- Joined
- Jul 9, 2013
- Messages
- 264
Rep Bank
$1,005
$1,005
User Power: 128%
I'm starting out on my fastlane path very soon. I've determined the niche I want to go in, and how I'm going to serve it. There is only a handful of manufacturers that will create the blend I want without requiring MOQ of 1,000+ (I'm just starting out with semi-limited funding).
There is a particular manufacturer that I'd really like to use, I've spoken to them on the phone and asked numerous questions, done my research and they are 1) reputable 2) seem like good people 3) have good products. The one issue I see is that they don't provide "umbrella insurance" to you since they aren't a massive institutional manufacturer. I'm going to call them in several hours to be sure but when I first spoke to them they said we provide "Certificate of Manufacture", and "Add on Insurance (or something of that notion)", but you would "need your own policy".
I know insurance is very important with consumables so have a couple questions:
1) This is my first venture and I don't have an LLC/S-Corp registered yet because I haven't sold anything and plan to sell on Amazon - should I do this first given the nature of the product?
2) Does the above sound like I need to get my own product liability insurance, or would it be best to scavenge for new suppliers that will get me under their plan?
Thanks!
There is a particular manufacturer that I'd really like to use, I've spoken to them on the phone and asked numerous questions, done my research and they are 1) reputable 2) seem like good people 3) have good products. The one issue I see is that they don't provide "umbrella insurance" to you since they aren't a massive institutional manufacturer. I'm going to call them in several hours to be sure but when I first spoke to them they said we provide "Certificate of Manufacture", and "Add on Insurance (or something of that notion)", but you would "need your own policy".
I know insurance is very important with consumables so have a couple questions:
1) This is my first venture and I don't have an LLC/S-Corp registered yet because I haven't sold anything and plan to sell on Amazon - should I do this first given the nature of the product?
2) Does the above sound like I need to get my own product liability insurance, or would it be best to scavenge for new suppliers that will get me under their plan?
Thanks!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
