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So, I Have 1000€ to Invest + Some Skills: Thinking of Attempting Dropshipping

RealDreams

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Quick Story of Myself:

So, I've been checking this forum for 2 years now.
Since I've read MJ's books, I started to hate dropshipping and all those "get-rich-quick" schemes.

I wanted to open this thread, because I'm planning to invest all my savings (€1000) on a single business. I'm 20 and been trying different stuff throughout the years.
I started by selling graphic design stuff to people and quickly became proficient at that skill, selling psd's at 14 and making like 200€/month "passively". I knew nothing about money back then. I was just doing what I liked to do, graphic design for eSports/CoD teams. I knew nothing about what value creation was but I was actually creating value since people were buying my stuff and leaving positive reviews.

Somehow, at 16 I quit doing that stuff and started living "the social life", because I thought that was the right thing to do. I quickly got the crabs in a bucket mentality and for a year I've done nothing but go out every 2 nights and waste my F*cking time.

Then again at 18 I started reading business books. Unscripted was the first book, then after a year I bought TMF . I've also read other books like E-myth, and some marketing ones.
Somehow, with all this theory in my head I began overthinking quite a lot of shit.

I started a blog and quit that same blog a year after (April 2020) and basically didn't get anything out of it. I then started a project with a ex friend of mine who was a web developer. We wanted to create a social media for a particular niche. After 1 month of 12/hrs a day of work, that project went to hell, since my partner left the project and I remained alone, with no knowledge about coding whatsoever. I also had no money to hire a web developer, so I had to quit the project, too.

I then began learning to code. I've learnt HTML and CSS, and some JavaScript. I still consider myself a beginner, but that's to be expected. I only spent 3 months learning.

After that, I decided to start a YouTube channel in Italian since I noticed there was a lot of crap being promoted on the internet by Italian marketing gurus, such as dropshipping, social media marketing and other stuff. It's still crowded as hell. And I think I know where it comes from. And this is the reason I started this thread.





My Analysis on Dropshipping for Young Kids (Like me):

In Italy there's a shit ton of bureaucracy to start pretty much any business. It's generally not a good environment for entrepreneurs. And I think that's why dropshipping is so popular in Italy. It has no entry barriers (and I know this is a bad thing from a CENTS perspective) and kids can start this kind of business and 1. make decent money to begin with, or 2. fail but still learn valuable skills.

I know what's the general view on dropshipping here. And I had that view, too. Until I rationally thought about it.

Dropshipping in general is awful strategy.

But for a kid? For a 20 years old who only has €1000 in his bank account? For a guy who has graphic design/web design/editing skills (proof: Behance & Dribbble)?

Since the only way to differentiate your dropshipping business is by:
  1. Improving the aesthetics: of your website, ads (animated or static), logo (basically the "branding"). And since I have all the skills needed to do this, I would consider myself in a fair advantage, since it would cost quite a lot of money to outsource all this.
  2. Create a funnel and use a lot of marketing + inspire trust (e.g. by being upfront on shipping times and stuff like that).
  3. To not dropship from China and find local manufacturers.
  4. (nothing else comes to mind)
You either have the skills to do this, or you outsource. And if you outsource, you end up spending a lot of money to fund a shitty business with no control. I think this is where the hate for dropshipping comes from. If you don't have the skills yourself, you'll be forced to invest a lot of money in a business which has very low ROI's.

But if you have the skills to do most of the stuff? Is it really that bad?




How'd You Invest €1000?


The main concern I have is, I have €1000 to invest and want to invest them efficiently. My current "hustle" is a YouTube channel and I have no idea how I could invest these money to boost my channel. I feel like spending money on ads to promote my channel isn't really worth it. How else would you spend these money?

I'll still be working on my YouTube channel. But I struggle seeing it as a business. I see it more like a "separate" entity that in the long-term will perhaps give its fruits (or maybe not).

I still want to start a business. But with just 1k I don't think I can start a "big" business whatsoever. My main goal is to move out of Italy and leave my parents' house asap.

I'm not looking for a business which will make me a millionaire (FOR NOW). I'm looking to start a business. I'm looking to start. I've read books like the 10X rule and it says "dream big".
I've been dreaming for months but nothing happened. I still have €1000 in my bank account and dreaming big won't make me able to start the next Amazon.

That's why I start feeling like I just need to start with what I have now.



Conclusions:


Hope this was easy to read. I was just spitting my thoughts and wanted to share my opinions on this whole topic of dropshipping.

I had a very hateful view on dropshipping and all the people who used to do that. But a few days ago I started thinking about it rationally.

Once again, I'm not saying dropshipping is a good business model. I'm just saying that for kids it might actually be an opportunity to make decent money or fail and learn some valuable skills.



I'm looking forwards to everyone's opinion. Would you recommend dropshipping to someone who already has a chunk of skills? Would you recommend it to a kid who doesn't know which other business to start? Would you recommend it for a kid who only has €1000 in his bank account?
 
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StrikingViper69

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If you've made money before with your design skills, can you go back to that?

Do logo and art design for teams... set them up with custom merch if they want it (so dropshipping as an add on to your skillset)... become the goto guy for that?

Teams and clans in online gaming are huge... people spend a lot of money on their games (add ons) and their computer... I can see teams dropping money on logos and merch.
 

Einfamilienhaus

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I would recommend you not to focus too much on creating an Online Business. I know that for people in our age the internet seems to be the big place for making money. But the biggest money is still made in an Offline World. There are more trustable and profitable business in the Oflline market than in the Internet.

Create a cleaning company and work with local offices can bring you faster
Profit than any online business in the beginning. Depends on your skills.
I've read books like the 10X rule and it says "dream big".
I've been dreaming for months but nothing happened.
 
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RealDreams

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If you've made money before with your design skills, can you go back to that?

Do logo and art design for teams... set them up with custom merch if they want it (so dropshipping as an add on to your skillset)... become the goto guy for that?

Teams and clans in online gaming are huge... people spend a lot of money on their games (add ons) and their computer... I can see teams dropping money on logos and merch.
I thought about that multiple times. I can probably try by cold-emailing 50-100 teams and see what happens.

But that'd be hard to scale and it would be no different than a job where I exchange my time for money.

Anyways, I'll keep this in mind.
Thanks!
 

RealDreams

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I would recommend you not to focus too much on creating an Online Business. I know that for people in our age the internet seems to be the big place for making money. But the biggest money is still made in an Offline World. There are more trustable and profitable business in the Oflline market than in the Internet.

Create a cleaning company and work with local offices can bring you faster
Profit than any online business in the beginning. Depends on your skills.
The point is that, I know nothing about cleaning companies (for instance).
I have a bunch of skills and think it makes more sense to start any business where I can put these skills into use.

I tried the offline world by contacting companies to sell them web design services, but there are so many agencies which do this kind of work. I feel like a small fish in a big ocean. In Italy there's little to no opportunity. Hence, the interest of start an online business.

You'll burn through £1000 on FB ads before you know it.

Maybe team up with someone whose got the cash to spend on DS? And you do the technical work?
I didn't think about that. With FB ads I thought of doing a lot of research and make the ads as "perfect" as possible with the aid of graphic design/editing/copywriting, before spending money on that.

I honestly am "scared" to partner up with somebody at this point after what happened in the past. Also, I'd start the business without a corporation (just with VAT, as it costs a shit ton to start a business in Italy) until I hit the maximum limit. This means I'm 100% liable for what happens.
 

StrikingViper69

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I thought about that multiple times. I can probably try by cold-emailing 50-100 teams and see what happens.

But that'd be hard to scale and it would be no different than a job where I exchange my time for money.

Anyways, I'll keep this in mind.
Thanks!

What is stopping you from hiring designers in the future?
 
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Hadrian

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$1000 was all I had left in my bank account too after my first painful lesson in the business world... Never hand over the full payment until you have the product, even if its a friend!

With 1k I thought I'd jump in to the Emoji app craze as the Kardassian emoji app had made 1 million in its first hour... but alas it seems these only work with a well established influencer... and even then its tricky as we've tried out several including models/charities and most of them expect you to do all the promoting as well.

So if its an emoji app you want and can do the graphics and source an influencer then hit me up... but I wouldn't recommend it! :peace:
 
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100ToOne

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I didn't think about that. With FB ads I thought of doing a lot of research and make the ads as "perfect" as possible with the aid of graphic design/editing/copywriting, before spending money on that.

I honestly am "scared" to partner up with somebody at this point after what happened in the past. Also, I'd start the business without a corporation (just with VAT, as it costs a shit ton to start a business in Italy) until I hit the maximum limit. This means I'm 100% liable for what happens.

With your strategy of perfecting the ad, that'll help you a lot in DS. However one point in FB ads for DS is that it usually takes a lot of money to find a "winner" that'll make you back all the money. It's always like that with business, takes a lot of trial and error until you find a niche, a method, a selling point that you know works. Therefore MY OPINION, a thousand euros won't be enough.

Having said that, if that amount won't break you, and you'll be able to make it again quickly, there's no harm in testing it. I'm just saying if you're going to be broke for the next year if you lose this money, don't have high hopes with that amount of money.

Try doing services in graphic design that makes you money maybe, then jump into it.

At the end of day the day, is your decision obviously.
 

RealDreams

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What is stopping you from hiring designers in the future?
With your strategy of perfecting the ad, that'll help you a lot in DS. However one point in FB ads for DS is that it usually takes a lot of money to find a "winner" that'll make you back all the money. It's always like that with business, takes a lot of trial and error until you find a niche, a method, a selling point that you know works. Therefore MY OPINION, a thousand euros won't be enough.

Having said that, if that amount won't break you, and you'll be able to make it again quickly, there's no harm in testing it. I'm just saying if you're going to be broke for the next year if you lose this money, don't have high hopes with that amount of money.

Try doing services in graphic design that makes you money maybe, then jump into it.

At the end of day the day, is your decision obviously.
I'll definitely keep in mind this design service thing. It also makes sense cause that's one of the few skill I became proficient at.

I'll start cold emailing as many eSports teams as I can find tomorrow. I'll post an update here once I've contacted like 20 teams.

Edit: I also think I'm going to get back doing UI challenges cause those small wins will keep me going.

I also realized one thing...when I was 14 I didn't give a sh*t about anything and just took action without caring about anything for real lol I probably made 250-300 social media banners in a year when I was a kid.

Now I quit after 2 attempts at anything I do. It really looks like my mindset is f*cked up.
 
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sparechange

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Big mistake, dropshipper's default car is a Lambo, no cachet in Italy.
Go Amazon FBA, McLaren's are exotic there.

Freelancing on Fiver + Dropshipping on shopify AND Amazon FBA = Bugatti Veyron

Think bigger...
 

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If you check my thread on the inside you'll learn that 1.000 euro without any marketing experience will get you probably 0 sales and you'll learn probably nothing.

Unless you are ready to lose the money and learn something, I wouldn't suggest it. Definitely not dropshipping as a business model. Unless it's a product that's in demand and your working with a manufacturer directly.

I would rather you focus on your freelancing skills and once you have the money to throw away I'd combine it with ecommerce. One pays for bills and get's money to invest in the other.
 

Kid

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Hi Vic,

If I were in your shoes I wouldn't touch that 1k.
If you really want to, spend half of it

Now let's think a bit creatively.
Italy is known for high quality products.

You could look around and sell something premium, leather belts etc.

Even advertising hook like this belts are made in small village near Palermo,could add extra value to US buyer. And you could price it no matter what it costs to produce.

Dropshipping was easy 6 years ago and people raked in cash like no one else. Which I wish to you but also to warn you.
 

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I'm gonna jump in. As others have said, with a grand, you're most likely going to blow through it in 2 weeks if you go the dropshipping route.

As others suggested, do what you've already got the skills for. At least get some cashflow from that. Once you've got cashflow, if you want to experiment w/ dropshipping, go for it.

Also, there's nothing wrong with exchanging some time for money. You have to start somewhere. And freelancing, which is basically what you're doing, isn't a bad way to go. You can always go project based and it's a more of a separation from time vs money - price the projects right/get considerable expertise in one field and the price can go up significantly.

Here's a hair-brained idea: go find an agency/brand/people that are doing significant e-com volume. Intern/get a job doing graphic design work. Learn how to sell/market products as a byproduct of working for them while honing your skillset and getting paid. Now, you've not only got the graphic design ability, you'll know how to market/sell online. Bada-bing, bada-boom
 
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RealDreams

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Thanks for everyone's advice!

I'll try putting my graphic design skills into use and figure out how I can add value to people (either in my city or by contacting eSports teams).

It's actually a great idea to rack up as much cash as possible and then start a business with a greater business model.

Local dropshipping is definitely a better idea than dropshipping from China (actually, it wasn't even in my mind to dropship from China cause I knew it's a dead end).

One thing that's been stopping me for a while is that I have this thought that in Italy it's full of digital marketing/design agencies already and the market couldn't get even more saturated.

But I'll still try and figure out a way. Gotta try all the options.
 

jpn

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I’m only reading about a method. Dropshipping. Not a problem and solution. If you solve a real problem, no one cares if you dropship, or if your ads are ugly. Focus on solving problems.

For example, you are one of many people that say that starting a business in Italy is expensive. Why not solve that problem? Make it cheaper. Or find alternatives. It is really hard to solve. But that why you will make money when you solve it.
 

RealDreams

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LOL
"The global dropshipping market is poised to grow to more than $557 billion by 2025. If this is a business model you’ve been considering, now may be the exact right time to start."

That's interesting. I think it all comes down to doing it the right way, as mentioned in that post.
If you execute way better than average, you'll probably do okay. That's why I wanted to get into it.

Honestly, I actually don't think the barriers to entry as low as people make it look like. If you execute better than average, you need either capital or skills. Facebook ads is a skill in itself and I currently know nothing about it and it will take effort and time to learn how to do all that stuff.

Even finding local dropshippers is not easy (I don't think it's as easy as sending an e-mail). I know nothing about import/export neither so I'll have to figure that out, too.

It's generally not all about setting a shopify store. It's more than that.

So many people think it's all about setting a shopify store and learning how to create a funnel. It's not. I've seen some youtube videos where some gurus "rated their fans' stores", and I've seen some awful stores with no logo, no branding, no consistency and a general air of "money-chasing" kids who think it's all about setting a store and expecting to make sales.
 
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RealDreams

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I’m only reading about a method. Dropshipping. Not a problem and solution. If you solve a real problem, no one cares if you dropship, or if your ads are ugly. Focus on solving problems.

For example, you are one of many people that say that starting a business in Italy is expensive. Why not solve that problem? Make it cheaper. Or find alternatives. It is really hard to solve. But that why you will make money when you solve it.
This makes sense. I didn't intend to jump into dropshipping and sell the latest useless gadget to be honest.

I would have done thoughtful research, both for the niche and for the entire process, cause I'm a complete beginner and I know 0 about e-commerce (and I think that's a great opportunity to learn about it).

Starting a business in Italy is expensive due to taxes. I hate to be that guy who finds excuses, but this is what it is. 50-55% of your profits go to the government, that's just a fact. Not to talk about the fact that you must pay the government even before you see any kind of revenue from your business. So you spend like 4000$ even if you make 0 sales.
 

Hadrian

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This makes sense. I didn't intend to jump into dropshipping and sell the latest useless gadget to be honest.

I would have done thoughtful research, both for the niche and for the entire process, cause I'm a complete beginner and I know 0 about e-commerce (and I think that's a great opportunity to learn about it).

Hi Hi don't know if this helps but I just LOVE the Travel like a boss podcast.... He's got some really interesting episodes on dropshipping as well...

Bonus

Disclaimer: I know NOTHING about dropshipping but I do LOVE his podcast. He may be a fake Guru I don't know. To be honest the only Fake Gurus I specialise in are the religious fundamentalist ones who take advantage of their followers fears and anxieties and are currently trying to bring 1930's style Facism to the USA through the Republican party ... :shit: #StrangerthanFiction

View: https://www.youtube.com/watch?v=7y1xJAVZxXg
 
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Bobby_italy

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I’m only reading about a method. Dropshipping. Not a problem and solution. If you solve a real problem, no one cares if you dropship, or if your ads are ugly. Focus on solving problems.

For example, you are one of many people that say that starting a business in Italy is expensive. Why not solve that problem? Make it cheaper. Or find alternatives. It is really hard to solve. But that why you will make money when you solve it.
yeah there is a company which helps people evade taxes in my area(in Italy) and lower business costs which made like 60M in revenue last year.
It's kind of a legalized criminality, like everyone knows they use loopholes etc.. but they manage to not get too many fines on their clients so at the end of the day whatever they do is working.

I don't think Vic has the knowledge to run such an organization right now tho so maybe he could work on that in the future, maybe study some italian legislation etc...
 

Bobby_italy

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Can you move? Like somewhere in the Europe- Germany, Czech Republic?

Gosh, $4k upfront. Sorry for ya.
Yeah it's a little bit of an exaggeration but he's taking into account running it for a year without any profits I think, immediate costs are more like 1k, less if you go with a non limited company(like 150€) but then you risk your own assets.

By the way he's very wrong in dollars maintaining a company without turning profits with only 1 owner(insurance etc...) actually costs 5.5k/6k + 500€ for registration it comes at around 8k in dollars for the first year THAT YOU MUST pay no matter what.
That's why I'd advise in most people cases to have a job while founding your first company, you'll get the insurance part paid by your job and your actual costs will be about 2/3k for the first year which is much more sustainable and low risk since you're also getting a 1500€ salary(I guess).
In Italy you just can't carelessly start a business because of how the system is setup but once you start working it's doable like everywhere else, also wtf are you really expecting to not make 6k in your first year doing business?
If so don't even bother and earn your 20k at a job without headaches.

If you have a plan to execute there will always be a solution, if you just want to open a company randomly for the sake of it you can't without consequences, we are a little more drastic because being young kids with little money saved up it feels impossible.
Let's just remember that there are illiterate people making bank with unsexy businesses everyday in Italy, if they can why shouldn't we with all the info we learnt from this forum.


check this article for some examples at the end they estimate about 11k € with 2 owners, obviously if there's only 1 it's not half because some expenses aren't split.
 

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Can you move? Like somewhere in the Europe- Germany, Czech Republic?

Gosh, $4k upfront. Sorry for ya.
This was on my plans. I'm still in University and honestly it's a f*cking heavy brick on my legs. I want to drop out and move out from Italy but I'm still figuring out whether the consequences of dropping out actually have a payoff in the long-term.

That's why I want to actually take action now and make money, and if I make enough money to survive (which is my primary goal right now), dropping out and leaving Italy will definitely be a great choice.

Paradoxically, it's true that getting a job might give me more monetary returns in Italy...at least in the short-term.
 
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RealDreams

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Sent 12 emails the other day to different eSports companies.
Currently 1 reply (not interested) and 0 conversions. I guess this is 100% normal.

I wonder if there's a better and more efficient way to walk through this.
 

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Could you find phone numbers / contacts for those companies and get them on the phone for a quick call? Also do the emails your're sending show the value you can provide for those companies? Cold emailing can be tricky at first, definitely keep going though, don't get discouraged by a low response or engagement.
 

RealDreams

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Could you find phone numbers / contacts for those companies and get them on the phone for a quick call? Also do the emails your're sending show the value you can provide for those companies? Cold emailing can be tricky at first, definitely keep going though, don't get discouraged by a low response or engagement.
Thanks for the advice!
Cold-calling might be a way. I'll see what I can do.

The email pitch wasn't very well-thought. I didn't want to overthink it so I tried to be as upfront as possible and still remember to add "what's in it for them".

Hi.

My name is Victor and I'm a graphic designer with 5 years of experience. I've been working with eSports companies such as ... and other teams such as ... since 2014.

I wanted to know whether you were hiring graphic designers for your team. I'm sure I can create great value for your company and I understand how most businesses operate and what they need to increase their brand's value in the eyes of customers/viewers.

I'm mainly specialized in social media design, and in particular, banners and ads. I've been studying marketing and copywriting so I'm quite sure that might help not only creating visually pleasing design, but also design which helps your company make more money (in case you sell stuff/have sponsors).

I also do web design, although I'm not specialized in that.

I'm looking forward to work with you.

My portfolios are:
...
Best regards,
Victor
 
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Reading your example email, firstly it's too focused on you, businesses aren't interested in hearing about you, or your qualifications (I mean no disrespect here, just bear with me), they're interested in hearing how you can solve their problems, what can you do for them specifically? Currently you're telling them what you know how to do, but not giving them a reason to need you or your services. Instead of having your email contain all the I statements, such as "I wanted to know whether you were hiring graphic designers for your team" or "I'm mainly specialized in social media design" focus on the problem you can solve for them, or the value you can provide. Also, try making the email more personal, try to find the contact info for someone who works in the company that you can address the email to, the personal touch is much more likely to get a response.

Try something like this --
Hi (person who works for company, find this on their website if you have to).
"I took a look at the graphics on your website and I noticed XXXX (a problem you found, something you can improve on, copy you could make better, etc.) This could be impacting your company's (sales, conversion rate, engagement, etc). I'd love to hop on a call and discuss how I can help you with this. I've gotten results for (insert previous client you did good work for) and (insert another client you've done work for) in similar areas in the past, so I'm sure I can help your company as well. Let me know what you think!
Thanks for your time,
-Victor

Use the email to get your prospect on the phone for a call, find out what their pain points are, what's bothering them about their business, then convert them into a paying customer by pitching your services in the way that will solve their problems / pain points. Do this by knowing your stuff, answering their questions, pitching your services in a way that is focused on solving their company's problems, and so on. People are much more open to buying from you / hiring you when they can hear your voice and trust you. Don't focus on quoting money over the phone though, use the conversation to lead into additional emails and get the conversion from there.

That should be more than enough to get you started! Let me know if you have any questions for me, and when you get that first customer using my advice ;) .
 

mastermind007

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