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Kinda sharing how I was making $200+ out of $50 and asking for adivce

Discussion in 'Making Money' started by Dzofekb, Feb 3, 2016.

  1. Dzofekb

    Dzofekb Newbie

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    Hey guys,

    I've been reading this forum for a while and a bit impressed how things are done.

    In this thread, I'd like to share a my story (which is quite similar to the one we have on BHW) and would like to get some advice.

    So, here's the story.

    In the start of 2015 I came back from studying abroad to my Motherland. Russland.
    I live in 1kk city, but still, it can be said that it's undeveloped in many ways asf.
    I was studying in South East Asia, where almost every person, doesn't matter old or young, carrying selfie stick around them.

    So when I came back, I decided to start selling them.
    I didn't know much about dropshipping and also delivery time is bad (usually, 40 days to my city, and average throughout the country is 25 days, thanks to Russian Post).
    But what I did have is 90$ and few checks to pay, well, in a month.

    So here's what I did:
    1. I chose the product. It was quite unique and took me some time to find it.
    Instead of selling simple all kinds of selfie sticks, I found one with the mirror for the rare camera and a bit modified handle: rubber on it looked much better than on the others. Also, there was a channel throughout the handle that prevented the stick from turning around itself.
    The good thing was -- nobody was selling this stick in my region.

    2. I started looking for suppliers.
    Shortly after I start my search, I dropped Aliexpress and went to Alibaba.
    Why so? Well, the price for the one stick there was about 14-20$, which is freaking hell a lot.
    On Alibaba, I found the very same stick for 6 us/piece.

    I chose few suppliers there, introduced myself as a distributor company representative, negotiated the price (final was $5.25 per piece, which later went down to $4.5) and agreed on shipping terms.
    So, now I had 10 selfie sticks coming to me and some time to think about sales channel.

    3. Selling:
    - First of all, I created a content which was describing the difference between my product and competitors.
    I did it in a way: Why we are better? Point 1, point 2, point 3, etc.
    Every point was provided with a close-up photo.

    - Second thing, I started to realize that if I need to assure people that I'm not that random selling Chinese stuff on classifieds, which, ofc, I wanted to do, I need to create a brand and at least some parody of the web-site to promote my "store".
    Good thing: I had $3 left. For this $3, I bought myself a domain name which was very reliable and trusted, thanks to regional market feature: in Russia, each region has its number (777, 66, 72, etc). My region had very well reputation of stores with the regional number at the end. So if you, for example, name yourself as %IsellChineserandomstuffforthepricelike10timeshigher66.ru -- people trust you.
    Fun part: I didn't have any money left, I can't code. And I still needed a web presence.

    What I did: I realized that creation of the store is not necessary, as I was focused on one product. I was looking for landing page.
    All kind of solutions that was provided by local market players (Russian), well, sucked a bag of dicks -- stupid and ugly templates, few options of customization.
    Hiring someone wasn't a case there.
    So I found a good landing page builder which costed shitloads (hey, I use Rubles) dollars per month.
    But they had (and still have) something, that I used: if you have .edu mail, you get 6 moths PRO plan free of charge.
    Bad thing: in Russia, you're not provided with .edu mails.
    Good thing: I had few people from US studying with me abroad.
    Shortly after I realized that, I had my 6 months Pro plan free of charge.

    I connected my domain to the page (also to Google and Yandex) and started filling it with content.

    - Step 3. Advertising and selling.
    Neither I had money, nor desire to create any ads (which was stupid, as I realize now).
    Regarding that I wrote all website content myself (text+photo+blog) and created some links to social networks, my website was top 1 in Google search.
    Which was a good thing.

    Now selling.
    Other shitty sticks was selling in my city for $15. The one that I had was better, if you are to believe 8 points that I had on my page, but you cannot put a 30$ price tag, cuz it's freaking a lot for a stick.
    So I decided to put $25.

    Now, the fun started.
    In the first months I sold 10 pcs for 250$ + some additional money I made on the shipping it to the customer place.

    The conversion from the website was like 30% (5 order out of 10 unique visits, 3 sales).

    As soon as I sold 3 pcs, I ordered a second round of 10 pcs from the other supplier, but now I used mail forwarder to reduce the cost.

    When the second order came to me, one or two pcs was damaged, so I asked the supplier to give my money back (hey, I'm big distributor and asking for my $5 back). And they did.

    As soon as I sold few of them, I ordered new round with additional product: 3 in 1 camera lenses.
    You buy it for $1.95, they are small and don't add bucks to shipping cost, and the best thing is that you sell them for $10.


    It allowed me to reduce the price of stick and win on the lenses, so my turnover increased.

    So, summing this up, I was putting ~30% of my income into the very same amount of sticks each month: 10 pieces. For the 3 pieces I sold, I could allow myself to buy 10. Lenses, well, you can count them.
    My landing page was still top one in Google search and first page in Yandex.
    I didn't spent a penny on ads/content/links/w/e. It's the thing I regret.

    I limited myself at 10 pcs/months and had a waiting list. It was a mistake, but the great thing is that I had only two competitors at that moment, who were doing sort of dropshipping, and people are not that good with pre-orders here.

    So, this is pretty much the end of the story.

    Now, I'd like to ask for a recommendation and advice:
    What kind of products that might be selling good?
    I look for the stuff which you can buy for $6 at max and sell with a good margin (200-500%).
    Categories: electronics/gadgets/day-to-day stuff/smth for hobbies/for kids/creams for boob growth (lol).
    And yeah, we are poor here now (crisis asf) so people don't buy much.

    Всем добра, comrades.

    P.S. Also, can organize supply for you from Alibaba, PM if interested :>
     
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    Last edited: Feb 3, 2016
  2. ByIDz

    ByIDz Regular Member

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    Amazing and very interesting post !
    Good job, I gaven't idea of type of products, do you continue doing this ?
     
  3. Dzofekb

    Dzofekb Newbie

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    No, I worked in educational sphere for a while.
    And the trend on selfie sticks and lenses ended in August.

    Now I look for somethings useful/cool to sell.
     
  4. asap1

    asap1 BANNED BANNED

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    Nice job capitalizing on the tread :)
     
  5. Deuris

    Deuris Jr. VIP Jr. VIP

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    Привет, отличный пост!)

    Но, как ты смог найти нормальный лендинг, я обыскал уже все что можно, попадаются либо слишком навороченные либо, наоборот, слишком пакостные?
     
  6. Neon

    Neon BANNED BANNED Jr. VIP

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    Привет, Basic rules:

    1. All posts must be written in English.
     
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  7. Alex456

    Alex456 Regular Member

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    thank you for shearing !