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EXECUTION My turning point in online marketing

Discussion in 'Progress/Execution Threads' started by JayMark, Jul 18, 2018.

  1. JayMark
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    JayMark New Contributor

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    I just want to use this as a journal since I have funding to do an online business right now.

    Here's a quick back story:

    2005-2009 I was yo-yo in the internet marketing scene. Made a few bucks here and there and starting out affiliate marketing. I didn't make crazy money but let's just say my best day was $900 but I broke even because I couldn't figure out how to track. Probably had revenue of $5k in 2 weeks. Fell apart since money was my issue.

    And as a college student at the time, I ran out of money since I was broke that time. My best profit day was $0 to $800. Sad to say that I did do a few blackhat but those days are well over.

    Dropped out of the online marketing game and continued college since I didn't have enough funds. I went on a life adventure and traveled the world.

    In 2012 up until now I used my hobby to gain followers on IG. I don't make money but I'm considered an influencer so I get a lot of free stuff :)

    Jan. 2016 left my day job, went on a 2 week cruise and Feb 2016 joined a "start up" with 2 of my past co workers at the same day job. It's fun just 3 guys with 1.3 mil in revenue (2018 expected 1.6m) . Construction so don't think it's crazy money. Profit wasn't too much. But all went back to inventory so end of day nothing really was in the pockets. I don't get shares but life is pretty flexible. I thought it was unfair but this is where it became valuable because it inspired me to get out of it. Made more than my past day job.

    ----------
    June 2017 - My fiancee and I opened up a salon which we bought from a lady and we put another 15k on improvements. Family funded. I thought it was the dumbest idea because there's 5 other salons next to each other. She said "I'd rather fail than not do anything" and that was the end of it.

    Today, the salon has 5/5 stars on yelp 60+ reviews, profitable with 5 employees + myself who does the back end work. Debt is paid for in a year. No paid marketing

    So...... I'm getting tired of the start up/ day job even though it's flexible and I have a say in everything. Got a bit depressed even though I have a lot going on and the best opportunities someone can get as a worker.

    I just feel like I can do more and want to be 100% on my own.

    Current working hours week is : Day Job = 50, Salon = 25-30
    Online = 15-20 hours (4 hrs /week) and multi tasking during these 2 jobs above

    The actual online business

    I'll be doing this in phases.

    Phase # 1 -

    I want to dropship (aliexpress) this certain household product via facebook ads and shopify. Spent $80 on competitor products. Read a lot on how everything works with strategies .

    Already got the product costs via Alibaba and I don't want to spend the $1,800 to meet the MOQs because I haven't proven it will sell yet. Competition isn't too bad and there's only a few companies who does FB ads for it. Again this is going to be brand.

    End of the day this isn't a "get rich" quick scheme for me, its going to be long term, IF I get it to work.

    Phase #2 - 1-4 months, Test Test Test. Budget $5,000 @ $1,000/month, additional $7,000 if needed so total $12,000 to risk. Going to be a bit careful and not to blow all this money. If I can get away with $10/day I will but we'll see.

    My goal is to break-even or at least get close to it to see if it works. Since I have no numbers right now I have a lot unknowns. Scaling will be around this time.

    Phase #3 If I do break even and get to scale, I will private label the product and get the first shipment by either Oct/Nov. I hope to get this during the holiday rush but I don't know yet. At the same time planning on getting this on Amazon FBA and getting all the necessary trademarks etc. I'm aware it may take even longer.

    Phase #4 Scaling and getting more products in. There's a chance I can also work B2B for this and since I do have B2B sales experience I might be able to pull more traction there.

    So far my set up is

    Facebook Ads - Need creatives/video/Ad sets/ for Cold leads, retarget, etc
    Influencers - Need to contact
    Shopify - 50% done, need to take pics/video / ab cart/


    To be continued when I get more into it.......
     
  2. Owlman
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    Owlman New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Holup you gonna risk 12k? Bro you had better not fail. My dumb philosophy is, don't throw mad money into what is not working until it shows some progress. Basically, increase your stake when you are wining and decrease when your are loosing. but then again am not successful enough to claim it works
     
  3. JayMark
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    JayMark New Contributor

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    Yeah I'm going to be starting out slow on this one.

    $5/day
    $10/day
    $15/day
    up to $30/day on testing otherwise will move to another niche.

    The funding is just extra on it and if it doesn't work I can always allocate to another niche . Thanks though! Appreciate it
     
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  4. Owlman
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    Owlman New Contributor Read Millionaire Fastlane I've Read UNSCRIPTED

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    Makes sense. Good luck
     
  5. CROJosh
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    CROJosh Contributor

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    You've probably thought about this, but it's worth asking: why not leverage the salon to build an ecommerce store with private brand products?
     
  6. JayMark
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    JayMark New Contributor

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    Sure this was my original plan. I had my web site up at the 50% mark and decided to ditch it. But not saying I won't do an ecommerce store for beauty products. Even my shopify store still has the subdomain associated with it. I did inquire about products that we normally use with an improved version and it's been proven nail tech did like it and ask. So this would be more of a B2B.

    The margins were smaller but there's other products that could work, I just don't have enough space for it.

    My customers at the salon will not be the customers that will buy the products but smaller shops such as my competition. For now I'm just testing what I can get with a possibly a decent return.
     
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  7. JayMark
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    JayMark New Contributor

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    Here's my update for 8/12.

    I wish I had revenue to report but it took me a few weeks from my original post to get this web site up and running. As you can see it's been a long time since I updated, I literally have been balancing my day job + salon.

    Here's what my life looks like in the last month , 50hrs.wk Day job, 20-25hrs/wk in the salon and I work about 20-25 hours w/k on this , usual time is 6pm to midnight with dinner

    I spent so far on expenses

    $29/month May to July Shopify
    $49/month Aug Shopify with the addition of Gempages which I'll eventually ditch once I get a better design so I don't have to pay monthly
    Domain $10.98
    Competitor products + ali express products = $142.51
    Shutterstock = $49
    Fivvr = $30
    Home depot (for product photography use) $105
    Photography light box DIY = $20 (I already have lights/green screen from previous projects and I have a Canon t2i)

    I finally launched last night at 1am sunday.

    Still messing around with facebook ads, so far today spent $27 in almost a 24hr period.
    This month or at least from Aug 12-Sept 12, I'm probably going to spend $1,500 on ads (test quicker so I get "feel") and taper off down to 1k/month depending on the results.

    Today I had a few engagements / shares but no ATC yet
     

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