One Month of Progress…What Did I Accomplish?
Hey guys, my name is Megan and this is episode four of the Bootstrap Boutique. Thanks so much for coming back again this week, this is week four so we’ve been doing this for a month now, which is really hard to believe but really exciting also. What I wanted to do is take you through what I have actually been able to accomplish over this past month.
So we started four weeks ago with nothing but an idea that, hey I want to start an online business, a little side job, a little something to do to bring in some extra money and just kind of learn about how to run a business, its something I’ve never done before, something I’ve always kind of though about in the back of my mind, hey I want to do that one day and really I’ve decided that that day has come. I read online, I can’t remember who said it, but they said, “This is not your practice life.” That really was like “whoa. you’re right.” Its’ not. We don’t get to do this again, we only get one shot. So I have entered into my thirties and I’m ready to get going. It’s not time to think about someday anymore, that day is here.
So in my first video I said, “guys you know, I really don’t know what I want to do. I know I want to have some sort of ecommerce business but that was about it. That was about as far as I had gone with my thinking of it. I just knew I wanted to do something online, and its not an information product that really dealt more with the physical goods sector.
So I was looking at a lot of different online resources, I have read almost every blog entry that Steve Chou has posted on mywiftquitherjob.com, and he really inspired me to look at the ecommerce business and physical product space pretty closely. Because I think what he has done is really interesting and he has obviously had a lot of success with it.
As I thought about it a little bit more and I did a little more research, one thing kind of lead to another and I found private labeling products and selling them on Amazon through Fulfillment By Amazon or FBA. That is something that I am really excited about for some reason, I’m not entirely sure why but it just seems like such a great opportunity. I buy almost everything from Amazon, if they would ship me frozen chicken, I would probably buy that too and just never go to the grocery store again, but one day they will probably be there, they just aren’t there yet in this area.
So that’s where I am, that is something that I am really excited about and after I made the decision “ok this is an area I want to go down, I’ve been using a couple of resources really heavily that have helped to guide my thinking and shape my thinking to do some product research.
The first is a gentleman by the name of Scott Voelker and he runs a podcast called The Amazing Seller. What he does is he started private labeling products over a year ago or maybe sometime in 2014 and he has really shared his journey and has talked about what he has done step by step through they way. I’ve listened to most of of his podcasts, especially ones in the beginning where he was kind of figuring it out because that’s where I am now. He talks about stuff now that is a little over my head but I figure, I’m a year down on him so I’ll get there eventually. But he has been really instrumental in helping me understand how the process works.
The other product I have been using is called Jungle Scout and that is like a data aggregation tool that uses Amazon to help you predict what kind of sales and profit you receive from a product. I actually listened to a webinar that Jungle Scout put on, Greg Mercer is the founder and president of the company, and one of his co-workers, and it was really interesting and insightful and it was so cool because this is something that I had never even considered before.
When I buy something on Amazon and it says “Fulfilled By Amazon” I never knew what that meant, that that was some random person possibly selling a product that they had branded and improved on or created I just thought it was …I don’t know what I thought it was. I never paid it any attention, but trust me, my mind has just been a little bit blown by this whole process.
So I’m really excited to get started. I’ve actually found my first product, potentially, what I think can be my first product. I’ve emailed suppliers in China and I’m working through the process of getting some samples and this whole thing is just so cool and its exactly what I was hoping for when I said, “hey, I want to start a business just to learn how to start a business and to learn how to run a business.”
Its been really really fun and exciting and I can’t wait to hear back from people and start wheeling and dealing and all that stuff, and see where this leads.
On the legal side, the maybe not as exciting side, but the very important sides still, I have my LLC papers from Legal Zoom so I am all set up and official. I did get an EIN (an employer identification number) from the IRS, that was a really easy process I would not recommend that you pay somebody to do that. It was about 10 minutes on the IRS website and you just press a button and you have an EIN. It gives you the paperwork and everything and now I have that. So again, Legal Zoom and I know some of the other companies out there like Legal Zoom will do that for you, its fine if you don’t think you can do it yourself but I would encourage you to try, because its really easy, even if you aren’t that tech savy, like I said I had it in about 5 minutes.
I still need to open a bank account because I want to separate my personal and my business assets obviously. I’m just waiting to get my tax return done because I think I’m going to owe some money this year, probably the money I had earmarked to go towards this business, is going to go pay Uncle Sam which is fine if that’s what we owe, its just going to be one more road block that we have to face and its going to delay a little bit my first owners capital contribution, which sounds really fancy but it just means that I’m taking money out of my account and putting it in the business account and saying, “hey this is the businesses money now.” But again, it sounds kinda cool, right?
Alright guys, thats all I have this week. Like I said, it was just going to be a quick update to let you know that things are moving, progress is being made and I’m really excited about where this is going. I feel like I have learned so much already. I want to know what you’re doing too, so leave me a comment, send me an email, subscribe to this channel so that we don’t miss a chat and I will see you next week. Thanks guys!