Lets start a 1M per year profitable business in 3 days - part 3

Hey thanks for joining me again today. We’ve been on an exciting journey which will see you launch a business that can generate 1m in revenue per year. In our previous episodes we started off by identifying a product that is cheap, useful and solves a painful problem for everyday people. Then we proceeded to launch an online shoe shop. Today, we’ll get our first sales. 

Let's remind ourselves where we started from and where we are headed:

1. Build something useful/needed (we’ve identified an ideal product. If you still don’t get how we arrived at shoes, I’ll recommend you revisit our previous post, the part 1 and read it again then go ahead to read this part 2 again).

2. Hustle to get your first few sales (this is what we’ll jump into next, we’ll focus on getting sales right off the start. It’s important that you make sales early because that’s what gives you the motivation to power through and it gives you a kind of confidence knowing that this works). We are still here under the section of getting our first few sales but we can't start selling if we don't have products in stock. So today, we'll focus on stocking up your shoe shop without spending money. After we are done with this, the remaining 3 sections are:

3. Automating testimonials

4. Scaling to 100 sales using the collected testimonials

5. Keep building and adding value until you hit 1M in profit

Now if you’ve been following Hala, you’ll know we’ve always talked about building in public and launching to a ready audience. Hopefully you’ve been implementing that strategy. Click here to find the link to that article and YouTube video. 

Before we talk about how we can get our first set of sales, we have a shop and no shoes yet. It’s capital intensive to buy shoes in bulk for the purpose of reselling them. Remember we all agreed to launch with little capital and we arrived at a total cash investment of $64 which covered for the domain name, website hosting and e-commerce theme. Now we have 2 ways of populating our shop with shoes

1. Dropshipping

2. Reseller with zero money upfront. 

In a minute we’ll break down the two. You’ll have to put in the work of course. So let’s start with dropshipping

Dropshipping

Dropshipping is quite simple to pull off. Head over to aliexpress.com and create an account. Now head over to this link and download this Dropshipping plugin for free. Let me take a minute to explain what we are trying to achieve. We want to populate our shoe shop with shoes and allow customers order from us but we won’t keep stock of the shoes. When customers order shoes from our shop, Aliexpress receives a notification and fulfills the order, ships it to the customer and we earn a commission. The advantage of this is that we don’t spend money upfront to purchase shoes. We also don’t have to bother about fulfilling and shipping shoes to customers. That’s what dropshipping basically does - it allows us run our own store front while pushing the hard work of fulfillment and shipping to others. You probably have questions and you are thinking how is this different from affiliate marketing? Here’s your answer: independence! You’re running your own shop, branded in your business name and accords you the leverage of developing your own brand instead of being seen as a marketer for other peoples products…and you can set the prices yourself. So if you find a shoe worth $100 on aliexpress, you could up it to $120 and keep the $20 difference while also receiving commission for the sale which came in through your platform. Now, if that’s not freedom and headache-free money, I don’t know what is. 

Reseller with zero money down

Now this one involves a bit more work and might be a little harder to pull off depending on your negotiation skills. What you are going to do is to ask within your network, you’ll certainly find someone who runs a shoe selling business or someone within your network knows someone who is in that line of business. Now what you’re going to do is set up a meeting with that person and make a big ask. 

You’re going to request 10 shoes and full repayment in one week plus 10% premium on top. In plain terms, it the 10 shoes are worth 1k at wholesale price, you are expected to make 1.5k retailing it but instead of paying back 1k to the original owner, you’ll be paying 1.1k - this is a gesture of appreciation for having that person believe in you and stick out a neck for you. Now you have a profit of 400 but now is not the time to pop Champaign, you’re going to go back and collect another 1k worth of shoes but this time, you’re paying 400 upfront as down payment. When you sell this round, you only have to pay back 600 and you’re building your capital base to expand. Most people make the mistake of paying in full because they can. It’s an unwritten law in business - never do business with your own money. That’s a topic for another day.  

Now I know what you’re thinking, nobody’s going to listen to you. Fair but the worst that can happen is that you’ll get a no. However, remember we also shared in a previous article that when tough challenges arise, motivation would dry up and you’ll need staying power to power through. This is that time you go beyond the obvious to pull a 95th minute winner (if you’re into football). 

We’ll end this today and we’ll focus on making money tomorrow. 

Thanks for joining me again. 

THE END

At Hala, we believe that consistency is greater than intensity. Thats why we are building  our community around the principles of improving with just 1% daily; which  compounds overtime into something remarkable. Hala is going to be a fine blend of creatives, experienced doers, starters and dreamers. We are founded on the strong belief that ultimately, we hold a duty of care to others in need. We want to balance access to opportunities regardless of colour, background, faith or income level. We value Integrity and highly regard dignity of labour within the Hala community. As a community, our success is measured by how many dreams are achieved, those broad fulfilling smiles when help arrives and how well we are able to impact humanity. These principles are consistent with Bible teachings where we draw our faith and inspiration from. You are welcome to join Hala, you’ll discover practical tips you can start implementing today to stay ahead in business.

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