[Mostar]

Hi Guys,

I am already aware that I want to start my own business. I just feel a whole different motivation working for myself and on my own projects than the other possible cases. I played around with a lot of ideas, but did not starting anything yet - the typical beginner mistake.

I think, the only thing keeping me away is, that I don´t want to start a business just based on my gut feel. This morning I found out that there are analytic tools like junglescout which track the demand behaviour of customers.

My question is, do you got any further suggestions how can I find out a possible demand of the market?

[H1N1]

There is an incredibly cheap and effective way. You can print 2000 leaflets (which you can make yourself on your computer) for £80. You can then go and survey 2000 people to assess demand. You will also get much better at game in the process. It's a win-win. It's pretty brutal, and it'll be a baptism of fire if you've never done this stuff before, but my god it's effective. You can also stack orders in advance of actually producing the product this way, assuming your development/procurement time is low.

[Mostar]

(11-17-2016 06:43 AM)H1N1 Wrote:  

There is an incredibly cheap and effective way. You can print 2000 leaflets (which you can make yourself on your computer) for £80. You can then go and survey 2000 people to assess demand. You will also get much better at game in the process. It's a win-win. It's pretty brutal, and it'll be a baptism of fire if you've never done this stuff before, but my god it's effective. You can also stack orders in advance of actually producing the product this way, assuming your development/procurement time is low.

Thank you for your quick reply. Sounds like a very brutal method, but it could work. I should just think about to ask the right questions. I also don´t want to limit answers, but I would like to have realistic and not utopian suggestions.

[Sooth]

Go to your top 5 biggest e-commerce sites in your country and use search functions to see what people are buying.
Go to China and get products in that market, import them and sell them. Classic hustle.

Another good hustle is learn game and use it on people to network in your community. Charm everybody you meet, then connect the guy who needs 100 odd ball crank shafts machined with the guy who can build the machine to do it, and broker 20% of the profit for finding him the deal.

Business is actually super easy.

[H1N1]

(11-17-2016 06:47 AM)Mostar Wrote:  

(11-17-2016 06:43 AM)H1N1 Wrote:  

There is an incredibly cheap and effective way. You can print 2000 leaflets (which you can make yourself on your computer) for £80. You can then go and survey 2000 people to assess demand. You will also get much better at game in the process. It's a win-win. It's pretty brutal, and it'll be a baptism of fire if you've never done this stuff before, but my god it's effective. You can also stack orders in advance of actually producing the product this way, assuming your development/procurement time is low.

Thank you for your quick reply. Sounds like a very brutal method, but it could work. I should just think about to ask the right questions. I also don´t want to limit answers, but I would like to have realistic and not utopian suggestions.

It works better than anything else - until you start getting really clever with tech and statistics.

The best thing to do, in my experience, is to dress well and bang on doors explaining that you've just started a new local business and you were hoping you could ask their advice (people love to be asked for advice). Then you can show them your flier, and say, 'I've just developed this great new thing that is specifically designed for beautiful housewives with lovely homes, and I was hoping you might be able to help me understand whether its something you or your friends would buy.'

If you can thaw the initial frostiness then people are usually very eager to help and seem expert. You can almost always get a recommendation for someone else to speak to, a friend or neighbour, for whom you now have an introduction, 'Good afternoon, Bob at number 3 recommended that I come and speak to you about my new product because he thought you may be able to give me some good advice'. If the product is any good, 'could you give me some advice?' is all anyone needs to look for themselves and decide they want it. If the product is good, you don't need to do a hard sell, people will persuade themselves if you can just guide them towards it.

[superschalk]

Option 1:
Setup a Facebook or an Adwords campaign for a product you not even have yet. Just create a landing page for people to get on an early bird list and offer them a discount or some special extra deal if they sign up to your list.

After you generated about 500 clicks check your conversion rate. If the sing up rate is higher than 25% it should be a good indicator that there is a demand for the product you offer.

Option 2:
This is what my brother is doing. He is basically selling products on Amazon and Ebay and is testing the market by offering the same product for the same price as his competitors. If he gets buyers the first few days he is just dropshipping the product from another seller to his buyer. He makes a slight loss with fees and all that but it gives him an idea if a product gets traction or not. If it is getting traction he goes to China and orders products in bulk.

An excellent book to read about product demand research in a very cost effective way is The Lean Startup by Eric Ries. It is actually a must read for everyone who wants to sell anything be it e-commerce, products, software or services.

[CleanSlate]

(11-17-2016 07:41 AM)superschalk Wrote:  

If it is getting traction he goes to China and orders products in bulk.

Does he actually go to China to make these orders, or can it all be done remotely?

[H1N1]

(11-17-2016 08:07 AM)CleanSlate Wrote:  

(11-17-2016 07:41 AM)superschalk Wrote:  

If it is getting traction he goes to China and orders products in bulk.

Does he actually go to China to make these orders, or can it all be done remotely?

Ni hui shuo hanyu ma?

You need someone on the ground to manage the Chinese. They start out by sending you good samples, and maybe the first run or two will be good too, but the drop off in quality is usually preciptious if you a. don't speak Mandarin, and b. don't have some sort of ground presence/intermediary to hold them accountable.

[superschalk]

(11-17-2016 08:38 AM)H1N1 Wrote:  

(11-17-2016 08:07 AM)CleanSlate Wrote:  

(11-17-2016 07:41 AM)superschalk Wrote:  

If it is getting traction he goes to China and orders products in bulk.

Does he actually go to China to make these orders, or can it all be done remotely?

Ni hui shuo hanyu ma?

You need someone on the ground to manage the Chinese. They start out by sending you good samples, and maybe the first run or two will be good too, but the drop off in quality is usually preciptious if you a. don't speak Mandarin, and b. don't have some sort of ground presence/intermediary to hold them accountable.

He actually works with an agent he knows who is a real cool guy according to his stories. The guy is half Chinese born and raised in the UK but moved back to China to build and import/export biz.

He basically organizes everything from finding the supplier till shipping products to the EU.

The downside is that the guy charges 20% of the order price. So you must make sure that your products have high enough margins. When you top this up with the import/shipping fees and then on top of this Amazon or Ebay fees or marketing fees if you run your own online shop, your product needs to have an amazing margin to make it work.

The best working products are the ones which you test on Amazon using the dropshipping tactic and when this is working you start whitelabeling these products using your own brand.

I personally stay away from any kind of ecommerce because dealing with customers especially on Ebay or Amazon can be a real pain. There are better business models where you don't have headaches with shipping, product quality, annoying customers and all that kind of stuff.

[CleanSlate]

(11-17-2016 08:38 AM)H1N1 Wrote:  

(11-17-2016 08:07 AM)CleanSlate Wrote:  

(11-17-2016 07:41 AM)superschalk Wrote:  

If it is getting traction he goes to China and orders products in bulk.

Does he actually go to China to make these orders, or can it all be done remotely?

Ni hui shuo hanyu ma?

You need someone on the ground to manage the Chinese. They start out by sending you good samples, and maybe the first run or two will be good too, but the drop off in quality is usually preciptious if you a. don't speak Mandarin, and b. don't have some sort of ground presence/intermediary to hold them accountable.

Sounds like a pain in the ass unless you have a. or b. or both.

[Mostar]

(11-17-2016 07:41 AM)superschalk Wrote:  

Option 1:
Setup a Facebook or an Adwords campaign for a product you not even have yet. Just create a landing page for people to get on an early bird list and offer them a discount or some special extra deal if they sign up to your list.

After you generated about 500 clicks check your conversion rate. If the sing up rate is higher than 25% it should be a good indicator that there is a demand for the product you offer.

Option 2:
This is what my brother is doing. He is basically selling products on Amazon and Ebay and is testing the market by offering the same product for the same price as his competitors. If he gets buyers the first few days he is just dropshipping the product from another seller to his buyer. He makes a slight loss with fees and all that but it gives him an idea if a product gets traction or not. If it is getting traction he goes to China and orders products in bulk.

An excellent book to read about product demand research in a very cost effective way is The Lean Startup by Eric Ries. It is actually a must read for everyone who wants to sell anything be it e-commerce, products, software or services.

Thank you very much! Very helpful answer. I was actually thinking about just importing things to a cheaper price. I am originally from Bosnia and visiting it couple times a year and living in Germany. So there is this emerging country on the one hand and the fully industrialized, highly developed economy on the other. And I totally believe that there is some good profit in just combining these two.

[ScrapperTL]

Search some of my posts in other threads, I have covered this topic very extensively.

Check out:
1) Scrap Metal Recycling
+ Literally start making money right away, today.
+ Inventory is free, possibly even paid to pick up your inventory.
+ Virtually no start-up costs.
+ Unlimited demand.

2) Lawn Care Services
+ Collect money at the end of 30 days.
+ No inventory, your selling a service.
+ Relatively low start-up costs in comparison to other businesses.
+ Strong demand in wealthy neighborhoods.

These business models are awesome because you will make as much money as the effort you put in.
There is no mystery, worry, doubt or wondering if it is ever going to pan out, like a lot of online businesses.

Once you have built your successful Scrap Metal Recycling or Lawn Care Service empire, follow your dreams into the online business world.

[Space Cowboy]

(11-17-2016 06:51 AM)Sooth Wrote:  

Go to your top 5 biggest e-commerce sites in your country and use search functions to see what people are buying.
Go to China and get products in that market, import them and sell them. Classic hustle.

Classic hustle that about 90 million Chinamen have already cornered the market in.

[Cattle Rustler]

(11-17-2016 11:11 AM)ScrapperTL Wrote:  

Search some of my posts in other threads, I have covered this topic very extensively.

Check out:
1) Scrap Metal Recycling
+ Literally start making money right away, today.
+ Inventory is free, possibly even paid to pick up your inventory.
+ Virtually no start-up costs.
+ Unlimited demand.

2) Lawn Care Services
+ Collect money at the end of 30 days.
+ No inventory, your selling a service.
+ Relatively low start-up costs in comparison to other businesses.
+ Strong demand in wealthy neighborhoods.

These business models are awesome because you will make as much money as the effort you put in.
There is no mystery, worry, doubt or wondering if it is ever going to pan out, like a lot of online businesses.

Once you have built your successful Scrap Metal Recycling or Lawn Care Service empire, follow your dreams into the online business world.

I hate to say this but scrap metal recycling does require a start up cost. You need a pick up, it's difficult to do it with a car/suv when people leave dirty heaps of metal. Some of the pieces are a bit too big for a trunk or would damage the inside.

Thanks for posting the craigslist gigs page though, I made at least $200 from there.

[ScrapperTL]

(11-17-2016 02:38 PM)Cattle Rustler Wrote:  

(11-17-2016 11:11 AM)ScrapperTL Wrote:  

Search some of my posts in other threads, I have covered this topic very extensively.

Check out:
1) Scrap Metal Recycling
+ Literally start making money right away, today.
+ Inventory is free, possibly even paid to pick up your inventory.
+ Virtually no start-up costs.
+ Unlimited demand.

2) Lawn Care Services
+ Collect money at the end of 30 days.
+ No inventory, your selling a service.
+ Relatively low start-up costs in comparison to other businesses.
+ Strong demand in wealthy neighborhoods.

These business models are awesome because you will make as much money as the effort you put in.
There is no mystery, worry, doubt or wondering if it is ever going to pan out, like a lot of online businesses.

Once you have built your successful Scrap Metal Recycling or Lawn Care Service empire, follow your dreams into the online business world.

I hate to say this but scrap metal recycling does require a start up cost. You need a pick up, it's difficult to do it with a car/suv when people leave dirty heaps of metal. Some of the pieces are a bit too big for a trunk or would damage the inside.

Thanks for posting the craigslist gigs page though, I made at least $200 from there.

Yo Cattle Rustler, you have no idea how happy it makes me to hear that my advice put $200 in your wallet brother.
Hoping much more comes your way as you develop your ability to hustle on Craigslist.
If you figure out any techniques that I didn't cover - please send them my way.

Also, you are correct, I did not factor in that life as a Scrap Metal Recycler is much easier if you already own your own pick-up truck.
Personally, I only drive pick-up trucks.
The idea that a Red Pill man could possibly not own a pick-up truck, didn't even cross my mind. My mistake!

[wi30]

(11-17-2016 09:09 AM)CleanSlate Wrote:  

(11-17-2016 08:38 AM)H1N1 Wrote:  

(11-17-2016 08:07 AM)CleanSlate Wrote:  

(11-17-2016 07:41 AM)superschalk Wrote:  

If it is getting traction he goes to China and orders products in bulk.

Does he actually go to China to make these orders, or can it all be done remotely?

Ni hui shuo hanyu ma?

You need someone on the ground to manage the Chinese. They start out by sending you good samples, and maybe the first run or two will be good too, but the drop off in quality is usually preciptious if you a. don't speak Mandarin, and b. don't have some sort of ground presence/intermediary to hold them accountable.

Sounds like a pain in the ass unless you have a. or b. or both.

I've done it remotely. You need to put in a lot of time and screen the hell out of everybody.

But even if you do everything right, there's still a chance you end up getting burned.

[Mr. Scumbag]

After conducting a little research, it seems there is little profit to be made in drop shipping and exporting goods from Chinese factories. For one thing, cost of goods is rising in china and the chinese have become greedy (more so); you can now get products cheaper in other countries.

Secondly, the cost of sourcing /using a freight forwarder and the shipping, coupled with eBay or Amazon fees, and you're making very little profit at the end of the day. That's not even counting the risk of getting scammed and all the other bullshit you have to deal with, like making sure your product can get through customs.

[storm]

Clone suits.

I have half a dozen orders for you right now. I'll mail the suit, you take it somewhere and have it made in fabrics I pick.

I have been trying to find a place that does this for years. All the online places I found don't actually clone: they just measure the dimensions.

[GlobalMan]

^I know of a place in Vietnam that clones suits, and I suspect almost any one of them will if you get in contact and speak to them.

[Mostar]

I have following question to you guys. I have two friends having the same problem: They want to sell their laptop, it´s just about 1,5 years old, hardware is still ok, but the electronic market is so dynamic and fast that they can´t get any good money for them. A guy from some electronic distributor told them that in average a one just gets 25% of the buying price.

So I am thinking about solutions to buy used laptops and to recycle them, but would it actually pay out? How could I or someone else make money out of it. It´s similar to the waste recycling idea, i know.

[wi30]

Mostar, you would have to really screw over the people you're buying from in order to have a chance at any profit.

Have you ever seen those machines to recycle your old phone? They are usually by the crane games at the entrance of Walmart. They pay you like 5 dollars for a two week old iPhone.

[jamaicabound]

unicorn smashers gives you amazon analytics, its completely free. terapeak offers a 7 day trial if you wanna run some numbers. i think jungle scout offers a free trial as well. run some reports on some potential product ideas or niches you have and see if the sales numbers and competition look good. google keyword planner isn't great but free to use, google trends gives some good info, amazon top selling products, etc.

another method you can try start making random youtube videos on different topics or products. for example make a youtube video on like an sj4000 action cam, on a lapel mic, etc. you can just title the vidoe of the item and review or top 3 action cameras, etc. post the video you on youtube just using like ali express screenshots. see which niches or products get the most views and that will give you an idea of interest.

i would say get started doing something within the next week or you will never do anything.

lastly if you wanna start small look on ali express order 20 cheap products, try to sell them and see what happens, worst case scenario your out like 20 bucks.

[rafaeld]

(11-17-2016 07:03 AM)H1N1 Wrote:  

The best thing to do, in my experience, is to dress well and bang on doors explaining that you've just started a new local business and you were hoping you could ask their advice (people love to be asked for advice). Then you can show them your flier, and say, 'I've just developed this great new thing that is specifically designed for beautiful housewives with lovely homes, and I was hoping you might be able to help me understand whether its something you or your friends would buy.'

You say "in my experience". So I can assume you have actually done this?

Props man. And inspirational. What was the product I wonder?

[H1N1]

(02-07-2017 12:10 AM)rafaeld Wrote:  

(11-17-2016 07:03 AM)H1N1 Wrote:  

The best thing to do, in my experience, is to dress well and bang on doors explaining that you've just started a new local business and you were hoping you could ask their advice (people love to be asked for advice). Then you can show them your flier, and say, 'I've just developed this great new thing that is specifically designed for beautiful housewives with lovely homes, and I was hoping you might be able to help me understand whether its something you or your friends would buy.'

You say "in my experience". So I can assume you have actually done this?

Props man. And inspirational. What was the product I wonder?

I have done this, though not with a product aimed at housewives!

I wouldn't like to comment on the nature of a product on an open forum.