I’ll never forget only a few years ago, I was walking down the streets of Austin with a dime, asking people to double it.
We were in debt. I was struggling. I hated my job and the corporacracy and politics married to it.
I wanted a way out.
I looked at a dime and asked myself, “What would it look like to build a business off of this dime? A business that I don't work for, but that works for me?”
That’s exactly what I did. I doubled that dime 20 times: it became $100,000. We took that, invested it, bought inventory for our Amazon and eBay stores, and multiplied it until it was over a million.
If you value something small, stay consistent, and keep going, you can turn it into something much bigger.
Most people undervalue a dime and overvalue a million dollars. This is why most people are broke.
Take what you have. Invest in it. Keep multiplying it. Whether that investment is inventory, the house you want, or driving your car for Uber to pay off debt, multiply it.
I’m living proof you can do this. I’m not special. We all have different strengths and weaknesses. The two biggest things that helped? Staying teachable and being consistent over a long period of time.
This is not going to happen overnight. But if you stay consistent, you can reach the goals you want. I’m now able to take my wife to a super nice restaurant. If I had seen the bill for our meal five years ago, I would have died of a heart attack! I am careful with money and do not throw it around, but I do like to have fun every now and then. It’s investing in people and building memories, improving the quality of what is on the inside, and not just the outside.
No matter where you are at, you can do this.
If you feel hopeless, discouraged, and struggling, know this: if you have just a dime, just a little bit of something, you can turn it into something amazing if you are consistent and don’t give up. Don’t blame other things: take responsibility for your own stuff.
You can make this happen.
Build where your customers are
During New York Fashion week this year, I spent 10 hours interacting with dozens of fashion designers behind the scenes, as my clothing company’s looks prepared to travel the runway.
I was shocked at how few of these exotic and eye-catching designs were not selling on Amazon. In fact, I did not find a single fashion designer whose product is on Amazon—I was the only one!
If you have a product, no matter how hard you market it, there's a strong chance your product will never been seen by millions unless you get it on Amazon. Launch on Amazon, then build your brand on your own platform!
Is there something to be said for fashions that are heavy, or unable to be mass produced staying off of Amazon? Yes! Bespoke fur coats don't suit the platform.
But if your designs are made in bulk, not made of heavy platinum thread, or otherwise easier to stock and ship?
There's no reason not to get in front of the millions of people using Amazon every day.
Always factor in perception
Imagine you’re in the market for a pen.
Between the pack of 24 for $5 and the single $50 unit, which do you think is the higher quality product?
Sure, you may not need an expensive quill, but without even mentioning anything about what these pens are made of, what brand they are, or even the color of ink—you formed an opinion in an instant!
Of course every person has a different budget, and there’s nothing wrong with capturing a certain market at a certain price point!
But making moves based on price-point alone is never the right strategy.
Case in point?
United UK, announced on Friday that Forever 21 is going bankrupt. First it was a just a rumor. Now it's hitting big headlines.
Steve Miley, senior market analyst at asktraders.com, nailed the heart of the issue: "They were built on the supermarket concept of increasing footfall in large stores."
If your business depends on foot traffic, beware of all competitors who depend on shoppers on a website.
The only chance of Forever 21 surviving this Dorian-sized disruption of the retail market according to Miley, includes 3 steps:
Close all the unprofitable stores
Increase footfall in profitable retail stores
Expand their online presence
Brilliant strategy. But there is a critical piece missing here: pricing. Just a few months ago, our team did a study on Forever 21's offerings.
After a vast survey of their clothing prices, we found the average price was $18.63.
That's a problem. Fashion buyers' perception of Forever 21 is that it’s a low-cost brand.
When your profit margins are thinner than spider silk, shifting your strategy to an all out affront to win the online marketplace means bleeding more money before seeing profits.
Put another way, when cash is what you need, spending more cash could the architecture of your company's coffin.
So what you need isn’t just a shift in tactics. You need a shift in perception.
Is changing price the only way to change perception?
Married a pearl. Fathered 4 miracles. Fired his boss. Turned a single dime into $104,857. Today, a self-made millionaire, Seth and his team of 8 badass coaches teach entrepreneurs how to build passive income on Amazon.
Dead serious about building income on Amazon with eight successful coaches in a community of badass Amazon sellers? We created something we've never done before: the AmazonGrowth Bundle full year coaching course.