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I failed my first business...

Discussion in 'General Entrepreneur Discussion' started by Brett Beckwith, Jul 29, 2018.

  1. Brett Beckwith
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    Brett Beckwith Meat Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    It's been a while since I've posted on here.

    In all honesty, my first business, Amazon FBA, failed.

    It definitely was an eye-opener for me. When I heard about the failure rate, I initially thought "that's not going to be me, no way in hell. I know I'm smart and I know I am willing to surpass any learning curve."

    Obviously, I got put into place. Starting a business is much harder than I had thought, despite my "smarts." I was doing well with Amazon FBA, but started running into more and more issues the further I went.

    The first product I was about to launch, listing up and everything, got taken down Saturday night. That Monday I had planned a wire transfer (couldn't be made right away due to a new bank account) to make an order for the product; luckily, the order didn't go through and I didn't lose nearly all of my capital. The product is not able to be listed AT ALL, despite the other listings on Amazon and the approval from 3 different Amazon Supports. I'm not going to go far into it, but essentially I knew there was a high chance of the listing having an issue: I went through anyways. Definitely my fault here.

    Another reason of failure, I believe, is that I tried not having a mentor. I had a very helpful Udemy course but that was really it. While I was able to learn quite a bit on my own, it obviously wasn't enough to bring me to success.

    After reading some more books and going through this experience, I learned that having a mentor, despite any devotion of time or money that may take, is definitely worth having.

    I will be getting a mentor with my next business attempt by stocking up some money by selling things around the house. I easily have thousands of dollars worth of unworn clothes and old electronics laying around, collecting dust and pissing me off by not being in my bank account. Not kidding you, there are full tablets, Ipads, Xbox 360s, Xbox ones, never worn North Face jackets and other clothes just sitting there. We got a problem at my house...

    It should be really helpful to put towards my next business. This time I won't be penny pinching as much and actually using my dollars as individual workers to grow my business.

    Anyways, my next business: affiliate marketing.

    Yes, it's not Fastlane, I know this.

    It is in a niche I'm very fond of, and I genuinely enjoy making it. Not to mention, it's really easy for me to manage--content wise. I will be using this as a Cash Flow business, then scaling into a High Investment Scalable Business (fastlane). I already have an idea for what it will be, and I don't think it will take much capital to build (just a complexish website). Most capital would be put towards advertising.

    An option I am considering is taking in Angel Investors instead of building the capital myself. I really don't want to waste time and risk the possibility of the idea being taken. I believe that the idea is incredible, I just need to devote time in learning how to market a new website. As it's known, a great website isn't anything if no one can see it.

    If you have any experience with hiring a website developer or working with angel investors on a start-up, I love to hear about your experiences or recommendations.

    When I start the development process, I will be making a development thread on Insiders.

    When the winds aren't in your direction, adjust your sails.
     
    Timmy1990 likes this.
  2. paul.waker
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    paul.waker New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    what course did you have on Udemy?
     
  3. Brett Beckwith
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    Brett Beckwith Meat Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    The one by Theo McArthur. I thought it was very well put together.
     
  4. paul.waker
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    paul.waker New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    I had this course too, I wanted to stat Amazon FBA too, but after reading Unscripted I stoped, by the way I had one mentor, that say me to start, he says that will help me, but I thinking about it and don`t know it will be good or bad idea
     
  5. Brett Beckwith
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    Brett Beckwith Meat Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    I suggest looking at the threads on this forum, there are plenty of good ones about Amazon FBA like the one by @biophase . I found his thread the most helpful.
     
    paul.waker likes this.
  6. Fotis
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    Fotis Bronze Contributor Speedway Pass

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    Good luck with your affiliate marketing venture ;) I will also be investing time and cash in it (build a list via solo ads and use email marketing to bring in the dough) but I don't have any ideas yet what to do afterwards.

    Have you decided what products/services you'll be promoting?
     
  7. Brett Beckwith
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    Brett Beckwith Meat Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Yes, I've actually had the site running for nearly a month now. I have been working on some back-end stuff, but still have a fair amount of blog posts and affiliate links up and running. I have done some dabbling with paid FB advertising.

    However, from what I've recently found, starting up this kind of website with organic traffic is a better in comparison to rushing towards FB ads. In other words, SEO and social media building.

    For the purposes of maintaining some sort of confidentiality (despite the fact my name is my username here), I won't be sharing it.
     
  8. Brett Beckwith
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    Brett Beckwith Meat Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Quick Update:

    I discovered that I can actually build the website using personal skills and plugins: it isn't as hard as I had thought.

    I started building the website 3 days ago; I've ran into some issues, but nothing too big.

    Currently, I am working more on running Facebook Ads (affilaite) to generate some revenue, which I'll then use all for running traffic to my own website.
     

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