Discussion in 'My Journey Discussions' started by PBNSurprise, Jul 2, 2019.
i am interested for drop shipping !! Best of Luck
i'm doing 2k days now
Keep rocking bro! So you've signed up with your agent for fulfilling your orders? Or still with Aliexpress?
You using FB ad or others ?
or best is free traffic?
my agent fulfills the orders now and i'm using facebook ads
i have to worry about the legal aspects and taxes now. i need to start using quickbooks to track my expenses and profits. i haven't been doing any record keeping. i also may need to open up a business checking account. i need to make quarterly tax payments to the IRS. i heard that at the end of every quarter i should calculate the profits and send 15% of it to the IRS. and i think when i file my annual taxes i also fill out a schedule C form. so these are things i'm not well versed in and need to start doing. also going to register myself as an LLC soon
a lot of stuff. making the transition from sole proprietorship to like a legit business entity. all the while i'm still running ads, making $200-300 a day in profit, fulfilling my orders, managing the social media, answering any customer questions and basically checking the orders daily so that shit doesn't get lost or fucked up
yeah it's decent amount of work and stuff to stay on top of. thankfully my new job is very laxed with a lot of downtime so i could do most of this stuff while at work
You're using paypal as a payment gateway, with a business account, yet you don't have an LLC or a registered business, and you're processing a lot of money everyday - my question is have you gone through any holds or limitations yet and if yes, have you been asked about business registration papers and all that stuff?
Best of luck. following
i don't have an llc... thank god no problems with holds or limitations
i have the auto sweep feature enabled on paypal. which means every day all the money in the account gets auto deposited to me. i have no idea what causes payment holds on paypal but so far i haven't been hit by that *knock on wood*
What does lla stands for?
I read the whole thing. Congrats on your success!
Are you still doing the single product store? Or have you added more relevant products to it by now for upselling, cross-selling etc.?
I think everyone would appreciate it if you could add a "Lessons learned + what to do and what not to do" sort of post.
Did you find that the Min. ROAS feature helped to bump up your profit margin?
Very cool. Best of luck!
it didn't help to be honest. my ROAS was lower in some cases
today was not that good. i spent around 1k and only made 1.25k in sales. so i probably lost some money today. i turned off all my ads because it was getting out of control. today was not my day. i have some ads running but my next plan is to go back to video watching and learning some more. if needed i'll create another creative or two
i've uploaded all my bank accounts and credit cards to quickbooks and categorized all my expenses and revenue. this is great because i can easily track all the sales that get deposited to my bank acc for the year. as well as all my expenses: facebook ads, cost of goods, shopify subscription, internet service, phone bill, etc
then i think the way it works is i pay 15% of the profits at the end of each quarter to the IRS. i'll have to look into that
but yeah, right now the goal for me is more learning. not afraid to go back to some basics. watch some videos, take some notes, break down the ads. then when i've figured out a solid action plan, come back to the ads. it's all a process baby. i'm very dedicated to scale this to the moon and make it work
Wish u the best, that's a geat journey ]
Great work man, keep it up
Just read through the entire journey and would love to congratulate you! Even though you screwed up with 3 stores and failed them you're doing massive numbers right now. Wishing you all the best and will continue to follow this journey!
Awesome. Going to read your entire journey
I tried dropshipping too like a year ago and never made one sale
But I hope you get a lot of em.
We'll make it one day. Good luck!
BACK TO THE DRAWING BOARD
so the past few days things kinda went to shit but not really. so i got my ad account disabled but i was able to recover it that same day by sending in an appeal. i'm going to take this as a sign that i should stop using my current winning ad and try to find others. so right now all my ads are paused while i try to find some other winning creatives
since i know my product works i have no problem paying for some video content. i went on fiverr and ordered 5 video ads from 5 different sellers. my plan is to test these all in a PPE campaign $10 lifetime and analyze the data. then i'll pick the top 3 ads and use them as my main winners. to keep things fresh i'll hit up the same people on fiverr and purchase a new video every month to cycle in and replace the least performing ad. that way i'm always cycling in new content to hopefully fight ad fatigue and always keep my results consistent
i'm also taking notes on more of gabriel st germain's videos. i'm planning to start implementing SUPER LOOK-A-LIKE AUDIENCES. these super LLAs are suppose to be very consistent CBO campaigns. so i'm gonna aim to set up a super LLA for the US and start that at $250 per day. then increase the budget by 50% every day until i top out at $1k per day. next i'll be testing 10 interests at $50 per day and identifying the top ROAS interests. i'll take those top ones and put them into a CBO and start that at $250 per day and again increase the budget by 50% each day it performs well and also turn off under performing adsets and cycle new ones in
this is the general strategy: super LLAs and broad interest CBO. two CBO campagins at $1k per day, and a retargeting campagin. so my spend would be about $2k per day. i think that's a good baseline. at that much spend i would hope to be cracking $3.5k per day consistently in revenue. at a 20% profit margin that's $700 per day. if i can keep that consistent that'll be $21k per month. and if i can keep that up that'll be a quarter of a million dollars in a year. not bad
only problem is keeping that consistency. my first goal should be to try and hold that for at least 3 months. i'll need to keep cycling in new creatives, like 2 fresh videos every week. i think the super LLAs should always stay profitable if i keep cycling ads, due to the way they're built. and for broad interest targeting i just keep testing new interests and cycling in the best ones, as soon as those die off, bring in new interests. so the road to consistent profits isn't THAT hard. can be done with just a few campaigns but the key is cycling in new content
once i get really big, like after 6 months of doing this, then i'll start thinking about how i can reach out to manufacturers to get a prototype of an improved version of this product designed. will order a thousand units, send them to a fulfillment center using something like shipbob. create custom packages and brand out my stuff, then start working towards launching a new site for this hot product. the goal is to scale that new product to the moon, dumping 5-10k per day on ads for it, and turning 4k per day in profits which is more than 1 million a year. by that time i'll need to hire people and a team once i'm working at that scale
Separate names with a comma.