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Franklin Hatchett Method with twists

Discussion in 'My Journey Discussions' started by mercer123, Jan 18, 2016.

  1. mercer123

    mercer123 Newbie

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    So i have been spending the last few days setting up my shopify store. i am not going to share my specific niche but it falls into the luxury and fashion niche. the site looks pretty professional and ive already added a few products that i have ordered samples of from a manufacturer on aliexpress that i will be dropshipping from. ive decided not to use facebook ads but have found some very popular twitter, instagram accts etc. in my niche that are giving me some good hookups for adspots on their pages. i feel like i will make much better conversions that way. i will also be paying for promo acces among twitter groups that have high impressions and engagements. any advice you guys have on marketing or anything else please feel free to share. i am feeling pretty confident about this journey after long months of research through the forum. my goal is after the first month of falling into routine i am hoping to atleast make 20 sales a day and with my profit margins that is about 3500 a week and hopefully 182000 in the first year :Di am always open for constructive criticism and any tips and room to grow. cheers!
     
  2. aBoss

    aBoss Regular Member

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    What is your starting budget?

    And how long did it take you to setup everything?
     
  3. mercer123

    mercer123 Newbie

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    it took me a couple days to setup my store, just had to find a good dropshipper and tweak a theme and add products to shopify then add a domain and all that good stuff. my budget is open ended because im looking for ways to market my site. so depending on what method will bring out the most sales and engagements for me depends on how much im willing to spend.
     
  4. Thenub

    Thenub Jr. VIP Jr. VIP

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    Average price of item ? And if you don't mind, average profit per item?

    Goodluck, hope to see some updates / results
     
  5. Ambitious12

    Ambitious12 Elite Member

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    It would be better if you add the total expenditure to set it up. :)
     
  6. mercer123

    mercer123 Newbie

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    35-40$ per item so profit im making about 25-30$ per sale
     
  7. mercer123

    mercer123 Newbie

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    Yes but the upfront investment is slim to nothing just pay for domain and subscription to shopify. Other than that im just spending on adspots but i suppose i can factor that in but its not a fixed amount they fluctuate
     
  8. mercer123

    mercer123 Newbie

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    Finished setting up my site. Site is set to launch tomorrow. Now im looking at different promo options as i have connections to groups full of large accounts on twitter and ig in my niche. I dont think i want to use adwords or fb ads yet. I am confident my method will convert much better. Also need to set up a store account for twitter and instagram. I want to grow an organic audience. But does anyone have any advice on handling taxes as a sole proprietor? I dont think i need a license or an ein correct? I think i just need to file it on my own income taxes. Not sure. Cheers
     
  9. mercer123

    mercer123 Newbie

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    Goal is to atleast make 5 sales the first day but i am confident i can make atleast 10. If i make 20 i will be very very happy