Your
Profit Store Review – Copy, Paste, and Profit?
Official site: https://goo.gl/FFBzI9
Whatever
motivates you is what you need to focus on. For me it is easier to focus on something
more money can do for me rather than the actual dollar figure itself. So my
goals may include the dollar figure I'm shooting for, but a better goal for me
would be “Take a trip to Israel” because that is easy for me to visualize. But
what works for me may not motivate you. This is about you... so write down the
yourprofitstore review that motivate you to push forward.
**For
additional reference and information about goal setting please see Zig Ziglar's
7 Steps of Goal Setting: http://www.build-creative-writing-ideas.com/zigziglar.html
See you in the group... Ryan Reger with Jenni Hunt, Jim Cockrum, and Brett
Bartlett PL the Easy Way Mentoring Program Coming Up Next... In Lesson #6 you are
going to be determining your budget.
Lesson
6 is the last lesson before we jump into Module 2 and start looking at choosing
a product! You made it! This is it guys... the final lesson for Module 1. Next
up we look at choosing a product! We know you are excited for this next
module... we are too! We have some great tools and resources to share with you
to help make the process easier – but more importantly, to help keep you from
wasting time and money on products that will never sell. BUT – one more very
important piece before we head into product research.We have to look at budget.
I
know – the “b” word can be a little scary and/or boring... and often is
something many want to just skip over. But, it doesn't take long and it simply
helps you get all of your ducks in a row before you get into spending money on
developing your private label. We would be doing you a disservice if we didn't
mention it – but, we promise to keep it short and sweet.
;-)
Because, frankly – like you, we are excited to get to the good stuff coming in
the next yourprofitstore review! Your Lesson... Determining Your Private Label Budget I am so
thankful I found an easier way to do private label because when I first started
with it, I was in no position to spend thousands upon thousands of dollars to
get it going.
My
wife and I were actually in the process of building our house so every penny seemed
like it went towards that project. It was super important for me to find a
product that I could source easily and inexpensively. For those of you that
have an extra $100,000 in the bank to invest in private label products...
this
lesson may not be for you, but for those of you working with a budget, take
heed. You are probably aware or have heard stories of sellers getting into
private label and having to spend upwards of $10,000 and more to get their
first order placed. It's very easy to spend that kind of money if you have a
product that costs $5 from your supplier and the minimum order is 2000 pieces.
But
please remember we are focusing on the easy way here. Even if you have $10,000
to spend on inventory, we are going to be teaching methods to test out your
product at a much lower expense. I guess I could have also called my book
“Private Label the Cheap Way” with 'cheap' meaning less expensive, not choosing
products that aren't good quality.
Let
me go over a few of the budget items you need to be aware of when you are
researching potential yourprofitstore review: What to Consider When Preparing Your Budget for
Private Label 1. Cost of Product: This is the obvious one and will be the major
expense in this process. 2. Shipping: Will your suppliers ship direct to Amazon
for you or will you have it sent to you first and then off to Amazon or to a
third party prep service? 3.
Packaging:
Your supplier may offer this and be able to roll that into the cost of the
product or you might have to go to a third party to have packaging printed. For
the testing phase of your products you might not have to spend much on this if
anything. 4. Amazon Fees: Don't forget about these when you are figuring out
your overall expenses.
A good
rule of thumb is that Amazon is going to take approximately 1/3 of your sales
number. If you are selling $10,000 a month, Amazon fees will be somewhere
around 30% or $3000. This includes their 15% commission and the pick and pack
fees, and weight based shipping fee (another reason to pick a lighter product).
5.
Promotion:
You are most likely going to be running Amazon sponsored ads to gain momentum
when you test and launch your product(s) See you in the group... Ryan Reger
with Jenni Hunt, Jim Cockrum, and Brett Bartlett PL the Easy Way Mentoring
Program Coming Up Next... In Lesson #7 where we start Module 2!! It's time to
look at choosing a product.
Introducing
MODULE 2 The appetizers have been good, but now it is time for the main course.
Module 2 is all about choosing your product. Choosing your product requires
some brainstorming and research... and that doesn't mean you just list out a
bunch of product ideas. Whether you already have an idea of the direction you
want to go – or you have no idea, we will walk you through the process using
the infographic as a guide.
Ready
to dig in? Good... let's go Your Lesson...Choosing a Product Overview I like
visuals so we created (rather Jenni created :) ) this awesome infographic to
give an overview of how to choose a product for private label. There are 2 main
paths to selecting a product: 1) Product Driven 2) Customer Driven No matter
which way you go we're not going to teach you to order 1000 units of widget x
and hope they sell. Jim Cockrum calls that putting lipstick on a pig marketing.
What we are going to teach you to do is test in very small quantities.
There
is absolutely no reason why after following these lessons that you'll have a
garage full of widgets you can't sell. Let's break these paths down. Product
driven simply means you start with a product idea and customer driven means
you're researching what customers want first then finding a product to match
that.
Let
me explain by referring to the infographic
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