Hey guys:
VERY short intro here - My entrepreneurial fires got lit a few years ago, and though I have a job (and may always have a job - I like the structure and order,) I figure that fact doesn't need to keep me poor. I've made more money, year to date, being an entrepreneur than I've ever made in a 12 month consecutive period. What I have done YTD may have ended (time will tell,) but my whistle is wet and I am ready for more. Thanks to all of you guys for being inspirational through your stories that I have read off/on for a few years.
Here is where I am:
A friend of mine, who is an engineer that works for one company and is a consultant for another, has designed, trademarked, and patented an Auto Accessory product. His strong suit is design, but he is very poor on the marketing side. We have been talking for about a month now, and after we meet in the next few weeks (he travels as a consultant quite a bit) we're going to iron out the details.
Anyway, this is a customizeable, "vanity" type item that can be personalized to have favorite Sports teams, Religious symbols, or hobby stuff (fishing or hunting) on it. I say "customizeable" but I mean to say that my friend can design it to have it shipped out to have the University of Arkansas Razorbacks on it, or the Detroit Tigers, or anything else.
Here are my thoughts on how we can promote this, but I'd love to hear yours as well:
1. Work out a relationship, perhaps based on consignment, with about 10-20 large College stores that sell a lot of merchandise anyway. Send the items there, offer to do a 50/50 split with them, and see what happens.
2. Use the placement in those stores to negotiate relationships with larger venues.
3. Seek partnerships/licensing with other schools, Duck Commander, Hunt Life, Fish Life, other "trendy" titles.
4. Maybe send test items to the more popular high school football programs as well.
According to a DOT survey, in 2007, there were over 254 million passenger cars in the United States. If we could just get 1 million of this number, I'd be INCREDIBLY happy with our outlay.
The proposal that I believe we're going to discuss is a percentage split over a certain dollar number - i.e., if his costs are $1.54, and he wants to clear $2.00 per unit sold ($3.54 per unit,) I am going to try to wholesale these at $6.99 (perhaps adjust this up or down with volume discounts) and negotiate a percentage over the $3.54 - probably 30%-35%. We haven't discussed barebones numbers yet, so I just threw these numbers out as an example.
His MSRP is $12.99, which is what he sells them for on his website.
I have been a broker in the past of various things, and I liked making the initial relationship and having "residual" income come in without having to do much, or little, work. In fact, on one such relationship I engineered in 2012, I made just a little over $3,000 in 2013, and did ABSOLUTELY NOTHING for that. It was already set up, and I just collected a check each 3 months. I'd like to do the same with this.
Anyway, I am going to wind this up - thanks for taking the time to read, and I'd love to read any of your suggestions.
Thanks,
Jeremy
VERY short intro here - My entrepreneurial fires got lit a few years ago, and though I have a job (and may always have a job - I like the structure and order,) I figure that fact doesn't need to keep me poor. I've made more money, year to date, being an entrepreneur than I've ever made in a 12 month consecutive period. What I have done YTD may have ended (time will tell,) but my whistle is wet and I am ready for more. Thanks to all of you guys for being inspirational through your stories that I have read off/on for a few years.
Here is where I am:
A friend of mine, who is an engineer that works for one company and is a consultant for another, has designed, trademarked, and patented an Auto Accessory product. His strong suit is design, but he is very poor on the marketing side. We have been talking for about a month now, and after we meet in the next few weeks (he travels as a consultant quite a bit) we're going to iron out the details.
Anyway, this is a customizeable, "vanity" type item that can be personalized to have favorite Sports teams, Religious symbols, or hobby stuff (fishing or hunting) on it. I say "customizeable" but I mean to say that my friend can design it to have it shipped out to have the University of Arkansas Razorbacks on it, or the Detroit Tigers, or anything else.
Here are my thoughts on how we can promote this, but I'd love to hear yours as well:
1. Work out a relationship, perhaps based on consignment, with about 10-20 large College stores that sell a lot of merchandise anyway. Send the items there, offer to do a 50/50 split with them, and see what happens.
2. Use the placement in those stores to negotiate relationships with larger venues.
3. Seek partnerships/licensing with other schools, Duck Commander, Hunt Life, Fish Life, other "trendy" titles.
4. Maybe send test items to the more popular high school football programs as well.
According to a DOT survey, in 2007, there were over 254 million passenger cars in the United States. If we could just get 1 million of this number, I'd be INCREDIBLY happy with our outlay.
The proposal that I believe we're going to discuss is a percentage split over a certain dollar number - i.e., if his costs are $1.54, and he wants to clear $2.00 per unit sold ($3.54 per unit,) I am going to try to wholesale these at $6.99 (perhaps adjust this up or down with volume discounts) and negotiate a percentage over the $3.54 - probably 30%-35%. We haven't discussed barebones numbers yet, so I just threw these numbers out as an example.
His MSRP is $12.99, which is what he sells them for on his website.
I have been a broker in the past of various things, and I liked making the initial relationship and having "residual" income come in without having to do much, or little, work. In fact, on one such relationship I engineered in 2012, I made just a little over $3,000 in 2013, and did ABSOLUTELY NOTHING for that. It was already set up, and I just collected a check each 3 months. I'd like to do the same with this.
Anyway, I am going to wind this up - thanks for taking the time to read, and I'd love to read any of your suggestions.
Thanks,
Jeremy
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. :-)
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
