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EXECUTION Will I fail ? will I win ? both answers are better than to never start

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Charbel

Contributor
FASTLANE INSIDER
Sep 20, 2018
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I don't have a plan, I will go by feeling. If I make a plan I will never start until all steps are perfectly placed. This is a challenge I set with myself inspired by @sparechange thread.
I will play with a capital of 400€ with the only goal to make a profit or break-even.

The beginnings:
I already chose a product to sell.
It's a commodity, not a groundbreaking idea, no innovation. Just a product that we use everyday.
For now I only searched on alibaba to see approximately the buying price and on amazon for the selling price.
For this product it will be great to create the brand presence on instagram.

Things to do tomorrow:
- make a list of potential suppliers
- contact suppliers
 

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sparechange

Platinum Contributor
Speedway Pass
Nov 11, 2016
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Canada (Vancouver)
I don't have a plan, I will go by feeling. If I make a plan I will never start until all steps are perfectly placed. This is a challenge I set with myself inspired by @sparechange thread.
I will play with a capital of 400€ with the only goal to make a profit or break-even.

The beginnings:
I already chose a product to sell.
It's a commodity, not a groundbreaking idea, no innovation. Just a product that we use everyday.
For now I only searched on alibaba to see approximately the buying price and on amazon for the selling price.
For this product it will be great to create the brand presence on instagram.

Things to do tomorrow:
- make a list of potential suppliers
- contact suppliers
Awesome to hear, enjoy the journey!
 

sparechange

Platinum Contributor
Speedway Pass
Nov 11, 2016
2,052
2,911
685
Canada (Vancouver)
Check out this thread, the man himself MJ DeMarco posted his answer if you scroll down a few posts.

 

sparechange

Platinum Contributor
Speedway Pass
Nov 11, 2016
2,052
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Let's hear an update :clench:
 
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Charbel

Charbel

Contributor
FASTLANE INSIDER
Sep 20, 2018
24
36
22
Product and supplier research:

I made a list of supplier all from Alibaba with pros and cons of each. I have contacted a few today. I have studied also the market, selling price of the product, different size, thickness, fabric. I looked at the 1 and 2 stars reviews on Amazon, it's all about having a tick and big enough textile that doesn't wear-off after going through the washer.
Besides small improvements I can add to the product I thought about the way it's packed. All product on Amazon are sell in 1 pack. I can sell in 2 packs of the product, with 2 differents fabrics types and sizes.
 
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Charbel

Charbel

Contributor
FASTLANE INSIDER
Sep 20, 2018
24
36
22
I now realize that the capital of 400€ will not be enough to make improvements to the product. Also I will not be able to import a large quantity so the total cost will be to high.
If I can buy the product for around 10€ and the cost of transportation is around 300€ for 10-20kg. My product is around 2kg so I will be able to buy only 10 units for a total of 400€. The cost of the product will come down to 40€ and I can sell it between 25-30€. It can't work.

I have decided to raise the capital to 1000€, it's still a little sum but it will be enough.

Tomorrow I will look into others locations than China. I will see if I can find a better price in France or near me, to bring down shipping cost.
 
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Charbel

Charbel

Contributor
FASTLANE INSIDER
Sep 20, 2018
24
36
22
Update!

I have made my first order.

Recap:
16pcs (4 pieces for 4 different style)
total cost with shipping: 436 $
cost per unit = 27,5$

I can sell each unit 38$
profit per unit 10,5$
total profit for this order: 172$

It's a good profit considering it's a sample order so the cost per unit will be a lot lower when I will order a larger quantity.
I hope to receive the sample before the 10th of august so can I start to sell right before the end of the summer. This product get a peak during summer.

I have another project in parallel this is why I haven't been moving a lot faster. One is a drink I want to make and the other a cosmetic product. I will concentrate on the cosmetic product because it require a lot less capital. I will probably start the drink company in the beginning of 2021. I already have all researched for the two businesses. Just need to take action.
 

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