Profit in Peace 6: Day Two
Today is the second day in the Profit in Peace Challenge live sessions. I feel really tired. I was dreading this so much.
Questions/thoughts:
- Calling Amazon a startup sounds like a scammy thing to say
- I’m so tired of forced enthusiasm
- I like this analogy
- If you and your friend start a hot dog stand, and your friend is better than you at cooking, beat him by finding a starving crowd
- The right bait for the right fish
- Knowing your customer is about knowing your customer like you know your loved ones when buying Christmas presents
- Introvert advantage is knowing yourself and knowing what you want
- Become aware of your own patterns
- Go to your favorite room in your house, pretend you have 100,000 dollars. Do a window shopping spree.
- Think about how to create words that describe the whole niche but not specific, hard to find results
- Pinterest is where people look at what they want to buy, amazon is where people search for the actual item
- Pinterest > Etsy in 6 months > Amazon 6 months
- Pinterest extra is an extension that you can use to see the number of saves
- We are looking for at least 40% margin
- Six Ps checklist
- Popularity
- Look for search volume on amazon (at least 20 thousand)
- Cerbro reverse product search to find searches
- Powerplay
- How much of a difference can we make in this niche
- Do we have a unique product
- Is there a dead end search?
- Persona
- Do we understand who is this for?
- Pinterest and internal research
- Profit
- Helium10 x ray tool
- Find supplier on alibaba
- Look and see how much it takes to manufacture
- Then do a profitability calculator on a product with a similar size and weight since amazon charges based on size and weight for shipping
- Need at least a 40% margin because other costs will bring the margin down to 25-30%
- Practicality
- Is it practical for you to pay for the costs of sourcing and making your product
- Powerhouse
- What is the second and third idea and are they cohesive ideas?
- Popularity