NooB Monday! - (May 07, 2018) Entrepreneur |
- NooB Monday! - (May 07, 2018)
- FINAL UPDATE: CNBC gave me $1000 to start a business in 14 days. Sales just topped $2,000 in week two
- How I Generated $1,021,113.26 In 2 Months Dropshipping With Shopify - [Case Study]
- First Freelance job!
- How to know if there is demand for my business idea?
- Instagram account that started out as a joke is now blowing up. Would like advice on how best to capitalize.
- Most entrepreneurs outsource marketing and development to agencies. When is it time to fire them?
- Just got offered a way to start my business - is it a good idea?
- Does r/Entrepreneur know about Bubble
- How to properly sell my software?
- Is it okay to automatically take payment for large amounts?
- Redditors who have taken a product to market, what did you learn?
- Any tips on selling your services?
- Looking for Marketing mentor/help!
- Can I get feedback on my business model ? The project is : organizing events for social media influencers with shared revenues (but they are pretty greedy)
- For people with product reviews in an ecommerce setting, how many products do you/does your company personally have to sell on average for one product review?
- How I make money with CSGO
- Making $1500 per month with my YouTube channel, advice on going full time
- ConvoPanda April 2018 Report - The Journey Growing a Chatbot Business
- Question about the mechanics of a group buy website.
- My Goodwill Value is Worth...?
- Digital marketing
- paid $45 for influencer ad
- I want to create a youtube for motherhood/productivity. What else can I do for my brand?
| Posted: 07 May 2018 06:07 AM PDT Please use this thread to ask any newbie questions. We do this to not overflow the subreddit with newbie questions, so please try to limit the questions to this weekly thread. Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. [link] [comments]  |
| Posted: 07 May 2018 07:34 AM PDT In my original post, I laid out the rules for a one-of-a-kind assignment that tasked me with starting my own business. The rules were simple: start a business with less than $1,000. Minimize effort. Maximize profits (they all go to charity.) I had no idea what I was doing, but landed on the idea of launching my own crypto apparel line. I set up a Shopify store, linked it with print-on-demand service Printful, and sourced designs from Fiverr and made some myself with a coworker. In all, getting to launch cost just under $500 - including my largest cost of $330 to set up an LLC. But after being live for just two weeks, I'm beyond stoked to report that https://cryptocrow.co/ has now sold over $2,000 in merch. What's more, about 15% of orders have been paid for in crypto, proving out how easy it is to integrate Coinbase commerce to Shopify stores. I will admit, there were parts that did not work. I failed at selling on the street. Someone told me to "F-- off" while I was wearing our Satoshi Nakamoto bucket hat and I questioned what the hell I was doing with my life. I tried to line up affiliate marketing and two YouTubers laughed me off the email chain. My FB ads have also flopped. I've spent about $40 and have yet to make a single sale from those ads. But if the experience has taught me anything, it's that nothing is perfect the first time. Early designs had to be tweaked, other product ideas had to be killed. If you hold yourself to deadlines, it may not be perfect but you'll have something to get you to the second, third and fourth checkpoint. As mentors in /r/Entrepreneur and elsewhere warned, "paralysis by perfection" is a very real thing. Avoiding it at all costs helped me keep chugging and iterating on what worked to move forward. Anyways, this will probably be my last post on this project for a while but I just wanted to thank you all for the help and give a special shout out to the redditors that helped get the project up on Product Hunt. This is an amazing community and incredibly helpful for real entrepreneurs (not just fake ones like me :) ) Please let me know if you have any charities in mind that might benefit more from a smaller donation than a big one and on the off chance you see anything you'd want at CryptoCrow.co use code "RedditEntrepreneurs" at checkout for 15% Off (just please don't share or tell my boss :) ) [link] [comments]  |
| How I Generated $1,021,113.26 In 2 Months Dropshipping With Shopify - [Case Study] Posted: 07 May 2018 07:51 AM PDT How I Generated $1M In just 2 Months This Year Dropshipping With Shopify Scroll to the end for verified proof Ok so before I start going into how I was able to generate $1M in just 2 months this year and the complete steps I took, I just want to clear that I have been doing dropshipping and Facebook ads for close to 2 years now. No this wasn't an overnight success, nor was this a 1 hit wonder, but hopefully after reading all of this you will be able to understand the whole process a bit better. At this time (Feb, March) FB was incredibly rocky with the whole Cambridge Analytica, CPM did rocket and anyone does FB advertising knows that things 100% changed. Profit was just shy of 20% but would usually be higher. Firstly let me teach those who may not be familiar with some of the acronyms I've used in this post. I will be making the assumption that you have basic Facebook advertising knowledge.
There are 3 things that determine the success of any product you launch when it comes to drop shipping. It's easily said, yet much harder to execute. Getting these 3 things aligned is the key to scaling a campaign to the crazy numbers you may see around on the internet. The formula is: Right Product + Right Audience + Right Offer x The Right Scale = BANK Ok now you have that lets jump into this case study, I'll go through each section and explain what and how I did it: The Right Product Many people look to Aliexpress to dropship products from, which I still do to this day. You can still find great products on Aliexpress to dropship that can still make you a lot of money. The problem is that it is very saturated due to every man and their dog fishing from the same pool of products. The best selling items on Aliexpress generally have been rinsed by another marketer. The product in this case study hadn't hit Aliexpress properly yet, it was actually my supplier who suggested the product to me. I had done some research and found it was doing well on Amazon by various vendors, yet only 2-3 Aliexpress suppliers were selling it. This was my first green light to give it a test. If you find something that is doing well somewhere yet hardly on Aliexpress I would advise digging deeper as you may be on to a golden winner. I like to check websites such as Amazon best sellers, Ebay, Wish, Shutupandtakemymoney, also viral videos of products found on FB then do a cross reference to see whats on Aliexpress with the sales volumes and sellers there. The Right Audience I will go into the actual detailed FB ad strategy I done for this later in The Right Scale section but it's important to touch on this part. You can have the best product in the world at a ridiculously great price BUT if you can't put it in front of those who its designed for then you won't make a penny. A lot of people make this mistake. They assume who would be a good fit for the product and limit to showing it to a certain age group or certain gender particularly when it comes to general products. REMEMBER Data is KING and the numbers don't lie I always like to go as broad as possible while still being IN or RELATED to the niche. For example, lets say I am selling a kitchen gadget that helps slice vegetables. My audiences would look like this:
You get the point, but basically I am trying to go broad as possible but still be as related as possible to my target audience. Some of these audiences sizes are 2-10 million but that is needed if you want to scale to the $10,000, $20,000, $30,000 days. I like to stick to 1 interest per adset if possible, however if the audience is small I will stack them together. The Right Offer This part can be easy to get wrong but it's important to TEST.. Why? You could have the same product, same targeting but each advert have a different offer and every single one of them would convert different with that audience. Most people assume that free shipping is always best let me tell you it's NOT. The first thing people see is the price, the lower the price the more likely people add to cart, at that point they have made a decision to buy so adding shipping at the checkout (if a reasonable amount) can convert just as well, even better sometimes, than a free shipping product. PLUS if they abandon cart at that point when checking out your retargeting sequence can catch them. Some example offers: $19.99 + FREE Shipping or $16.99 + $2.99 shipping or $15.99 + $4.99 Shipping I initially set the price for this product too low, YES I was getting great conversions and that helps FB and your pixel find more targeted buyers due to the amount of data it's receiving. It initially was a FREE shipping offer.. but I tested adding shipping which didn't hurt conversions at all. After a while of seeing this new pricing strategy hold stable and the engagement or purchases not slowing down at all I increased the base price slightly once again which held well. The Right Scale Scaling is an art when it comes to FB, some people can do it well and other struggle. There are MANY ways to scale a campaign in practice, some ways will work for some people and others just won't work for you. Let me explain the two basic different ways to scale and then how I done it for this particular campaign. The two main ways to scale is VERTICAL and HORIZONTAL. VERTICAL is simply adding more budget to an adset. If I do this I add approx 20-30% to the budget of an adset bringing in a great ROAS (3 and above is great) every 2-3 days or if the stats look very healthy I'll straight double it. Another way to scale vertically is duplicating your good performing adsets to a higher budget and leaving your original one as is. You can do this by duplicating it to another auto bid adset or duplicating it to a MB adset for really power scaling (Do not do MB if you don't know how to, you can lose a lot of money if not managed correctly). HORIZONTAL scaling is adding more interests/using different audiences to expand. The BEST way to do this is by using LLA. (Lookalike audiences is where FB creates an audience for you who are more likely to take a certain action based on your pixel data). You can create LLAs off everyone who VC, ATC, IC, Pur & everyone who watched your video to really expand. Ok so what did I do? As mentioned in the The Right Audience section I went as broad, yet related as I could. I ALWAYS use WC ads with the Pur objective, reason being I want FB to send me BUYERS not tire kickers. The advert itself was a video. I like to split the US away from WW in a single adset due to the CPM in the US being kinda high. I also always excluding countries that provide bad traffic E.G India, Pakistan, Peru, Indonesia, etc My testing adsets looked like this:
I always test 2 creatives too in every Adset. After 48 hours you will quickly see which adset if performing the best.. I saw that one creative was doing much better than the other so I shut off the bad one and kept the winner going across all adsets. After 2-3 days CPC were sub $5 and ROAS 3-5 across most adsets.. When you see these kind of indicators you are on to a winner so it was time to push it and see how it responded. I then increased the budgets by doubling most of them to see how it responded. After 2-3 days ROAS and purchases stayed great I knew this was a golden winner. When you know something is a golden winner I try to scale as fast as possible as the hyenas will copy, rip off and steal your whole advert once they see its working so be the lion and get the share, leave the scraps to them! I duplicated my winning adsets to MB adsets with a budget of $1000 each. I set the MAX bid at approx 3 times the amount of my current auto bid adsets CPCs. For example the CPCs on the auto bids were like $5 so my MAX bid on the MB asset were $15. I keep the auto bid adsets still running. Once doing this it was time to add in more interests to test and scale to LLAs. When I scaled to LLAs I like to test US and EEA first and always go with either everyone who viewed 95% of the video or VC as my starting point. I always split up the percentages 1,1-2, 2-3, right up to 10%. Again I tested these all on auto bid to see how they perform and took the winners to MB asset again with $1000 each adset. It was then a case of simply rinsing and repeating this process with ATC, IC, Pur LLAs and shutting off the losers and keeping the winners. To scale further I always like to then breakdown the best performing countries, ages, genders and placements and also do a NO targeting adset which targets the whole world on FB and let the pixel pick out buyers. Of course the longer the campaign goes on the lower your ROAS will be, there will be a lot of rips off, more competition and your margins will die out. But as long as you got your Lions share is all good. BONUS - Retargeting For ALL of your campaigns you need to retarget. It will be your most highest ROAS campaigns. Here are the ones I ALWAYS do:
You want to target these like crazy with offers to buy. My favourites are: Stock is running low, 5% off discount, 10% discount, FREE shipping. I hope this has helped anyone who is doing Shopify drop shipping or looking to get into it. Or maybe you have a brand and ecom store and want to jump into using FB ads to propell your business. Here is a video of my refreshing my Shopify screen to verify that this is not some fake B.S: https://youtu.be/q3v2eDvNYKo Ask me any questions you may have and I will answer as many as I can! Peace ! [link] [comments]  |
| Posted: 07 May 2018 07:14 AM PDT Hi y'all! I just successfully completed my first ever freelance job and I haven't been so happy in a long time! Although I know I may never find more clients, having this experience made me realise that being able to work full time as a freelancer is my life goal, for once I felt like I had a purpose and it didn't feel like work at all. Plus, it made me way more confident in my work! What's your first time freelance story and how did you feel afterwards/did you find any success later on? [link] [comments]  |
| How to know if there is demand for my business idea? Posted: 07 May 2018 01:26 PM PDT Hi Guys, Was hoping for some advise on the following: I have been pondering starting a retail delivery business. Currently this market is growing and large in my country, but is dominated by 3/4 Leading corporations. The demand is there, I know. But how can I know if there is demand for what I offer, which would be very similar to the large companies (main difference is I like the range/variety they have). This is an industry that I have experience with, but am unsure on whether i should make the quantum leap, and add a delivery side to my current brick and mortar business. What do you guys think? Is it even worth my time competing with the big boys? Or should I use my resources on other ventures. Thanks for reading this. [link] [comments]  |
| Posted: 07 May 2018 10:53 AM PDT As the title suggests I created an instagram account as more or less a joke/troll-ish account. I would best describe it as a lifestyle/motivational account. It is now growing at a rate of nearly 500 new followers/day. Friends are telling me I should be selling merchandise (hats/shirts/etc.) but I have no idea the best way to get started. I would love to hear from anyone who has had success selling products through their Instagram account. [link] [comments]  |
| Most entrepreneurs outsource marketing and development to agencies. When is it time to fire them? Posted: 07 May 2018 11:36 AM PDT I was hired to clean up a project that had page templates and notes, but not requirements. The agency had agreed to deliver an MVP at the end of 6 weeks, but failed at delivering anything for the past year. I suggested that the project sponsor fire the agency. Do you agree? https://www.linkedin.com/pulse/top-10-signs-you-should-fire-agency-todd-kovalsky/ [link] [comments]  |
| Just got offered a way to start my business - is it a good idea? Posted: 07 May 2018 07:26 AM PDT Hey guys! I've had a long term idea about opening a cereal bar. Essentially, customers would pour their own cereals (stored in wall mounted acrylic candy dispenser tubes), and have the option to add toppings, etc. Similar to all of those frozen yogurt places, but with cereal. (I'm also playing with the idea of having TVs/video game consoles in the location, for the Saturday morning cartoon/video game nostalgia) We have a pretty big college campus in my town, so my goal is to open the location near campus and stay open fairly late to attract the college crowd. I'm sensible enough to know that I can't afford to open this business by myself yet, and I don't necessarily want to go the crowd funding route until I at least know it'll have SOME chance of succeeding. I have a close friend who opened a successful coffee shop in town a couple years back, and now he's getting ready to open up a waffle/sandwich shop near the end of the year. He and I have talked about my cereal shop a bunch, and he mentioned he'd love to have a spot in the new shop where I can set up my cereal stuff so I can start my idea and sort of gauge to see how much interest it'll gain, that way I can see if it'll be worth it to open up my own shop. He said they'd completely run it themselves and I trust him enough that I know he won't scam me or take any of my profits from me. We haven't talked specifics as far as pricing and splitting profits, but I just wanted to ask you all to see if you think this would be a good way to start. [link] [comments]  |
| Does r/Entrepreneur know about Bubble Posted: 07 May 2018 02:12 PM PDT For all of you out there wondering about building an app (either Web or Mobile), do you know about Bubble.is and Dropsource.com? [link] [comments]  |
| How to properly sell my software? Posted: 07 May 2018 08:09 AM PDT Greetings. I'm working on a Wordpress plugin with a friend. We're going to have a free version, distributed through www.wordpress.org under a GPL license, and a paid version with extra features sold only on our own website through this wordpress shop plugin. I have no clue about how to have the minimum legal protection regarding our work. Our customer should use our plugin on one Wordpress installation (they'll have to buy again to use on another website). They can also modify the plugin as they need, but they can't redistribute the plugin or stuff like that. It is a "small" software we'll sell for around 20€. It requires a third-party free plugin to be installed and configurated in order to work ( https://wordpress.org/plugins/wp-discourse/ ) but I don't know if it is important. So, what is the proper way to inform my customers about these small restrictions and protect ourselves at the same time? [link] [comments]  |
| Is it okay to automatically take payment for large amounts? Posted: 07 May 2018 06:27 AM PDT I do consulting and have a subscription plan available for my customers that is approximately $1200-$1500/month. I'm sick of people taking advantage of the invoice terms. Do you think its acceptable to change policy to demand recurring credit card payments instead for such a large amount? [link] [comments]  |
| Redditors who have taken a product to market, what did you learn? Posted: 07 May 2018 01:56 PM PDT I'm embarking on the inventor journey... I thought of a product and I am making a model of it to 3D print. It's a really simple idea but it doesn't exist yet - maybe there's a reason for that. Eventually, I want to sell it. What are some tips to getting there from the prototyping stage and what have you learned along the way? [link] [comments]  |
| Any tips on selling your services? Posted: 07 May 2018 07:56 AM PDT I'm getting ready to start selling my services to small companies and individuals who might find it useful. I would say my specific situation but I thought it might be nice to know some general tips on selling your skills to do independent contracting. My plan so far is to do cold calling and trying to attend local events where my clients would be but I'm still unsure how to tell them I'm the right guy for the job. How do you sell your services to companies? [link] [comments]  |
| Looking for Marketing mentor/help! Posted: 07 May 2018 01:45 PM PDT Hello /r/Entrepreneur My name is Joseph and I work for All Things Garage. We are a small company of family and friends whose passion is to deliver new and innovative garage storage systems. We have recently launched our website this year and are currently testing out different advertising methods to get our name and products out there. I am in control of our ads on Facebook/Instagram and Google, as of now. I am seeking a mentor or help with our ad campaigns' optimization. I have tested the platforms myself for about 2 weeks. I probably have spent around $250 and the ad campaigns have netted us 1 sell. I am interested to hear what I can do to change that. I honestly and obviously believe we are not getting the full potential of our ads and I am hoping someone can help me grasp a proper understanding on Facebook/IG and Google ad campaigns. Any other information, suggestions, and resources will also be greatly appreciated! Thanks in advance! [link] [comments]  |
| Posted: 07 May 2018 01:44 PM PDT So, I came here a few weeks ago to talk about my current project: I would like to organise events for social media influencers. The tickets would be paid by the followers and we would share the revenues with the influencer. I've contacted some of them (in the fitness industry) and one of them wanted to be paid 1800 euros for a pic-nic and a spa day with like 30 people in total (picnic and spa). I asked her to organise a fitness bootcamp instead + 2-3 other activities for a total revenues for her of 1350 euros (and sell/promote her book at the same time). For 4 events (during the week end), the total revenue would be of something like 2400 euros, if I give her 1800 euros I don't have much left. I've contacted some companies already to have a discount (in exchange they get their names tagged on social media). Ideally, I would like to create events like a proper event planner without sharing revenues. This would work for the big names like Whitney simmons (fitness industry), fashion bloggers with 800k followers (one of them was saying that she makes 150k euros/month in a fashion magazine) etc since I'm sure they have the budget for it, but I can't find the proper arguments to pitch them. I believe that if your community made you become successful, you have to give it back somehow but I'm not sure that my philanthropic arguments would work x) What do you guys recommend ? [link] [comments]  |
| Posted: 07 May 2018 01:13 PM PDT I feel like we could all benefit from sharing some of this info. What percentage of your sales lead to product reviews? Do you do anything to encourage more? It might also be helpful to share your product/service type and appx price for context. For us, we are specialty retail, health and beauty with avg $20 order. Our rate is about 3% with a single email asking for a review 10 days after a sale. [link] [comments]  |
| Posted: 07 May 2018 12:54 PM PDT Hey, i just wanted to share you some things cause you know... I like to help people and i want to fight for a fair wolrd :) :) So to be quick... I buy a lot of CSGO with G2A (every day i buy like 5 CS:GO) then i put them SILVER (I use derank.me) to lose a lot with people who also want ! So we don't fuck other's game ! With another PC (your girlfriend's / mother's / ...) you just win 2 games to waste a minimum of time ! When your accounts have 20h of "ban" i do the same with my 5 others CSGO ! Every time you have a silver account, well just SELL IT !! G2G is the best CSGO account Store : I sell any account in like less than 6 hours ! And you know... People love silver account cause it's fun to smurf against silver :) You won't earn billions but honestly it's an easy way to make money and buy skins ^^ [link] [comments]  |
| Making $1500 per month with my YouTube channel, advice on going full time Posted: 07 May 2018 12:49 PM PDT Hey entrepreneurs, Long time reader, first time poster. Last year I started a YouTube channel in the education/tutorials niche and it's grown pretty nicely to now be at 80,000 subscribers (and growing at a steady rate of around 300 subs per day). I'm at the point now where I'm making close to $1500 per month, split as follows:
My income has been increasing month by month over the last year and soon it won't be too far off equaling what I make from my full time job. I spend about ~1.5 days a week on the channel currently. I'm wondering when you think I should make the jump to doing this full time? I have loads of ideas of diversifying my income more for the channel (courses, ebooks, consultation, merch) so I believe I could quite quickly equal my salary or beat it if I could invest more time. It's worth noting, I don't hate my job by any means, but my passion is in the niche of the channel. I also unfortunately can't reduce my hours at my current job (I've already asked). Wondering if anyone had any advice on my situation, I'd be greatly appreciative! [link] [comments]  |
| ConvoPanda April 2018 Report - The Journey Growing a Chatbot Business Posted: 07 May 2018 12:48 PM PDT What's up folks? This is Harry Whelchel, maker of ConvoPanda. Our mission is to be the best community of B2B founders and marketers helping each other generate leads and grow sales using chatbots. I've decided to start reviewing ConvoPanda's numbers and projects each month. I want to come up for air and reflect on what's been going well, what should be stopped, and what should be improved. By sharing our reports publicly, I you to come alongside us and join in ConvoPanda's journey. Whether you are a fellow entrepreneur, "wantrepreneur", expert marketer, climber of the corporate ladder, engineer-wanting-to-learn marketing, friend, family member, or a random Internet denizen please enjoy these reports. Feel free to chime in in the comments below with your own thoughts or suggestions to help further our mission and improve the business. Let's get into it! [link] [comments]  |
| Question about the mechanics of a group buy website. Posted: 07 May 2018 08:58 AM PDT I'd like to create a site that contains a mechanism to do the following:
I can do this via a spreadsheet, forms, etc... I have a pretty good test group ready to go, but if I can automate it, that would be MUCH better. I'd also like a way to display the current amount committed to. I'd love any advice on how to run this. I'm fairly certain it can be on going, multiple repeat buyers, low risk to myself (although getting the product, breaking it out is going to be labor intensive, but fun work :) ). This is something I really enjoy, really like, others are into it to and it's a great way to save a lot of money. I'd appreciate any thoughts, help, suggestions, criticism, discussion, whatever... at the moment, I'm just going to do a shared spreadsheet, but moving forward I'd like to open it up to more people. [link] [comments]  |
| My Goodwill Value is Worth...? Posted: 07 May 2018 12:09 PM PDT Finding the always elusive business goodwill value is actually, a very achievable metric in this day and age. The majority of business owners I meet, assume it comes from some arbitrary number that is based on a method they heard from a buddy or they have been told through the unreliable road of "Rules of the Thumb" over the years. The "real" intangible value can be determined by several key factors. Some examples include, existing cash flow, proof of steady revenues, contracts and customer retention verification. These methods are quantifiable and readily available in today's efficient world of reporting software. Improved metrics to track ongoing goodwill value should be set up by the business owner for the future usage. Determining the goodwill value and being able to show a verifiable argument, will be very important when you line up financing to sell your business (or borrow money). Stop guessing about your goodwill or company brand value and email me at mick@feiteenterprises.com to discuss in greater detail. [link] [comments]  |
| Posted: 07 May 2018 11:59 AM PDT Hi. If one were to become a self-employed digital marketing consultant, would i need to be able to code. For things such as web page load times etc. where you need to make the code efficient, is that something you need an understanding of coding to do, or could you outsource relatively cheaply/ do it with basic HTML/CSS/J-query which I've dabbled with in the past, but not to any great extent. Thanks [link] [comments]  |
| Posted: 07 May 2018 11:52 AM PDT and website has gotten 4 views today. no sales. no activity in my instagram account. the influncer had 200k instagram followers and it was a 12 hour story ad. the account had 8% engagement, yet i'm getting no results. I've put $65 into this shopify store and gotten nothing yet. where should i go from here? should i just quit before i stop wasting money? [link] [comments]  |
| I want to create a youtube for motherhood/productivity. What else can I do for my brand? Posted: 07 May 2018 08:03 AM PDT I plan on making this youtube channel for vlogs and productivity advice. I want to help people get organjzed and get happy. I dont want to stop there, I'd like a full brand. Maybe in the future I can create planners or other stationary items? I know youtube would take a while to start getting noticed. So what else can I do? Just market on other social media platforms? Buy wordpress hosting for a blog? Live stream? Im not sure how to go about creating the products, but it's my biggest goal. I'm sure I'd need a kickstarter. [link] [comments]  |
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