Here we go, this is my first entry.
It is 8:50am, 10 minutes till the pharmacy opens.
I did a little product research this morning. It wasn’t too successful. Some products I ruled out include – candle making supplies/moulds/candle wax, cheese slicers, suncatchers (not enough demand), car aromatherapy diffusers (high reviews, and most of the products were unreliable).
Plans for this evening:
5-7pm – more product research, try to come up with at least 2 viable ideas
7-8pm – commute home; 8-8:30 gym?
I’m wondering if I should go to the gym today. Perhaps I will take a nap after work so I have enough energy to workout.
8:40 – 9pm – shower, eat, Spanish vocab review of the day
9 – 9:30pm – send out RFQs (if I have product ideas), light reading 15 mins.
Nos vemos a las 9:30 en la noche!
Did some more product research after work; unfortunately didn’t find anything too good, a lot of products I looked at had about a 1:1 ratio between monthly sales and reviews. I’m looking for maybe 5:1 – 10:1 ratios and aiming for 300 monthly sales at least. Another useful metric is the monthly revenue:reviews ratio; anything less than 100:1 will require a lot of reviews and probably giveaways to rank effectively. Drew a draft logo for ELEGA.
@Gym, felt a little more tired than usual. Still managed to do 2 sets of each – bench@105, deadlift@185, pulldowns@99.
I quickly went over 15 Spanish words for today, some of them were completely new such as hilo for thread, aguja for needle.
Read an interesting article from EmpireFlippers about an Amazon FBA business sold for 1.7 million. Initial listing was for 1.5 million and went up in value because sales were going on an upward trend. Inventory value must be taken into account too! Learned a bit about deal structuring (e.g. paying upfront vs. 90/180 days, earn-out period), valuation, negotiation, importance of a good relationship with the broker.
I was a little late coming back from work, which pushed my entire schedule back almost half an hour. Good news – samples ready to ship from China now, ETA 2-3 days. Heading to shower now and will read a little bit to somber down before sleep.
Tomorrow – 6:30am bright and early, make breakfast & write down new daily goals in this journal, and then it’s time to hustle!!!!!