Hi guys (sorry for the long post),
My brother and I (Eli) finally hit a milestone today after the PKI Bootcamp in Sydney. We are halfway towards our 90 day goal of $100k/month.
Just a quick summary of what we have been through:
– By the time we were 28 and 29 we were over $1M in debt due to failed businesses and bad investments prior to GFC. We still have some minor debt left but plan to erase it all by the end of the year
– Failed at everything that we touched in our twenties
– Had to sell our newly constructed home but still built a new home for my mum with every dollar that we had left
– My brother had to postpone his marriage to his long term partner due to business debt but finally made it happen last year
– We have been neglected and ridiculed by our parents and this hurt us the most as we were just trying to give everyone a better life as they struggled since they immigrated to Australia
– Never went travelling nor enjoyed ourselves as we spent all our money on books, seminars, business training etc.
– At one stage we slept on the floor of our office for a few months as we could not go back home due to the mounting tension. We were seriously homeless and ate minimal food to save money
– Still after all this we NEVER gave up on our business dream
Just some tips to help everyone:
– Make sure that your product is not the same as everyone else in the market. You must have a solid differentiation. Read the reviews of your competitors
– I hired a Sourcing Agent and this has made all the difference. I got the idea when I saw the launch of Souring Profits (thanks Paul Sinclair!) and I couldn’t afford the program but got so much value and info from their first launch webinar and took action immediately
– After the bootcamp, I sat down and did the spreadsheet on the profitability and sales planner. I now do this almost every single day/week to make sure that I’m on track – MAKE SURE YOU DO THIS as its absolutely gold. Without a plan you will fail
– Don’t be afraid to spend money when its needed. You will need to have this mindset from Day 1. If you want to make $10K in sales per month then you will need to spend about a third in product, marketing etc. so $3K. If you want to make $50K/month then you must be willing to spend $15K/month. It is what it is, and I had to scrape through every dollar that I had in credit cards, savings (even though I didn’t have much) and reinvest it all back in over and over again
– Get off everyones emails list and stop reading all the unnecessary Amazon emails too
– Just focus on Product Research, Sales and Reviews – that’s it! Don’t clog your mind with all unnecessary BS as it will drain all the energy out of you
If you need any help just let me know and I will try my best. I thank God for this journey and all his hidden blessings (even at our lowest point), as its through hardship that real fruits are born.
Dave and Eli