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When a fire starts to burn...

A detailed account of a Fastlane process...

Joejordan95

Bronze Contributor
Read Fastlane!
Speedway Pass
Sep 12, 2021
109
156
U.K
Hi Everyone,

This is my first real post here after joining a few days ago. So I'll give some background about me.

Thought I'd leave a thread so as and when, I get time I could update here publicly about opportunities and action steps towards them. I'll also use it as an open diary where I can record success / failures while getting some feedback should anyone read this.

About me
I'm from the U.K, in my mid 20's and have had a go a few half-hearted attempts of starting a business and self-employment. I am currently in employment for the sole reason of buying my first property with my partner (can get a mortgage with only 3 months payslips vs 2 years worth of accounts if self-employed)


About The Opportunity
I recently came across a product in the wellness space via instagram stories around a week ago (not another massage gun) and after doing some super basic research on the product benefits and features, I can see why people would genuinely benefit from the product. I found that only 4 companies were really offering the product and they were apparently serving people in the UK, Canada, USA and Australia.

The price of this product on average is £399 when sold in the U.K.

I scanned through the different companies' websites to see who had the best refund policy so I could test the product and then send it back (If it works, I wanted to get my money back and use it later down the line).

Now the claims of the product are that it:
- Burns Calories (very unlikely)
- Relives Aches and Pains (I did feel less aches and pains after use)
- Improves Sleep (I did sleep better)
- Reduces Inflammation ( research online suggests this is true)
- Reduces Stress ( I did feel relaxed after)

It also seems the companies have all targeted women as their main customer base as like a beauty/ weightloss tool where I think this could be targets towards men/women as a recovery device and therefore target fighters, gym goers and athletes. Really anyone who is competitive and wants to gain an edge in their recovery allowing them to recover faster and train more often.

I feel like I've found a 'gap in the market' but now I need to see if there's a 'market in the gap'.

My main deterrent though is the barrier to entry. You can purchase this item from factories in China via Alibaba, so I think to make this work the branding would have to be on point.

My next step:
- Hire a market researcher via fiverr to carry out some unbiased analysis and see if they find data that supports my theory on their own.

If anyone wants to comment on other things I should think about or have missed then please do. I'm not afraid to admit and I don't have a clue what I'm doing lol!
 
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woken

Silver Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Mar 24, 2021
583
802
London, UK
Hi!
I’m living in London, I thought I’d let you know.

Hire a market researcher via fiverr to carry out some unbiased analysis and see if they find data that supports my theory on their own.
Never would’ve thought of that. Interesting indeed.

You can purchase this item from factories in China via Alibaba, so I think to make this work the branding would have to be on point.

People tend to purchase higher priced items from established brands. I can spend £50 on a site that clearly looks like a dropshipping store but for £399 I’d rather go to an established one.



Is the markup really that good?
Have you factored in shipping, storing and marketing costs?



In my opinion, is targeted for women for a reason. Woman buys, husband tries.
 

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
May 20, 2014
15,745
58,068
Ireland
Hi Everyone,

This is my first real post here after joining a few days ago. So I'll give some background about me.

Thought I'd leave a thread so as and when, I get time I could update here publicly about opportunities and action steps towards them. I'll also use it as an open diary where I can record success / failures while getting some feedback should anyone read this.

About me
I'm from the U.K, in my mid 20's and have had a go a few half-hearted attempts of starting a business and self-employment. I am currently in employment for the sole reason of buying my first property with my partner (can get a mortgage with only 3 months payslips vs 2 years worth of accounts if self-employed)


About The Opportunity
I recently came across a product in the wellness space via instagram stories around a week ago (not another massage gun) and after doing some super basic research on the product benefits and features, I can see why people would genuinely benefit from the product. I found that only 4 companies were really offering the product and they were apparently serving people in the UK, Canada, USA and Australia.

The price of this product on average is £399 when sold in the U.K.

I scanned through the different companies' websites to see who had the best refund policy so I could test the product and then send it back (If it works, I wanted to get my money back and use it later down the line).

Now the claims of the product are that it:
- Burns Calories (very unlikely)
- Relives Aches and Pains (I did feel less aches and pains after use)
- Improves Sleep (I did sleep better)
- Reduces Inflammation ( research online suggests this is true)
- Reduces Stress ( I did feel relaxed after)

It also seems the companies have all targeted women as their main customer base as like a beauty/ weightloss tool where I think this could be targets towards men/women as a recovery device and therefore target fighters, gym goers and athletes. Really anyone who is competitive and wants to gain an edge in their recovery allowing them to recover faster and train more often.

I feel like I've found a 'gap in the market' but now I need to see if there's a 'market in the gap'.

My main deterrent though is the barrier to entry. You can purchase this item from factories in China via Alibaba, so I think to make this work the branding would have to be on point.

My next step:
- Hire a market researcher via fiverr to carry out some unbiased analysis and see if they find data that supports my theory on their own.

If anyone wants to comment on other things I should think about or have missed then please do. I'm not afraid to admit and I don't have a clue what I'm doing lol!
Welcome Joe!
 

Joejordan95

Bronze Contributor
Read Fastlane!
Speedway Pass
Sep 12, 2021
109
156
U.K
Hi!
I’m living in London, I thought I’d let you know.


Never would’ve thought of that. Interesting indeed.



People tend to purchase higher priced items from established brands. I can spend £50 on a site that clearly looks like a dropshipping store but for £399 I’d rather go to an established one.



Is the markup really that good?
Have you factored in shipping, storing and marketing costs?



In my opinion, is targeted for women for a reason. Woman buys, husband tries.
Hi!
I’m living in London, I thought I’d let you know.


Never would’ve thought of that. Interesting indeed.



People tend to purchase higher priced items from established brands. I can spend £50 on a site that clearly looks like a dropshipping store but for £399 I’d rather go to an established one.



Is the markup really that good?
Have you factored in shipping, storing and marketing costs?



In my opinion, is targeted for women for a reason. Woman buys, husband tries.
Hey woken,

thanks for commenting on the post. How long you been in London? You have any failed or successful ventures yourself?

I have not factored in shipping just yet. Well at least In the country of destination. The manufacturer I’m looking at in China offers free shipping to the UK so the product itself
Costs:
£195.60 incl shipping

I checked the label of the one I bought from the other company and noticed they used a 3rd party fulfilment centre for warehousing and shipping. so I assume I could call them and get a quote once I measure size and weight of the box I’ve got.

how do you recommended I workout marketing costs? I did a google search but just got a load of articles that seemed to be nonsense lol.

thanks for any advice buddy
 

Andy Black

Help people. Get paid. Help more people.
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Speedway Pass
May 20, 2014
15,745
58,068
Ireland
how do you recommended I workout marketing costs? I did a google search but just got a load of articles that seemed to be nonsense lol.
Lol. Marketing and nonsense go hand in hand.

Figure out your route to market sooner rather than later. Personally, I don’t try to estimate or model the costs. I run real live campaigns to get actual costs.
 

woken

Silver Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Mar 24, 2021
583
802
London, UK
The manufacturer I’m looking at in China offers free shipping to the UK so the product itself
Costs:
£195.60 incl shipping
No such thing exists with international shipping.( very rarely with domestic too)

The shipping is included in the product’s price.

how do you recommended I workout marketing costs?
well,

I run real live campaigns to get actual costs.

You should see my face when the product I “estimated” would cost £10 to sell actually costs £30. :rofl: :rofl: :rofl:

Stopped estimating some time ago.


But having a plan is essential. Even if it’s a piece of paper “ to do list” on the fridge that you tick off when you completed something. It keeps you on track rather than roaming around directionless.
 
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Lyinx

Silver Contributor
FASTLANE INSIDER
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Oct 28, 2019
572
695
Lancaster County, PA
Do it on the cheap... in this case: buy 1 or 2 items of the brand that you want to sell (yes, pay $399 each, hear me out) and then go to your local gym/marathon/etc... and show guys these things... be upfront with them, tell them they sell for $399 and you are wondering if they would like to try it for 5 minutes to get their feedback on them (tell them you are trying to get into the market, but tell them up-front)

if they like them, sell at $399 (your cost)

if they don't like them, maybe clean and return (hey, if it doesn't look used, they might take it back)

worst case scenario, waste one or two days doing research.
best case scenario, waste one or two days doing research (compared to spending a few weeks doing analysis and maybe buying a dozen, only to figure out that your analysis is dead wrong)
 

Pink Sheep

Bronze Contributor
Read Rat-Race Escape!
Read Fastlane!
Read Unscripted!
Speedway Pass
Apr 29, 2019
241
223
Hi Everyone,

This is my first real post here after joining a few days ago. So I'll give some background about me.

Thought I'd leave a thread so as and when, I get time I could update here publicly about opportunities and action steps towards them. I'll also use it as an open diary where I can record success / failures while getting some feedback should anyone read this.

About me
I'm from the U.K, in my mid 20's and have had a go a few half-hearted attempts of starting a business and self-employment. I am currently in employment for the sole reason of buying my first property with my partner (can get a mortgage with only 3 months payslips vs 2 years worth of accounts if self-employed)


About The Opportunity
I recently came across a product in the wellness space via instagram stories around a week ago (not another massage gun) and after doing some super basic research on the product benefits and features, I can see why people would genuinely benefit from the product. I found that only 4 companies were really offering the product and they were apparently serving people in the UK, Canada, USA and Australia.

The price of this product on average is £399 when sold in the U.K.

I scanned through the different companies' websites to see who had the best refund policy so I could test the product and then send it back (If it works, I wanted to get my money back and use it later down the line).

Now the claims of the product are that it:
- Burns Calories (very unlikely)
- Relives Aches and Pains (I did feel less aches and pains after use)
- Improves Sleep (I did sleep better)
- Reduces Inflammation ( research online suggests this is true)
- Reduces Stress ( I did feel relaxed after)

It also seems the companies have all targeted women as their main customer base as like a beauty/ weightloss tool where I think this could be targets towards men/women as a recovery device and therefore target fighters, gym goers and athletes. Really anyone who is competitive and wants to gain an edge in their recovery allowing them to recover faster and train more often.

I feel like I've found a 'gap in the market' but now I need to see if there's a 'market in the gap'.

My main deterrent though is the barrier to entry. You can purchase this item from factories in China via Alibaba, so I think to make this work the branding would have to be on point.

My next step:
- Hire a market researcher via fiverr to carry out some unbiased analysis and see if they find data that supports my theory on their own.

If anyone wants to comment on other things I should think about or have missed then please do. I'm not afraid to admit and I don't have a clue what I'm doing lol!
Little tip. Fiverr always disappoints. Spend a bit more on an actual freelancer platform and ask for a good analysis instead.
 

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