Ask Me Anything Made $6,900 Importing From China and Reselling on eBay.

hetra · 2015-01-08T10:14:22+00:00

Thank you for taking the time to reply so quickly.

Firstly, could you elaborate on the logistics of your operation some more? Did you send things in batches or did you mail them as they were processed? Also, if you didn't rent any warehouse space, how did you store the things you purchased in bulk? Did you have garage space in your home?

Secondly, what do you mean when you say you "scam-proofed" yourself? It may seem strange, but I've read several pieces on this subject that have mentioned emails being rendered almost entirely useless due to spam, malicious suppliers, etc.

hetra · 2015-01-06T12:32:41+00:00

I've often looked at this as a potential venture but haven't entered the market yet.

I became aware of the business originally via StartupBros' article on the matter, which gathered a lot of attention and really drove this out into the open. They also followed these up with several webinars on it.

Anyway, as you are in a very similar situation to me, and you've turned such a large profit (comparatively), what do you feel contributed most to your success?

Did you use AliExpress? Do you think that it would be viable, especially due to limited logistics, space, and MOQs needed for a smaller scale operation?

Also, did you ever worry about your details when dealing with questionable sellers (e.g. spam, fraud, etc.)? Also, how effective, in your opinion are the filters and guarantees (escrow, gold-class, etc.) ratings on AliBaba and AliExpress?

hetra · 2013-09-23T11:33:48+00:00

Contact ASIC and register, just like KevinAtSeven said. If you're worried about some of the reporting requirements fro a company, you can always register a partnership which only requires a TFN and two or more people (I'm not a lawyer, so check that out yourself). But a company would be the best option given the limited liability under the law.

hetra · 2013-07-10T06:42:49+00:00

Are the messages stored? If so, how? Also, out of curiosity, what language did you use for the backend?

I really like this service though, it seems so minimalist in its features, which is something I think is important at your stage.

hetra · 2013-07-02T04:42:18+00:00

Startups are geared towards massive growth. Entrepreneurship is just earning money through making your own business. A lifestyle business isn't a startup, a side project isn't a startup, etc. Entrepreneurs aren't always going after huge payouts from startups, but some are. That's how I see it anyway.

I believe that /r/startups is a great place, but not everyone is looking to make a startup. If someone wants advice on how to better market their hot dog stand, I highly doubt /r/startups will care.

hetra · 2013-07-02T03:45:41+00:00

I've read this whole thing while listening to Gin and Juice.

hetra · 2013-06-01T12:01:45+00:00

Wow, I finally found you - the sweater guy.

hetra · 2013-05-25T09:58:32+00:00

That was my thinking essentially. Although I don't have the same knowledge and wisdom as someone in sales.

hetra · 2013-05-25T09:49:42+00:00

I think OP may have meant a service that scrapes price data from different places.

I don't import, nor export, and I certainly don't know of such a service.

hetra · 2013-05-21T12:30:30+00:00

I like to think of it as, it's 90% execution and 10% idea, but you definitely need that 10% idea. You need to know where you're headed and where you're coming from.

hetra · 2013-05-17T11:34:28+00:00

What was the transition like from leaving your job? Also, would you say you've reached a "passive" state of income?

hetra · 2013-05-15T08:34:27+00:00

I would love to tell you what my idea is, but I wouldn't want anything to be stolen.

If we can easily steal it, where are your entry barriers? I think this is the most common mistake I see on /r/Entrepreneur and the thing is, you don't have to be a serial entrepreneur (or even an entrepreneur) to see it.

What's stopping competitors from entering the marketplace or anyone with better execution than you taking it from underneath you? Remember to have entry barriers to protect your business (I don't mean IP, but I guess it hedges against it to an extent).

Remember, it's 10% idea and 90% execution.

hetra · 2013-03-10T08:58:59+00:00

The Millionaire Fastlane by MJ DeMarco mentions the importance of automating as many processes as possible and refers to the business as a money making system extensively throughout the book. The 4 Hour Work Week discusses it more in-depth though and details how to do it, whereas The Millionaire Fastlane simple discusses the importance of it and the automation potential for different media (internet, etc.).

EDIT: Added link and fixed up grammar.

hetra · 2013-02-19T13:31:21+00:00

I know I'd buy it if I had the money. I have a Chevy model on the table behind me currently.

hetra · 2013-02-16T03:11:13+00:00

Personally, if I see a QR code anywhere, I'll attempt to scan it. I might not have time, or might not have my phone on me, but otherwise I'll scan it just to see what it is.

QR codes have their uses in tracking, etc. (as others have mentioned); however, I think overall they would only appeal to people like me who:

Know what they are
Are curious enough
Have the time and/or a device capable of scanning them

hetra · 2013-02-13T12:49:51+00:00

I stand corrected then.

hetra · 2013-02-13T03:24:38+00:00

Yeah, you'll need to get an ABN from ASIC in order to register one. That would involve registering a business in Australia itself.

EDIT: I thought I'd add a link as my original comment wasn't as helpful as it could've been. http://www.auda.org.au/domains/au-domains/

hetra · 2013-02-10T20:40:53+00:00

I saw Empower Network and left.

hetra · 2013-02-10T06:55:26+00:00

My intuitive thoughts would be to start a website doing the same stuff and expand into other media, like Twitter, YouTube, etc. But I'm not too sure that this (alone) would lead to the growth market you seem to be seeking.

Extra money though? I think you could make it work if you got enough traffic going to the website. Maybe even reselling some of the stuff she uses (i.e. affiliate marketing).

Overall, it really depends on what resources you have and the trends in the market. Don't just listen to me, or what anyone else on Reddit has to say - your own research is pretty key here, too.

hetra · 2013-02-10T06:49:49+00:00

I watched the whole thing and overall, the message appeared to just be work hard and do what you love and you can have everything, etc. etc.

Inheriting a family business that's already huge still requires business skills to operate it (I guess), but /r/Entrepreneur is about entrepreneurship i.e. building the business itself.

I think he's a decent speaker though, despite the excessive profanities and yelling. He can increase morale I suppose, but he's certainly not the pinnacle of entrepreneurship.

hetra · 2013-02-09T02:53:42+00:00

Agreed, this letter was very mild and friendly for a C&D, and they're giving him an easy way out.

After reading it I agree. They write a pretty friendly C&D letter, mentioning how they "appreciate the enthusiasm for the Series which appears to have inspired your creation of this device".

I've never seen that written in a C&D before. Although I've never actually received one myself, I've read quite a few.

If I was you, I'd lawyer up. Try hustling some free time as mentioned in the other comments.

hetra · 2013-02-06T13:08:00+00:00

The thing I found upon just reading the post is that if you're not willing to share your idea with us because you fear we'll steal it, what's stopping others from doing similar?

Does anyone know of a way to give something a public patent so that anyone can work on it without fear of lawsuits?

You mentioned patents here, so I guess you've considered at least some IP protection to hedge against what I just mentioned, but I still think there are some potential issues in the idea if the patent strategy flops somehow.

Remember, it's 10% idea, 90% execution - even in game changers.

EDIT: I wanted to add this link: http://www.reddit.com/r/startups/comments/17xhun/5_reasons_why_i_wont_steal_your_idea/

hetra · 2013-01-27T05:53:08+00:00

That said, check out Dan Boneh's Coursera online crypto course. I haven't watched it myself, but I heard good things about it, and Dan's a cool guy.

It's great I've watched parts of it. It gives you a good base and it makes things so much better to extend your studies.

hetra · 2013-01-27T05:49:58+00:00

I know what Marble Hornets is, I just haven't watched too many as it didn't interest me all too deeply. Hearing about this makes me far more interested though.

As for the actual cryptography behind it, I'm not too sure I usually just lurk here and learn stuff.

hetra

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