Wantrepreneur Wednesday! - (May 30, 2018) Entrepreneur |
- Wantrepreneur Wednesday! - (May 30, 2018)
- Sold over $323,000 in 1 month on Amazon FBA. Here’s what I learnt & how I'm going to double it to $600k in Q4 2018.
- How a five-year-old blog post got us more customers than a PPC banner campaign
- I did it!
- I developed an energy drink recipe in my basement and now I do not know what to do next.
- Trying to grow Shopify site to mid-six figures. We're feeling lost on website revamp. Any direction deeply appreciated.
- If it was clutch time.....what would you do?
- Feel like I should try it out but unsure
- Looking for graphic designers to partner with
- Help with creating a profitable business growing and selling dragon fruit.
- What are some good ways I can find out which products will sell best on ebay if I source them from Aliexpress / Ali Baba?
- Monetising your app
- All praise to the ecommerce OGs who dealt with customers in the early days of online shopping.
- Choked hard the first day.
- What is the quarterly and annual maintenance an LLC has to do to be an LLC?
- United Nations Competition for Women Small Business Entrepreneurs
- Has anyone seen this?
- Clothing / Apparel Company - Questions {HELP}
- Best way to get an app out the door, making money?
- Shopify Shipping Vs Amazon FBA
- Anyone in or interested in the emerging ESports business? I'd love to talk.
- Looking for beta testers for my Stripe metrics dashboard
- How to Do What You Love in a Communist Country
- How to Validate Your Startup Idea Without Code
- Self-hosted Opensource SaaS subscription billing platform
Wantrepreneur Wednesday! - (May 30, 2018) Posted: 30 May 2018 06:06 AM PDT Please use this thread to ask any wantrapreneur questions. We do this to not overflow the subreddit with wantrapreneur 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: 30 May 2018 06:15 AM PDT OK first up I know this isn't a particularly big number relative to lots of other entrepreneurs on this sub & I'm not putting this here to brag. This is my own personal strategy to maximising profit using the Amazon FBA + Private Label business model, and specifically in the December/Q4 peak of the year. Hopefully this can show you that it definitely is possible for someone relatively new at selling online to have great success with Amazon FBA. I've made a video that goes into more detail on this topic and you'll find the link below the content. I recently made another in this sub that was well received (>130 upvotes) where I go through the 7 lessons I wish I knew before selling $1.3m/year on Amazon FBA. I answered lots of questions in the comments so check them out if you're interested in learning more. You can view this here: https://redd.it/8l0ahj Basics – What is Amazon FBA + Private label? I own my own brands & inventory and have products manufactured according to my specifications. I only sell products that have already existing demand on Amazon. I sell them entirely through Amazon & use their Fullfillment by Amazon (FBA) service to store & send the goods to customers. It costs at least a few thousand dollars to get started and is competitive, but is also very scalable and hands off – a great lifestyle business model. Overview – Why are you talking about December? What is Q4? "Insanity" is a good word to describe the consumer demand during the period starting with Black Friday (November 23) and ending around December 20 each year. Technically "Q4" means October to December, but really, everything only picks up in this last 30 day period. You can expect:
Basically, it's a great time to be selling and worth specifically planning for. I am planning to make $600,000 in sales in December this year and I wanted to take you through how I'm going to achieve that. Product Research - What products do I target to sell in December/Q4? I target products that are giftable. Not all products will sell well around Christmas, but it's pretty easy to figure out what is giftable – just think whether you could potentially give/receive it yourself. I'm also looking for low competition products. These criteria generally work for me (but not always):
In the video I show how I use Google Trends and Viral Launch to estimate seasonality and ensure that I'm not going to get caught by an unexpected change in demand. This is a critical step for all product research – to be protected from the downside risk of getting into a product just after peak season. On the flipside, I want to be exposed to the upside of great Q4 sales. I then pick whichever of these I can build into my existing brands and take things easy, wherever possible:
Basically, I'm going for products that already exist in some way on Amazon, are pretty "normal" and not very noteworthy throughout most of the year, but well positioned for a lot of extra profit in December & Q4. Product Launch – How to get these products started correctly on Amazon? I launch these products year round, depending on available resources. A launch strategy is always required because Amazon's algorithm wants evidence that your product can convert customers and make sales. There are various options for doing this:
As long as it shows Amazon that people are buying your product at a rapid rate, the algorithm will start to show your product organically for search results – and allow you to make profitable sales. Other lessons I learnt selling $323k in one month: When to start: Now. It doesn't make sense to wait to catch some optimum window just before Christmas. Better to get going today and your products will be making money sooner, and be more established by the time next December rolls around. Cashflow: Super critical for seasonal products. Factor in the time delay between deposit/balance payment, shipment, time to sell on Amazon + Amazon payout delay. Expect to be sucked dry of cash in August-November. Don't take out any profits – keep re-investing. December sales require a huge amount of inventory. Set crazy goals. In December 2016 I made $22k sales in 30 days, 2 months into selling on Amazon. I thought I was insane to try and 10x that in one year, let alone 15x, but I set the goal anyway, and in the end I exceeded it by 10% in 2017. It's worth the fear and self-doubt. Don't hesitate to set crazy big goals. Ranking on Amazon during Q4. I found this counterintuitive but this was my experience - I launched a bunch of attractive giftable products in November without actually doing any "launch" – they just took off on their own merits with a bit of PPC. Therefore if the product is giftable, well priced, with a good listing – it can be very easy to rank during this period. Expect Delays! Everything to do with the shipping process is delayed. Amazon takes longer to check in shipments, customs seems to be more likely to hold and inspect shipments, etc. Get everything in early. The downside cost of running out of stock is higher than the cost of an extra months worth of storage. If the goods aren't in by December, they've probably missed out. OK, that's all. What's next? 1) Check out the Youtube video for more detail, walkthrough & I show the profit margin/costs involved: 2) Ask me a question & I will answer to the best of my ability. Any topic that you're struggling with in particular on how to do Amazon FBA or private label or if you're just curious to know more. Best way to get me is just drop me a comment here or via YT. Thanks for reading and I hope you found this valuable. [link] [comments] |
How a five-year-old blog post got us more customers than a PPC banner campaign Posted: 30 May 2018 01:06 PM PDT We know content marketing works better in the modern day than traditional advertising. Most people on this sub-reddit will be aware how consumers are switching off completely from banner ads, as well as print and broadcast advertising. But, let me drill this message in with a case study using our article writing company. The AIDA customer funnel: Banner PPC vs content marketing Below, I'll explain the basics of a PPC banner ad campaign and a blog post we created five years ago. A key concept I want to hammer home is the stages that leads go through to turn into customers, and how well each marketing effort targets either of them. Imagine a customer funnel with these four stages.
This AIDA model has been established within marketing for centuries...so please bear it in mind as we continue. Scenario 1 - Banner AdsOk, we bought some banner ads reading: 'Article Writing Services from Article-Writing.Co - 20\% Off Over Thanksgiving' How well do you think people at each stage received these?. Sure, it's a great deal for people in the Desire and Action stages of the funnel. Probably enough to turn many of them into customers... But what about the people who don't know how article writing services can benefit them? Or those who aren't aware of our agency's quality? This advert isn't helping to add people into the top of the customer funnel, nor is it moving people from the top downwards. What's more, who is going to spread the word about this deal, other than me and my colleagues at article-writing.co? No-one. We're paying for every lead out of our own pocket. Plus, the efforts of those who are do share the news of our deal will be worthless once the Thanksgiving turkey has been gobbled down. It's expensive, it's time limited and it's only targeting people that already like us. Scenario 2 - Blog postAround about the same time of year, our founder David Tile wrote an exceptionally useful blog post explaining how to create a blog that drives leads into customers. We managed to attract a ton of social shares and a decent SEO ranking for the post. As such, traffic swelled (at no financial cost to us). So, let's think of our customer funnel again. The post may not have single-handedly led to any sales, but we attracted hundreds of people to subscribe to our email list through the free incentive offered at the bottom of the post (another piece of content marketing). In fact, people are STILL subscribing to our emails through this blog post, more than five years later. That's the power of a good organic search ranking. Who knows how many of those particular subscribers eventually turned into customers. Here's are some of the reasons why we've chosen to focus our efforts on content marketing over PPC:It's a long term solution: Content marketing generates a linear increase in traffic. If you press pause on a PPC campaign, the traffic stops flowing. If you implement content marketing with an SEO focus, the overall traffic sprouting from each piece of content should grow incrementally. It's a value driven approach: Most PPC campaigns tend to focus on enticing the consumer to click based off incentives, CTA's and features. Content Marketing focuses on building a relationship first by showing free value in the content. It's generates more quality leads: In PPC, the buying cycle is short. The touch points from the awareness stage to action are minimal. It relies on the consumer making a purchase off a quick elevators pitch of the benefits and features. In content marketing, you have the ability to walk your customer through the stages of the funnel while educating them about your product/service and industry. By the time they've taken action, the consumer has a firmer grasp on who you are and what you can do for them, making them a more quality lead. We've come a long way since that turkey of a PPC campaign To summarise, we ran one traditional ad campaign that got us limited results over a limited amount of time, at great expense to the company. We also published one blog post for free that continues to generate leads for us. There's a misconception that putting some skin in the game with a PPC campaign will out perform the sweat equity you put in for content marketing, but it just isn't so. Of course, there is a time and a place for PPC, but content marketing will always generate better long-term results for a company. I'd be interested to hear your experiences of content marketing vs PPC, and what motivates you to choose either... [link] [comments] |
Posted: 30 May 2018 01:20 PM PDT I just got my first sale today! I know it isn't much but I set my self a goal at the start of May to have at least one real sale and I achieved it with 1 day to spare. It's only $20 worth and I have sunk a lot more into the business than that haha but I have hope. Thank you r/entrepreneur I have learnt so much just this sub. [link] [comments] |
I developed an energy drink recipe in my basement and now I do not know what to do next. Posted: 29 May 2018 09:55 PM PDT Hello! As the title states I have developed an energy drink recipe from my basement. I have a background in chemistry but only enough business knowledge to know that I don't know much. Now you are probably thinking that the energy drink market is saturated or that a drink developed in someone's basement is enormously sketchy. However, I believe that my recipe is not only safer then Red bull and Monster, but it has a much more pleasant and interesting after taste. This is due to a year of trial and error after an aha moment I had. In the past month, a total of 85 people have tried it with overall positive feedback. General feedback included better taste and much less bodily discomfort compared to other energy drinks(stomach aches etc.). For this reason I think I may have something very good on my hands. I have poured thousands of hours into this project and I firmly believe it could be successful. So I guess my question is where do I take it from here? I figured I should ask how to swim before jumping in the pool. Anyways, sorry this post ended up so long and sorry for any errors, English is not my first language. Any feedback would be immensly appreciated. [link] [comments] |
Posted: 30 May 2018 11:36 AM PDT Hi Reddit, my buddy and I are running a moderately successful e-commerce business. We're on Shopify if that matters. We really want to grow it to mid six figures this year. We're on Shopify and we really want to improve the look on our site (hopefully in a budget friendly way). On pricing:
Some things we think we could use help with: - Landing page, we recognize this looks ugly and probably hurts conversions. Edit: As /u/samdak24 mentioned, we could probably improve the photography here. - Overall aesthetic and branding direction. We have some weird colors and amateur photos. For instance, https://caretsco.com/collections/main-store has a weird gray tab on top. We know this looks ugly, but we don't really know how to make it look better. - Customizing shopping carts to include social proof. Our site is caretsco.com (please don't laugh, we know it needs work!) Our customers absolutely love our shoes if you check out the reviews. We would really just like to take the aesthetic up to the next level. To sum things up, we're looking for advice on:
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If it was clutch time.....what would you do? Posted: 30 May 2018 07:33 AM PDT The eComm dream died for me. So did the online course dream. Youtube channel still isn't monetized since Dec 2017 and although they say end of June, I highly doubt it. Looks like it's going to be an 8-5 for me guys. I got 1 more month of rent and food from dwindling savings. I need to find a job asap in my area and need to contact businesses fast. How would I get business information so I can send my resume? Any database I can access company emails? Got a track record as a Data Analyst/Bookkeeper and web developer. tia [link] [comments] |
Feel like I should try it out but unsure Posted: 30 May 2018 03:12 AM PDT Hey. I'm 22 years old and currently working full time as an IT-consultant. Besides my job I'm spending a lot of time with fitness and for the past year i have had thoughts about creating my own fitness apparel brand and switching away from doing IT. Some might wonder why I would like to switch away from IT? Well.. It's not because I don't like what i work with. I'm just not that happy really. The work is fine but it's not like i'm looking forward to monday-friday. I work and then enjoy my weekend. Same thing over and over and over again and it makes me feel like i need to accomplish more than just work for someone and not be fully happy about it because i don't think it is worth feeling that way to be honest. I feel like it want to do something else and try it out. If it fails, it fails. I can always go back to another job in IT and try something else later. The problem for me is.. When i'm going over my idea of starting this brand i'm getting exicted because it's something new and a bit risky in terms of that it's something i havn't done before. However i'm a kinda careful person in that way i respect money a lot and if I get a sense that the market and level of competition is very big i'm then holding myself back from starting this thing because I think it might can't compete in a market that is very big. I'm taking a lot of note from other companies and seeing how they do things and i'm getting a bit blown back when i see their status in the game and I havn't even an website up and running. So I got these annoying spinning thougts in my head all the time that tells me to do something more in my life than just work 8 hours for something that is fine but doesn't make me happy. and then 10 seconds later i get the thought that i probably won't make it in the market and just work like you do now. It's driving me insane and I don't know why i suddenly got these thoughts. I don't won't to live for the weekend... I hope this is making sense and I'm not sure if this is a normal feeling. Best regards, CrilleS [link] [comments] |
Looking for graphic designers to partner with Posted: 30 May 2018 05:03 AM PDT Are you a graphic designer that does *not* do website development for clients? I'm interested in speaking with you about some opportunities. [link] [comments] |
Help with creating a profitable business growing and selling dragon fruit. Posted: 30 May 2018 01:43 PM PDT Keeping things quick and simple, I have an acre of usable land in Southern California and am interested in growing dragon fruit. They grow quite well in this climate and wholesale from $3-5/lb. Estimates from University of California speculate 20,000/lb per acre with an established crop. I have the money to invest, and the labor to support the growing side. Can anyone lend insight into how I can take the right steps to make this a profitable business? I have experience running other kinds of businesses, so it would really be how I can effectively market and create contracts with local grocers. Thanks for your input [link] [comments] |
Posted: 30 May 2018 01:02 PM PDT I have an ebay store with over 100 + positive 100% rating. But, I am a newbie to ebay/ amazon sourcing and I am trying to make an extra $1,000 per month using reselling items on ebay or amazon; preferably ebay since Amazon charges per month to upkeep a sellers account from my research. I used to have a 80k+ salaried job at a well renounced engineering company up till 2015. But due to some personal reasons, I had to quit my job and focus on personal growth. I started up a real estate investing business in 2015 and after making a profit of $7,000 I had to give that up due to heavy marketing costs. But this was a very interesting endeavor since this introduced me to a lot of great small business owners and just knowing them alone has enriched my life in ways I can't explain. Fast forward to now, currently I am doing freelance software testing work and that pays just about $1,000 per month. Good thing is I can manage my own time, but bad thing is $1,000 is not enough to live a decent life in New York. My goal is to make an additional $1,000 so I can be a little bit more financially independent. When it comes to ebay, I been looking in to sourcing from thrift stores nearby for past few months . But it's been extremely disappointing since the goodwill near me has a high mark up price and charges close to what they charge at the sears down the street most of the time. I am not exactly sure why, but it's disappointing especially when you are trying to do retail arbitrage. Another thing I tried was to buy items from nearby stores and sell them on ebay. This too has been disappointing since most of the prices on amazon and ebay are now starting to resemble what they sell it for at the stores. I guess with the introduction of stores like wish.com, things are going to get even cheaper. For example:- The babysrus store near me is closing down and they are selling everything for 40-60% cheap. I went in there today and looked up the price of some of the items and after the shipping and everything, I am barely making $2 in profit if that. This is what got me thinking about Alibaba/Aliexpress. I don't have enough capital yet to start doing the Private Labelling yet, but I think I can do Aliexpress and mark it up and sell it on ebay since there are lots of people who would rather buy an item from United States rather than China. But here in lies the problem. I have no clue how to go about finding a decent selling item. My back ground is in engineering. Can you please tell me how I can find some electronic items which I can sell for a good profit on ebay? I can immediately buy some items worth about $100-$200 in the next week from Ali Express if I know for sure they will sell well. I have heard about Tereapeak.com. But I am not sure if that's all the resource I need before I start buying items from Alibaba. [link] [comments] |
Posted: 30 May 2018 01:02 PM PDT Hey, So I know there may be previous threads on here asking a similar type of question - but from an app perspective (consumer focused) - how many users and active users should you really have before looking at advertising as a form of monetisation? [link] [comments] |
All praise to the ecommerce OGs who dealt with customers in the early days of online shopping. Posted: 30 May 2018 12:59 PM PDT That must have sucked. I have one customer every couple weeks who doesn't understand online shopping and these people are a nightmare. Imagine the early days when every customer was confused. It must have been mayhem... [link] [comments] |
Posted: 30 May 2018 12:34 PM PDT So I am selling a service. I offer to dispatch trucks. This is also the first time I have made it this far. Basic website is setup. Email template is ready. Leads are sorted and ready to be sent to. CLICK SEND! First 5 mins nothing. Next 10 mins I have about 20 live users on the website. 20 Mins in the phone rings. Still pretty calm I answer. Thats when panic mode erupts, the customer is asking basic questions that I know all of the answers to, but I am over explaining everything and trying to make it sound like this is the best option available and end up tripping over my words. They just proceed to ask for an additional email with more information and tell me that they will review it and make up their mind (basically a polite NO THANKS) Has this happened to anyone? Any advice for my campaign tomorrow? [link] [comments] |
What is the quarterly and annual maintenance an LLC has to do to be an LLC? Posted: 30 May 2018 12:31 PM PDT A sales rep from 1-800Accountant just called me and basically told me there are a lot of rules and obligations that an LLC has to abide by. I won't deny that, but the sales rep was pretty pushy, so I wanted to do some research before deciding whether or not to pay them $1000+ for who knows what. edit: $1000+ / year, and California LLC [link] [comments] |
United Nations Competition for Women Small Business Entrepreneurs Posted: 30 May 2018 12:28 PM PDT Got this information from one of my UN contacts, and thought I'd spread the love in case any redditors might be interested: The United Nations Development Programme (UNDP), the United Nations Entity for Gender Equality and the Empowerment of Women (UN Women) and the World Bank have partnered for SDGs&Her, a competition for women who own and/or lead microenterprises. The top winners will be recognized at an event at the margins of the 2018 UN General Assembly High-Level Week in New York. The stories of the winning women entrepreneur (and many other notable entries) will be shared through partners' social media and websites. For more info, go to the official competition page on the World Bank website [link] [comments] |
Posted: 30 May 2018 12:21 PM PDT Hey everyone, I want to get you opinion on my new YouTube Channel. I only have 5 videos up on the platform now. I think the content is good and we are getting a insane amount of feedback and interest within Facebook. I just wanted to get you all's opinion on what you think? Ideas for additional shows? or better ways to make it more memorable. Right now we have a ton of people loving the "Final Ask Down" at the end of the video but they have to wait until the very end to see it. Also should we do it more often or less often... right now we do it every Monday at 7pm if Facebook cooperates with us. Would love your feedback! Thanks in advance. [link] [comments] |
Clothing / Apparel Company - Questions {HELP} Posted: 30 May 2018 11:42 AM PDT Some backstory: My family has owned a house in a tiny beach town my entire life. This particular town is situated between two other large beach towns, both of which I have always noted have large markets for clothing and different types of apparel. There is no parallel to this in my particular town, yet the town has an incredible sense of community, and has (what I believe is) more than enough of a unified identity to support some form of clothing company bearing the name of the town. I had a few questions I wanted to get answered prior to diving into this venture that I was hoping I could get answered by someone who may have experience in the field or knowledge of the laws:
I plan on going door to door or walking the beach on more quiet weekends and possibly running a stand or something of the sort on the notoriously busy weekends. Any help is appreciated :) [link] [comments] |
Best way to get an app out the door, making money? Posted: 30 May 2018 07:46 AM PDT I have an idea for an app thats based on a niche fad. My eventual long term goal is to develop apps myself however, I just recently started to learn android development. It's probably 6 months to a year before I can acutally get something out. I would like to captialzie on the getting the app idea out there asap before the fad is gone.
Thanks for your help. [link] [comments] |
Shopify Shipping Vs Amazon FBA Posted: 30 May 2018 11:21 AM PDT Want to set a Niche segment, about 10 products approx. I am looking to set up a Shopify account, but getting really confused around shipping. Can someone share their experience - Is shipping cost the same in Amazon FBA Vs. Shopify? or is Amazon FBA significantly discounted? I do understand there are Amazon fulfillment charges, (i am ignoring that for the purpose of this Q,a and focussing purely on shipping costs) - thanks [link] [comments] |
Anyone in or interested in the emerging ESports business? I'd love to talk. Posted: 30 May 2018 10:59 AM PDT Im a young entrepenuer fascinated by the potential of ESports. Originally I thought I might compete in them, and I still may, but now I want to merge my love for business and gaming into a career. Anything is appreciated! [link] [comments] |
Looking for beta testers for my Stripe metrics dashboard Posted: 30 May 2018 10:58 AM PDT Hi all! My name is Ricky and I recently launched Simpleytics, which is a metrics dashboard for your Stripe account. Essentially it calculates important financial metrics for your business such as monthly recurring revenue, churn, lifetime value, etc and displays them in an easy-to-digest way. As Simpleytics is recently launched, I was hoping to find people who were interesting in giving it a run (for free of course) to see if it's something that provides them value. Please PM me if you'd be interested in giving it a try! [link] [comments] |
How to Do What You Love in a Communist Country Posted: 30 May 2018 10:53 AM PDT My father never got the chance to tell his story, passing away soon after starting his autobiography. I was too young to understand how difficult it must have been to leave his career behind in the Soviet Union, moving to a new country where he didn't know the people or the language. As an entrepreneur that grew up in the United States, I never doubted my ability to choose. Choose what I wanted to learn, the job I wanted to pursue, or the business I wanted to create. But, in 1958 Soviet Belarus choice was an illusion for most. Despite this, my father was able to figure out how to do what he truly loved at a very young age, becoming a renown education reformist and launching one of the most successful experimental school systems in all of the former Soviet Union, helping thousands of families along the way. My twin brother and I decided to publish a series of podcast episodes to help tell our father's story, hoping that his success as a Jew in an oppressive communist country can motivate others to find their purpose and follow their path. The story begins at the start of World War II, and how a fortunate accident helped his family avoid being captured by the Nazis. We take you through his teens and early twenties, highlighting how our father found his love of working with the youth, and what he did to become an educator despite having no experience or connections in the field of education. His resourcefulness and willingness to provide value for others while expecting nothing in return was the most important theme of his career. We could all benefit from shifting our mindset to focus on value creation first. Over the next few weeks we will be chronicling the story of his career, and how a young man with a 9th grade education went on to become a sought after speaker, innovator, and reformist, earning his PhD along the way. [link] [comments] |
How to Validate Your Startup Idea Without Code Posted: 30 May 2018 10:36 AM PDT Hey everyone, I used to have a lot of startup ideas that never left my google doc. I did not know how to code, and so I did not know how to get traction on these ideas. After tons of trial and error, I figured out how to get traction on my ideas without code or money. I made a video showing anyone how to do it too: https://youtu.be/nJx8t1uH9zs Let me know what you think! Best, Jake [link] [comments] |
Self-hosted Opensource SaaS subscription billing platform Posted: 30 May 2018 10:31 AM PDT It supports many payment plugins: stripe 4.1.1 braintree_blue 0.3.1 paypal 5.0.9 adyen 0.5.10 avatax 0.4.1 email-notifications 0.3.1 accertify 0.3.0 analytics 4.2.5 currency 3.0.0 cybersource 5.2.5 dwolla 0.1.0 firstdata_e4 0.2.0 forte 0.3.0 kpm 1.1.2 litle 4.0.0 logging 4.0.0 orbital 0.1.10 payment-retries 0.2.4 payu_latam 0.3.0 payment-test 4.3.0 securenet 0.2.0 zendesk 3.0.1 payment-test 4.3.0 securenet 0.2.0 zendesk 3.0.1 You can even roll your own payment plugin: http://docs.killbill.io/latest/payment_plugin.html Here are the screencasts for your business team: https://www.youtube.com/channel/UChXICgGipKvJbtzKfM1SNoQ [link] [comments] |
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