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INTRO Launching my first product in the coming days

Discussion in 'Forum Introductions (Who are you!?)' started by yomtov, Dec 8, 2018.

  1. yomtov
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    yomtov New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Hi everyone,

    As most of you, I've read the TMF and Unscripted. I liked the idea of finding an existing product and improve it. As suggested, after a long research and picking smthg resolving one of my problem (following the book: if I have a problem to solve then many others have the same problem). I've found a "best seller" product with more than 1200 reviews and a rating around 3.5 on Amazon.
    Following stats, I've found online that there is 1 review for 100-200 purchases which motivated me to keep on working on this.
    I redesigned it completely, add many improvements and making the trap (the product i m working on it) effective and innovative and resolving all the weaknesses.
    I m really proud of the result but...surfing on this forum, i was reading a thread of @biophase giving a name of an app (amzme) and bam...when I check one of the favorite product in the category I see only 500 $ / month as revenue.
    I've spent 3 months on it, have the prototype done, have the quotation of the mold, have the logo and the name...I m ready to produce it but now, I m hesitating regarding the app informations.
    What would you do in my position?...I've spent +/- 800 for the 3D design, the logo and Printed prototype.
    Secondely, as you can understand reading me, I'm not from US but want to sell it on amazon.com (us) and have to send the traps directely from China to US amazon Warehouse. I have to do it through a company in charge of customs, taxes, etc...how do I proceed and any suggestion to work with?
    Thank you for your time to answer me and provide me some tips.

    Best regards
     
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  2. lowtek
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    lowtek Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    Welcome aboard. As far as customs, hire a company to handle that for you. My wife uses one and it simplifies the process.

    I would forge ahead, even at $500 a month. $500 a month for a single product isn't hateful, and could be the start of something much bigger.
     
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  3. yomtov
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    yomtov New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Thank you for your advice. As the mold costs around 4k plus all the other expenses ( 1.5 dollars per item,
    packaging, shipping, storage, fees,etc...) do you still thinking it s a good idea to keep it on with such a weak average sales in the category? I ve designed a revolutionary insect trap but the first batch will cost me few thousands to test the market. I was following the MJ s advice to pick up an amazon product with more than 500 reviews and bad rating.
     
  4. lowtek
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    lowtek Platinum Contributor Read Millionaire Fastlane FASTLANE INSIDER Speedway Pass Summit Attendee

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    It depends on your level of risk aversion. I was just relaying how I view the endeavor. I'm NOT an amazon seller, so I don't speak from a position of first hand experience. Only second hand as I've seen my wife do it. Maybe @biophase can lend some insight here.
     
  5. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    $4000 is alot of money to start off with. You'll most likely be breaking even with your first order. If you order 1000 units, the mold adds $4 to the cost of each one. Before you move forward please post your numbers.

    Cost per unit including packaging
    Mold cost
    Cost to ship it to US Amazon warehouse
    Price that it's selling on Amazon
    Estimated weight and size
     
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  6. yomtov
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    yomtov New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Hi, thank you for your answer.
    I don t have yet all the details but here what I have.
    -Price per item including packaging is 2 dollars.
    - Mold 4000
    - 16 cm × 12 cm = 6.3 x 4.8 inches
    - Weight 70 grams = 2.4 oz
    - price should be around 15 dollars

    I dont know yet price for shipping China To Us, customs, warehouse,...
    I plan not to sell it only through amazon but as well on shopify monoproduct through fb ads ( i have a little expérience in dropshipping) and through retailers as Well ( if i manage to be accepted as entry is really hard) . But I really think my trap is a game changer for yellowjackets, hornets and wasp.
     
  7. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    So it's a seasonal product then. One of the products I used to sell was wasp traps here in the UK. VERY seasonal and weather dependant. The director of the company that designed and imported them was a friend of mine. Some years he sold out, others he had pallet loads left he couldn't shift till the following season.

    The US has great variety in temperatures due to its size but I wouldn't mind betting that you will find that most of your stock will sit there doing nothing for most of the year. Worth bearing in mind.

    -
     
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  8. yomtov
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    yomtov New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    it is seasonal but technicaly it starts from march To novembre and there is a large increase of insects due To the raise of temperature...in my opinion.
     
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  9. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    That may well be true but in my experience people don't tend to purchase a trap until the insect population reaches a critical mass point whereby they become intolerable. With purchasing we buy out of desire, impulse or need. Your product fits within the need category. We tend to ignore a problem until it can't be ignored any more, then that need arises.

    If I see an ant in my house I don't order ant killer. If I see a dozen it still wouldn't prompt me. When I walk into my kitchen and they are carrying off the fruit out of the basket then you can be sure I'll react.

    My sales of traps would be stagnant then they would trickle out, then we might have a month or so of high sales then they would go pretty much dead again.

    I'm not trying to rain on your parade, just making you aware of the possible sales cycle as you were worried about seeing $500 a month revenue.

    -
     
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  10. biophase
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    biophase Legendary Contributor I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Pricing seems to be ok. Amazon would likely charge you around $3.25 for shipping and fulfilling, plus the 15%. If you ordered 1000 pcs, you are at $6 a piece including the mold cost. Shipping to USA would probably cost you about $1-$1.50 a piece, my guess.

    If you are selling at $15, you are looking at about $2 profit per unit on your first shipment without including any PPC costs.
     

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