Journey to Passive Income Freedom

[DClaiborne]

So I've been a member on here for about 18 months now and spent the vast majority of it just reading, comprehending, learning, and gathering information on ideas and processes used to take an idea to success.

After spending that time, doing all of that and the birth of my 2nd child, I decided I'm educated enough (to at least take action and start) working on a passive income business.

If you want to skip the background and details of my past, just skip down from here to the smiley face lol.

I'm currently in a slow lane job of owning my own gym which I started 6 years ago with the idea of I can things better than what is offered where I live.

The gym has been successful in the matter of that it has taken care of me and my family, but after rereading TMF I realized that it wasn't ever going be the vehicle to get me where I needed/wanted to be in my life and provide the type of security I want for my family... Plus I was burned out and learned quite a few lessons over those 6 years.

This past November, I sold off 80% of the gym and kept a small portion of it as a way to made some side income and basically give me and my friends an awesome place to workout.

I've always had other streams of revenue (some passive) helping out, but never focused on one specific type of passive income plan with the goal of growing it.

I've done online training which in the past 8 years has made me probably 25k and was what helped open my gym, done affiliate stuff on a personal fitness blog which made me 6k, created a football training ebook that made me 5k and continues to bring in a few hundred bucks per year without me touching it.

But overall I'm looking for a different type of PI business as I absolutely hated every part of blogging, and online product creation.



I'm in the process of starting to private label some products to sell on Amazon as first new venture into Passive Income with a plan.

I purchased the AMA suite and have spent the past week researching products, listening to podcats and reading posts from successful Amazon sellers, searching for comparable products on alibaba and think I've found a few that I should be able to narrow down to 1 starting product.

I'm not going to register a company or do any of that until I actually get a quality sample in my hand and placing a trial order, but I'm excited to try this path out.

Right now I'm still just reading everything possible on the subject (without going on information overload), but it's kind of a standstill until I physically get the samples in my hand.

If anyone has any questions/advice feel free to ask, and just so this thread doesn't go stagnant, if you have any health & fitness questions lol feel free to ask those as well.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[DClaiborne]

Narrowed it down to 2 products now to get started on Amazon and I'm not quite sure if it's a good thing when contacting one of the suppliers they recommended getting a sample from them, or ordering it from "x" seller on Amazon who is already selling it. The product already selling marketing and description could be way better, and there are no real negative reviews so it might just come down to who can market it better since there isn't much I can do to improve the product.

Anyone have any thoughts on this?

Should have product in my hand from Amazon buyer by end of week (cheaper than ordering sample from China) and then hopefully I can figure out some tweaks if any to make and send to supplier to see if they can accommodate them.

Hardest part I'm learning on going this route, is that I love to take action and I really don't know what else I can be doing right now while waiting for samples, etc.

I'll probably get business set up (s-corp formed, bank account, ein number, etc.) just so I can get that out of the way and keep this venture separate from all other revenue streams.

 

[Vigilante]

Narrowed it down to 2 products now to get started on Amazon and I'm not quite sure if it's a good thing when contacting one of the suppliers they recommended getting a sample from them, or ordering it from "x" seller on Amazon who is already selling it. The product already selling marketing and description could be way better, and there are no real negative reviews so it might just come down to who can market it better since there isn't much I can do to improve the product.

Anyone have any thoughts on this?

Should have product in my hand from Amazon buyer by end of week (cheaper than ordering sample from China) and then hopefully I can figure out some tweaks if any to make and send to supplier to see if they can accommodate them.

Hardest part I'm learning on going this route, is that I love to take action and I really don't know what else I can be doing right now while waiting for samples, etc.

I'll probably get business set up (s-corp formed, bank account, ein number, etc.) just so I can get that out of the way and keep this venture separate from all other revenue streams.

You're an INSIDERS, so check out my thread on passive income.

There are 100,000 products in Asia that have never been marketed in the United States, so zero interest in starting with something that has existing competitors (price war) or past history which could be negative.

Keep looking. Success comes in the dozens of hours it takes researching to find the one product you could retire on.

One of the first questions to ask is if they currently or recently sold the product in the United States, combined with your own research to answer the same question.

If the answer is YES, you move on.

 

[DClaiborne]

You're an INSIDERS, so check out my thread on passive income.

There are 100,000 products in Asia that have never been marketed in the United States, so zero interest in starting with something that has existing competitors (price war) or past history which could be negative.

Keep looking. Success comes in the dozens of hours it takes researching to find the one product you could retire on.

One of the first questions to ask is if they currently or recently sold the product in the United States, combined with your own research to answer the same question.

If the answer is YES, you move on.

Awesome thanks for the feedback and that's kind of what I was thinking but wasn't sure if that was the right direction to go or not.

Back to the research

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[DClaiborne]

So decided to hold off on that item thanks to Vigilante's advice.

Kind of put me in a funk though lol, but spent rest of the day looking at products online in general, on alibaba, some niche sales websites, and thinking a ton about what I am knowledgeable in as well.

I've been toying with the idea of doing a supplement for years and started looking in that direction, but not sure if that's just making my prospective idea pool bigger when I should be trying to go smaller or what.

Gonna spend the rest of this week drumming up ideas, listening, and observing others while I'm out and about to see what they are griping about as well.

 

[MJ DeMarco]

There are 100,000 products in Asia that have never been marketed in the United States

@Vigilante -- make sure that's in your book, I don't think it was. And make sure it starts a section, or finishes a section. It needs emphasis.

 

[DClaiborne]

@Vigilante just wanted to say thanks. That quote opened up my eyes as to what can be done and got me excited again the more I thought about it.

I don't want to knock a product off. I want to be original and find things people want but haven't been offered yet.

Spent the past few hours brainstorming and coming up with ideas and places to get those ideas and it's a whole new ballgame.

Already found a few products that would be great over here but aren't offered which means I can keep my foot on the gas and keep this going.

With that being said I am confused on one thing on Alibaba.

One of the suppliers is listed as a trading company. Isn't that basically a middleman and if so how could I go about finding the actual manufacturer in case I have tweaks or improvements that I'd like made.

Also wouldn't it be cheaper if I could find the actual manufacturer?


Sent from my iPhone using Tapatalk

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Y.B.]

There are 100,000 products in Asia that have never been marketed in the United States

got a list lol?

 

[Vigilante]

got a list lol?

Actually had someone ask me once where the list was.

What list? I said.

"The list of products I could sell on Amazon."

 

[marklov]

You're an INSIDERS, so check out my thread on passive income.

There are 100,000 products in Asia that have never been marketed in the United States, so zero interest in starting with something that has existing competitors (price war) or past history which could be negative.

Keep looking. Success comes in the dozens of hours it takes researching to find the one product you could retire on.

One of the first questions to ask is if they currently or recently sold the product in the United States, combined with your own research to answer the same question.

If the answer is YES, you move on.

Oh wow just wow thanks for this rabbit hole, I had been pondering an endgame to consulting in the back of my mind for quite some time especially sourcing products and trends. I'm not a strong creative so kind of had a block.

So simple but brilliant
These gold nuggets make the forum so worth it

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Vigilante]

Oh wow just wow thanks for this rabbit hole, I had been pondering an endgame to consulting in the back of my mind for quite some time especially sourcing products and trends. I'm not a strong creative so kind of had a block.

So simple but brilliant
These gold nuggets make the forum so worth it

There is a 60 page? Thread on the inside

 

[Shredder83]

@Vigilante just wanted to say thanks. That quote opened up my eyes as to what can be done and got me excited again the more I thought about it.

I don't want to knock a product off. I want to be original and find things people want but haven't been offered yet.

Spent the past few hours brainstorming and coming up with ideas and places to get those ideas and it's a whole new ballgame.

Already found a few products that would be great over here but aren't offered which means I can keep my foot on the gas and keep this going.

With that being said I am confused on one thing on Alibaba.

One of the suppliers is listed as a trading company. Isn't that basically a middleman and if so how could I go about finding the actual manufacturer in case I have tweaks or improvements that I'd like made.

Also wouldn't it be cheaper if I could find the actual manufacturer?


Sent from my iPhone using Tapatalk

What a timely post! I, myself would like to try similar path to yours. Please keep this post alive and use it as a blog (which you hate, lol) as things develop... and congrats! I'm chugging along a highly paid slowlane for now. Sigh....

 

[DClaiborne]

I'll keep posting as long as things keep moving lol.

Did some more digging and found the actual supplier for my product on alibaba. Emailed them but haven't heard back. Did hear back from the trading company though so going to get a sample through them. My main concern would be if I need to tweak something not being able to do so, but I figure that's something to worry about later on (if at all).

Sample order placed so still moving along.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.