walterwhite
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- Joined
- Feb 26, 2015
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Hi all, just signed up for the forum although I've lurked a lot in the past. A little background about me. I'm an engineer and at the beginning of my career I read a lot about saving all the money I could for 30 years so I could retire and then enjoy life. As I gained in experience and salary over the last 10 years I became more and more frustrated with big corporate work and started looking for a way out.
Fortunately, I was introduced to the book in December of 2013.
Began working on an ecommerce business where I resold products on ebay and my own website in July 2014.
By Winter 2014 I had left my job and worked on the business full time. Frustration quickly set in with pitiful margins, at times as low as 3% or even negative when all costs were accounted for! I realized that this was NOT Fastlane at all, and I am essentially acting as an "employee" for the brands I sell. Decision was made to sell only my own products.
That brings us to today. I have been tapering off my existing business with OPP (other people's products).
Jan 2nd I began working on my own product, which I'll call Product A. It has very broad appeal with a potential market in the 100k unit range. The key to the product is that it is essentially "one size fits all" which takes the volumes from low 1k units to 100k units. In my prior business I dealt with fitment issues all the time and realized I could never sell 10k of the same item because the demand just wouldn't be there.
My goals are as follows:
Feb 26th-March 15th - Continue to work with manufacturers on quotes, packaging, etc
March 15th- 1st sample of product created
March 15th-April 15th - Complete all product testing, nail down final details
April 15th - Product Launch
May 15th - Reach goal of selling 100 units (will do targeted ads, SEO, etc to get the needed traffic)
July 1st - Launch second gen improved product (costs are a hurdle to bring this improved product to market first)
Will update as I go along! Hope this post serves to keep me accountable, and gives a little motivation for others on the journey!
I will be at the Fastlane Meetup in March and hope to see some of you there!
-WalterWhite
Fortunately, I was introduced to the book in December of 2013.
Began working on an ecommerce business where I resold products on ebay and my own website in July 2014.
By Winter 2014 I had left my job and worked on the business full time. Frustration quickly set in with pitiful margins, at times as low as 3% or even negative when all costs were accounted for! I realized that this was NOT Fastlane at all, and I am essentially acting as an "employee" for the brands I sell. Decision was made to sell only my own products.
That brings us to today. I have been tapering off my existing business with OPP (other people's products).
Jan 2nd I began working on my own product, which I'll call Product A. It has very broad appeal with a potential market in the 100k unit range. The key to the product is that it is essentially "one size fits all" which takes the volumes from low 1k units to 100k units. In my prior business I dealt with fitment issues all the time and realized I could never sell 10k of the same item because the demand just wouldn't be there.
My goals are as follows:
Feb 26th-March 15th - Continue to work with manufacturers on quotes, packaging, etc
March 15th- 1st sample of product created
March 15th-April 15th - Complete all product testing, nail down final details
April 15th - Product Launch
May 15th - Reach goal of selling 100 units (will do targeted ads, SEO, etc to get the needed traffic)
July 1st - Launch second gen improved product (costs are a hurdle to bring this improved product to market first)
Will update as I go along! Hope this post serves to keep me accountable, and gives a little motivation for others on the journey!
I will be at the Fastlane Meetup in March and hope to see some of you there!
-WalterWhite
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