2016 Year of the Hustle... $250k/net profit

[Traveling Morgue]

@Traveling Morgue - Yeah, my main product is a custom made product which is multiple pieces. Most of all of it is bought from China but they are multiple pieces put together for an end product. So they are custom to a certain extent.

I'll be posting more income reports soon and also have been working on Ecom #2, Ecom #3.

Interesting, are they put together as in just packaged together or are you doing some type of physical integration?

How exactly have you kept up with your competitors?

 

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[relentlessaction]

@Traveling Morgue - My product can be purchased as a full product (which contains multiple products to get the full product) and/or you can purchase parts individually and part it together yourself. I offer a DIY option and (will be offering a kit) offer.

For example, You can sell a car.. you can sell car parts as well to build your own car.. Similar..And/or another example is AR15 parts, you can buy individually and part together your own AR15 and/or buy a complete AR15.

So there's quite a bit of custom work done. I get CAD's made for parts which I need and get the CADs manufactured in Aluminum, Carbon Fiber, etc. I purchase the base stock parts which I need as well. It's not the most efficient business ATM but it's working and earning income so can't complain.

Competitors - As far as my "parts" based business there are a few competitors and I still gain a big piece of the market share. I'm looking at taking more of the market share and revamping everything. Have to dominate the competitors.

For The Future - I was recently planning on selling but I'm doubling down on it and building it from the ground up again. It will cost about $10-15k in inventory and I'm at about $14-$20k/month in gross sales. I can increase my income to about $25-$30k/easily without any new added advertising/marketing. With the complete product, I'm sure I can increase it from $30k-$50k. Similar companies that offer the "complete" product are doing $5-10 million per year.

My Plans For Ecom #1 - Revamp new website on Shopify. Here's a great article on some techniques which I've been planning on implementing - http://www.digitalmarketer.com/ecommerce-advertising/. Will add more paid advertising and I'm sure, I could get $30-60k/month gross from it.

Have a few other Ecom's which I'm starting also.. Starting to not have enough time for everything so looking at quitting the F/T job mid year.

 

[Ben S.]

Man...20k a month in gross sales. That's kickass. I'd be the happiest man in my neighborhood if I were there right now. TOTAL sales for me are $120. Haha. I woke up at 6 today and dedicated the whole day to researching products. Came up with a list of about 20 great ones. So it's sourcing time!

How often do you research new products? Or are you focused mainly on getting your existing ones more exposure?

 

[relentlessaction]

@Ben S - Every month or so but I'm always looking at new ideas. I've got about 4-5 (niches/products) on my plate so for now that's about it. Now it's just getting each ecom site up and marketing each one as much as I can. So besides the ones now, I'm not planning on adding any new others to the plate.

Ecom #1 is about (1) niche with about 20-40 different products.

Ecom #2
Been working on Ecom #2 and getting the items ready. Ecom #2 is a specific product which I'll have to put together. I figure, I can put together 50-100pcs in a few hours and just have them ready to ship when needed.

Costs are below. It's for about 50 units which will sell for $22.99 + $2.99 shipping. Some of the cost for materials below are for a lot more than 50 units but we'll estimate at the price below. Total upfront investment for inventory for Ecom #2 is less than $500-600 bucks. I'll spend a bit extra to pay for FB traffic.

• Materials - $28 + $39 + $106.95 + $52.64 + $37.95 = $264.54 / 50 units. = $5.29/each unit.
• Profit - $22.99 - $5.29 = $17.70 per item sold.

Sales goals.

• 10 sales per day = $177 Profit = *30 days = $5,310/month
• 20 sales per day = $352 Profit = *30 days = $7,040/month

I know, this item will sell as there are a few other competitors who are already selling it and I've done my research and people will pay for it. I'll be adding more products down the line but for now I'll limit it to this one if not 2-3 in total. Main source of traffic will be Facebook ads. I'll have to test and make it work...

 

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[illmasterj]

How did you go with the site sale? I sold a forum in Flippa years ago (must have been the first year Flippa was around!?) and it went well. Half considering selling my current, under-performing site but I've read that you don't get as much for them nowadays. May be worth just keeping it for the small side income.

 

[relentlessaction]

@illmasterj - I ended up not selling it actually. I guess, good thing I didn't. It's at $40-$55k per month for the last 3 months. A lot of profits went back to more stock though and I'm focusing on trying to build it up to hit $70-90k per month.

Looking to build it up to be a fully functional and modern ecom site. It should be able to reach $100-150k+ so working towards that.

As far as an update..
Things have been good but need to ramp things up. I'm also started an Ecom #2 option which should make about $10-15k/month.

 

[illmasterj]

Nice work. I just sold out!

 

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[Action Mike]

@illmasterj - I ended up not selling it actually. I guess, good thing I didn't. It's at $40-$55k per month for the last 3 months. A lot of profits went back to more stock though and I'm focusing on trying to build it up to hit $70-90k per month.

Looking to build it up to be a fully functional and modern ecom site. It should be able to reach $100-150k+ so working towards that.

As far as an update..
Things have been good but need to ramp things up. I'm also started an Ecom #2 option which should make about $10-15k/month.

Great read. I know I am bringing it back from several months ago but curious how it is going now. It looks like it really picked up. What are some of the main things that you have learned to take it to the next level?