How To Set Up Your Own Ecommerce Business
Day 1 Replay: Click Here
Topic: How to Find Winning Products to Sell On Your Shopify Store + Q&A
Presenters: CEO & Co-Founder of Tecademics Chris Record with guest Robert Nava
Day 1 Notes & Points:
Chris Record, as many of you already know, is an 8-Figure Online Entrepreneur, Marketer, Product Creator, Affiliate Marketer & the CEO & Co-Founder of Tecademics, School for Entrepreneurs & building the largest community in the world for people selling on Shopify!
Special guest trainer for Day 1 of the 90-Day Ecom Challenge is Robert Nava. Robert generated $6 Million in sales from a single Shopify business as well as over $2 Million in sales from a product on Amazon! Combined with his online information business teaching people how to make money online with Shopify, he’s produced over $10 Million in sales online in 3 years!
All this said, it’s important to understand that BOTH Chris Record & Robert Nava…
STARTED AS BEGINNERS!!!!
And that’s what Chris & Robert want to teach you on today’s training – how to start out as a beginner!!!
Here is a high level overview of what we are going to cover today:
Explanation of the 90-day challenge (goals/incentives)
What Is Drop Shipping and HOW Does It Work
What Is Print on Demand & How Does It Work
How to FIND Cheap Products To List On your Store and Run FB Ads To Them
How to FIND Products Wholesale & Sell Them Retail On Your Shopify Store
How To Set Up Your Business.. when your a BRAND NEW BEGINNER
How You Can Set Up & Launch Your ECOM Business with…
No Coding, No Design, No Inventory, and No Experienced Needed
HOW TO LEARN FROM AND MODEL FROM OTHER SHOPIFY STORES
Look at other Shopify Stores to get examples of what to do (Modeling)
Google Site Search
Search for: site:myshopify.com
You find products on a 3rd party wholesale sites like Aliexpress.com
You put the pictures & descriptions of those products on your Shopify store
You markup the products from a wholesale cost to retail price so you have profit
When your customer orders the product on your site, the money goes to YOU!!!
After you’ve made the sale on your Shopify store, you take a % of the money you collect from your retail buyer & use that to pay your wholesale seller for the product
The difference between your wholesale cost & retail price is your gross profit!!!
You pass along the address/shipping info of your retail customer to your wholesaler
The wholesaler then DROP-SHIPS the product directly to your customer but they don’t put their wholesale branding on it so your retail buyer thinks it’s from you
The package gets delivered with no branding, as if it came directly from your store
If its overseas (like China) it could take 2-3 weeks to get to your customer
If it’s in the USA it could take less than a week to get to your customer
Most beginners start out with wholesalers from China (zero inventory cost)
Then when a product starts selling a lot, you can bulk order it to the USA so you can then have it shipped directly from the United States in less than a week.
Listing & Selling A Drop-Shipped Product On Your Shopify Store
Product Example: Dog Harness + Leash Set
Wholesale Product Cost (Product + Shipping) = $5.00
Retail Price On Your Shopify Store = $24.95 ($25)
Your Gross Profit = $20.00
Advertising Cost (Facebook Ads) = $10 in ads per customer
Net Profit (After Advertising Cost) = $10.00 per Dog Harness Sold
250 Harnesses Sales Per Week = $2,500 PROFIT PER WEEK!
Monthly Profit Potential = $10,000/mo In Profit From Just ONE Product!!!
Now let’s say you had an additional $2,000 per month in business expenses such as virtual assistant(s), customer support, etc.
$8,000 NET Profit Per Month
8,000 x 12 = $96,000/yr ($100,000/yr)
How Would Making $96,000 Per Year With 1 Product Change Your Life?
ROBERT NAVA’S BACKPACK CASE STUDY
Wholesale Product Cost (Product+Shipping): $25.00
Retail Price On Your Shopify Store: $29.95+$10.00s&h ($40.00 collected)
Your Gross Profit = $15.00!
Advertising Cost (Facebook Ads) = $5 in ads per customer
Net Profit (After Advertising Cost) = $10.00 per backpack sold
These profits were able to be made with no inventory, no shipping & handling, and never had to touch the product (only used pictures)
Robert had never successfully sold online before ever!!!
Chris Record’s Simple & Proven Method To Making Your First $100 In Sales
Product Costs You $4.00 (Product Cost + Shipping Cost)
You Sell the Product for $9.95 + free shipping
You collect $9.95 from the customer
You pay $4.00 to the wholesaler
Your cost in Facebook Ads to get a customer = $4.00
After advertising, your profit is – $1.95 per product
To do this, DO NOT mention price of product or shipping in your advertising!!!!
Robert Nava’s Rule for Testing New Products
Robert’s Testing Rule = 2X Profit Margin
For example: If a product has $10 profit, he will invest $20 in ads to see if it sells
If the ads are $5/day each – then he will run it for 4 days.
This is the preparation to find a product that you can scale up.
This strategy is ONLY for products you are running ads to.
You can have all the other products in your store set at high markups.
Example: Let’s say you have 50 products in your store, you are likely only going to be running ads to 3-5 of them. That’s where this strategy applies.
1-5 – Start with $4.95 + free shipping (losing $3.00 per sale) – Be okay with losing a little
5-10 – Sale for $4.95 + $2.95 shipping (breaking even) – Be okay with breaking even
10-20 – Sale for $9.95 + free shipping (profit is $2.00 per sale) – Be okay with little profit
20-50 – Sale for $9.95 + $2.95 shipping (profit is $5.00 per sale) – ready to scale
50-100 – Sale for $9.95 + $4.95 shipping (profit is $7.00 per sale) – ready to scale big
100+ – Scale out like crazy – if it doesn’t work, go back to previous pricing
TIP TO UNDERSTAND: Facebook gets smarter with every sale you make on your store. They will start optimizing your ads to target more of the people likely to buy based on those who already bought. So, by getting more sales (even if you are losing or breaking even on some), you will mature a PIXEL & then be more likely to make more sales.
Advanced: Maturing the pixel means Facebook optimizes your ads to perform better so the for the same ad spend, you are making more sales because of this strategy!!!
In order to sell, you need the following to be good:
Niche Store vs. General Store (which is better?)
Niche store sells items in a specific niche
General stores sell items in several niches
General stores have categories that are niches, so you can test out products.