How To Sell Physical Products

This is a video summary of 1stman's video. Check the video out here - https://youtu.be/-83EN0v0pzk

Absolute 1stman classic video, I highly recommend that you guys watch the whole video all the way till the end.

Here are the notes that I took while watching the video, and also some insights from me.

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• If you have less than $30k, you are broke — you can't do much with $30k anyway)

• You have to admit to yourself that you are BROKE

• In the early days of your business career, just forget the belief and mindset that "I'm going to be a millionaire next week If I sell 'x' in 'x' amount of time"

• It's a long game, and it's gonna take a long time — adopt this mindset

1. Come up with an idea and sit with it for a few months

• Every idea that you have sounds good

• Everything sounds good when you first come up with it

• Your brain thinks your own ideas are GREAT, they are always better than other people's ideas

• You need to get rid of this mindset

• You have to sit on the idea for a long time

• Ask the question "can someone copy my business in 2 minutes and put me out of business?" — if the answer is YES, then it's not a good idea, OR, find out how you make it better — Journal on ideas, and ways to make it better than others, and make yourself stand out from the crowd

Use the Warren Buffet Method:

1. Write down all your business ideas

2. Cancel the ideas that will never work

3. Pick your top 1-3 ideas

4. Think about each of them

5. Do your own research on each of them

6. Make notes on those 1-3 ideas

2. The idea/function is more important than the packaging (the ethos)

• The ethos is IMPORTANT, but not at the start

• The main function of the product is more important than the ethos (the function must be the best thing of the product)

• The logo and the name at the start doesn’t matter, it will change along the way (e.g. look at Alex Hormozi's podcast, it changed names several times, yet the podcast is SUCCESSFUL)

• Once you start making money, then you can start to worry a little about the logo, packaging, name (ethos) - first make sure the function is properly working 

• Example of function of streaming platform: forget about the website, only focus on function which is ‘can people sign up’ and ‘playing the videos in good quality’; after that is perfect, then focus on the website design, and all the small details

3. Get your figures right before you spend a penny

• Hand your numbers over to someone else that you trust with numbers before sending out batches to the suppliers of your product

• Add up all the numbers, absolutely everything (e.g. PayPal fee, Stripe fee; how does that affect our profit) - account for all of this in your early days 

• Do your price research 

• Crunch your numbers over and over again; think about all the aspects, revise numbers 100-200 times over days/weeks

• Do the worst case scenario (do the lowest possible amount of money that you’ll get, and the highest amount of money you’ll get charged) - make sure you’re still making profit even if worse case scenario hits

4. Research suppliers until your eyes bleed

• Messaging people, calling them, ask suppliers for their costs, fees; drain yourself for months doing this, asking suppliers and different companies (ask every filter, and every thing that you need asked from the supplier)

5. The most important factor is minimum order quantity

• Forget getting richer in the early days (forget thinking about getting 2000 batches of your product)

• Take a bit of money for yourself, then reinvest into the business

• Which supplier gives you the best bang for your buck based on batches 

6. Be aware of import tax

• Make sure import tax is low enough to give you the most amount of profit

• Find supplier with lowest import tax, and cheapest in general 

7. Don't get greedy

• Don't go and make your product in India using child labour and cheap materials

• This will diminish the product itself

• Try and get the product in as best condition as possible

8. Shipping

• How are you going to get your product to your customers

• What regions in the world do you supply to

• Rules each country has regarding shipping

• Learn about weird rules about shipping around the world 

• Became a master in this area of shipping 

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• Start thinking about being big before you are (start thinking about this in the early days)

• Put in processes and procedures that free you up to do other things (or automate work, or make it as easy as possible)

• Plan a place in place before it really happens (e.g. plan out what happens if your stock runs out, what If this person leaves, what if we get cancelled, what is payment doesn’t work?) - plan out all of that shit before it happens - use processes in place to prevent them

• Always be 1 to 2 steps ahead

• Always look for smart money savings (forget about the highest quality, the function is more important than the extreme highest quality) - have good quality, but not extremely high quality

• Cut corners on the non-essentials of your product 

Thanks for reading this post.

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