• The Entrepreneur Forum | Startups | Entrepreneurship | Starting a Business | Motivation | Success
  1. Join 40,000+ entrepreneurs
    who are kicking butt and
    winning their dream life.

    Unscripted™ Entrepreneurship:
    A Business That Pays More Than Money, It Pays Time.

    "Fastlane" is an entrepreneur discussion forum based on The Unscripted Entrepreneurial Framework (TUNEF) outlined in the two best-selling books by MJ DeMarco (The Millionaire Fastlane and UNSCRIPTED™). From multimillionaires to digital nomads, the forum features real entrepreneurs creating real businesses.

    Download (Unscripted) Download (Millionaire Fastlane)  Register
    Registering for the forum removes this block!

  2. Forum *Official* Book Discussion
    Can't Hurt Me by David Goggins

    The forum has voted to discuss this book. Grab it, discussion begins soon!
    Can't Hurt Me, by Goggins

NOTABLE! Going for it. Ecommerce.

Discussion in 'Progress/Execution Threads' started by JByers210, Aug 10, 2017.

  1. biophase
    Offline

    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    5,985
    Likes Received:
    25,567
    Joined:
    Jul 25, 2007
    Location:
    Scottsdale, AZ
    Rep Bank:
    $171,801
    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.
     
    fmob007, Process, cmor16 and 4 others like this.
  2. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    True. I value your advice way more than anything I have to say or think. Here are a few reasons why I didn't feel like I should stay on this product.
    1. My manufacturer has my product listed as well. They are the only manufacturers for this product that I've been able to find at all.
    2. I'm only making 6$ 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?
     
    Last edited: Oct 21, 2017
    Ethanhoward35 likes this.
  3. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    I really appreciate it man. I've read some of your stuff lately on here and enjoy it!! Thanks for the encouragement :smile:
     
    Ethanhoward35 and Almantas like this.
  4. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    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!
     
  5. amp0193
    Offline

    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,288
    Likes Received:
    9,792
    Joined:
    May 27, 2013
    Location:
    United States
    Rep Bank:
    $48,656

    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.
     
    Last edited: Oct 24, 2017
    Busy Muse, Process, cmor16 and 3 others like this.
  6. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    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.
     
  7. Bryce R
    Offline

    Bryce R Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

    Messages:
    11
    Likes Received:
    24
    Joined:
    Oct 9, 2017
    Gender:
    Male
    Location:
    Nevada
    Rep Bank:
    $138
    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.
     
    Shortypants and JByers210 like this.
  8. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    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.
     
    Bryce R likes this.
  9. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    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.
     
    Process, cmor16, G-Man and 1 other person like this.
  10. CareCPA
    Offline

    CareCPA Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    509
    Likes Received:
    1,660
    Joined:
    May 2, 2017
    Gender:
    Male
    Location:
    Pennsylvania
    Rep Bank:
    $11,673
    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.
     
  11. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    This morning I raised the price of my product 5$ 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)​
     
    TheCj, Process, Ayda and 4 others like this.
  12. amp0193
    Offline

    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,288
    Likes Received:
    9,792
    Joined:
    May 27, 2013
    Location:
    United States
    Rep Bank:
    $48,656
    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.
     
    fKMARG, Striver, Roulf and 3 others like this.
  13. amp0193
    Offline

    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,288
    Likes Received:
    9,792
    Joined:
    May 27, 2013
    Location:
    United States
    Rep Bank:
    $48,656
    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.
     
    Striver, JByers210 and G-Man like this.
  14. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    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.
     
    Last edited: Oct 26, 2017
  15. CareCPA
    Offline

    CareCPA Gold Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass

    Messages:
    509
    Likes Received:
    1,660
    Joined:
    May 2, 2017
    Gender:
    Male
    Location:
    Pennsylvania
    Rep Bank:
    $11,673
    +1
    For sales tax, at your level of revenue, I wouldn't worry about it.
     
    JByers210 and G-Man like this.
  16. amp0193
    Offline

    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,288
    Likes Received:
    9,792
    Joined:
    May 27, 2013
    Location:
    United States
    Rep Bank:
    $48,656
    Yeah, I meant to say this too.

    No rush in even filing in your own state at this point. Just whenever you get around to it.
     
    CareCPA, JByers210 and G-Man like this.
  17. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    I already have put my state taxes into Amazon but that's the only one I've done. You guys are awesome. Thanks for helping me out so much.
     
    CareCPA and amp0193 like this.
  18. amp0193
    Offline

    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

    Messages:
    2,288
    Likes Received:
    9,792
    Joined:
    May 27, 2013
    Location:
    United States
    Rep Bank:
    $48,656
    Its fun to help people who you know are actually going to listen to the advice you give them.
     
    fmob007, Storm24, Vi2397 and 8 others like this.
  19. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    I've set up a separate bank account for the business and am in the process of figuring out my exact profits so far (@CareCPA has been a huge help).

    So lately I've been going back and forth in my head about college. I keep wondering if:
    • I'm wasting my time since I'd rather live in a tent than go work for someone else for the rest of my life and go corporate
    • I could be working more to have more $$$ to fund my business
    • I could have more time to spend working on the business
    • I'm just doing this to make my parents happy
    I've been staying up til 2 every night learning and going after this ecommerce business after I get off work. I love it. The problem is that the next morning I'm so tired and I haven't had the drive to go to my 8:30 A.M. classes so I'll either roll into class like a zombie or I'll catch an extra hour of sleep. The other week I walked into my psychology class (I hate it. I can't believe my parents are losing money and I'm losing my time for the stuff I'm being taught) and realized they were taking a test. Some people in the back started laughing and the professor just looked at me like I was a total idiot. I hate college so much.
    BUT
    I did some thinking last week. I read through some of the threads on the forum and absorbed what was being said. I don't want to put my big decisions on other people but it's nice to see what guys here had to say. One person said to at least build a business while in college so you have something going for you when you leave. I highly respect Mark Cuban (I'd say he's probably up there with @MJ DeMarco ;)) and decided to look up "Mark Cuban College Advice" just to see what would pop up.

    Mark Cuban gives a 17-year-old who pitched him on 'Shark Tank' his top advice for getting ahead

    I read that article and what he said to the young entrepreneur that said he would skip college to work on his business makes sense.

    "Learning accounting, learning finance, learning marketing, the more you can pull together, the quicker you can make decisions, the more competitive you can be, the greater advantage,"

    While I'm in college, however long it may be, I will learn as much as I can about business and really apply myself so I can apply it to my own. My dad is also paying for it (it's community college but still its a few thousand a year) so I'll also respect what he's doing for me and get to work. With that being said, when I reach 70K profit I will no longer be going to college. I don't know how or how long it will take but I'm going to keep working on my current business and going at it. Work and college are my daily FTE's.

    Here are my goals for this week:
    1. Figure out exactly how much I've made in profit so far
    2. Finish with the back and forth customizations of my new product. If people bought my other one, I imagine this will sell at least twice as much.
    3. Finish the Facebook Ads Course I bough through Udemy
    4. Start a Google Ads Course on Udemy
    I hope my progress and this thread really helps someone out down the road and inspires them the way I've been inspired here. Honestly, the help and responses I've gotten from you guys on here has encouraged me so much it's insane. If it weren't for MJ's books and this forum and all of you on here, I'd be so confused and have no sense of direction. As always, please share any advice or any thoughts you have!!
     
    PTP, MidwestLandlord and Xeon like this.
  20. Xeon
    Offline

    Xeon All Cars Kneel Before Pagani. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    744
    Likes Received:
    1,603
    Joined:
    Sep 3, 2017
    Gender:
    Male
    Location:
    Singapore
    Rep Bank:
    $8,135
    Just curious, how many more years of college do you still have left?

    This is my personal opinion, but I feel that you should stick with college and hustle at the same time, unless you're raking in 5-figure consistently a month.

    In the event that your business fails or sales start to go down after reaching a plateau (touch wood!), you still have college as a backup, and you can use THAT degree to find a white-collar day job which pays an OK wage, and you use that "OK" wage to start a side business in your after work hours. Without that degree, you'll probably be working as a table cleaner and the wages for a table cleaner is not enough to fund most hustles (especially if you're dealing with inventory!!!)

    I'm not from the US so I'm not sure how difficult it is to find a job with a college degree there (I mean, MJ himself had issues getting a day job with his dual-degree), so....

    Just my 2-cents. I know some folks want to go balls in, by quitting college and their stable day job, staking everything on an all-or-nothing, when they're not earning anywhere close to even a 4-digit figure monthly.

    I've been following all your posts and you're doing very well for someone your age. When I was your age, all I could think of was porn and girls. Sigh.
     
    fKMARG, Striver and JByers210 like this.
  21. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    Thanks for this. I'm in my first year and I don't know if I want to go for a four year degree so maybe another year after this one. Yes, I agree with you for the most part. The back-up part is where I don't agree 100%. I've been around a bunch of guys who have degrees lately, including at work, that can't get a job with them. One had a degree for IT and was stuck driving at the tire shop... a minimum wage job I got with no effort. He told me no one was hiring and the one place he had planned to go work for told him they'd let him know when there was an opening lol. He'd been waiting for a while. I see and hear all of these horror stories about college and debt that I seriously doubt the need for the degree if you're finally taking off with a business. I'm not in that place right now so I'm grinding in college. Thank you man for following!!! I love when you and other guys give advice and feedback.
    ...back to homework :playful:
     
    Process and Xeon like this.
  22. Xeon
    Offline

    Xeon All Cars Kneel Before Pagani. Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    744
    Likes Received:
    1,603
    Joined:
    Sep 3, 2017
    Gender:
    Male
    Location:
    Singapore
    Rep Bank:
    $8,135
    Yup, if the situation is that bad over there, then go for it if you feel you must :)
    I understand the college debt there are astronomical amounts lol
     
    JByers210 likes this.
  23. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    Today I got to talk to @CareCPA (thanks a ton man!) and he showed me how to figure out my exact profits. I'm thankful for him and the other guys on this forum that have helped me out and sped up the process. According to all the income statements, I'm at -349.29$. Once I sell the rest of my units on Amazon, I'll be at 637.71$ profit since I've started selling this product around a month and a half ago. That will cover all the fees it took to start this LLC with LegalZoom and will make it profitable. It was good to take a step back and see what's going on with Amazon fees and my COG's. I'm so happy I launched this product even though it's not very good, because I learned so much that I wouldn't have otherwise.
    I've made my first 1$..my first 100$...now I'm going for my first 1000$.

    I'm in the process of making minor changes to a product and also figuring out how to add value to another product. I want to launch at least one if not both of these by the end of this month to Amazon and Shopify. This week I've been overwhelmed. I was reading threads that @JasonR and @hughjasle started and got some great nuggets..but instead of focusing on the task at hand (getting new products to launch), I've been thinking about funnels and how I'm going to do facebook ads. I'm making it a goal to launch these products as soon as possible and make my first 1000$ profit.
     
    Last edited: Nov 11, 2017
    Lex DeVille, CareCPA, cmor16 and 6 others like this.
  24. Striver
    Offline

    Striver Bronze Contributor Read Millionaire Fastlane

    Messages:
    106
    Likes Received:
    111
    Joined:
    Mar 23, 2017
    Location:
    USA
    Rep Bank:
    $579
    Keep selling, while you're researching the the stuff.
     
  25. JByers210
    Offline

    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

    Messages:
    179
    Likes Received:
    685
    Joined:
    Apr 14, 2017
    Gender:
    Male
    Location:
    Michigan
    Rep Bank:
    $3,342
    I sent out 60 units this week that are in an FBA warehouse as we speak! Nothing crazy but I'm just bootstrapping with this product.
     
    Striver and Xeon like this.

Join 1000s of entrepreneurs who are rewriting life's script and winning financial freedom.

---- ----

You must be a member to join the conversation.

Create Account

Join the community fast and easy!

REGISTER

Log In

Already have an account? Login here.

LOG IN

Share This Page