Good morning/evening/afternoon Coli brothers and sisters.
I want to drop some value bombs in a thread because I want to give back a little of what has been taught to me, but I also want to clear up some of the smoke when it comes to making money online and with Shopify.
This isn't a walk in the park. You don't get to make $1k/day or $10k/day without hustle. But the good thing for us black people is that we are natural born hustlers. We (most of us) aren't super privileged, know that it takes hard work for output, and our brothers and sisters in Africa have their own businesses thriving and probably CREATED the idea of running a store millenia ago.
Anyways, you're going to need to invest time, effort, and money to make it worthwhile. Lots of guys will hit me up and ask for coaching, but you need to realize, there are other sunk costs to running a business... what are they?
I'll list them:
1. A domain (yearly 7-10$ subscription)
2. Shopify subscription (29$ a month)
3. Shopify theme (30-300$ -- don't come at people with a BOOTLEG looking store. You want something that is proven to make sales.)
4. Advertising costs (this is variable, meaning it can be 20$ a month or thousands a month depending on what level of business you're currently at.
5. Product costs themselves (whether you're importing bulk or dropshipping, you need to pay for the goods and to have them delivered to your buyers.
6. HIGHER LEVEL: virtual assitsants and freelancers to work for you (graphic designers, etc.)
7. Transaction fees (remember, paypal and stripe and all of them take a tiny cut of every sale made)
8. Gsuite - gmail for customer service and your team
The world isn't about what YOU think will sell. It's about what sells in the marketplace. I don't care if you think your stupid streetwear brand looks awesome and the logo is cool. Nobody else does. You need passionate consumers who will be willing to shell out 100-200$ because in their hearts, they say: "This is all me". Think: impulses are emotional. Connect with people on an emotional level, a desire level.
When everything's going well, what does a successful store look like? What does your life look like?
You have 1-3 products selling really well, and all you're doing is managing advertising, (maybe) posting to social media, and making sure your customers are happy. That's really it.
To find your profit at the end of the day it's: Revenue (sales) - COGS (cost of goods sold + shipping) - Ads/Marketing. Voila. BAM. Maybe you make 1,200 on a day of selling 40 $30 items. Well let's say they cost 10$ each to dropship to your customers. That leaves you with 800$ before ads. Ads are the most expensive part. So you'll probably spend 300-500$ to make those sales. That leaves you with around 300-500$ profit for the day. Not bad! Do that all month and you're making a living.
What's the rub? Well first, YOU don't know how to properly run ads. That takes a bit of intelligence and patience, so either hire someone to teach you (me) or learn from trial and error/youtube.
What else? It costs money to see if those products will sell. Not every one is going to WIN and you need to not be soft when it doesn't sell. You need to just keep TESTING new products.
You see, I just gave you the blueprint to make money online. That's really it. No more smoke and mirrors. I'm tired of the nonsense. No, it's not passive income. You work, or you're paying someone else to. You want passive income? Throw your dollars into an index fund. Be lazy and watch it 'go up'. This takes heart and work.
PM with any more questions (or if you'd like my coaching program), but I don't have much time as I'm running my own stores.
I want to drop some value bombs in a thread because I want to give back a little of what has been taught to me, but I also want to clear up some of the smoke when it comes to making money online and with Shopify.
This isn't a walk in the park. You don't get to make $1k/day or $10k/day without hustle. But the good thing for us black people is that we are natural born hustlers. We (most of us) aren't super privileged, know that it takes hard work for output, and our brothers and sisters in Africa have their own businesses thriving and probably CREATED the idea of running a store millenia ago.
Anyways, you're going to need to invest time, effort, and money to make it worthwhile. Lots of guys will hit me up and ask for coaching, but you need to realize, there are other sunk costs to running a business... what are they?
I'll list them:
1. A domain (yearly 7-10$ subscription)
2. Shopify subscription (29$ a month)
3. Shopify theme (30-300$ -- don't come at people with a BOOTLEG looking store. You want something that is proven to make sales.)
4. Advertising costs (this is variable, meaning it can be 20$ a month or thousands a month depending on what level of business you're currently at.
5. Product costs themselves (whether you're importing bulk or dropshipping, you need to pay for the goods and to have them delivered to your buyers.
6. HIGHER LEVEL: virtual assitsants and freelancers to work for you (graphic designers, etc.)
7. Transaction fees (remember, paypal and stripe and all of them take a tiny cut of every sale made)
8. Gsuite - gmail for customer service and your team
The world isn't about what YOU think will sell. It's about what sells in the marketplace. I don't care if you think your stupid streetwear brand looks awesome and the logo is cool. Nobody else does. You need passionate consumers who will be willing to shell out 100-200$ because in their hearts, they say: "This is all me". Think: impulses are emotional. Connect with people on an emotional level, a desire level.
When everything's going well, what does a successful store look like? What does your life look like?
You have 1-3 products selling really well, and all you're doing is managing advertising, (maybe) posting to social media, and making sure your customers are happy. That's really it.
To find your profit at the end of the day it's: Revenue (sales) - COGS (cost of goods sold + shipping) - Ads/Marketing. Voila. BAM. Maybe you make 1,200 on a day of selling 40 $30 items. Well let's say they cost 10$ each to dropship to your customers. That leaves you with 800$ before ads. Ads are the most expensive part. So you'll probably spend 300-500$ to make those sales. That leaves you with around 300-500$ profit for the day. Not bad! Do that all month and you're making a living.
What's the rub? Well first, YOU don't know how to properly run ads. That takes a bit of intelligence and patience, so either hire someone to teach you (me) or learn from trial and error/youtube.
What else? It costs money to see if those products will sell. Not every one is going to WIN and you need to not be soft when it doesn't sell. You need to just keep TESTING new products.
You see, I just gave you the blueprint to make money online. That's really it. No more smoke and mirrors. I'm tired of the nonsense. No, it's not passive income. You work, or you're paying someone else to. You want passive income? Throw your dollars into an index fund. Be lazy and watch it 'go up'. This takes heart and work.
PM with any more questions (or if you'd like my coaching program), but I don't have much time as I'm running my own stores.
