I'm going to make an easy $1M in 2015.......

[Kid Money]

First off Congrats on the successful business you already have! 22 and out busting your butt making a life for yourself is absolutely amazing! Way to go!

I think the reason you got all the hate/unbelief in the first of the thread and even some now is the fact that you are looking to go from $0 to 1 million in a year. To be honest I don't think you will get a million in sales your first year. You might not even get that in your second or third year. You might be ten years in and still not at a million in sales, but I would bet money on you hitting it at some point in the future! It is a grind and hard work to build any business as you well know. Ecomerce has problems and difficulties just like your current business.

The best advice I can give you at this stage would be to always put customers first. Answer any and all questions in as quick a time as possible. (I normally answer questions within a minute or two of receiving them) Always go above and beyond the call of duty. (I have added birthday cards, personal notes, whatever the customer asked in packages.) Always take the blame even when it is the customer's fault. (Some people seriously can't type in their own address correctly! They then get mad at you that the item was returned to sender. I always take the blame and resend the item at my cost) Accept all the blame for damaged items, returns etc. (EBay and Amazon will force you to eat the return costs, damaged goods etc. so you might as well look good by accepting them on your own.)

I have no doubt you will be a success at this business or any other one you put your mind to. You are already a success at business at a young age and it will only get better. I am 26 and have nothing holding me down to one place or another. I can pick up and move anywhere I choose. The freedom that owning your own business provides is second to none! Go get you some!

First off. I read your entire Ecommerce thread and I am impressed. Your input has a lot of weight with me. I will be reading your thread over again. I started at 22 and I am 25. Started my first door to door sales job at 18 and then helped my brother build up a million dollar business until I was 22. Will be turning 26 within 3 weeks. My main goal is to just have great customer service, quality, and just be very clear in my listings etc. Add in good products with margins I can deal with and keep learning/reading/ researching along the way. Always staying motivated. If you had any tips for the new guy I would really appreciate it. Lol I'd even pay for a crash course. Not joking. Either way man, props to you and hopefully at the end of the year we have a conversation where I can be on the same playing field!

 

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[Ecom man]

First off. I read your entire Ecommerce thread and I am impressed. Your input has a lot of weight with me. I will be reading your thread over again. I started at 22 and I am 25. Started my first door to door sales job at 18 and then helped my brother build up a million dollar business until I was 22. Will be turning 26 within 3 weeks. My main goal is to just have great customer service, quality, and just be very clear in my listings etc. Add in good products with margins I can deal with and keep learning/reading/ researching along the way. Always staying motivated. If you had any tips for the new guy I would really appreciate it. Lol I'd even pay for a crash course. Not joking. Either way man, props to you and hopefully at the end of the year we have a conversation where I can be on the same playing field!

Well you and I are almost identical in age then (i just turned 26 in October). One thing that is difficult even now is separating your emotions from the business. People will email and message you completely irate over things outside of your control or things that are 100% their fault. It is difficult to not take those as personal assaults on your character.

One other thing is some people are 100% physcho! You have to plan ahead for those people. I ended all my sales on December 18th at noon. People for some reason don't understand that they can't order things on the 23rd and get them before Christmas. I have been dealing with idiots all weekend who wanted to order but can't now (because I ended all selling) They wouldn't pay for overnight shipping of course but want me to ship it out regular mail and then get it by Christmas. Yeah that doesn't happen!

 

[Kid Money]

Well you and I are almost identical in age then (i just turned 26 in October). One thing that is difficult even now is separating your emotions from the business. People will email and message you completely irate over things outside of your control or things that are 100% their fault. It is difficult to not take those as personal assaults on your character.

One other thing is some people are 100% physcho! You have to plan ahead for those people. I ended all my sales on December 18th at noon. People for some reason don't understand that they can't order things on the 23rd and get them before Christmas. I have been dealing with idiots all weekend who wanted to order but can't now (because I ended all selling) They wouldn't pay for overnight shipping of course but want me to ship it out regular mail and then get it by Christmas. Yeah that doesn't happen!

That is one thing I picked up on your thread that made a lot of sense. At some point it is too late (or a big risk on your end for negative feedback if they don't get it in time) to ship. That's the big thing in business. Every customer wants to be that one with special privileges even if they don't want to pay. Get this...The people who you literally give all of the freebies and add-ons, at a really good price that pay for a job-Lets say 5-10k are the ones that complain like crazy and nit-pick at you. Then people who pay 50k+ for a job just want good communication and quality work done, in the time frame you gave them. They do not get out the magnifying glass like the people you are super nice to and give the "hook up". Kind of funny how that works. You just have to treat every individual like they are the most special person you've ever met and have good lines of communication. If someone doesn't like something or wants to change it halfway through I don't even ask questions. I just do it. A screw up in concrete can be an easy 5k all day long.

 

[biophase]

Oh now a million is easy. LOL I can understand where you are coming from but I'm not going to lie. I am pretty disappointed. Why would you take what I said and assume I just am going try and make a million dollars and not profit anything? Why wouldn't you assume i'm going to make a million with super high margins instead? People love to take the absolute worst case scenario when they want to lay it out for someone. This tells me that we look at a million $ differently.

This is because a goal of making $1M gross is not really that great of a goal. We do look at it differently, I look at profit as my report card and you are looking at gross revenue. If we were to bet who can do $1M gross first with a new business, both of us can do that by lowering margins and spending dollars on PPC like crazy. It doesn't mean we'd both be profitable.

I was once talking to a banker about a loan and he asked me what my revenue was. I gave him a number and he said, that's pretty good. Then he said, how much of that is profit and I said all of it. He then looked surprised. I asked him why he evens asks for gross revenue if he's going to ask for profit later? Does it really matter? The bank doesn't care what your business grosses, it only cares about how much you take home.

It looks like you are in the concrete business. You know you are bidding that job at certain profit margins. You know that if you low bid every job, you could land a ton more jobs and your gross revenue would skyrocket. So all I'm saying is that if you wanted to hit your $1M goal in 2015, you could easily manipulate it to do so.

 

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[forchunet]

This is because a goal of making $1M gross is not really that great of a goal. We do look at it differently, I look at profit as my report card and you are looking at gross revenue. If we were to bet who can do $1M gross first with a new business, both of us can do that by lowering margins and spending dollars on PPC like crazy. It doesn't mean we'd both be profitable.

I was once talking to a banker about a loan and he asked me what my revenue was. I gave him a number and he said, that's pretty good. Then he said, how much of that is profit and I said all of it. He then looked surprised. I asked him why he evens asks for gross revenue if he's going to ask for profit later? Does it really matter? The bank doesn't care what your business grosses, it only cares about how much you take home.

It looks like you are in the concrete business. You know you are bidding that job at certain profit margins. You know that if you low bid every job, you could land a ton more jobs and your gross revenue would skyrocket. So all I'm saying is that if you wanted to hit your $1M goal in 2015, you could easily manipulate it to do so.

Optimizing for profit early on can stifle growth. And revenue does matter. The more you have the more profit potential you have. Would you rather have a $25mil business that makes 10% profit but has the ability, with a few tweaks, to turn into 15-25% profit or a $5mil business that is 100% profit. Whichever one you pick, I'll tell you which one has a bigger customer base and which one is worth more (heres a hint, it's the same one).

The best approach is a mix of the two, but don't be so deluded into thinking profit is all that matters - you'll leave tons of money on the table if you do.

 

[Kid Money]

This is because a goal of making $1M gross is not really that great of a goal. We do look at it differently, I look at profit as my report card and you are looking at gross revenue. If we were to bet who can do $1M gross first with a new business, both of us can do that by lowering margins and spending dollars on PPC like crazy. It doesn't mean we'd both be profitable.

I was once talking to a banker about a loan and he asked me what my revenue was. I gave him a number and he said, that's pretty good. Then he said, how much of that is profit and I said all of it. He then looked surprised. I asked him why he evens asks for gross revenue if he's going to ask for profit later? Does it really matter? The bank doesn't care what your business grosses, it only cares about how much you take home.

It looks like you are in the concrete business. You know you are bidding that job at certain profit margins. You know that if you low bid every job, you could land a ton more jobs and your gross revenue would skyrocket. So all I'm saying is that if you wanted to hit your $1M goal in 2015, you could easily manipulate it to do so.

I never said 1M was a great goal. That is simply just a number I had put out there to strive for knowing in my head what my profit margins are. To end the circular argument- My idea of making 1M is not to lower my margins and manipulate them to get there. I could care less about 10M+ if I wasn't profiting anything. I would actually be mad I wasted my life doing so. Profit is the ONLY thing any business owner should care about in terms of income. I'm simply stating that 1M is my gross goal...I will try my hardest to have the greatest amount of profit I can as should anyone making money. Thanks!

 

[Kid Money]

Optimizing for profit early on can stifle growth. And revenue does matter. The more you have the more profit potential you have. Would you rather have a $25mil business that makes 10% profit but has the ability, with a few tweaks, to turn into 15-25% profit or a $5mil business that is 100% profit. Whichever one you pick, I'll tell you which one has a bigger customer base and which one is worth more (heres a hint, it's the same one).

The best approach is a mix of the two, but don't be so deluded into thinking profit is all that matters - you'll leave tons of money on the table if you do.

Agreed and correction. Big amount of revenue can be leveraged in certain ways to make more profit. So yes, profit isn't the ONLY thing that matters but I think certainly most.

 

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[Kid Money]

 

[Kid Money]

 

[Bila]

Sooo true....thanks for this video ....2 years ago, i lost my dad....on his last days, people flew from all over the country to see him, and from Europe. Friends, colleagues...all his children ( i made the 7 hours flight just in time to see him alive for 24 hours ....anyway ....it sure struck me, i thought : I want that on my last days. I want the legacy. Started my business immediately after my return.

 

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[LouieLouie]

The biggest challenge I had leaving a construction business to start an online business. (Maybe you can learn a little from my struggle)

A day in the life of my (past) construction business:

I would get in my (physical) pickup, and go to a (Physical) office. I would meet with my (Physical) employees. We would talk face to face. I would then get in my (Physical) pickup, and go out to the (Physical) job site, and look at the quality of the (Physical) work done on the (Physical) house I was building……….. you get the picture.

My point is: my body was interacting with my work, I got a great amount of energy both physically and mentally from interacting in this way with my work. It gave me MOMENTUM. ( I too was 26 and built my construction business from zero to $ 2 mill. in gross rev. in a single year ) and it all felt easy and natural. Lot’s of hectic speed and things to keep up with, but not me having to push to make it happen. It was more trying to keep up.

A day in the life of my online business.

I get up and and open my (Physical) laptop…..now everything gets VERY virtual. I check Google analytic and see how many visits came to my website. I email instructions to a VA in the Philippines that I have never met. I make some Tweaks to my ad copy. I make some tweaks to my web design. I study a few more video’s on Google’s latest SEO update.
My point is it all happens in a virtual world.
It is all happening in my head, while my body is still (except for my typing fingers.) My mind goes into this strange numb virtual state and it all feels so VERY hard to move forward. ( I have never made over $100k in annual online sales yet)
And the reason is not that I have been doing things so wrong, I have had very good luck with everything I did.

My problem is NOT doing things. BUT WHY?

For some reason I have not yet got the flow, or consistent momentum of action like I had in construction( and it’s been years). I have concluded it has to do with the virtual nature of online business.

All my friend in construction have this “going wide open” "being to busy problem", just like I used to.
Virtually all of the online entrepreneurs seem to have the opposite problem. Being overwhelm and not taking action. Getting stuck ETC. Does this comes with the territory, or am I messing something?

With your current level of fitness and exercise you are miles ahead of most.

A big part of success has to do with building momentum (action), my observation is that this happens naturally in Construction, but is a constant battle in online business.

I’d love to hear from anyone who hasn’t found it this way in online business.
Maybe it’s just my personality type or something.

 

[Kid Money]

I think that you are right on with your analysis. In construction when the work and momentum is rolling things are crazy and you are cashing big checks daily. It's a great feeling.

I think that is the problem though and that's possibly why things get done on that level- because you are physically there every single day pushing the "snowball" and building blocks if you will. Every day you are physically setting things in motion and assuring they are getting done PHYSICALLY. It's almost impossible to not get things done. I think that's where I excel though. My work ethic has always pushed me to where I want to go. I don't see it going any differently with the Internet. I believe in making things happen. Forcing them to happen.

I would say that a lot of business has parallels and is somewhat the same. In construction you can physically go grab something and set it in motion. My thought on the Internet is that it is more so in your mind and a virtual problem rather than a physical. It might possibly be easier to slack and just say " I'll get to that later" or get distracted. I don't think that is where I will have problems. I want a better quality of life THAT bad. I believe every problem has a solution and a lot depends on how bad you want to fix it.

Last night I left right after family dinner to come home and get my samples listed. My whole family looked at me like the devil but "I have shit to do mom!". I think a lot of it is just making an educated decision with all of your knowledge and taking massive action before you can be lazy or second guess yourself. Just do it. PM me if you want to chat. Maybe we can bounce a few ideas.

 

[jilla82]

The biggest challenge I had leaving a construction business to start an online business. (Maybe you can learn a little from my struggle)

A day in the life of my (past) construction business:

I would get in my (physical) pickup, and go to a (Physical) office. I would meet with my (Physical) employees. We would talk face to face. I would then get in my (Physical) pickup, and go out to the (Physical) job site, and look at the quality of the (Physical) work done on the (Physical) house I was building……….. you get the picture.

My point is: my body was interacting with my work, I got a great amount of energy both physically and mentally from interacting in this way with my work. It gave me MOMENTUM. ( I too was 26 and built my construction business from zero to $ 2 mill. in gross rev. in a single year ) and it all felt easy and natural. Lot’s of hectic speed and things to keep up with, but not me having to push to make it happen. It was more trying to keep up.

A day in the life of my online business.

I get up and and open my (Physical) laptop…..now everything gets VERY virtual. I check Google analytic and see how many visits came to my website. I email instructions to a VA in the Philippines that I have never met. I make some Tweaks to my ad copy. I make some tweaks to my web design. I study a few more video’s on Google’s latest SEO update.
My point is it all happens in a virtual world.
It is all happening in my head, while my body is still (except for my typing fingers.) My mind goes into this strange numb virtual state and it all feels so VERY hard to move forward. ( I have never made over $100k in annual online sales yet)
And the reason is not that I have been doing things so wrong, I have had very good luck with everything I did.

My problem is NOT doing things. BUT WHY?

For some reason I have not yet got the flow, or consistent momentum of action like I had in construction( and it’s been years). I have concluded it has to do with the virtual nature of online business.

All my friend in construction have this “going wide open” "being to busy problem", just like I used to.
Virtually all of the online entrepreneurs seem to have the opposite problem. Being overwhelm and not taking action. Getting stuck ETC. Does this comes with the territory, or am I messing something?

With your current level of fitness and exercise you are miles ahead of most.

A big part of success has to do with building momentum (action), my observation is that this happens naturally in Construction, but is a constant battle in online business.

I’d love to hear from anyone who hasn’t found it this way in online business.
Maybe it’s just my personality type or something.

Some career aptitude test go into this.

They say its based on your personality...some people have what they call a Spatial, Tangible, and Non spatial Orientation.

You sound like youre a Spatial person trying to figure out a Non Spatial world.

 

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[LouieLouie]

KidMoney you remind me of myself 10 years ago,
You got a few things going for you, high energy, and confidence.
Looks like you have a little cash to speed up the "Action-test-learn-adjust-repeat" process.
I sincerely hope you make it! And I'll help in any way I can.
I would love to bounce ideas! feel free to PM me. "I haven't taken the time to figure out how to PM on this forum yet"

 

[Kid Money]

Quick Update: its 4:54AM

4 of 9 samples came in. I'm glad I didn't go to dinner because they came really late tonight around 9PM and I probably would have missed them.

1-I finished Ca$hvertising- Looking back on it now, I honestly would have been leaving a TON of knowledge ($) on the table if I wouldn't have read this book. I am confident that I can mostly make an ad look to the best of my ability now thanks to the book.
2-Samples are now listed- Looking for my first sale!
3-My Importing Bible is now around 70 solid pages. I cant imagine just reading and not keeping notes to refer to.
4-Have been in contact with some forum members (thanks guys)
5-Now I will keep reading more on importing and most importantly trying to get a good "process" down. Once I feel like I have a good process for finding products and getting sales I can build on that and keep chugging. Right now is trial and error time. Analyzing time. Tuning time.

I have already learned a ton and I am very glad that I started earlier than January 1st. I'm thinking a good month of tuning the process and learning from my mistakes to where I can rock and roll. Obviously more problems will surface but I literally have been powering through whatever I thought was an obstacle. Most importantly not acknowledging the mental blocks and negativity. I haven't let up for a second and i'm still as hungry as a starved lion. The most gratifying feeling right now is that knowing every problem or hard point I got around more than likely will be simple next time. I am logging at least 12 hours daily in the chair. Most nights I see the sun go down and come back up. Most would find it as boring as a snail race but I am honestly enjoying it. I know it will pay off. My family is probably pissed that I am working so much around the holidays but they will understand later on this year. This year will signify life changes for the good for me and not settling or getting comfortable. Doesn't matter how much money I made at my other JOB. I will transition and pivot to the stars with the internet.

"Just like them socks, i'm on its heels"

 

[SJVC]

Cool thread @Kid Money, what are you plans for points of sale? (Amazon/ebay and/or own website)

 

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[randomnumber314]

Good progress. Just a reminder that @Vigilante mentioned they pretty much shut down during January (if I'm remembering correctly)

 

[Kid Money]

Cool thread @Kid Money, what are you plans for points of sale? (Amazon/ebay and/or own website)

Ebay for now. I feel like I need to focus on just one platform right now until I can get the process down then I can branch out. I am pretty familiar with ebay and have a 100% feedback rating so I figured best to start there. I sold like $7500 in a few months on there just selling here and there. I'm really not focused that far ahead although I do have it in mind. I bought a domain to eventually move to after things get rolling.

 

[Kid Money]

So its 1:30 and i'm sitting here online researching and watching videos, etc.....

Every minute has seemed like an hour since I listed my samples and I'm not going to lie-I was scratching my head a little and then I hear CHA CHING...lol although it is just one measly sale, it at least gives me a little bit of validation that I can do research and get X product shipped to my door and it was enough to get someone to open their wallet. This item has received quite a few views and it has all of the makings to be a great product. Light, small, great Terapeak numbers, a huge need, people are passionate about what it represents, and it has quite a few Chinese suppliers that only offer 2-4 week shipping times. I am selling them at almost double the price point and offering fast and free shipping, my copy is better (thanks Ca$hvertising), etc. I can not compete with the Chinese suppliers with price but they cant compete with me on shipping. I'll basically rely on impatient "consumer" America for my sales.

I am thinking that if I can compete with a generic product and still get almost double price, I should pretty much brand everything and I think I can get even more for it by really pushing the "quality" and brand stuff that I cant really do with generic....anyone have a thought on that?

Anyway. Back to the grind!

 

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[BrianPM]

Interesting read so far. This reminds of s couple friemds of mine that do similar things across many different products.

Question: how do you plan to brand your product?

If I understand this properly, you've been buying product in bulk at N and selling at 2 x N. Will the branding happen when you purchase it, or when you receive it and then add a design element to it? IMO I thi establishing a brand identity/ name would be vitol for long term growth. Feel free to pm if you'd like to chat more.

Also, top takeaway for cashvertisimg?

 

[Kid Money]

So Samples are coming in daily now and I believe I only have 1-2 products still in transit. One of my samples is sold out. I had 3 sales yesterday and 2 just today. I will be waiting for feedback and then I will re order more of that item. This product I get for $10 and am selling for $35. $5 shipping and about $5 in fees. I am going to look into slapping a brand on them too which should be pretty easy. Should be able to get more out of them then.

1-Find products that look good and check out
2-Do your best to make them appealing and list
3-Give it a little bit and keep the ones that sell, dump the ones that dont
4-Order more of said items
5-Put that item on autopilot and in the back of your mind
6-Make money for not really doing anything
7-Repeat 1-6 until you have X amount of items that sell well ( As far as I can see- X is literally unlimited )

Short Term January goal: Sell 10 items a day by months end (already found a product that does 2-5/day). That's with an AVG low/high $10-$20 profit per sale. $100-$200 on autopilot per day by last day in Jan. That's $3k, 6k MO PROFIT. I am not going to set Feb goals now. I will evaluate them as time comes as I do not want to clog my mind.

Long Term December goal: 30 products selling 5 a day. 150 sales a day. $1500-$3000 PROFIT per day by the end of December.

That means to hit my goals I need to find 2.5 products per month that sell 5/day with an average profit of $10-$20. I understand some might fall off but some might do well. I will be looking for higher profit margins as the year goes. Right now I do not want to get too big too fast. I want to oil the wheel and keep my ratings close to 100 and make people happy. In turn they will financially reward me.

A few years back I had wondered if a guy had dedicated every single day to something and giving 110% what would it look like at the end of the year? These goals are big ones but I really don't see them being impossible...not even close. I like to set goals that scare me at first thought but then I start to break them down and dissect them. They no longer scare me. The word impossible is going to the moon in my eyes. Impossible is coming back from being dead. Anything shy of impossible- That's where I live and breathe. I'm not out to be average or set mediocre goals. If I wanted that I would have rolled over 7 years ago. These are life changing goals.

I look up at the moon often and think......We landed and put our toes on THAT F****r? ....."And I just want to make a million dollars?" *Chuckles.............

Lets GET IT!

 

[theag]

I am going to look into slapping a brand on them

$1500-$3000 PROFIT per day by the end of December

Ok.

I think you are underestimating the process.

Good luck.

 

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[Threenuc]

5-Put that item on autopilot and in the back of your mind
6-Make money for not really doing anything

I've always wondered - how do you automate the shipping process? Do you use some external service or it's just the ebay free shipping thing?

 

[Kid Money]

Ok.

I think you are underestimating the process.

Good luck.

I respect your opinion but I disagree. Time will tell

 

[Stu_Hefner]

Any advice in finding products to bring to market?

 

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[Mr.B]

Any advice in finding products to bring to market?

I know this question was directed at @Kid Money, but I'd suggest taking @biophase's advice from this post:

[...] launch a bunch of crap on Amazon. And I say crap because when I am training them I just want them to start, so we literally pick something on alibaba within a day and order 5 samples and start.

So my friends may have crap products on Amazon, which once they sell out will never buy again, but they know the full Amazon FBA process now. They've gone through the hazmat, the approved seller category approval, the barcodes, the packaging, the payment, etc...

@Kid Money - it is great to see how well things are progressing for you in this early stage, thanks for sharing your progress.

 

[Npl9]

I know this question was directed at @Kid Money, but I'd suggest taking @biophase's advice from this post:



@Kid Money - it is great to see how well things are progressing for you in this early stage, thanks for sharing your progress.

That link to the thread isn't working for me, could you repost it please?

 

[Mr.B]

That link to the thread isn't working for me, could you repost it please?

You need to be an INSIDERS to see that thread. You should sign up, it is worth it.

 

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[Kid Money]

I know this question was directed at @Kid Money, but I'd suggest taking @biophase's advice from this post:



@Kid Money - it is great to see how well things are progressing for you in this early stage, thanks for sharing your progress.

Yes. Many guys on here with far more experience that can give you more of an answer.

What I can tell you I've done so far- start with a niche you are very familiar with. I think later on its smart to maybe branch out but pick a niche you know so you can raise your odds of finding success on your first batch of samples. Once you find that niche find a group of varying products and check the prices on alibaba etc. Let's say you pick baseball... Don't get 5 baseballs with different designs. Get a ball, bat, helmet, base plates, chalk, etc. Obviously it goes deeper than this.

Make sure your copy is better than everyone else's and title. Offer a better warranty, better pics, etc. And do that for all products. Do everything in your power to make your first batch at least somewhat a success. I can see most people giving up after a bombed batch.

Order at least 5-10 samples of each product to get a better gauge on what sells. The ones that sell- order 20 or your best guess at what will sell in a month. Repeat. Ditch products that don't move.

Read as much as you can and get as much knowledge as you can from everywhere. Books, forums, videos, etc. Most of all just stay headstrong and patient. I might not have any hair after the year but at least I'll have a bank account to look at. Just put your mind to it and get shit done.

 

[Kid Money]

Also, Check Terapeak with the 90 day stats. Check Completed listings, etc. Don't just pick anything that looks good. Make sure you have stats to back you up. Also knowing the niche well can help here too. You will know what everyone uses or doesn't. Make sure it is somewhat small and light so you can keep shipping down. Add up all fees and make sure you have good margins. I would seriously consider checking out startupbros site. They give you the ropes in detail over there.

-KM