The Pheonix Rises

miked_d · Aug 13, 2012

UPDATE - I started a new thread for my real introduction - https://www.thefastlaneforum.com/introductions-networking/42568-hello-miked_d.html#post233851

My quick story is I have won and lost in life as well as selling on eBay. That is the past.

I want to keep this thread as the present and future.

Below is my original post which I have copied to my introduction.

**********************
I am posting this for myself and hopefully it will inspire others. I want to put some goals down so I will be accountable.

My quick life story: I have been involved with little things to make money since I was 8 or 9. I taught my self how to fix bicycles and then charged my friends to fix theirs. I was one the only of my group of friends to have a car. I would make them give me gas money (always a little extra to cover other expenses). Fast forward many years. I am selling goods sourced from China on eBay but it is small time. That is the good stuff.

Bad health, bad marriage, poor coping skills, self destructive behavior are the bad stuff. I am not using these as excuses.

I had previously set a few 6 month goals:

1. No more "white-lies". I forgot where I read this, but little white lies accumulate and cause stress. You have to keep lieing to cover up. I was severely stressed out about several things. Some people got their feelings hurt but my stress is much lower.

2. Pay off bills. I was unemployed for a while and got into debt. As I part of #1, I moved and am living on someones couch. Almost rent free. I am putting all that extra towards outstanding debt. State taxes, fed taxes, money borrowed from friends, doctor bills, hospital bills, etc. Additionally into differed maintenance on my car.

3. New job. I am an IT contractor. I was still going to do IT work but in a different area (for more $).

4. Increase eBay sales, maybe do some SEO work.

I have been on these forums previously but nothing clicked. I got a random email update from the forum last week (first one in many many months) and Amails thread catches my attention. Vigalent made a lot of great posts in that thread that made me realize one of my major mistakes.... I have no brand. The branding info may or may not be in the book. I will be buying the book as soon as my kindle comes in (used, b&w version).

I have new 6 month goals. Now they are:

1. Continue to pay off bills.
2. Get a small studio apartment with FAST internet. I need a little space of my own. It is very difficult for me when I do not even have my own bed. I have my computer, but don't have 24/7 access to the room it is in.
3. Develop a brand. Start on eBay to test. Then setup on Amazon with their fulfillment services. I am already researching and talking to suppliers in China.
4. Maybe New Job. I am getting called every few days about jobs BUT,.. current job allows time to work on #3.

I will continue read the forums and post more about #3 (maybe another thread). This post was more about life goals of which I want #3 to be a big part.

Amail · Aug 13, 2012

Excellent! I am anxious to follow your progress, since it looks like we're following parallel paths. Check out Wade1mil's threads too - he's in the same boat. Several others too, but I've been exchanging PM's with wade to compare notes. Feel free to PM me if you want to discuss my particulars.

miked_d · Aug 14, 2012

Update-

Last night worked on #2. I have been wrestling mentally with paying for an apartment but decided I need this in order to get the time/space/quiet I need for #3. Setup an appointment for viewing this evening. Need to call a few more places this morning.

Spent a lot of time thinking about my biz. Did some more research on sourcing. Received a lot of replies from suppliers which were way off base. I need to rework my contact email.

Rickson9 · Aug 14, 2012

For a second there I thought that this thread was about CoreLogic: Phoenix home prices surge higher in past year to lead nation - Phoenix Business Journal. My apologies for taking this off course!

miked_d · Aug 14, 2012

Rickson9 said:
For a second there I thought that this thread was about CoreLogic: Phoenix home prices surge higher in past year to lead nation - Phoenix Business Journal. My apologies for taking this off course!

No! Not the place, this is about me!

miked_d · Aug 15, 2012

Found a living place I like. I will be signing the documents tomorrow and moving this weekend. Finally be able to get my huge desk setup again.

Business stuff - In no order I have purchased domain name, placed test order with one supplier, continued email with a few more.

Today I plan to get the email setup for new domain, install a coming soon page on website, do some more pricing research and do research on non-Chinese suppliers.

miked_d · Aug 16, 2012

UPDATE

Business
Setup email, found coming soon template and uploaded, found supplier in Thailand. Thailand is good because I have contacts there and can easily have someone do a visit.

Things to do - Edit coming soon, look into Pinterest, contact more suppliers, look for supplier in US (as a backup).

Did a lot of thinking (mostly while commuting to job). Will apply for dba, get tax id and open bank account soon. Those things are cheap. Will go for LLC later ($800 per year in CA).

Personal
Most likely moving Saturday. I reserved a truck and got my help lined up.

miked_d · Aug 20, 2012

UPDATE

Personal
MOVED! Got everything into new place on 8/18. Still setting everything up. I am putting my desk together tonight so I can have my battlestation running by the weekend. Bad news is that I am broke until Friday!

Business
Finished coming soon page on domain, contacted about 6 more suppliers. No big news regarding suppliers.

To do this week - more research on US suppliers, apply for DBA (once i get money). Setup light tent for product pics.

To do later - See my accountant to make sure i am keeping track of everything

In case anyone is wondering, my products are in the area of women's accessories. Research on eBay (using Terapeak) and Google shows there is space in the niche. There is demand and the profits are good.

I am waiting on product and feel stuck. There is not to much I can do until I get a hold of the samples.

Johnathan Ta · Aug 20, 2012

Goodluck in your endeavors man!

I really appreciate the information you lent me in my thread,
I was honestly taken aback by how amazing the advice you gave was.

It's great to hear that you're pulling the trigger and shifting things that weren't working.
A complete change in environment can really make an impressive difference in your progress and productivity.

Going to following your thread,
Good luck!

Edit:

Also, can you recommend Terapeak?
I'm intrigued at it's usefulness
How has it worked for you?

TheBigPill · Aug 20, 2012

Good on ya to take the bull by the horns. Committing...really committing to doing what will move you forward can be difficult. The good thing is once you start doing it the easier it becomes. Your goals will come that much quicker and more importantly you'll develop better habits.

Stare down the monster and you'll realize it's not really that big and bad. Keep your head under the covers and the beast will rule you.

miked_d · Aug 30, 2012

UPDATE

Personal
Had problems getting internet running until 8/24. That slowed down everything. Been getting new apartment setup. New place has a terrible AC which hardly works and the outside daytime temp has been over 95 since I moved in. I find it hard to be motivated for anything when the temp's that hot. Replacing AC this weekend.

Business
Received product, have light tent ready for product pics. Will be taking pics today or tomorrow.

To do later - See my accountant to make sure i am keeping track of everything

@Johnathan Ta - I highly recommend Terepeak. They give you 7 days free to test it. What I usually do is use it while researching an idea then cancel. If I need it again in 2 months, I sign up again.

miked_d · Sep 8, 2012

PROBLEM

My idea was to sell sterling silver charms for charm bracelets, sourced from Asia. After more research I see that most suppliers are selling copies of the big names. I have have previous issues with copyright and do not want to deal with that.

I have been researching other things and may have a new area to pursue shortly.

JAJT · Sep 8, 2012

miked_d said:
most suppliers are selling copies of the big names.

Ask if they'll make some custom for you that aren't copycats. They should already be setup for exactly what you are looking for - may be a bit more expensive and more work than exchanging money for finished products but if you already have contacts, what's the harm in asking about what's involved?

This way you'd own your own brand that nobody else can compete with by just buying the off-the-shelf products you sourced.

miked_d · Sep 8, 2012

I thought about that but I know very little about jewelry and I am not really interested enough to learn. The marketing was something I was not too excited about either. I figure it is easy to get out now while I have little $ invested.

The next niche i choose will be something I am interested in.

miked_d · Sep 14, 2012

I have a new niche. The profits are good and I find it interesting. I placed a test order today.

I also setup a drop-ship account with a Chinese supplier. I will drop ship the more expensive, low turnover items. I am concerned about complaints of slow shipping, so I will watch this.

In preparing to sell on eBay, I need to setup a new account. Due to previous misadventures, I am banned from selling on eBay, I am currently using someone else's account. I am jumping through several hoops to setup a stealth account.

miked_d · Sep 14, 2012

I have also decide on an eCommerce solution. I will have my own storefront with product info and articles about my niche.

JAJT · Sep 14, 2012

miked_d said:
I also setup a drop-ship account with a Chinese supplier.

Let us know how this goes. I've been reading everything on drop-shipping I can and everyone who has ever done this seems to get burned by it. Customers don't want to wait a month for their items.

miked_d · Sep 14, 2012

I am concerned about the shipping time as well. I am going to place a test order to myself to see how it goes.

I am not sure I will use the drop-shipping much. A few neg feedbacks on eBay and you start to feel the pain. Your item is lower in rankings, Paypal starts holding funds, lose your Powerseller status, etc.

miked_d · Sep 17, 2012

UPDATE

Still waiting test order.

I am am 75% done getting new eBay acct.

Regarding the product, I have figured out my USP for this niche and decided on how to add value to the package.

I am thinking about what the next product should be. It is coming together like a chess game.

miked_d · Sep 28, 2012

I have my new eBay account setup for buying only. I plan on buying an item or two this weekend and will wait another week before setting up as a seller. It is better to take this slow.

The borrowed eBay account I have been using to sell cell phone crap is in good condition. I am a Power Seller and my listings always rank high. I will be using this account to do my test sales as it will let me see how sales are when the test items rank high. The goal is to eventually transition everything off the borrowed account. I am going to continue selling one item as it sells enough to keep the positive feedback coming in. The profit is between $1.50 and $5 per listing and I sell at least 2 or 3 a day.

Received the test order and it was what I expected. Basically it is an unbranded electronic do-dad, widget, thingy. Research revealed that many people would buy them and not be satisfied. Reasons? Poorly written instructions, not knowing the features / limitations of what they are buying, or just receiving poor service.

I have written some nice instructions. I am waiting on some packaging to arrive to from NY. This is to give high perceived value. Once I get the packaging, the samples will go up for sale. In the meantime, I am contacting manufacturers to get the item shipped with packaging I can use immediately.

I have decided against drop-shipping all together. It will slow growth but allow me to increase the value of my brand.

miked_d · Oct 16, 2012

I had a few personal issues, but keep going.

Testing showed the item I received was not the one I wanted, but actually a lower model. I needed a few more accessories to make it usable. Took some pics, changed instructions, have listing scheduled to post tomorrow.

Communicated with a different factory for higher end model. Placed sample order today.

miked_d · Oct 22, 2012

First product has been on eBay for about 5 days. The hit counter is not working so I have no idea if anyone even looked at it. I opened a ticket with Auctiva about hit counter. This is the item I didn't even want (the info was wrong from supplier). If it sells, I will try to find a different source.

Second product should be sent from factory today. I got an email stating they can't use UPS because there are batteries. Gave them my FedEx number. This is the product I originally wanted.

Discussing product #3 with another factory.

miked_d · Oct 24, 2012

Cleared up hit counter issues. Got some hits but no bites. Tweaked the title / price and relisted. I set the price high originally so there is no problem with lowering it.

The FedEx account I opened was a personal one. Went and opened a business account which required checking a box and entering a name in addition to the other info.

DeletedUser4 · Oct 25, 2012

Congrats on your progress, look forward to reading more!

miked_d · Oct 31, 2012

First product is getting more attention with revisions. No sales.

Second product got stopped by US Customs - Not allowed to enter country. Factory put some crazy info on customs form. I would have been surprised if that made it through. I think they should reship at their cost, but I'm still discussing it with them.

miked_d · Apr 9, 2013

Lots personal issues (most self-inflicted) slowed everything to a crawl since my last update. Finally able to get going again.

I was able to sell all my previous product on ebay. I am now using my new ebay account but it will still be a few months until I reach Power Seller level. I am selling some cell phone accessories to increase sales numbers.

The customs problem was caused by my poor choice of "company name" on the shipping account. The "company name"/product combo set off some flags. The whole shipment ended up being destroyed by customs. I also learned that the supplier was not willing to help in any way, shape or form. Will not deal with them again.

miked_d · Jul 12, 2013

Found better sources and have been able to make sales on eBay. There are several pieces from several different suppliers and not having all the pieces on hand has limited me. I am now keeping better track of inventory.

After doing some calcs, I realized I was selling at a loss. I changed the pricing and continue to make sales. I was afraid of pricing to high, but that doesn't seem to be an issue.

Using Terapeak for research I was able to make changes to branding, title and copy that have been fruitful.

AND - I have been selling cell phone accessories as a hobby on eBay for several years. I realized something about auction titles one day while looking on ebay and made a few changes to my auction titles. My sales and profits have exploded. This hobby thing ran about 90% on autopilot but the changes I made are taking more time.

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The Pheonix Rises

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