I didn't find this progress thread area for some time. But then I went looking for it because I wanted to make one to share. 
OK well I don't like to share my whole life but I think it's a good idea to share what I am doing, mainly because I don't really think it's fastlane but it is my path to wealth and financial freedom. Others may find it useful especially if you have not figured out that million dollar idea yet.
Oddly enough I am partners in a company that has several fastlane ideas. But thats my job and most of the big decisions are out of my hands. BUT whatever I am currently doing this could be the surprise million dollar fastlane story after all. The main thing about my job is they give me alot of free time to do with as I see fit. I run my other projects out of my office, have my own area in the warehouse and a place to do my shipping. So in alot of ways this is part of my success story.
Now I know Ebay is considered a bad move. For me it's perfect. Very quick startup and gives me a ton of flexibility in the products I sell. Paying them a percentage is just part of the game. But if I started selling NFL items and wanted to switch to baby dolls thats something I can do very fast with ebay.
So last fall was the start of the big experiment. My jump into being an entrepreneur. I didn't have a clue and didn't know where it would take me. All I knew was I can sell things on ebay. So first thing I tried was going to some antique auctions. I swear some higher power must have been looking out for me because in the first 2 weeks I made 2k. Don't get to excited it's not that easy, but a big chunk of change like that sure does get you pumped up to keep going.
I kept at it and kept trying new ideas. So failed, some did ok and some did awesome. When November and December hit thats when it really took off. I did 10k in 2 months. Holiday season and internet sales ROCKS!!!
So now it's all about building inventory. I really don't care if I make a penny the next 9 months. I know the big pay days will be there. But I still make money and I just put it right back into inventory. The idea is to have 50-100 times the inventory I had for last holiday season. Do the math on that and suddenly Ebay don't look so bad.
Currently doing work with a couple of manufacturers in China. I did a few orders from each place and they are willing to do smaller runs for 30 pieces of my designs so it's really worked out. After explaining to them I can sell 30 pieces a year and if I order 200 different items that just drives more traffic then 20 pieces that I bought 300 units of and I can order again quicker. SO they are on board. Currently ordering about once every 2 months. THE BIG PROBLEM with the Chinese stuff is you have to really hunt for products that make a profit. It's not that easy. Chances are if it's really popular the price has already been pushed to the bottom. If you buy products that are not as popular your are gonna sit on it for some time but you will make money on all your sales. Take your time with these guys. Shipping and customs can kill alot of your profit as well.
In the mean time I still buy and sell antiques. If you need your money back by the end of the month this is not a good business. If you can hold it for 6 months to a year then it works out great. Again not fastlane but to me it's just a good solid business and something I enjoy.
The plan at the end of the year is to buy a daycare center for my fiance. Not as hard to do as you might imagine and if you got the cash you can hit the ground running and we plan to buy one thats currently open and the owner wants to retire.
After that the sky is the limit. Once I get her up and running and we buy a house in the area I can focus on bigger things. I've been getting alot of contacts with Chinese manufacturers over projects I would like to do in 2012 but need to get over these first few hurdles. The good thing is I can see all the hurdles and exactly how to get over them.
Well I will keep you all posted on my progress. For now though it's small sales that bring in just enough to buy more and build up and even when I do make that first big score it's going back into something else. Probably gonna be 3 more years before I get that Ferrari but I will.
OK well I don't like to share my whole life but I think it's a good idea to share what I am doing, mainly because I don't really think it's fastlane but it is my path to wealth and financial freedom. Others may find it useful especially if you have not figured out that million dollar idea yet.
Oddly enough I am partners in a company that has several fastlane ideas. But thats my job and most of the big decisions are out of my hands. BUT whatever I am currently doing this could be the surprise million dollar fastlane story after all. The main thing about my job is they give me alot of free time to do with as I see fit. I run my other projects out of my office, have my own area in the warehouse and a place to do my shipping. So in alot of ways this is part of my success story.
Now I know Ebay is considered a bad move. For me it's perfect. Very quick startup and gives me a ton of flexibility in the products I sell. Paying them a percentage is just part of the game. But if I started selling NFL items and wanted to switch to baby dolls thats something I can do very fast with ebay.
So last fall was the start of the big experiment. My jump into being an entrepreneur. I didn't have a clue and didn't know where it would take me. All I knew was I can sell things on ebay. So first thing I tried was going to some antique auctions. I swear some higher power must have been looking out for me because in the first 2 weeks I made 2k. Don't get to excited it's not that easy, but a big chunk of change like that sure does get you pumped up to keep going.
I kept at it and kept trying new ideas. So failed, some did ok and some did awesome. When November and December hit thats when it really took off. I did 10k in 2 months. Holiday season and internet sales ROCKS!!!
So now it's all about building inventory. I really don't care if I make a penny the next 9 months. I know the big pay days will be there. But I still make money and I just put it right back into inventory. The idea is to have 50-100 times the inventory I had for last holiday season. Do the math on that and suddenly Ebay don't look so bad.
Currently doing work with a couple of manufacturers in China. I did a few orders from each place and they are willing to do smaller runs for 30 pieces of my designs so it's really worked out. After explaining to them I can sell 30 pieces a year and if I order 200 different items that just drives more traffic then 20 pieces that I bought 300 units of and I can order again quicker. SO they are on board. Currently ordering about once every 2 months. THE BIG PROBLEM with the Chinese stuff is you have to really hunt for products that make a profit. It's not that easy. Chances are if it's really popular the price has already been pushed to the bottom. If you buy products that are not as popular your are gonna sit on it for some time but you will make money on all your sales. Take your time with these guys. Shipping and customs can kill alot of your profit as well.
In the mean time I still buy and sell antiques. If you need your money back by the end of the month this is not a good business. If you can hold it for 6 months to a year then it works out great. Again not fastlane but to me it's just a good solid business and something I enjoy.
The plan at the end of the year is to buy a daycare center for my fiance. Not as hard to do as you might imagine and if you got the cash you can hit the ground running and we plan to buy one thats currently open and the owner wants to retire.
After that the sky is the limit. Once I get her up and running and we buy a house in the area I can focus on bigger things. I've been getting alot of contacts with Chinese manufacturers over projects I would like to do in 2012 but need to get over these first few hurdles. The good thing is I can see all the hurdles and exactly how to get over them.
Well I will keep you all posted on my progress. For now though it's small sales that bring in just enough to buy more and build up and even when I do make that first big score it's going back into something else. Probably gonna be 3 more years before I get that Ferrari but I will.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.
