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EXECUTION Trying to suceed in a business with a high entry barier at a young age!

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YoungnBroke

New Contributor
Jul 21, 2018
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Hello dear Fastlane Members!

I'm currently setting up a business with a high entry barrier and I want to show you my progress to see that even an idiot like me can do it with enough willpower.

Introduction Summary:


If you haven't read my introduction post here is a short summary.
I'm currently 17 years old doing my A-Levels this year in Austria and had a tough past including alcoholism and other abuse but if you want to know more about that read my 2 introduction posts. I got out of my own shithole because of a friend who said I should go to the gym with him. The first few months I was not convinced and even wanted to stop I would just not show up when we agreed to meet. But instead of exercising alone he would come to my door and ring the bell until I got up. Now I exercise regularly estimated around 6 times a week. But enough about that I will start writing about my business now.

How I got to my business:

So it all started when a friend of my parents came to visit us. He is an entrepreneur and really inspires me since he works 2 weeks a year and also started when he was around my age.
But like 30 years ago. We connected really good and he asked me if we want to visit a fair in Europe the cannabis fair in Prague. We went there and even met up with an old business partner from us who betrayed us a bit but more later I think. So we looked at all the exhibition stands and figured out we want to start a business in the cannabis industry as well because it's currently booming. But we figured out we have to find our own niche and after a bit of time, we found it and figured out we want to proceed in this business. But the fair was in November last year so what did I do in this long time.

Mostly nothing and I'm ashamed as hell of myself for that. Because my partner spent a lot of time searching and connecting with suppliers for our business and also spent a lot of money on testing etc. The entry barrier for businesses concerning food and novel foods is ridiculously high in Europe and I think everywhere else in the world as well.

But back in May I got my a$$ up and started designing a website that is pretty much done now and pretty appealing. Another big factor that I missed, in the beginning, was printing labels and packaging. You have to design them first. And I thought that could be easily done with a 10$ fiverr worker and o boy was I wrong... The law in Europe is pretty harsh concerning what has to be on the label and the packaging. And after revisioning a gig 10 times to a fiverr freelancer I said f*ck it and did it myself. It didn't look bad but it needed a redesign so I asked a friend of my parents who was a graphic designer and she did it together with me.

After that it was time to open up a business and I had to do it under my mother's name which was pretty complicated.

Marketing:

I started looking out for ways to market my product I figured out facebook ads and Influencer Marketing are very good in my niche. So I wrote like 20 influencers and didn't get a response... But with one influencer I got a response and she is currently sitting at around 200000 followers. I thought wow once she promotes my product we will have a few sales. But of course, such a big influencer costs quite a lot of money and you can't pay here through an affiliate program. And currently, she's trying our product.

And another big problem is facebook you can't advertise with cbd products on facebook and this is a huge drawback and even increases the entry barrier. But I'm currently researching other ways to market such as Pinterest, Snapchat etc.


So in summary what have I done already?

  1. Found a business partner a mentor and a great friend.
  2. We found a reliable source for our product because we can't manufacture it ourselves he is also located in Europe so that is an extra bonus
  3. I got my but up and designed a logo a website and packaging plus labels.
  4. I opened up the business
  5. I'm currently working or in progress working with a big influencer
What do I want to do?

  1. Get our first sale because we haven't gotten it yet
  2. Figure out new ways to advertise (F.E. Pinterest, Snapchat ....)
  3. Get our affiliate system up and running so I can recruit customers to become affiliates
  4. Go to a big fair (which is currently quite impossible due to corona virus.)
  5. Do 80kg/176 pounds on the bench press (Currently at 60kg/132lb)
If you have tips/tricks or book/webinar recommendations for me please let me know and I will update my progress as often as possible
 

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sparechange

Platinum Contributor
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Nov 11, 2016
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Good for you on starting, one thing, since this is your first business just use it as a learning process. While not totally impossible, it'll be tough to make money in a crowded market (such as CBD) everyone and their grandma is selling these products and it will be super tough for you to stand out, but on the positive side you will you are building up experience points. Don't be so tough on yourself if you ''fail''

Try cold calling out of the phone book offering your product, always a fun way to advertise for free. Get ready for the no, and make it a game to get a yes :cool:
 

YoungnBroke

New Contributor
Jul 21, 2018
28
18
16
Good for you on starting, one thing, since this is your first business just use it as a learning process. While not totally impossible, it'll be tough to make money in a crowded market (such as CBD) everyone and their grandma is selling these products and it will be super tough for you to stand out, but on the positive side you will you are building up experience points. Don't be so tough on yourself if you ''fail''
Yeah I know CBD is a crowded market but we found a niche which isn't saturated and we want to be the leader of the market in that niche.
 

YoungnBroke

New Contributor
Jul 21, 2018
28
18
16
Oooff I forgot to update.
So, first of all, I got my first sale. I was very relieved, to say the least, because I spent a ton of money on an influencer. ROI is still negative but I changed my website because it was really confusing in the beginning and now it's a lot faster and logical.
2. I just bought a second domain for a blog where I will post an advertorial for my product. The key is to advertise this post on Facebook so I can get around the advertisement ban for CBD on Facebook. But I'm struggling to build a good blog without finding a good theme for the WordPress blog, does anybody of you have a recommendation?
3. I just installed MailChimp and I am trying to build an email list because I have an upcoming giveaway with an influencer and one requirement is to subscribe to my newsletter. Through this newsletter, I will advertise and I will send customers who already got something from our store an invitation to our affiliate program so they can advertise for me.
If you have any tips I would be grateful if you shared them.
Other than that I have nothing to write. Keep on hustling and stop action faking!
 

Walter Hay

Legendary Contributor
EPIC CONTRIBUTOR
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Sep 13, 2014
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Another big factor that I missed, in the beginning, was printing labels and packaging. You have to design them first. And I thought that could be easily done with a 10$ fiverr worker and o boy was I wrong... The law in Europe is pretty harsh concerning what has to be on the label and the packaging. And after revisioning a gig 10 times to a fiverr freelancer I said f*ck it and did it myself. It didn't look bad but it needed a redesign so I asked a friend of my parents who was a graphic designer and she did it together with me.
Graphic designers will usually be interested in displaying their skills but they have no idea about marketing, and in particular marketing psychology. You don't want a label that only identifies your product as yours. What does it acheve if it tells people that this is your product X and not your competitors' product Y? It needs to not only get the buyers' attention, it needs to influence the decision to buy.
If you have tips/tricks or book/webinar recommendations for me please let me know
I suggest you have a look at the contents list of my labeling book: LabelsThatExploit The Power of Psychology, Perceptions, and Emotions.

You will find it on Page 1 of my Marketplace Offer

MARKETPLACE Walter Hay's Business Books

Scroll down the page to see the contents list. If it does nothing else for you it will at least give you ideas on how to make the most of your labeling and packaging.

Walter
 
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