My first product failed and I lost a lot of money on it. Now I’m looking back at what went wrong to make sure I don’t make the same mistakes for the new business I’m starting.
Well, all I really had to do was a CENTS analysis and it became clear very fast!
First Business (Amazon FBA Product)
Control
My New Business
Control
So my new product gets a 5/5! I'm very excited to get back in the game and go hard on this business!
Will post more as I go along. I want to be more active with this amazing community! There is so much inspiration here; I definitely recommend becoming an insider to anyone wondering if its worth it or not. 100% it is, there is so much to learn!
Well, all I really had to do was a CENTS analysis and it became clear very fast!
First Business (Amazon FBA Product)
Control
- Entirely Amazon dependent
- Complete reliance on Chinese supplier
- Very simple product, easy to duplicate and tons of competitors in the niche
- Cheap to manufacture
- Little to no expertise needed for this type of product
- Not solving a problem
- Seasonal product (after the peak season, sales collapsed and I was stuck with lots of inventory)
- Impulse buys highly unlikely (despite the relatively low cost)
- Online product which can be sold 24/7 via Amazon FBA
- (Waking up some days and seeing I had already made hundreds of dollars felt really f&#kin good!!)
- Cheap cost to manufacture - could produce thousands of units for not too much money
- Easy to scale, could simply ask my supplier to produce more and ship to Amazon's warehouse
- If I advertised properly, should be able to increase ad spend to proportionately increase sales
My New Business
Control
- Not depending on Amazon this time. May use them eventually but as ONE channel of my entire distribution strategy - NOT my entire business model.
- Will be manufacturing locally and with total control over the entire process
- Will sell online through my website and through independent wholesalers
- High upfront cost to start
- Product requires a level of expertise most people don't have
- I have industry knowledge and insight
- Market expected to grow exponentially
- Lack of much online presence
- Consumers are willing to pay more $$$ for this product
- Can sell 24/7 online
- multiple distribution options
- Once I have the design finalized, I can easily replicate and produce as many as I want
- Won't have to suffer through long, painful lead times since I am not producing overseas
- Product can be manufactured quickly, so don't need to keep thousands on stock and worry about excess inventory/ storage fees
So my new product gets a 5/5! I'm very excited to get back in the game and go hard on this business!
Will post more as I go along. I want to be more active with this amazing community! There is so much inspiration here; I definitely recommend becoming an insider to anyone wondering if its worth it or not. 100% it is, there is so much to learn!
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