From the archive: This episode was originally recorded and published in 2020. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Sick of corporacracy and starting with just a single dime, Seth Kniep generated millions selling on Amazon. He is the leader of Just One Dime, the premier coaching company for Amazon Sellers.
Just One Dime – Build freedom to do the things you love with the people you love.
Pickfu – Unleash the power of instant market feedback on your business decisions.
Prouduct.com – Be your own brand. Make your own products.
3 Value Bombs
1) The better you understand your competitor the more accurately, effectively, and efficiently you can compete against them.
2) You can start small and move to action; it will grow over time – you just have to be consistent.
3) Every single person has at least one dream they want to become true in their life. Take action and do something about it!
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: How to make a fortune selling on Amazon with Seth Kniep.
[0:39] – Seth shares something interesting about himself that most people do not know.
- Seth is a professional tap dancer and he is working on an event coming up in May 2020.
[2:40] – How do you know if your idea for a product is going to sell?
- Look at a market and use the sales to determine the demand.
- 3 questions that will help you strategize on Amazon and allow you to differentiate yourself from the competition:
- What is actually selling on Amazon?
- What is the biggest problem with a particular product?
- How can you fix that particular problem better than – and sooner than – anyone else?
[6:05] – How do you protect your product/s from copycats stealing your idea and selling it on Amazon?
- The better you understand your competitor the more accurately, effectively, and efficiently you can compete against them.
- 3 steps to take when building a product that is extremely difficult for the competition to compete with:
- Build a better solution to an existing problem.
- Build a new solution to an existing problem.
- Build a new solution to a new problem.
[11:40] – How do you find a supplier to build a product for you?
- Find a selling agent who can communicate in Chinese language and have them go to 1688.com.
- Make sure a version of a product is not yet selling on Amazon and is not yet available on Alibaba.
- Order and test the product.
- Have a manufacturer create a new version of the product or get a product engineer to design the product for you.
- Hire a patent attorney.
- Great resource for a company who can help you with the entire process: Prouduct.com.
[15:02] – A timeout to thank our sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
[15:05] – What is the best way to get your new product to stand out from the competition on Amazon?
- Your main photo on the listing will affect the conversion of your product.
- Your photo has to create an amazing experience – as if your audience is almost experiencing your product.
- Pickfu is a resource you can use to help.
- Your product has to be discoverable and it has to be desirable.
[20:20] –Seth talks about Just One Dime.
- He literally started with just one dime; his dream is that some day he will be able to be an example to others.
- Seth’s company teaches you to build the life of your dreams out of your life experience
[22:27] – What if you have almost no cash to start with? How do you get enough money to get going?
- You can start with just $100; go on to Amazon and find a product that has a Best Seller Ranking.
- Find the same product that is at a discount, buy it, send it on to Amazon’s warehouse and they will sell it. Repeat the process until you earn.
- You can start small and move to action; it will grow overtime – you just have to be consistent.
[26:38] – At what point does selling on Amazon become passive income?
- Within 3-6 months as a general rule.
- At the beginning it will not be passive; you have to work hard to build a platform and the systems.
- You have to earn the trust and confidence of the buyers through reviews, and then it becomes passive income.
[29:48] – Seth’s parting piece of guidance
- Every single person has at least one dream they want to become true in their life. Take action and do something about it!
- Just One Dime – Build freedom to do the things you love with the people you love.
[33:31] – Thank you to our Sponsor!
- HubSpot: Learn how HubSpot can help your business grow better and get a special offer of 20% off on eligible plans at HubSpot.com/eof!
Boom, shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire brought to you by the HubSpot Podcast Network with great shows like Being Boss. Today we're pulling a timeless EOFire episode from the archives so the giveaway may not be active and we'll be breaking down how to make a fortune selling on Amazon. To drop these value bombs, I brought Seth Kniep into EOFire Studios. If you are sick of Corsea and starting with just a single dime, Seth Kniep generated millions selling on Amazon. He's the leader of just one dime, the premier coaching company for Amazon sellers. And today our nation will talk about how to understand your competitor more accurately, effectively, and efficiently so that you can compete against them.
How to start small and move to action. It will grow over time and how every single person has at least one dream, they wanna become true in life. Take action, do something about it and so much more. And a big thank you for sponsoring today's episode goes to Seth and our sponsors Marketing Made Simple hosted by Dr. JJ Peterson is brought to you by the HubSpot Podcast Network. The audio destination for business professionals marketing made simple brings you practical tips to make your marketing work. In a recent episode, Amy Porterfield shared her five email Marketing Secrets for long-term Business growth. Listen to Marketing Made Simple. Wherever you get your podcasts, Seth say What's up to Fire Nation And share something interesting about yourself that most people don't know
1 (1m 27s):
What's up Fire Nation, this is Seth, can you, can you open it real? And I love to tap dance. I'm a professional tap dancer from the past and I picked it up again the last few months and I'm working on a for an event that we have coming up in May at which Kevin O'Leary will be and I hope that he remembers me just by the tap dance alone.
0 (1m 48s):
That'll be awesome. And Fire Nation, we brought Seth on, not for his tap dancing skills but because he has figured out how to make a fortune selling on Amazon. So that's where our focus is gonna be today. Just like I share with you in the intro, and I'm actually personally a little, you know, excited about this interview just from a personal standpoint because listen, I sell on Amazon. I can remember back in the day when I had the Freedom Journal, this was back in 2016, we were killing it on Shopify just like sales, sales, sales were rolling in. Like my organic audience was just there, all the sales are coming in through my Shopify site and someone's like, John, you should put your product on Amazon.
0 (2m 28s):
I was like, no way. Like I heard the fees are crazy and I heard that it's difficult and they can do this and they can do that and the Chinese are gonna copy your stuff and blah blah blah. But you know what, that was four years ago. I got over myself when I put the Freedom Journal on and then I followed by putting the Mastery Journal on and then putting the podcast journal on. And I'll tell you what Amazon has become by far in a way the biggest seller for me of my journals by not just a little shot by an absolute long shot. So I am a huge, so I'm a huge, huge believer fire nation in Amazon for all the obvious reasons and I'm really excited to be tapping into Seth's brain today to be talking about why Amazon, how Amazon, how do you do this, how do you do that?
0 (3m 15s):
And all these different things. But let's just first start off Seth with a basic question. How is Fire Nation gonna even know if their idea that they have for a product is going to sell? How do they figure that out?
1 (3m 28s):
So a lot of people use keyword tools to find out how well the product is selling based on the keyword research volume. And that is significant and that can help a ton. But the number one thing that people need to go to is looking at the sales that are currently on Amazon for a current product. Now here's where a lot of people get into trouble, go to Amazon, they'll find a product. Let's just say it's selling 20, 30, 40 sometimes a hundred times a day and they'll think, oh I'm gonna sell that product. And so it becomes a me too product and all they're doing is reduplicating what's already there because they don't have reviews, they don't have ranking, they don't have any kind of conversion on a listing cuz it's brand new. So it's not even indexed yet in the system.
1 (4m 8s):
They get hard of any sales if any. So I'm not talking about finding a product and duplicating it, I'm talking about looking at a market and using the sales to determine the demand and the majority of keyword tools out there that tell you hey this product is getting 20,000 searches a month for this particular keyword. They're not actually getting that data from Amazon, they're getting it from Google and Bing and Duct go and these global search engines. So as a result people go in thinking they're gonna get a lot of sales based on keyword search volume, but a lot of times that's because something was trending on the internet does not necessarily equate to sales. So what they have to do is ask this question, what is actually selling on Amazon?
1 (4m 50s):
What is the biggest problem with that product and how can I fix that problem better than and sooner than anyone else? And that strategy alone has helped me and my wife in so many ways on Amazon because it allows us to differentiate or differentiate ourselves from the competition.
0 (5m 9s):
I kind love these sayings you have like keeping it real better re how do you even say that better refer.
1 (5m 15s):
It was cool because someone in our office just one day said, I got a better term than differentiate. How about differentiate?
0 (5m 21s):
1 (5m 22s):
My product's gotta be better. Yeah
0 (5m 24s):
Fire nation a lot of value there. And I can just remember back in 2016 going through that same process being like, you know what, there's like a couple good journals out there on the markets. There's, what was that journal I called the Five Minute Journal? There was maybe one or two other journals, but I'm like, they're all pretty basic. They're not really guiding people, they're not doing this and that. So I found a way to make the couple products that were there make my product better and to use that great term that sets you said, I'm not gonna try to butcher another time because I know that I will. But that's the key thing, foundation. Find something that's out there that's not just like swamped with all these different products that have all these little different tweaks. Find something that seems to be selling well, using those tools that Seth, you know been sharing and then obviously figure out, hey how can I make this better so I can differentiate its betterness as a result.
0 (6m 12s):
Now once you go through that, and this is something that I definitely struggled with as well, what do you do next? I mean you need to find a supplier to actually build that product. But you know it's, we hear all the time that it's so expensive to make things in the United States and we hear all the time that people just get ripped off when they find suppliers in China. So like right, how would you approach this question?
1 (6m 33s):
So what happens is a lot of people, they decide they're gonna differentiate or differentiate their product, but they soon discover that some other Chinese manufacturer has built the exact thing, they've copied them and now they're selling it on Amazon as well. And and the timing of this interview is so great John because we just got back from China a few weeks ago. We were there for 10 days and we actually found one of the business parks. We went into the business park, we the business park where Chinese Amazon sellers were building listings. We saw them taking photos, building the listings, packing up the boxes inside a warehouse to ship it out. Like we literally got to witness on the inside this massive, massive office with, I'm talking about hundreds of Chinese people selling an Amazon.
1 (7m 18s):
It was incredible and we were able to get in because we have Chinese staff, they were able to, you know, get us in cuz normally you can't get in there. And we were able to interview a lot of Chinese people as well and try to understand where they're coming from. So it's kinda like the art of war, the better you understand your enemy. I put that in quotes, obviously China's not our enemy but they're a competitor so let's let's you know deal with it straight. The better you understand your competitor, the more accurately and efficiently effectively you can compete against them. So there are three steps that I always tell people to take when you're trying to build a product that's extremely difficult for the competition to compete with. Step number one is you build a better solution to an existing problem.
1 (7m 58s):
An example of that would be if you're using a toothbrush, if you come out with softer bristles, there was a day when someone discovered that softer bristles actually te clean your teeth better than stiff bristles. That's a perfect example of taking a product, finding a problem. You go to the critical reviews, people are gonna, that's a gold mine for data to find out what people don't like about it. And then you build one that is better. It doesn't mean a new product we're just talking about it's better. Now obviously a Chinese supplier could mimic that and that's why the next step is even more effective. You build a new solution to an existing problem and by this I mean for example, instead of coming out with a better toothbrush, you come out with a new way of cleaning teeth such as an electric toothbrush.
1 (8m 44s):
There was a day when we didn't have electric toothbrushes. Someone said, you know what, there's a better way we can do this. And we have found in dentists and hygienists or dental hygienists have told us that the little vibrations on the bristles actually take off the plaque and the the bacteria a lot more effectively than the natural hand motion in circular motion that they've taught us for years. So that's an example of a new solution to an existing problem. Now the reason why this one is better than the first one John, is because you can actually patent this. You can protect your brand idea with the trademark and if you focus on your customer, this is the one thing we have that the Chinese Amazon sellers don't is we are the customer. In other words, the Chinese Amazon sellers, they're selling to Americans primarily.
1 (9m 29s):
I am an American and I'm selling to Americans. So guess who knows my customer better? Me or my Chinese competitors? I do. And a lot of Amazon sellers sometimes forget this, if you are your customer, you actually have all the data already you need in order to create an experience that they can never compete with, which creates brand value. Which means people start buying your product in Amazon because they trust the brand, not just because you have a better product, they actually trust the brand. It'd be like this man, imagine I came out with a new running shoe and I'm competing with Nike. People are still gonna buy the Nike shoe over the canop the real shoe, although that's kind of a cool idea,
0 (10m 6s):
I do like that,
1 (10m 8s):
You know what I mean? They're gonna buy it just because it's Nike's brand. And then the third step, so the first step was build a better solution to an existing problem. The second was build a new solution to an existing problem. The third, and this is my favorite, is build a new solution to a new problem. And a great example of this is floss. For thousands of years people have brushed their teeth all the way back to the days of the Egyptians ancient, ancient history before America even existed. But late 18 hundreds someone came up with the idea of using a piece of string who would believe it? And now it's like a hundred million dollar multi, actually multi-billion dollar industry, a piece of string to clean my teeth. So it's still, it's still the general area of cleaning teeth.
1 (10m 49s):
But the new problem is it's more important to clean between your teeth and your gums than it is the the outside of your teeth.
0 (10m 56s):
And here's a quick example of like a newer solution to that new solution. Something that I just got about a month ago that I'm loving is the water pick. So even when there is a new solution, you can take another step up. I got the water pick now and so now I don't even have to use dental floss cuz I've got this high powered water cleaning in between the teeth.
1 (11m 13s):
Totally. And it's, and it's less effort, it's more natural, it's less invasive. I'm imagining there's less bleeding going on. Cause sometimes floss does that and I think it, this is what's so cool, I love the illustration of a boat, John, in the first I illustration that I used, it's like you just improved your your boat, you got soft bristles and the second one you actually switch it out for a better boat. Now we have an electric toothbrush, but in the third we actually switched out the ocean. We actually found a new market. This is blue ocean,
0 (11m 41s):
This is powerful South Fire nation and to run through it, build a better solution, build a new solution to an existing problem, or hey build a new solution to a new problem. That's the process you should be going going through when you're trying to figure this out. Now what if you've gone through this now you're really excited Seth, cuz you've gone through this process but now you're like, well I can't create this. I don't have the tools, the manpower, the the manufacturing facility. How the heck do we find a supplier to build these products for us?
1 (12m 10s):
So the most popular answer to this is gonna be Ali Express, Alibaba. But what I would recommend people do is if you find a selling agent or a sourcing agent, and there are many you can find online who speaks Chinese, who is native Chinese, have them go to 1680 eight.com for you. Have them look up the keywords in Chinese, even if you use Google translate because 1688 is a hundred percent Chinese. Even Google Translate cannot do a good job where you could sufficiently shop for products there. Here's the thing, 1688 is owned by Alibaba, but it was created for Chinese suppliers, for Chinese sellers. It wasn't created for American Western European. Therefore the prices as this general rule are gonna be between 10 and 45% lower.
1 (12m 53s):
And what you do is you tell them, look, make sure this product is not already selling on Amazon, this version of the product. Number two, make sure it is not available on Alibaba. If those two check out, you have them order a sample for you, you test out the sample if you like it. That's where you have one of two options. Either the manufacturer creates the new version of it or you get a product engineer to do that. And a product engineer, there's, there's many of them out there depending on the product. It could be a chemical engineer if it's supplements, it could be a mechanical engineer if it has gears like a fitness equipment type product. But the idea is you may need to get a product engineer to literally design the product for you. And then that's where you start talking to a patent attorney to protect it.
1 (13m 33s):
If you really want to go all out. And if you don't have enough money to start at this level, what you do is you go with the first option. You just build a better solution. Most suppliers in China have the ability to take a product and tweak it a little bit. And if no one else is doing that on Amazon and people are complaining about that problem and the critical reviews on Amazon, you already have a massive opportunity because by the time you've launched, you're already ahead. If people try to catch up with that and it's not unique enough to be patentable, but you're building a brand based on understanding your customers, you're already gonna have a majority market share or even a a large market share for being a new seller. And while that's selling, you're working on the next step. Now I'm at a new solution and now with that's selling, you're working on a new solution to a new problem, each one's like a tier and it secures you more and
0 (14m 20s):
More. So Fire Nation just kind of go through real quick 1680 eight.com, that's, you know, the low-hanging fruit, the Ali Express, et cetera. But what I want kind of give a quick shout out to is a company that I use for all three of my journals. Proud duct.com, that's combination of the word proud and product product.com. Richie Norton, he was a past guest of mine and he just did an incredible job saying, John, I know you have a concept for this journal. I have a team in China speaks Mandarin, we'll take this across the finish line for you. They crushed it for us, got it all the way to the warehouses in America, that whole process all the way through for an unbelievable quality and price point.
0 (15m 1s):
And so we used them for all three of our journals. When Pat came to me and asked like how I did this cause he wanted to create a product, I introduced Pat Flynn to Richie and they've gone off and made amazing things together like the swish pod, et cetera. So definitely something to check out as Wildfire Nation and don't go anywhere because we're gonna be talking about the best way to get your product to stand up from the competition and hey, what if you don't have any cash? We're gonna be dealing with that issue as well. And so much more when we get back from thanking our sponsors.
2 (15m 31s):
Growing a business can feel like the Wild West, but there's a better CRM in town. HubSpot. HubSpot CRM keeps all your teams on the same page so you can spend less time managing your software and more time connecting with your customers. When you hit your wagon to HubSpot, crm, your marketing, sales, operations and service teams all have access to the same data. Sales teams won't miss out on qualified leads and marketing teams know where best to promote their offers. That's how the Wild West is won. Learn more at hubspot.com. HubSpot grow better.
0 (16m 1s):
So Seth, we are back brother and as I kind of teased right before the break, we have a product, you know, we've done all this stuff, we've taken all these steps, but now like we gotta make sure that it actually sells on Amazon. There's a lot of competition on Amazon. What do we actually do to get this product to stand out from the competition on Amazon,
1 (16m 20s):
Your main photo is the number one piece on your listing that's gonna affect the conversion of that product. So when people begin a new Amazon listing, there's two pieces. One is it has to be discoverable, how do people find it? And that's a ranking issue. And second, it has to be desirable. When people do find it, what per for every 100 people who land on that listing, how many people are actually going to purchase that product? And that's what we're talking about desirability. So discoverability ranking and then desirability conversion. And so your question ties into the desirability, the conversion of it. The number one most important thing is that first photo. And a lot of people when they start out they think, well I wanna save money. I don't have a lot, let me get my old iPod.
1 (17m 1s):
You know, or you know, an old camera. No, you need really good photos. You can't go cheap on photos because if your number one photo, your featured photo is the biggest determiner of the conversion of your product, it's an investment long term, it's a one time cost. You don't have to go out and pay for it again because you're gonna get enough photos or you can switch some out and split test them using a website like pick food.com if you want. And as a result your product will convert if you understand that people like it. And so the way you do it again, to go back to split testing is you put up your main photo, you include all your other photos, but your main photo has to show the most value. In other words, you want as little white space as possible on that product.
1 (17m 46s):
When you have that, that photo posted and people, people see it, let's just say imagine John as I'm holding up here physically I'm holding up my phone it, it is a rectangle, right? If I churn it on an angle for a regular picture in Amazon, it's going to fill up a lot more real estate on an angle from corner to corner because it's long that actually will convert better, hmm than if it's straight up and down or if it's horizontal. And if I go to Pickfu.com. Pickfu.com, that's a horrible ending of that.
0 (18m 19s):
It really is. Pickfu. Pickfu what you can do, it's like 20, $25 and we are not one of their affiliates just so you guys know us, but we've used them multiple times. You take your photo, you take multiple photos, you post them and people will judge which one they like the most. And a lot of times is a seller we fall in love with, this photo looks so great, but actually the majority of people like the other photos, right? And it doesn't matter what I like, it matters what they like. So that alone will help conversion drastically. Then you have your title, your keywords, your description, we could go more into that as well. But the most important thing is going to be your main photo. You split test it. You can actually do this on your own on Amazon as well with your listing.
1 (19m 3s):
You just for one week you're running PPP C to promote the product. You have one photo and then you switch it out with another one and you see which one converts better as long as all the other variables stay the same, therefore it's like a scientific test, you know that okay, this is the one piece that's converting that product. And just one more thought on that. When people put together their photos, remember this, if I go into Target, if I walk into Nordstrom, if I walk into Walmart, I can pick up the product, I can see it, touch it, feel it, smell it. I cannot do that online. All I have is my eyes, I buy with my eyeballs. So your customer is using their eyes. So your photo has to create an experience. So amazing that it's almost as if they're experiencing the product.
1 (19m 45s):
So one thing you can do, let's just say it's a coffee mug and you're selling a coffee mug, it's a unique one because when you put it in the microwave and it heats up and you touch it, it doesn't burn your fingers at all, which is kind of incredible. When you take a photo of that coffee mug, the first one is gonna show the mug, it's gonna show the box it comes in, and any accessories that go with it as much value as possible. The second photo is gonna show people using it. This is a lifestyle photo. The third photo is gonna show the tech specs. For example, if you have a specific beveled edge that makes it more comfortable to drink from, they need to see that technically left brain analytical. It's almost like your first two photos are right brain, they're getting them emotionally engaged. But you have to have a photo that includes why is your product amazing?
1 (20m 26s):
Well this is a special, for example, new Bone China material then no one else has come out with yet and here is why ours is the best. And the photo demonstrates that in a few words like with a little, a little shout out pointing to that part of the mug. And then when you get to your bullet points, it elaborates on those features. This is one of many, many ways, John, that we can differentiate a product and make it so that people want to
0 (20m 49s):
Buy it. So fire Nation Pickfu, just remember Pickfu and you'll get right there and you'll be to have people tell you what they like or don't like about your photo. And then just remember first photo's, all the value, like all the bonuses you might have, all the accessories, second one's, the lifestyle photo people actually using it. Then the third one and you know the ones beyond that. It's like the technical size, like what is actually making your product special? What differentiates that? You know, what makes that actually happen? Now as I mentioned in the intro, of course just One Dime is your premier coaching company for Amazon sellers. So Seth, we can't go into all the details because that you, you cover it there. We don't have time on this podcast interview right now, but maybe just real quickly give us two like really short and quick tips like for that description and the bullet points you kind of alluded to before we move
1 (21m 33s):
On. Absolutely. So the reason we call it just one dime is because I started literally with one dime and my dream John was someday to be able to be an example to others that you can be broke, you can be $24,000 in debt, you can have a struggling marriage, you can be struggling parenting finances. I was like a mess man. And you can literally change your life around even if you have very little. And so that's why I set out with a dime. So specifically what makes us stand out, very simple and I'll share two things as you ask. Number one, all of us sell on Amazon. If we were on video right now, and I'm literally gonna do this and I pull up my seller central, I'm literally typing it in Jacob, who's in the room here with me can see and I'm literally just gonna ask him to shout it out. What number?
1 (22m 13s):
I literally just pulled it up. What number do you see right here, Jacob? Caleb, 47,000. Okay. And I don't say that to be arrogant, John.
0 (22m 21s):
That's in the last 10 minutes. Fire Nation. No, I'm just kidding.
1 (22m 25s):
I wish that's the last 30 days. But the reason I share that is not to be arrogant, it it's not that it's this, there's a lot of people out there saying buy a course, buy a course and it's bullshit. And I hope that's okay to say
0 (22m 37s):
I had to bleep it out, but don't worry about it.
1 (22m 39s):
Okay, because just a beep. And here's why that is BS because if they're not selling an Amazon, they don't understand how Amazon works. Cuz Amazon changes constantly myself and all the constantly we sell on Amazon. So we're teaching out of our experience and we talk about the problems and the challenges as well. We're not like, oh, three little secret steps and you're gonna be rich. No way. It is hard work. You know this, John, you're an entrepreneur. It is hard to be an entrepreneur, but it is so fulfilling at the same time. And so literally I'm teaching from my life experience. And a lot of that ties into mindset as well. Not just the tactics.
0 (23m 12s):
Big time. Big time. So let's talk to those people right now that are listening that are like, wow, well, $47,000 in the last 30 days, that's life changing. Which of course it is. But what if they have absolutely no cash to start with? I mean like you just shared and I shared the intro. I mean you literally started with one dime, that's 10 cents Fire Nation. So how do people get enough money to start going if like you, they're starting from basically zero or maybe even in some cases negative.
1 (23m 39s):
Absolutely. This is such a great question. If you can just scrounge up a hundred dollars, a hundred bucks listening, just a hundred bucks, go onto Amazon, find a product that has a BSR that stands for bestseller ranking lower than a hundred thousand. In other words, the lower the number, the faster it's selling, then go find the same product at Walmart or Target or nordstrom.com or there's a, there's hundreds of websites you can go to find one or Costco, find one that is selling at a discount and make sure that a third of the, you're gonna find a third of the money at the cost will go to Amazon fees. A third goes to to use Walmart.
1 (24m 19s):
Walmart. And you get a third, buy a few, send them into Amazon's warehouse and they will sell at some point. Then you do it again, then you do it. This is basically classic arbitrage. This is how my wife and I started. She was more arbitrage. I'm more private label. I love building brand and she loves the arbitrage hustle. But together, this is how we started. So after I doubled my dime up to $400, I found a product. I began to sell it on Amazon and I just had 400. But you can actually start with the hundred. It's a matter of, I think the big thing, and it's such a a great point, John, people hear 47,970 and they're like, oh my goodness, I can never do that, right? That was me a few years ago, man. But what I had to do, and this is why I started with a dime, I knew I had to, if I start with something small, I could look at a dime and say, I can do that.
1 (25m 4s):
But I've looked at a million dollars, I would say, oh no, that's way too big. So I had to start with something small. And if I start small and move to action, it's only going to grow over time if I just stay consistent. And it could be driving for Uber, I drove for Uber while I worked for Apple. I would work till two in the morning, come in to the house at two in the morning, sometimes three in the morning, something like a zombie. And the only creature on earth who greeted me was my dog. And it just gave me hope. Like, oh, there's my dog, Dakota, he's always happy to see me. And I didn't expect, trust me, I didn't expect my wife and kids to greet me at that time in the morning. But it just, it was so encouraging and it reminded me, this is worth it. This is worth it. So even if it's getting a second job, I'm driving for Uber, making cash on the side, selling.
1 (25m 46s):
We sold everything in our house. Everything we did not in our house was a ghost town, man. We went through, we had a little yellow pad and we wrote, I remember the yellow pad, it had little blue lines and we wrote down everything we don't need. How much do we think we could sell it for? We sold on Facebook groups, we sold it on Craigslist, we sold on eBay. We just started selling everything and all that cash we put into developing products, and that's how we got started it. I really think it's a mindset,
0 (26m 13s):
It's a total mindset in fire nation. It's also work because none of this comes easy. None of this is gonna come without you sitting down and putting in the work. And guess what? So many people, 99% of individuals out there who are struggling right now are not willing to put in the work. So you immediately get into the 1% if you put in the work. And that's why when you're able to scrounge together a hundred dollars and start going in that right direction, then guess what? You're going, going in the right direction with that a hundred dollars, turning into two, turning into four. And then with $400, you heard what Seth was able to grow his business into. And then of course, when you can continue to invest, like Seth has continued to invest in himself, like I continue to invest in myself.
0 (26m 58s):
I just did two masterminds in November because I'm still looking to invest in myself. When you can learn from people like Seth, when you want to follow and go down the road that he's already gone down, that's when you're able to really ignite and supercharge what you're doing because you are gonna be able to learn from somebody who's actually done it. You're gonna be able to avoid all of the mistakes that he made. You're gonna be able to jump on the fast track and take the shortcuts as they make sense. You can do this fire nation. But let's just talk about something that I know my audience loves. I mentioned Lin earlier, he's built his whole brand around smart passive income. At what point, Seth does selling on Amazon become passive income
1 (27m 39s):
As a general rule, three to six months. And I wanna explain passive, and I'm so glad you brought that up, John, at the beginning. It's not passive at all, not at all, because you have to work hard to build it. But the idea is, once you are, let's just take one listing coffee mug example. Once people trust it, it's getting good reviews, it's selling, you're better than the competition. You've protected it, you've taken all those steps. It does become to run like a well-oiled machine. So when I go to bed and I wake up the next day, there's more money that I have generated. And every two weeks Amazon deposits that into my bank account. And the, the example I used earlier is, is a new Amazon store.
1 (28m 20s):
The now, again, this is not the rules is the exception. We started this just over four months ago, but again, I'm not new at this. I've been doing this for a while. We have people, we have one guy in our community, he started at zero his first month with, and he's a new seller. John tick this out. His first month he did $50. By his third month he had done over 60,000 that month. Now again, that is extraordinary. Not everyone has those results, but that just shows you, he was a newbie, he didn't know anything and he started and he just posted those screenshots in our community. So three to six months as a general rule, if you give it at least two hours a day, six days a week, some days you're gonna have to give it more. Some last, depending on the stages.
1 (29m 1s):
But as a general rule, and I'm talking, these are people with full-time jobs. Doing it on the side, instead of watching Netflix, instead of playing, you know, video games, go do, instead of watching tv, go build your business. Put your time into your business three to six months as a general rule to a point where you can say, okay, the listing selling. So all I have to do now, John, is check it every morning, maybe five, 10 minutes, make sure everything looks good, make sure my PPP ads are running correctly, tweak a few things and that's it. And now I spend the majority of my time on a new product we are developing with multiple product engineers, which I'm very excited about. While that one's taking care of the bills, this next product is another opportunity. So as a general rule, three to six months, if you're hustling, if you're taking the right steps, there's a lot of information out there, but not all information is good information.
1 (29m 48s):
And that's why it's so important that you get rid of 90% fluff and just focus on the things that are gonna get your results. And don't take shortcuts. There's a lot of people out there, John, they take shortcuts. They go to Facebook groups to try to get incentivized reviews. Amazon is ridiculously good. Yeah. At finding those. Yeah. And suing those companies. I don't wanna be sued by Amazon. I will not win. I may have wealth, but not like
0 (30m 10s):
That. So I think Jeff Bezos is gonna win that one. I I really don't.
1 (30m 12s):
Yeah, I think he's gonna win that one. So don't take shortcuts, take the long path because your future self will thank you for it.
0 (30m 18s):
And Fire Nation passive income doesn't mean no work at all. It means that you're making money while you're not actively working on a project. You're not trading time for dollars, which so many people spend their whole lives only getting paid when they're actually working for somebody else. This is situation where you're putting in a little bit of time in the morning, you're doing this, you're doing that, you're tweaking the process. Then the rest of the day you're looking down being like, oh, sale just came through. Oops, sail just came through and you're seeing revenue roll right in. So Seth, let's just end today with the biggest takeaway that you wanna make sure Fire Nation really gets, and then give us a final call to action that you want Fire Nation to take action on, to learn more about you, what you have going on, and then we'll say goodbye.
0 (30m 60s):
1 (30m 60s):
Got it, man. Here's what I would say. I know every single person listening to this podcast. I don't care what, how old or young you are, where you're from, what country you live in, doesn't matter. I know every single person you who are listening has at least one dream or one thing you would like to become true in your life. We all do. I know you do, John, I do. Caleb does. We all do. So the question simply is this, will I take action to get there? It is okay to mess up along the way. Give yourself grace. Allow yourself to mess up. I've made so many mistakes in my life, in my marriage, in my parenting, in my finances, in my attitude. But if I hadn't made those mistakes, I wouldn't be as grateful as I am today.
1 (31m 42s):
And it wouldn't incentivize me to work so freaking hard. And yet it doesn't feel like work because I love what I do. It's all margin for me now. It's freedom. So take action. You have a dream. Stop thinking about it. Stop pondering it. Go do something with that knowledge even. You don't have to have all the knowledge, you'll never have everything set up perfectly. Just act on what little you have. When I started John, I knew so little. I made so many mistakes. But if I hadn't started, I wouldn't be sitting here talking to you today. Being able to motivate other people in the world who are looking for something similar. And yeah, if you guys wanna find out more about who I am, about my family, about our company, our business, all of that, we are located in Austin. We have a staff of just over 20 people.
1 (32m 24s):
If you go to justonedime.com and one is spelled one, you can find everything there.
0 (32m 30s):
Fire Nation, you are the average of the five people you spend the most time with and you've been hanging out with SK and JLD today. So keep up the heat and head over to EOFire.com. If you type Seth in the search bar, the show notes page will pop up with everything that we've been talking about today. The best show notes in the biz, and of course your call to action Fire Nation, justonedime.com. That's one spelled out o n e, justonedime.com. Seth, thank you brother for sharing your value bombs with Fire Nation today. For that we salute you and we'll catch you on the flip side.
1 (33m 8s):
You got it brother. Thank you so much, John. Have an awesome day.
0 (33m 10s):
Hey Fire Nation, today's value bomb content was brought to you by Seth and if you had your big idea, you'd already be ready to Ignite Fire Nation. That's why I have a free training for those of you that don't yet have your big idea, cuz I give it to you in less than an hour in this completely free training. So visit your big idea.io today. I'll catch you there. Fire Nation, or I'll catch you on the flip side. Marketing Made Simple hosted by Dr. JJ Peterson is brought to you by the HubSpot Podcast Network. The audio destination for business professionals marketing made simple brings you practical tips to make your marketing work. In a recent episode, Amy Porterfield shared her five email Marketing Secrets for long-term business growth.
0 (33m 52s):
Listen to Marketing Made Simple wherever you get your podcasts.
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!