G
GuestUser202
Guest
Well...I didn't want to do a progress thread, because frankly, I'd rather devote my time to other things, but MAN am I EXCITED!!! I think I found my niche...MY pain point!!! That being said, I don't know how much time I am willing to devote to this thread at this time.
A little background: My first thought of my own business was to fix and flip cars and I've wanted to this for a VERY long time. I've done it the past and been relatively successful at it. But at the time of this writing, I now have TWO vehicles just sitting, waiting for parts. SO it hit me...this may not be the best fastlane strategy. Inventory sitting and cannot be sold (for profit anyway), and plus one of my vehicles is a COMPLETE money pit! This specific vehicle, I was told it needs one part to get running right. Well, it did need that one part, but it needed SO much other work in addition to that "one part". $3500 later I think I can FINALLY sell the car (we have emissions testing here so if it cannot pass emissions, car is practically worthless...or a parts car). I will still make money, but not the profit I has hoped for. This all led me to believe fix-n-flip is just too risky. Plus I also found out that you need A LOT od capital to get dealer's license.
SO...I've been looking around on this forum and it seems there are a lot of people importing from China (www.alibaba.com and such) and selling through various means. This seems like a much more stable, more viable "fastlane" way to start a business. So I thought about it for a few minutes thinking to myself, "What am I interested in?" First thing to mind was LED light bars for off-roading...these things sell for $1,000+! I Thought I had it...until I checked alibaba and the cost/piece and shipping and the market. I cannot make money with that product, and in fact, I'd end up losing money.
So then, taking the advice of Eco Man and the advice in Mr. DeMarco's book, I started thinking about what do people need? What is an evergreen product people need? What is major pain point people have? I thought about things like dishes, glasses, cookware, silverware, 800 thread count Egyptian cotton sheets, but nothing really "stood out". Plus the market seems saturated with these products anyway (too much competition). I also thought "How can I add value to these already existing products?'
I spent like a week, maybe even 2 weeks looking around my house, my yard, my slowlane job...what do people need? LED lights for the house, sunscreen, car seat covers...I checked on Craigslist to see what people need, what they are getting rid of. Nothing. Nothing said to me, "I can add value to this and sell it!" Until it happened...One Friday when leaving work, my _______ (you really didn't think I'd tell you my product, did you?) broke...again. I was like #$%^! Now I need to buy this.
I went to my usual spot to buy said product and their main display had absolutely nothing I liked. I did manage to find more of what I needed in a different location, found something I liked and bought it. I stepped out of the store and said, "I don't like this." But I'll just deal with it. About 2 days later, it hit me...what if I started a business selling this product? Not only sell it, but offer a lifetime warranty? Offer a product that you buy once and once only? This particular product has been a HUGE pain point for me personally for DECADES! I thought to myself, what if I never had to buy this again? What if I buy one that is light, comfortable and fairly inexpensive and never had to buy it again? How wonderful of an idea!!
So I had my product! Now the research. I checked on ebay and amazon and even did a Google search for my product with a lifetime warranty and it was as I expected...only a few HUGE name brand players, but the warranties were very tightly written...so much so it almost made them pointless. I checked alibaba and through researching my product, I found the exact features I want for my product.
At this point, I am in contact with SEVERAL suppliers to see if they offer what I want. Pricing and shipping is right where I expected it to be, and my margin will be so great that offering a lifetime warranty is still VERY profitable. Funny, because when I checked the biggest, most well know supplier of my product, it seems they are doing the EXACT same thing!!! My warranty and material will be different, setting me apart. One pain point for me right now is the time difference...I am asleep when they are awake and emailing me. I lose SO much sleep right now because I am SO ANXIOUS!!
So now the REAL fun begins! Once I find a supplier that offers EXACTLY what I want, I'll order a sample. From there, if demand is there, I want to brand my product, copy write/trademark it, get an LLC, and make it a viable business. I even have a company name and slogan picked out, checked the web and the domain is expired, but I can do a .net or .biz. I want to compete with the BIG DOGS!
A little background: My first thought of my own business was to fix and flip cars and I've wanted to this for a VERY long time. I've done it the past and been relatively successful at it. But at the time of this writing, I now have TWO vehicles just sitting, waiting for parts. SO it hit me...this may not be the best fastlane strategy. Inventory sitting and cannot be sold (for profit anyway), and plus one of my vehicles is a COMPLETE money pit! This specific vehicle, I was told it needs one part to get running right. Well, it did need that one part, but it needed SO much other work in addition to that "one part". $3500 later I think I can FINALLY sell the car (we have emissions testing here so if it cannot pass emissions, car is practically worthless...or a parts car). I will still make money, but not the profit I has hoped for. This all led me to believe fix-n-flip is just too risky. Plus I also found out that you need A LOT od capital to get dealer's license.
SO...I've been looking around on this forum and it seems there are a lot of people importing from China (www.alibaba.com and such) and selling through various means. This seems like a much more stable, more viable "fastlane" way to start a business. So I thought about it for a few minutes thinking to myself, "What am I interested in?" First thing to mind was LED light bars for off-roading...these things sell for $1,000+! I Thought I had it...until I checked alibaba and the cost/piece and shipping and the market. I cannot make money with that product, and in fact, I'd end up losing money.
So then, taking the advice of Eco Man and the advice in Mr. DeMarco's book, I started thinking about what do people need? What is an evergreen product people need? What is major pain point people have? I thought about things like dishes, glasses, cookware, silverware, 800 thread count Egyptian cotton sheets, but nothing really "stood out". Plus the market seems saturated with these products anyway (too much competition). I also thought "How can I add value to these already existing products?'
I spent like a week, maybe even 2 weeks looking around my house, my yard, my slowlane job...what do people need? LED lights for the house, sunscreen, car seat covers...I checked on Craigslist to see what people need, what they are getting rid of. Nothing. Nothing said to me, "I can add value to this and sell it!" Until it happened...One Friday when leaving work, my _______ (you really didn't think I'd tell you my product, did you?) broke...again. I was like #$%^! Now I need to buy this.
I went to my usual spot to buy said product and their main display had absolutely nothing I liked. I did manage to find more of what I needed in a different location, found something I liked and bought it. I stepped out of the store and said, "I don't like this." But I'll just deal with it. About 2 days later, it hit me...what if I started a business selling this product? Not only sell it, but offer a lifetime warranty? Offer a product that you buy once and once only? This particular product has been a HUGE pain point for me personally for DECADES! I thought to myself, what if I never had to buy this again? What if I buy one that is light, comfortable and fairly inexpensive and never had to buy it again? How wonderful of an idea!!
So I had my product! Now the research. I checked on ebay and amazon and even did a Google search for my product with a lifetime warranty and it was as I expected...only a few HUGE name brand players, but the warranties were very tightly written...so much so it almost made them pointless. I checked alibaba and through researching my product, I found the exact features I want for my product.
At this point, I am in contact with SEVERAL suppliers to see if they offer what I want. Pricing and shipping is right where I expected it to be, and my margin will be so great that offering a lifetime warranty is still VERY profitable. Funny, because when I checked the biggest, most well know supplier of my product, it seems they are doing the EXACT same thing!!! My warranty and material will be different, setting me apart. One pain point for me right now is the time difference...I am asleep when they are awake and emailing me. I lose SO much sleep right now because I am SO ANXIOUS!!
So now the REAL fun begins! Once I find a supplier that offers EXACTLY what I want, I'll order a sample. From there, if demand is there, I want to brand my product, copy write/trademark it, get an LLC, and make it a viable business. I even have a company name and slogan picked out, checked the web and the domain is expired, but I can do a .net or .biz. I want to compete with the BIG DOGS!
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Last edited by a moderator:
Membership Required: Upgrade to Expose Nearly 1,000,000 Posts
Ready to Unleash the Millionaire Entrepreneur in You?
Become a member of the Fastlane Forum, the private community founded by best-selling author and multi-millionaire entrepreneur MJ DeMarco. Since 2007, MJ DeMarco has poured his heart and soul into the Fastlane Forum, helping entrepreneurs reclaim their time, win their financial freedom, and live their best life.
With more than 39,000 posts packed with insights, strategies, and advice, you’re not just a member—you’re stepping into MJ’s inner-circle, a place where you’ll never be left alone.
Become a member and gain immediate access to...
- Active Community: Ever join a community only to find it DEAD? Not at Fastlane! As you can see from our home page, life-changing content is posted dozens of times daily.
- Exclusive Insights: Direct access to MJ DeMarco’s daily contributions and wisdom.
- Powerful Networking Opportunities: Connect with a diverse group of successful entrepreneurs who can offer mentorship, collaboration, and opportunities.
- Proven Strategies: Learn from the best in the business, with actionable advice and strategies that can accelerate your success.
"You are the average of the five people you surround yourself with the most..."
Who are you surrounding yourself with? Surround yourself with millionaire success. Join Fastlane today!
Join Today
. SIEMMZ??
