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

  1. KingChuck211
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    KingChuck211 Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Just read this whole thread!! It was lovely seeing you test , develop and learn!

    I shall be starting my own progress thread soon!

    I was successfully dropshipping but stopped that due to customer complaints on shipping times. Following MJ's advice I listened to the echo and have now decided to do the shipping myself in house reducing shipping times to a few days rather than weeks.

    I hope my success is as good as yours!
     
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  2. ShellShock
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    ShellShock Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Pretty good thread. Lots of good stuff . Also make sure to check out Ecom Man thread about ecommerce&ebay (my apologies if it was already suggested).
     
  3. JByers210
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    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    For anyone running facebook ads, this guide has been very helpful to me on reddit. I'll post in update on how things are going soon.
     
  4. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Good stuff man. I don't know what your product is but it seems like you're an a grade action taker. Someone whos obsessed with learning and improving. You'll go far.

    Good luck.
     
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  5. sparechange
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    sparechange Gold Contributor Speedway Pass

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

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    Thanks man. I'm about to check up on your FU money thread! Keep up the good work!

    Thanks for reading! :thumbsup:
     
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  7. JByers210
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    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    For now, I'm putting the big idea that solves a pain point in my life on the shelf and continuing with all the work that I've put into my current business for the past year. I'll need money to create a prototype and everything anyway so this works out.

    My product is a want. It's not a need in any way...so Amazon PPC and Google Adwords are not channels I'll be focusing on. (Thanks to @amp0193 for pointing that out about the channels).

    I've been heavily getting into facebook ads. I've been building landing pages, figuring out how a funnel should work, adding upsells and cross-sells into the mix, etc. It's overwhelming...but I've learned so much the past couple weeks by just doing...and I've made some sales to offset the cost of learning it all.

    @JasonR has some crazy gold in his threads and they've really helped me keep pushing. I'm in a similar spot to where he was at with his first business in the beginning. I'm making my products out of the garage and getting a couple sales here and there...but I'm not getting a consistent profit yet and I'm losing money on ads some days. I know it will happen eventually. I spent 13 hours today glued to the computer working on ads and writing copy (to the best of my ability) for my product.

    I have a really nice product in a LARGE market that I've gotten crazy good reviews on and some re-orders even though it's not cheap.... so I believe I'm onto something.

    My first milestone that I want to hit is 200$ profit in a day. It's nothing crazy..but it's a number I want to hit from facebook ad traffic. Then I'll set the bar way higher.
     
  8. MythOfSisyphus
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    MythOfSisyphus Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Great, I'm not sure how you missed it. I don't get much credit ;)
     
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  9. Xolorr
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    Xolorr Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Wow wow wow.

    @JByers210 , this is crazy bro! Thank you so much for documenting your progress as you go. I opened every single thread mention that you've made, and I'm about to go deep down the rabbit hole tonight, then get back to work on my project!

    Real inspiration bro, can't wait to see where this thread goes. Keep on trucking!
     
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  10. The Racing Driver
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    The Racing Driver Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Amazing Thread @JByers210. Seeing your progress and process has been really inspiring, I smell GOLD soon. I've just launched an e-commerce store for an existing brand and have learnt a lot from your insights, and links to other useful threads. Thanks for documenting your journey!
     
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  11. JByers210
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    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I've been checking into the forum pretty often but haven't been posting almost at all because of how much I've been getting into flipping things and how slow ecom has gotten. I saw MJ's announcement about the meetup being cancelled and how people haven't been very active here and I want to stay a part of this forum and give as much value as I can! I'll be here much more.

    I'm done selling in the niche I'm in. I learned a ton just by actually doing it though. If someone would have told me I would hit 6000$ revenue in my first four months of selling my first product last year I wouldn't have believed it. Once the season ended for my niche....so did my sales. It's not that there isn't any way it could work or that it's impossible to do..but I want to go to a niche that's year round and solves a problem. My handmade products still sell here and there now and provide some nice extra income but nothing crazy.

    I came across a product months ago that's really unique and only has one primary seller. It has so many different uses for a ton of different people (BIG niche) which is exactly what I want. The one brand that is basically the only one selling this is killing it. They have a design patent (I can get around it) and their margins are insane. It's been on my mind the past few months and I'm going to go all in with it.

    Before I can start though...there's a couple things I need to do.
    1. Buy a 4-5K Car cash
    2. Have insurance paid for the first half of next year
    I'm almost done with both of those things. After I am, I'll make enough to put into this next venture and get it going!
    Flipping things is going very good. It's saved me from getting a minimum wage job and has helped speed up the process. I like that the more I work...the more money I can make :smile:

    I am going to fix what's wrong with this product and make it the best one out there for people. The part in Unscripted where MJ talks about value skews and there always being room if there's a way to improve a product has helped with the way I've been thinking.
     
  12. Xolorr
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    Xolorr Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Can't wait to see where this goes
     
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  13. JByers210
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    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    I have had enough to buy a car for a month or so now and at this point I'm just building up a net so I don't lose a ton when I buy it cash pretty soon here. After that...I'll be putting money into another ecommerce business I start in a huge niche. I have a VERY good feeling it will be successful.

    Right now I'm getting a good amount of orders from my current business. I create these products by hand so it's tedious and tiring after doing 5-10 at a time. I'll do this and make $40 an hour for myself over working for someone else any day :)

    Here's a few things I've learned since getting into ecommerce (I'm still a beginner and have much to learn so take it or leave it)

    • Avoid products that are seasonal. I may get crap for this..but this is one of the most annoying parts of selling the products I've sold. The last few months of last year were good and I was happy with the progress...but once the season ended so did my sales until I started my next line of products that weren't based on the season.
    • Build a brand and an actual business from the beginning. Throwing up a random accessory you found on Alibaba to Amazon won't work like you probably think it will. I had a crap product that I'd never even heard of until I found it on Alibaba and a month after I had it listed on Amazon there were at least three extra people selling the same thing (I did slightly improve mine lol).
    • It's hard to sell a product for $20-$30. I've had a way easier time in general since I've been selling my newer quality products at around $60-$100.
    • Competition can validate the product(s) you're considering selling. My current idea has one primary seller and they look like they are killing it. I'm happy to see that because that shows that people really want what I'll be improving. MJ addresses this in his books....bing or yahoo was around before google.....myspace before facebook...that didn't stop google or facebook from being better and succeeding.


    My goal for my next business is to profit at least $10,000 a month. I believe it will happen and here is why. The market is BIG. 99% of people can use it. You could use it. I know it sells well because of the one brand that's selling it right now. It isn't a $20-$30 product..it's $90+ and doesn't cost a ton to manufacture.

    I'll be selling it through Amazon and also through my own website either with google or facebook/instagram ads to start.

    The challenge will be to get through the design patent the company has on it. I don't think it will be hard and I've been reading up on how design infringements work. I'll redesign it and improve it....and then learn how to market it.

    I'm glad to see so many people back on here posting at the forum!
     
  14. Roulf
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    Roulf Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    We're still following your progress. Congrats on the overall achievements so far.

    My current question, do you really need the car?

    I'm kind of in the same dilemma right now. Winter in Canada can be a bit of a pain and taking the bus to work is.. ugh.

    I just feel like cars can be such a liability, but I don't live in a big enough of a city that public transport can take me anywhere fast, and used cars can be dirt cheap some times. I'm not a car guy so I always have second thoughts before getting something to old.

    Anyway, keep at it!
     
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  15. LucasLim
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    LucasLim New Contributor Read Millionaire Fastlane FASTLANE INSIDER

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    My man, you are a superb action taker! congrats on moving so far! Rooting for you!
     
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  16. JByers210
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    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Yes. A car (one that works) is a work tool for me in a bunch of ways aside from just getting around town. The reason it’s taken a little while is because I refuse to go in debt or get a lease. I wanted to own it cash.

    Thanks for keeping up with the thread!
     
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  17. amp0193
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    amp0193 Legendary Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Think bigger @JByers210

    $90 product.

    ~$40 profit

    250 sales a month

    8 sales a day

    But is that across your entire business or just one product?

    Maybe $10,000 profit a month from one product. But you're going to have more than one product. Right?

    Be thinking of related skus and ways to increase AOV and LTV of customers.

    If you have a business that can make $10,000 profit a month, then you have a business that can make a lot more than that.
     
  18. JByers210
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    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    There's a lot of different products I can sell along with it to do that. I'll be really improving the main product(s) and then mixing in others that would go well with it without doing a ton to them...basically what you told me to do a while ago :smile:

    10K a month would be a huge milestone for me to reach... but there's no reason not to shoot for way higher. I'll think bigger.
     
  19. JByers210
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    JByers210 entrepreneur in the making Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Have a little bit of a problem but maybe it's a blessing in disguise.

    The company that sells this product has a design patent that I can get around with a few changes to how the product looks. They've tried multiple times to get a utility patent and thankfully for me they were denied every time so all they have is a patent on how their product looks. Designing it differently is doable. That isn't the problem though...

    The problem is that they've already sent cease and desist orders to two other companies that copied their product basically with no changes. I'm expecting they will send me one soon after I start selling my different version and I want to think this through before being summoned to court for "patent infringement" because I know how expensive it is to be involved in that.

    The good side of this is that it has kept multiple sellers away from this product even though the only patent covering it is a pretty weak defense.

    The different options I see are
    A) Sell and see if they go after me or not
    B) Go to court and prove that mine doesn't infringe (Would cost a ton)
    C) Have a settlement and agree to something instead of going to court. (Pretty sad if it came to that since I wouldn't be infringing)

    I'm contacting the lawyer for one of the companies they went after to see if maybe he could shed some light on what they would do once they saw my product selling.

    Advice is welcomed. I'm looking into every possible option before pulling the trigger and doing something stupid.
     
  20. sparechange
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    sparechange Gold Contributor Speedway Pass

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    ooo the fun begins
     

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