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Stuck in a unique situation..

Discussion in 'General Mindset, Motivation, Beliefs' started by Shri Kanase, Feb 19, 2019.

  1. Shri Kanase
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    Shri Kanase Contributor Read Millionaire Fastlane

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    Hey guys,

    Just joined this forum and I'm Shri Kanase! So I just turned 20 this month and currently in community college.

    My situation is, I already have a business which has done over 6 figures since last year but it's a website which sells relationship accessories, which means it booms Nov-Feb and eh the other months. I'm also a Youtuber and mentor to may individuals so I have other sources of income. This is all important for my situation because as mentioned, I'm currently in community college.

    This upcoming year, I would either be transferring to an university to pursue Computer Science or drop out and pursue these things I mentioned above. I would still pursue these things even if I went to college but I've feeling overwhelmed with all the work from college.

    I'm in a dilema right now. Would it be ideal to drop out now considering I already am somewhat part of the fast lane but what do you guys think? I really want to drop out but my parents want me to be "safe" and finish college.

    Thoughts?
     
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  2. RazorCut
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    RazorCut Platinum Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hi Shri and welcome to the forum.

    Can you stick it out until the end of community college? Then you could take a year out (tell your parents its a gap year). You then have a whole 12 months to expand your business and prove to your parents that you don't need university. Obviously you are old enough to do as you please anyway.

    I take it you are talking about adult toys? Are you drop shipping? It's one thing to be doing over 6 figures but the most important aspects are profit and control. These are the areas I would seriously consider first, as a drop shipping business is not the most stable of relationships.

    You will want to build a business that has longevity which means having as much control of the sales process as possible.
     
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  3. Shri Kanase
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    Shri Kanase Contributor Read Millionaire Fastlane

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    Yes I do dropshipping and no not adult toys. It's rather bracelets, necklaces, etc. basically fashion accessories. Although I'm dropshipping, my products are in US warehouses in peak months and all of my packages get shipped with my store's logo on it in every single month.

    I did all of these extra things while keeping longevity in mind. Plus, dropshipping has opened doors for me to other income sources.

    Despite all of these things, my profit margins are quite high in most of the times (10%-25%) and in peak months, profit is often $1k+. What do you think?
     
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  4. Roli
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    Roli Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED Speedway Pass

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    Those are not high margins on the types of items you described. If you were selling things that were $10k each, fine, however with lower ticket items you should aim for between 1-200% some say even 400%.

    This is because at 10-25% it is very difficult to hold sales, or react to people undercutting you.

    You are definitely on the right track, and I'd keep going if I were you. Take that 'year out' that @RazorCut suggests, and try and make it happen on an even grander scale.
     
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  5. RazorCut
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    Well done. What are your long term plans as usually drop shipping is a starting point to get established not a long term business model. The trouble with dropshipping is that you have very little overall control (and a lot of the Chinese drop shippers will cut you out of the loop once they figure out how to sell directly themselves).

    It would depend on how far $1k goes in your country. Here in the UK that would be a poor weeks earnings for me.

    Also 10-25% may not be such a good margin. I used to have a business selling components to the jewellery making sector. 200-500% markup was more usual for them. In fact I've had items that I have imported for 20p each that sold direct to end users for £12 - £13 in the past. So that considered you could certainly improve on those margins if you bought directly rather than through a drop-shipper and you may be able to negotiate better prices with your drop-shipper in the meantime.
     
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  6. NMdad
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    NMdad Silver Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    One way to think about this is to ask: What would your parents need to see to feel comfortable with you dropping out of college?

    Not that you need to rely on your parents for approval--I'm just using that as a way for you to clarify what's required for you to do this full-time.
     
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  7. Shri Kanase
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    @Roli @RazorCut @NMdad
    Sorry, I meant to say $1k profits+ daily in the peak months so overall net profit would be $20k to $30k for the month. Just since this January until today, the profit has been roughly $30k. Also, I live in California.

    And I suppose 10% to 25% may not seem high but thats where these other income sources come into play. Youtube itself has started to pay me enough to cover my food expenses and mentoring/consulting is rougly $500 to $1.5k per student.

    What do you guys thing I should do?
     
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  9. RazorCut
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    Well that puts a different light on matters.

    So your family want you to get a degree so that you can be in a situation where you can work for 'the man' and earn a little over $1k a week when you could easily do that a day with a little more time and effort?

    "Americans with a bachelor’s degree earn a weekly average of $1,137. That’s higher than the median weekly earnings for workers at all education levels, $860. Average earnings for workers with bachelor’s degrees work out to $59,124 per year." (source)

    Do they know what you are actually earning right now? Personally I would tell them that you will put enough aside in an 'education' account to cover all the costs of a good university degree so that in the future if things don't work out you have it covered.

    At the end of the day it's your life and your decision. We can't make it for you, but at 20 your parents can't either.
     
  10. Shri Kanase
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    Shri Kanase Contributor Read Millionaire Fastlane

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    You're definitely right @RazorCut

    I guess what I'm asking is what would you do in a situation like this? Still go to college or drop out and focus on what I have?
     
  11. RazorCut
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    Finish Community College. Then take a 'gap year'. Use that to build your business and create that 'university fund'.

    You will get less resistance from your parents that way than just dropping out of college so it will be much easier to justify. You are a man, it's your decision but you still have to live with your parents so it helps to have them onside.

    They want whats best for you as any parent would. Once they see you have a thriving business in a years time you can then get them used to the idea you aren't going to Uni.
     
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  12. Shri Kanase
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    Shri Kanase Contributor Read Millionaire Fastlane

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    Thank you for that.

    My question is, even though this store has done over $600k since last year, it's a relationship store meaning majority of sales come before Valentine's day or Nov-Feb. In order to join the fast lane and have consistent income, do you think this store would not be something that can get me on the fast lane?

    I always have doubts about this even after coming so far. Some people say relationship is the biggest niche while others say it won't do well then. I feel pretty lost in the middle..

    It has already done this well and opened many doors for me. I'm trying to make it more consistent each month but not sure whether I'm focusing on the wrong thing or not. As a third person looking from the outside, what do you think?

    Sell it and move on? Keep it and make another store? Or something else?

    (Really appreciate your help so far btw..)
     
  13. RazorCut
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    You have a store that earns really good money but is seasonal. So that means a lot of the time, although it is not bringing in much in the way of revenue it requires little to no maintenance. That gives you plenty of opportunity to open one or two more stores in a new niche.

    How are you getting customers to your current site? How large is your YouTube channel?
     
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  14. Ernman
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    Ernman Bronze Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    You've already gotten some good advise from folks here on your store. I'd like to address going to university for a degree in computer science. I love education, engineering undergrad and two masters degrees. I loved all the wonderful knowledge I gained. But I was also a slow lane driver. You need to have a very serious conversation with yourself about WHY you would go to college. What will you gain that you can't teach yourself? Read UNSCRIPTED and Fast Lane Millionaire. Let all of that roll around in your noodle. There's no rush to go to college. It will still be there if you decide that's the right path for you.
     
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  15. Shri Kanase
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    Shri Kanase Contributor Read Millionaire Fastlane

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    Main source of traffic is facebook ads with the mix of other advertising platforms.

    My YouTube channel is at 2.7k subs, already monetized(about $300/mo) and growing at a rate of 100 subscribers every 5 days or so.
     
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  16. Shri Kanase
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    Shri Kanase Contributor Read Millionaire Fastlane

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    Thoughts? @RazorCut
     
  17. RazorCut
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    Sorry, been away for several days so only viewing bits and pieces on my mobile. I just answered your other thread. You could do with products that flatten the sales curve so look into products that sell strongly during summer months plus gifts for Birthdays etc. that are good all year sellers.
     
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  18. ljb7
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    This really is a choice that comes from within. I dropped out during my first year of university and it turned out to be a great decision. Hindsight is 20/20 though. I'm sure for countless others it was a very poor decision. That said, I was also not in the position that you are with your business.

    I think, for most of us, growing a business should be a full-time thing should you really want it to thrive. You're in a position where you are generating revenue and clearly have the ability to create something.

    Last tip: Don't listen to your parents. Not from a rebellious, juvenile forge my own path angle, its just they (and most other people) don't see life from this view and thus don't understand the full potential of it.
     
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  19. NMdad
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    You might consider--if you haven't already done so--creating an email list. That way, you're not reliant on Facebook ad spend and Facebook in general. And, you can test/validate new products/services for your market. An email list can keep you top-of-mind for when you have a new product to offer; for example, you can create an autoresponder of relationship-related tips, case studies, etc. which include product offers.

    Since you're currently selling relationship-related products, there are lots of non-seasonal purchases points: birthdays, anniversaries, etc. And there are lots of relationship anniversaries: first date, engagement, wedding, birth of a child, etc.--be creative. Remind people why they love their significant other.

    Likewise, you could also diversify from your current physical product offerings. What could you offer that could be subscription-based? Like a box for date night. Or an infoproduct for relationship building. Or send-a-flower just because. Tons of ways to diversify.
     
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  20. Shri Kanase
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    Shri Kanase Contributor Read Millionaire Fastlane

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    Definitely interesting to hear about the infoproduct. I've already gotten an email list of 35k through this business and emails get sent out weekly so thats not an issue. I've read millionaire fastlane and want something to be more consistent each month.
     
  21. Shri Kanase
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    Yes, I think its an okay decision for me because I have multiple income sources. Youtube itself is starting to pay me enough for food expenses and the payment is just goinf to increase over time. School has really been taking away time from what I could invest into all this..
     
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    Funnily enough, going back to school is something I've pondered about fairly recently. I've ultimately decided against it for the time being but the fact I have that option (anywhere in the world may I add) is pretty powerful. I could go back to school simply just to learn.

    Like I said before, this decision needs to come from within. But, my opinion is you go for it! Looking back over the last 5-10 years, the longest lasting lessons have been the risks I've taken that, that conveniently got the most criticism at the time as well.
     
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  23. BigDaddyKane
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    I think you just answered it. You already know what you want. I think considering the current successes you're seeing with your business it makes logical sense to drop out. Are you REALLY going to reach your full potential in school? It seems to me that you're more excited about building your brand making the money you're making.
     
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  24. Rabby
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    Also worth noting: if you're interested in computer science intellectually, you don't absolutely have to attend a degree program to learn it.

    I stuck with school through a Master's and a graduate certificate on the side. I could have replaced college with a writing class, a design class, and an introduction to software development. Or some books and videos. Then worked on business full time. That would have put me a few years ahead, I believe.
     
  25. Shri Kanase
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    Shri Kanase Contributor Read Millionaire Fastlane

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    You're definitely right. Building my own brand is much much more valuable to me than some paper achieved at the end of college. I have already achieved success with what I'm doing so the risk factor is much lower. Love this forum already
     

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