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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?

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