
  • Product is on Amazon with a 4 star rating (even after a competitor left a one star)
  • I'm guessing I made around 400$ profit with this product so far within the past month.
  • I'm looking at other products that I could easily fit into my store and brand. Already have a bunch of them, including one I was going to go all in for, but I need to add massive value this time and hate to change my mind but I have a feeling the product I want to improve now will reach more people.
Today I came home from work, hopped on Craigslist, bought an iphone from someone in the area for 150$, and had someone come buy it from me within two hours for 15$ profit. Nothing crazy but if I can keep coming home and getting good deals and then reselling, it will help me out a ton! When I was in junior high my dad refused to keep paying for all my restaurant outings...which is what made me think outside the box and learn how to start flipping peoples stuff on Craigslist and pay for my meals. I would eat out 2-3 times a week at Chilis with friends off of straight flipping cash lol. I still enjoy doing it.

An hour ago I was looking at a product and I asked my dad what he thought and he said, "Oh, I have one and need it, but I hate it. It's so cheap and hard to set up". Boom. The language of opportunity. Fits my niche and audience and can go on Amazon and my Ecommerce store. I'll be contacting suppliers as soon as possible and figuring out what I need to do to make this something my dad would love to use. I think that is a good litmus test for whether or not the product your selling is good. Would my friends and family use this if I weren't selling it? Would they love it? I've got a bunch of ideas I could go to work on and I need to just stop thinking and get back to doing.

By the way, this forum is my favorite place to be. Thanks @biophase , @PTP , and @amp0193 for being so helpful and encouraging. You guys are the reason this place is as special as it is. I want to help others the way you guys have and are helping me when I get to the point where I can. I'll be posting my progress and any thoughts or ideas that I get!
 

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After getting some thoughts and advice from both @biophase and @PTP , I've been thinking about my brand and if this business is something I want to keep pursuing. It is. I've decided this to be the business I work on and plan out for the next 5 years. I have so much to learn but I'm out here and I'm taking action.

Here is my status right now:
  • Product is on Amazon with a 4 star rating (even after a competitor left a one star)
  • I'm guessing I made around 400$ profit with this product so far within the past month.
  • I'm looking at other products that I could easily fit into my store and brand. Already have a bunch of them, including one I was going to go all in for, but I need to add massive value this time and hate to change my mind but I have a feeling the product I want to improve now will reach more people.
Today I came home from work, hopped on Craigslist, bought an iphone from someone in the area for 150$, and had someone come buy it from me within two hours for 15$ profit. Nothing crazy but if I can keep coming home and getting good deals and then reselling, it will help me out a ton! When I was in junior high my dad refused to keep paying for all my restaurant outings...which is what made me think outside the box and learn how to start flipping peoples stuff on Craigslist and pay for my meals. I would eat out 2-3 times a week at Chilis with friends off of straight flipping cash lol. I still enjoy doing it.

An hour ago I was looking at a product and I asked my dad what he thought and he said, "Oh, I have one and need it, but I hate it. It's so cheap and hard to set up". Boom. The language of opportunity. Fits my niche and audience and can go on Amazon and my Ecommerce store. I'll be contacting suppliers as soon as possible and figuring out what I need to do to make this something my dad would love to use. I think that is a good litmus test for whether or not the product your selling is good. Would my friends and family use this if I weren't selling it? Would they love it? I've got a bunch of ideas I could go to work on and I need to just stop thinking and get back to doing.

By the way, this forum is my favorite place to be. Thanks @biophase , @PTP , and @amp0193 for being so helpful and encouraging. You guys are the reason this place is as special as it is. I want to help others the way you guys have and are helping me when I get to the point where I can. I'll be posting my progress and any thoughts or ideas that I get!

Every post you make sounds more mature. You don't sound like a noob anymore.

The magic of taking action.

Protip: Unlock the iphones from CL and sell on Amazon. You'll 3x your profit from selling on CL. Just make sure you have a good system in place for really checking the iphones over, so you don't tarnish your AZ account by selling malfunctioning or stolen goods. I would always just list my iphones on Amazon at the lowest price, and they would typically sell within an hour.

I'd recommend shipping USPS Flat Rate Boxes and getting insurance on the shipments.
 
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Every post you make sounds more mature. You don't sound like a noob anymore.

The magic of taking action.

Protip: Unlock the iphones from CL and sell on Amazon. You'll 3x your profit from selling on CL. Just make sure you have a good system in place for really checking the iphones over, so you don't tarnish your AZ account by selling malfunctioning or stolen goods. I would always just list my iphones on Amazon at the lowest price, and they would typically sell within an hour.

I'd recommend shipping USPS Flat Rate Boxes and getting insurance on the shipments.
Haha I'm glad to hear that :smile: It's true, just taking the action needed has taught me so much. Thanks for the tip man!!! I'll do it.
 

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Haha I'm glad to hear that :smile: It's true, just taking the action needed has taught me so much. Thanks for the tip man!!! I'll do it.
Props my friend. I love this thread. Very encouraging. I'm in the same boat, just beginning my ecommerce journey with product/niche research and determining value. Time to take action. Much love.
 
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Props my friend. I love this thread. Very encouraging. I'm in the same boat, just beginning my ecommerce journey with product/niche research and determining value. Time to take action. Much love.
Take action as soon as possible!!! The more actions I've taken, the more things have come together and made sense. I'm still so new to this but I know a ton more than I did a month or two ago.
 
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Reached 7 sales today on Amazon. My goal was 5 in a day so that pumped me up. I only have 8 left so I'm ordering more tonight. Crazy how I've made more after the attack from a competitor than I did before.
 

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...
  • I'm guessing I made around 400$ profit with this product so far within the past month...
Why are you guessing? Put a system in place to know exactly how much you make on each unit. Between your Amazon/Shopify reports and knowing your other costs, this should be fairly easy. Let me know if you need help pulling together a spreadsheet to do this. Many people look back a year or two later and realize they're putting in tons of time just to break even.

Loving the hustle, keep it up.
 
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This morning I raised the price of my product 5$ so the remaining 6 units wouldn't sell out as fast. Here is how today went down.

  • Saw I made 3 sales during class this morning and freaked. raised the price again another 5$.
  • Checked my phone halfway through the day and saw I sold another one.
  • Was showing my brother how things are going a couple hours ago and saw I sold another unit.
Today was a 55$ day!!! My business made more than I did today at work. I'm even more motivated than I was before to make this all a consistent reality.

Here is what I have to do as of right now

1. Set up a business bank account

2. Figure out all the different ways I'm going to really improve my next product. I'm going for the productocracy this time :smile:

3. Figure out exact profits so far and taxes (FBA taxes look tricky)

(As always, any and all advice means a ton)​
 

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Figure out exact profits so far and taxes (FBA taxes look tricky)​
Disclaimer: I am not a tax professional and what I am suggesting should not be taken as advice. Please consult a tax professional regarding your taxes.


FBA taxes can be as simple or as complicated as you want them to be. If you read content put out by the Amazon tax software companies, they tell you you need to make it complicated, so that you will subscribe to their software. Podcasters will tell you this too, so that they will get an affiliate kickback for pushing the software.

Here's what I do:

1) Set sales tax to collect in Texas only (my state).
2) Add the tax code A_GEN_TAX to the backend of all of my products (this makes Amazon charge tax in all cases, based on your settings from step 1).
3) Monthly, run a tax report from Amazon. The report provides a list of all sales that collected sales tax.
4) Report the total monthly sales (revenue) to TX, and file.

Total time required: 10min a month.


Where it gets complicated, is in trying to define where your business has "nexus".

Some will say, you have nexus everywhere you have inventory. So you'd have nexus in like 16 states where Amazon has fulfillment centers, and you need to file sales tax in all 16 states.

Some say you have nexus wherever your business has a physical presence (building/employees). i.e. your home state.


Some states have made laws defining what they think nexus is, and when you hit a certain sales threshold, you may get a call from one of these states saying you need to start filing sales tax in their state. If they're anal, they may try and make you back-file, however, I don't think this is too common. My friends who have gotten called, have just started filing from that point on, and it was fine. My last business was doing 7-figures in sales, and I never got asked to file anywhere else... to give you an idea.


The fact is, there is no ruling from the federal level on how to treat fulfillment centers like Amazon and how it affects Nexus. I won't bother filing in other states unless the federal government comes out and says to do so, or my new business becomes wildly successful, and I'm doing 8-figures a year, at which point I'm probably getting phone calls from other states anyways.

One thing to note: Once you start filing tax in a state... you can't stop. They now are aware of your existence, and they will make sure you keep filing. And if you ever miss a filing deadline... big penalties. At least in TX anyways.


In your case, for what probably amounts to a few bucks in owed sales tax, I just wouldn't bother with it in any state other than your own.
 

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This morning I raised the price of my product 5$ so the remaining 6 units wouldn't sell out as fast. Here is how today went down.
  • Saw I made 3 sales during class this morning and freaked. raised the price again another 5$.
  • Checked my phone halfway through the day and saw I sold another one.
When you're back in stock, it might be worth using the software Split.ly for a month, and run a test to find your ideal price.

Higher price will be less sales (probably), but it might mean more profit.

The X factor, is you need to get enough sales to stay high in the search ranks.

It's a balancing act between # of sales, amount of profit, and position in the search rank.
 
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Disclaimer: I am not a tax professional and what I am suggesting should not be taken as advice. Please consult a tax professional regarding your taxes.


FBA taxes can be as simple or as complicated as you want them to be. If you read content put out by the Amazon tax software companies, they tell you you need to make it complicated, so that you will subscribe to their software. Podcasters will tell you this too, so that they will get an affiliate kickback for pushing the software.

Here's what I do:

1) Set sales tax to collect in Texas only (my state).
2) Add the tax code A_GEN_TAX to the backend of all of my products (this makes Amazon charge tax in all cases, based on your settings from step 1).
3) Monthly, run a tax report from Amazon. The report provides a list of all sales that collected sales tax.
4) Report the total monthly sales (revenue) to TX, and file.

Total time required: 10min a month.


Where it gets complicated, is in trying to define where your business has "nexus".

Some will say, you have nexus everywhere you have inventory. So you'd have nexus in like 16 states where Amazon has fulfillment centers, and you need to file sales tax in all 16 states.

Some say you have nexus wherever your business has a physical presence (building/employees). i.e. your home state.


Some states have made laws defining what they think nexus is, and when you hit a certain sales threshold, you may get a call from one of these states saying you need to start filing sales tax in their state. If they're anal, they may try and make you back-file, however, I don't think this is too common. My friends who have gotten called, have just started filing from that point on, and it was fine. My last business was doing 7-figures in sales, and I never got asked to file anywhere else... to give you an idea.


The fact is, there is no ruling from the federal level on how to treat fulfillment centers like Amazon and how it affects Nexus. I won't bother filing in other states unless the federal government comes out and says to do so, or my new business becomes wildly successful, and I'm doing 8-figures a year, at which point I'm probably getting phone calls from other states anyways.

One thing to note: Once you start filing tax in a state... you can't stop. They now are aware of your existence, and they will make sure you keep filing. And if you ever miss a filing deadline... big penalties. At least in TX anyways.


In your case, for what probably amounts to a few bucks in owed sales tax, I just wouldn't bother with it in any state other than your own.
That's the best explanation I've gotten so far of how this works. Thank you so much. Now that you say it, I can see how they push their software through podcasts and blogs by overcomplicating it.
 
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Disclaimer: I am not a tax professional and what I am suggesting should not be taken as advice. Please consult a tax professional regarding your taxes.


FBA taxes can be as simple or as complicated as you want them to be. If you read content put out by the Amazon tax software companies, they tell you you need to make it complicated, so that you will subscribe to their software. Podcasters will tell you this too, so that they will get an affiliate kickback for pushing the software.

Here's what I do:

1) Set sales tax to collect in Texas only (my state).
2) Add the tax code A_GEN_TAX to the backend of all of my products (this makes Amazon charge tax in all cases, based on your settings from step 1).
3) Monthly, run a tax report from Amazon. The report provides a list of all sales that collected sales tax.
4) Report the total monthly sales (revenue) to TX, and file.

Total time required: 10min a month.


Where it gets complicated, is in trying to define where your business has "nexus".

Some will say, you have nexus everywhere you have inventory. So you'd have nexus in like 16 states where Amazon has fulfillment centers, and you need to file sales tax in all 16 states.

Some say you have nexus wherever your business has a physical presence (building/employees). i.e. your home state.


Some states have made laws defining what they think nexus is, and when you hit a certain sales threshold, you may get a call from one of these states saying you need to start filing sales tax in their state. If they're anal, they may try and make you back-file, however, I don't think this is too common. My friends who have gotten called, have just started filing from that point on, and it was fine. My last business was doing 7-figures in sales, and I never got asked to file anywhere else... to give you an idea.


The fact is, there is no ruling from the federal level on how to treat fulfillment centers like Amazon and how it affects Nexus. I won't bother filing in other states unless the federal government comes out and says to do so, or my new business becomes wildly successful, and I'm doing 8-figures a year, at which point I'm probably getting phone calls from other states anyways.

One thing to note: Once you start filing tax in a state... you can't stop. They now are aware of your existence, and they will make sure you keep filing. And if you ever miss a filing deadline... big penalties. At least in TX anyways.


In your case, for what probably amounts to a few bucks in owed sales tax, I just wouldn't bother with it in any state other than your own.
+1
For sales tax, at your level of revenue, I wouldn't worry about it.
 

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