The challenge is completed and went extremely well. I generated ~$1,300 in revenue in 4 days at 38% profit. I stopped a little short of my goal because I’d proven the concept, but it clearly works well 🙂 In the coming weeks, I’ll post a full breakdown with screenshots of everything so you guys can see.
In the meantime, take a look at these videos to watch how the challenge progressed.
ALSO: Read the comments. I got a lot of great freaking questions, and I answered many via video. Super in-depth info.
LASTLY: Please watch the AJ Leon interview at the end of the post. It’s life-changing.
I’ll be posting all the videos for the challenge in this post — so every day, I’ll link back here and you’ll find a new video. I will also post live updates here. Then, at the end of the challenge, I’ll do a synopsis with takeaways and breakdowns.
Day 1: Finding Manufacturers, Distribution, My Objectives, Etc
Remember when watching this video that I’ve already validated my idea being that there are already people out there doing this, and the overwhelming response I got on the blog/social media. Ideally, when I actually start selling (tomorrow) I’ll be able to get a better picture of people’s objections, then tweak from there.
Day 2: Doing A Ghetto Budget, Some Projections, Initial Sales
Long day today. Found out a lot about what it will take to sell and distribute the product. Got the paypal store up in running in a matter of 3 minutes and made my first sales. Here’s exactly what I did.
Days 3 and 4: Methodology, More Sales, Success!
This was a REALLY gratifying week!
As I made it to the middle of the challenge, I realized two things:
- My methodology absolutely works — I was able to make a profit in a matter of days having literally NO product in hand
- I don’t really care to massively scale a dropshipping business. I’m using it as a fun example to show you that literally ANYTHING is possible, but I’m not going to turn it into one of my income streams because I don’t enjoy it as much as my other endeavors.
My initial goal was to make $1,000 in profit, but instead I stopped after I hit just over $1,000 in sales. Which means my profit was somewhere around $400-$500. I’ll make a detailed post in a few weeks that digs DEEP into all the statistics, with scripts that I used etc.
But above all, the most important tool I implemented was the “warm” approach to friends and contacts who I already had good relationships with.
Here’s the thing: People are so SCARED to approach their friends, family or other close contacts with a business idea in the beginning.
These people are the ones who are most likely to support you, give you feedback, testimonials and proof of concept. They will be forgiving of any initial lags in service and having early clients, even if you already know them, instills CONFIDENCE.
I found about 15 clients, all with different subscription levels, for this mini-venture…and I made it happen in less than a week. Here’s the breakdown:
My friend AJ Leon was a big inspiration for me in this project. A few years ago, he used a personalized approach to raise over $38,000 to write his first book. I took lessons from him, and applied them to this business — specifically, using Boomerang (aff link) to schedule messages to potential customers and sending them out.
Here’s a video from a mastermind I did with AJ where he breaks down the entire process of approaching “warm” contacts and pitching them, using email. I’ve never shared this video before, and usually only show it to those in my mentorship groups.
It’s a freaking HOUR-LONG MASTER CLASS in hustle, money making and ingenuity. And you get it for free….because I love you.
I wanted to get this update out, so I’m still working on a comprehensive post with scripts, screenshots and breakdowns. It may take me a little time to write that, as it’s super detailed.
In the meantime, what are your questions about the challenge?
What can I make more clear? What do you still want to know?
PS — The last week has been all about dropshipping and ecommerce.
Starting Monday, I’m doing a 2-week in depth series on freelancing, and how you can start using your skills + psychology to make thousands of dollars freelancing online or offline. All free.
Stay tuned 🙂