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EXECUTION Journey to $50k/monthly [On track to $20k/month]

Discussion in 'Progress/Execution Threads' started by Minus9, Apr 19, 2019.

  1. Minus9
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    Minus9 Contributor

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    Hello.

    So I have been recently moving away the last 2-3 years from Amazon FBA to dropshipping, with the intent of establishing a brand. So I have now been running this store for about exactly 4 months now and have seen great results. So I figured I would set some goals and document my journey, show you my strengths and weaknesses and what I need to improve on.


    My strengths:
    • Good quality products
    • Relatively fast enough shipping - 10-14 days in average.
    • Good customer base.
    • Good built brand - on social media
    • Absolutely amazing customer service - handling all requests well.

    Things to improve and goals:
    • Logistical issues in terms of shipping several different packages, sometimes. (Due to multiple suppliers, but this has been sorted for most products now, so it's been going well lately.)
    • New warehouse
    • Even faster shipping times and better packaging.
    • Hitting 25k/revenue monthly and eventually 50k.
    So the thing with the warehouse part is crucial for me. It's something that needs to happen, it will give me more costs in terms of shipping, office/warehouse etc. but will improve the faster shipping times such as 2-3 day shipping, more satisfied customers and even more returning customers. Also a requirement due to the new import fees in certain countries.

    So generally, I am very satisifed with the growth of my store and the fact that it was profitable from day one. I haven't taken a single dollar out of the store due to me saving up to get the small warehoust established and save for inventory. Every dollar has been reinvested into this project.

    I am also happy that I have been getting such results with a Facebook ad budget of $50, I will be scaling in a few more months but trying to get everything in order in terms of accounting, taxes etc. first.

    Sales of March: $11,841 USD.


    Sales of April so far: (17 days) $10438 in the 17 days so far into this month. I'm very happy with the results and I am thinking that I will be breaking $20k this month alone.


    So all in all, very happy with the results and the brand I have been building so far and I only see a good growth. I hope you'll follow my journey and I am happy to help anybody that may need help.

    Write down your questions if you have any, I will be giving updates here and there.
     
    Last edited: Apr 19, 2019
  2. nickgraham1234
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    How many stores did it take to find a niche that was successful?
    Goodluck making the 50k soon. That's a big milestone! Godspeed my friend!
     
  3. Minus9
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    Minus9 Contributor

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    I did dropshipping once before but not seriously, this is my second store. I just don't do it like 99% of how most people would, they focus on low-quality items and rely on influencer marketing. I do facebook and IG ads and build a brand - thinking more long term rather than short-term.

    So I would say this is my first/second store.
     
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  4. empiricalwriter
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    empiricalwriter New Contributor

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    Kudos man! I'm about starting off with dropshipping, i am still going through the course i bought, which store do you use, Shopify or woocommerce?
     
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  5. nickgraham1234
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    I agree, branding definitely has more potential for expansion/growth
     
  6. Minus9
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    Minus9 Contributor

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    Shopify.

    Just to note, nothing against influencer marketing but shouldn't just rely on it. I like consistency.
     
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  7. jpmartin
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    jpmartin Jedi Master I've Read UNSCRIPTED

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    Curious how this ties into the Fastlane formula, what about "C"?
     
  8. ZMan26
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    ZMan26 Contributor Read Millionaire Fastlane

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    i'll follow this thread, about to sell my amazon FBA business, its been doing well but i cant have my business directly affected by how Jeff Bezos woke up today.. too many ppl losing accts and shit.

    OP- question, are you planning to buy inventory, private label it and sell it yourself? or you think you can get to 50k with straight dropshipping from china to your customers?

    Also with FB ads [which I never got a positive ROI for, not because you cant but probably because I suck at it] how are you getting a positive ROI? it seems to me that ppl on FB are just not buyers, i always used to get likes and clicks and shit but not many sales...
    I know its a very tough q to answer but if u can write a general tip that will help direct us in the right direction ill appreciate it :)
     
  9. GC_86
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    GC_86 PARKED

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    Hi Minus,
    can you please explain how you build a brand with dropshipping? I mean the chinese supplier apply your own brand before to ship the items or you are talking about branding in term of good website page and service? thanks ;)
     
  10. Minus9
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    Minus9 Contributor

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    Please elaborate and I will respond accordingly as I am not familiar with the 'fastlane formula'. This is making me money, I am doing fine and enjoying it. Is this scaleable? Yes, absolutely. Does this limit the amount of sales I make? No.

    Again, not sure if this is what you meant by the fastlane formula but let me know and I will get back to you.

    I'm planning to buy inventory and private label some of the items in the future but I am going to keep them as they are for a while. And what you said about FBA business, is the fact that I don't like being dependent on Amazon. Anything can happen, I like having more control hence why I stopped selling there.

    You just need to target the right people, my creatives aren't really impressive but they're straight to the point, targeting the right people. After a few hundred purchases, you do lookalike audiences and target similar people to those who purchased.

    I'm currently at the phase where I build a brand in terms of building a following, good service, communication with customers etc. Communication etc. is also important to improve products and more. There's nothing too complicated really.
     
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  11. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    5 Commandments
    C(Control)
    E(Entry)
    N(Needs)
    T(Time)
    S(Scale)

    Anything dropshipping violates the Commandment of Control because Amazon or Alibaba or Shopify could cut you off at any time. It' also violates the Commandment of Entry. It has a pretty low barrier to entry.

    But you're making 50k month. Congratualions. Keep going. You're doing something and it's working.
     
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  12. Minus9
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    Minus9 Contributor

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    I'd say I have relatively good control, if anything happens, I can within a few days be up and running without the use of Shopify. And in terms of the barrier of entry, I agree that it is low.

    Thank you, I am relatively fine with the results, I haven't hit 50k yet, but hopefully soon.
     
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  13. jpmartin
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    jpmartin Jedi Master I've Read UNSCRIPTED

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    Have you read the books of MJ? He very clearly explains the formula.
     
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  14. Minus9
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    Minus9 Contributor

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    I haven't yet.
     
  15. Bdenner64
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    Bdenner64 Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass Summit Attendee

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    Don't you wanna be rich? Read em!
     
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  16. Ernman
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    Ernman Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    100% spot on!
     
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  17. jpmartin
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    jpmartin Jedi Master I've Read UNSCRIPTED

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    Since you're on a forum that revolved around the book... why not?
     
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  18. Minus9
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    Minus9 Contributor

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    I don't particularly like to read but will maybe give it a read another time. Also, I didn't know this forum was revolved around a book.
     
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  19. Ernman
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    Ernman Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    It's not so much about the books as it is the process and mindset. By the way, if you don't like to read you can listen to most books these days, Audible. So no excuses for not learning. You'll find most of us in this forum have little patience for excuses. I'm not trying to be harsh, just making sure your expectations and reasons for being here are aligned.
     
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  20. Minus9
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    Minus9 Contributor

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    I am here for a community of like-minded individuals, not here to read or listen to a book despite the fact that I have learned that this forum is based on those books. I'll keep it in mind in the future like I said, just not interested right now.

    Thank you for your comment.
     
  21. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    What’s your profit margin like after you take into account the FB ads? Or are you not running any ads or ppc?
     
  22. The Abundant Man
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    The Abundant Man Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    upload_2019-4-20_16-42-58.jpeg

    [​IMG]
     
  23. Minus9
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    Minus9 Contributor

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    30-35% after VAT, advertisements, product cost etc. Today's margins were 29% and revenue at $791. I'm running ads, yes. A budget of $50/daily.
     
  24. 404profound
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    404profound Gold Contributor I've Read UNSCRIPTED Speedway Pass

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    Anyone pulling those numbers each month is not lost.
     
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  25. nickgraham1234
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    Your post inspired me to make my own store. Just finished up right now.
     

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