How do you get an e-commerce small business off the ground? What steps are necessary to help it grow and thrive as you build the brand and consider business partnerships? On this episode of The Amazing Seller, Scott sits down with a guy named Matt who has been an avid TAS follower. Matt is in college and he is doing a project that requires him to interview an entrepreneur and really dig into why they’ve succeeded and the lessons they’ve learned along the way. This episode is a recording of that interview/conversation between Matt and Scott. You’ll hear them cover a wide range of subjects regarding small business success, family life, and much more – don’t miss it!
Where does your audience hang out?
If you want to reach your target audience, you’ve got to go where they are spending their time on the internet. For example, if you are trying to reach NFL enthusiasts, consider targeting NFL team’s fan pages. Go where your audience hangs out, don’t expect them to come find you! On this episode of The Amazing Seller, Scott explains his strategy for investigating where his prospective customers spend their time and how he begins to market to them and get them into his email or launch list. If you want to know more about this topic, make sure to listen to this episode!
Don’t neglect a launch list!
One of the best ways to connect with your customer base is with a launch list! If you’ve been around the TAS community for very long you know this is something that Scott wants all of his TAS followers to start working ASAP. It may sound difficult and complicated but it doesn’t have to be that way. On this episode of The Amazing Seller, Scott shares how you can get started building your launch list or an email list if you’ve already launched to connect with your customers in a way that communicates that you want them to be involved in the brand you are creating. Find out how to get started on this episode!
Is going into a business partnership worth it?
Business partnerships carry all sorts of connotations. There have been really successful ones and there have been many that have ended in lost friendships, estranged family members, and costly legal battles. In light of that information, you might find yourself wondering if pursuing a business partnership is really worth the risk. On this episode of The Amazing Seller, Scott discusses his experiences with business partnerships, both positive and negative. He shares helpful insights for leaders like you to consider so you have more information going in than he had when he started his small business journey. Make sure to listen to this episode!
Do you know your WHY?
Starting a small business can be one of the most difficult you’ll ever experience. That’s why leaders like you need to know deep down WHY you are getting into this adventure. Do you know what your WHY is? What is that deep down motivation that is fueling your desire to launch out into uncharted waters? Once you’ve identified what that reason is, do everything you can to keep it in front of you as you go on this journey. It will help keep you focused and put even the most difficult moments into a proper perspective. To hear Scott dive deeper into this topic, make sure to catch this episode of The Amazing Seller!
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to this episode of the podcast!
- [6:30] Scott talks about that decision to leave his job and start a business.
- [13:00] Running into moments of doubt.
- [16:00] The role of kids and family life while running a small business.
- [27:00] Why you should have two approaches to selling products on Amazon.
- [37:30] What is the best strategy to get started?
- [42:00] Find out where your audience hangs out and how to launch a giveaway.
- [50:00] How Scott has built a business around TAS.
- [54:00] What is the best way to go into a partnership?
- [57:00] How to structure a new business and partnership when selling on Amazon.
- [1:04:30] Make sure you know your WHY!
TRANSCRIPT TAS 365
TAS 365: (Private Call Recorded) Story of Ex-Marine Making $9k Per Month + Coaching Call on How to Grow
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 365 and today well, I've got a treat for you guys…
[read more=”Read full transcript…” less=”Read less”]
…This is something that just kind of happened and I actually recorded it which all of my Skype conversations are generally recorded because either I’m doing an interview, or I'm just doing a coaching call and sometimes we'll play that back for that particular student or the person that I'm speaking with and this is exactly what happened. Now, let me just kind of explain how this whole thing kind of came about.
I received an email from Matt Fichtner who said, “Scott, I'm a listener of the podcast and I'm actually in college and I am doing a project right now. And we have to interview other entrepreneurs, people that have started in business or have been a business for themselves and really just have a conversation with those people and really dig into the mindset of what makes those people a little bit different, and kind of like the ups and the downs.” And then they were going to compare notes and it was going to this whole project. So I'm like, “You know what, that sounds kind of cool I think I would love to do that.” So I reached back out to Matt and I said, “Yeah, let's do it.”
So we figured out the time and I had no idea that you know he was an ex-marine. I didn't even know that going into this thing. I thought it was going to be a younger guy, to be honest with you. I thought I was going to be like a twenty-year-old kid. So I get on and you know we went through this whole conversation of him kind of asking me questions and really just trying to pull out all of the information that he needed, but then it soon turned into a coaching call.
And he was asking me questions about his business which, by the way, he's grown to about $9,000 per month, and he's got plans for two more products that are already in production I believe and they're going to be launching. And we go through the entire process that he went through and it's just a really great story because he was an ex-marine and I didn't know that like I said until I got on this call and then he told me his whole back story and everything.
[00:02:06] Scott: So anyone out there thinks to themselves, “I don't have time for this business.” Wait till you hear this interview because you're going to hear like he didn't have a lot of time either like a lot of us.
Now, the call starts out with him asking me questions and then me answering them and my kind of talking a little bit about my backstory again. And again, why I decided to start being an entrepreneur or wanting to be an entrepreneur going all the way back to when my wife and I started on photography business and all that stuff. So you're going to hear all that. But like I said it, soon turned into a coaching call and we actually go through how he can grow his business, we also talked about partnerships, because I've started to get involved in partnerships now and he had some questions on that as well.
And while we were going through this I'm like, “I just got to let you know like this is really good content would you mind if I share this with the audience?” And he said, “Absolutely.” And I had no intentions of doing that and it's just when you get off and you say, “Wow if people could have just heard that conversation, they would have pulled a ton, a ton of useful information out of it.” And that's why I want to give it to you guys. It's really awesome it's funny too because his baby was in the background making some noise and he’s like, “I apologize for that.” I’m like “Hey, that's what it is.” Again I didn't even know at that time I was going to be sharing this.
So you know, again I just realize this was a live deal here between him and myself not planning on being recorded. So if you hear some noise in the background, just understand that this was just spur of the moment like we weren't planning on any of this stuff and it's real life. The show notes in this episode which you might want to download and get the transcripts can be found at theamazingseller.com/365 and everything will be there. I just want to say though, I mean this is really, really awesome. And this is what fires me up is when I able to get on with someone like Matt and really dig into their business.
[00:04:01] Scott: But what's really cool also is, I was being interviewed by him to bring it back to his class, and you will hear about what they're going to be doing with this information and stuff. So anyway guys, I'm going to stop talking to you guys can listen to this private call that was actually recorded and you can kind of listen in on our conversation. So sit back, relax and enjoy this conversation that I had with Matt.
[00:04:21] Matt: I really appreciate you putting aside a little bit of time to talk to me.
[00:04:25] Scott: Yeah, no problem.
[00:04:27] Matt: I’m finishing up my MBA at USC right now. we're actually graduating this week but we've got one more kind of class session here in a couple weeks we're going to go over some stuff you know people kind of going over future plans your and things like that. And one of the aspects of that discussion is they want us all to reach out and talk to some entrepreneurs that we either know or follow or kind of like really enjoy their businesses or whatever.
So I’m trying to get kind of an entrepreneur’s perspective of what opportunities and things are out there. So I was actually been listening to your podcast for a few months now probably. I don't know if I'll cut all 400 episodes but I’ve definitely listened to quite a few and I launched my own little Amazon private label and business a few months ago, it’s starting to pick up. So I thought you’d be a great person to reach out to and hear about your experience and get some advice for the class and some advice from me as an Amazon seller as well.
[00:05:24] Scott: Yeah. So how will this be used? Is this going to be heard by other people in your class or is it just for you to do the research and then kind of put it into some type of summary?
[00:05:36] Matt: Yeah we're kind of summarizing in a kind of roundtable discussion, things we learn, the common trend across all the different people that people have talked to. So I've talked to some people that have… Somebody talked to the founder of Ruby's Restaurant chain, we got some people that founded some tech startups, some people that have done the individual consulting firms. So really just a wide variety of people that my classmates have talked to so if we're going to really give perspectives to talk about.
[00:06:02] Scott: Nice, nice. Yeah, that's cool. Yeah, all right so fire away or whatever you want to do, let's do it.
[00:06:09] Matt: Awesome. I appreciate it. So I've definitely heard some of your podcasts, kind of your history from launching a photo business with the wife and selling on eBay, then you eventually on Amazon. So I’ve got some background of your journey a little bit. But I kind of want to get your perspective of it like how… I think one of the big questions that a lot of people will have is, how did you make the decision to kind of leave a full-time job and commit like 100% and talking about some of the decision making and some of the fears that go along with that decision?
[00:06:40] Scott: Yeah. Well, let me just say too it's kind of funny because I didn't come from a background like you're going through schooling. You're going through schooling to further your education to then get out there in the world and then decide what you want to do. Right from the beginning, I just had different perspectives going into real life out of high school than a lot of people did because I did have a college experience. So I really was, growing up it was always about you know you got to basically get a job, figure out a way to support yourself and your family, and that's how I was raised.
My father was an old time farmer, grew up on a farm, they had nine kids, I still think they had kids just for another hand on the farm. But that's a whole another discussion. But yeah, I think that really helped me not saying that… maybe my father should've pushed me into college, but if he did, I wouldn't be where I am today. So I think for me personally like when I started working in right out of high school, I was working for a cable company and then I soon started to work for my father, his business, which was really small at the time only two employees, him his partner and then well, three employees counting me. So basically, we built that from nothing to a pretty sizable company and I was part of that.
So by doing that, I learned a lot about people, a lot about how I would create partnerships, and how I would treat employees, how I would create an atmosphere like for the employees and all that stuff. So I learned a ton. But I also learned that I didn't want to work for someone because as I was working for someone, I was also you know I had a kid when I was 22, so I was 21 when I got married, I was 22 when I had my first kid. I soon found out that I didn't want to have to only get two weeks off, three weeks off you know what I mean? To get three weeks off, I had to you know be there five years or whatever.
[00:08:44] Scott: You got to earn your three weeks off which is kind of crazy. So, me personally, that's really what drove me and I think it's drive. It's like the drive for me to know that there was something else out there was not wanting to work for someone else in creating my own lifestyle.
And even to this day, I’m going to be 45 this year in July, I'm 44 now you know through those years it still always came back to, “How do I create a lifestyle business, a business that supports my lifestyle?” Like how is that going to happen? So going now into okay like well, how do you make that decision to make that leap? Because I had a decent job at my father's company. In my head, I was going to own that company one day. So I might have been making at the time we’re going back close to 20 years now making $20, $25 an hour was pretty good wage back then and I was doing pretty well but I was working my butt off.
So you know I had to make a decision. My wife and I you know how do we work for ourselves? What do we do? All I know is construction, at the time. So she talked me into starting our own little photography studio on the side, just a little part time deal and fast forward it grew into something that was really, really good for us. But it was scary as heck because here I was going to leave something that was supporting us 100%. So it's funny because on episode 300, if you haven't listened to that one, definitely listen to that one.
Chris Shaffer actually interviewed me on my own show about my whole story and it really does explain that like, and I didn't realize until I was going through, I was almost like going through like a therapy session because it was like pulling stuff out that I wasn't even aware of. But I guess I've always treated like little safety nets for myself. So it's kind of like you know what, “If the photography thing doesn't work, I'll go back and I'll do my construction thing I can always go back to that.” There is always a job there.
[00:10:43] Scott: I mean I can go out and do it again. But that never happened but it was my safety net. Then when I was doing photography and then we wanted to make the leap to well, do we do… Because we were doing you know client work where we were you know having families come in and we were doing family photography stuff and everything. But how do we… I was starting to get into the digital space where I was starting to sell my templates and my Photoshop training and stuff. How do I do both? Well, it's not that easy. So I got to make a decision. “Do I leave my photography business 100%?” I would like to because then I don't have to be you know locked in again, not that I was working for someone but I was still working for them. Meaning that I had to be there at seven o'clock at night because the lighting was perfect and I couldn't schedule anything around that other than that session.
So I was still locked into what I had to do I was still committing to someone. But again, we made another decision that we said, “You know what, we're going to try to only do very, very little work on that. We'll try to support ourselves with our digital business.” And the safety net was well, I can always go back and do photography. We can still go back and do that and we never had to. So we left that and moved on to you know teaching Photoshop tutorials and how to edit pictures and all that stuff. And we were also supplying people with templates and stuff that they could use within Photoshop for photographers.
So to answer your question, it's always been really like it's always been scary. It's still scary even to this day whenever you're doing something new. Right? Like those things right now that I'm working on right now. I'm like, “Oh, man. I hope that works.” But I think more so now because I've been out and I've done it so many different times, I always know that there's always enough things out there that I can do to support myself. Again I don't live above my means, so I'm pretty smart that way. But I just think that it's always the fear of, “What if it doesn't work?” And then the thing you have to ask yourself is like, “Well if it doesn't work, well what else could you do to support yourself or your family?”
[00:12:40] Matt: All right. Now, do you have any like specific moments along the way that you… Sorry, the kid’s screaming in the background.
[00:12:47] Scott: That’s alright.
[00:12:48] Matt: Do you have any specifics like moments along the ways that you thought like, “Well, this isn’t going to work. I’m going to have to… I made a big mistake maybe whether inventory purchase,” or something like that or just felt like you know, “This is it. I'm going to go back to the construction thing.” Like it's not going to make it doing this entrepreneurial thing anymore. Do you have any moments like that?
[00:13:07] Scott: Yeah, yeah 100%. And I mean you know no one really you know ever hears all of the ups and the downs, they always hear the highs but yeah I definitely had a lot of those. Like when we got to the photography business, we soon found out that we had like definitely different times of the year that were busier than others. So we would go and for us, it was like Christmas time, the holiday time was our big rush of people and we would do really well there.
But then we would bank that money and then we would say, “Okay it’ll hold this over for three months and then you know we'll start getting some people coming in for Easter.” It's like we just kind of had those seasons. But there was always that money would start to get a little tight but again I could've went out and did a construction job but I'm like, “You know I've already not done it for so long I don't want to.” It's like you get to that point be like I don't want to do that. Yes, I could go out and do a remodel job and make 10 grand but I just don't really want to go back to it. That means I didn't win here. I didn’t make it you know.
So I would do everything I could to not do that. But there was many a times that you got close to where, “Okay, we're going to be out of money there so we have to figure out something to keep everything running.” So there was a lot of sleepless nights even in the photography business. Now, we eventually build that up to where it was pretty much you know we knew the money that we were going to make and if we wanted to make more all we had to do is just kind of advertise you know a small little weekend special and we would be able to generate an extra $1,000 or $2,000.
So, that got to that point but in the beginning definitely not. There was definitely many times where it was like, “Is the phone going to ring? Are we going to get a client? Are we not?” So there was definitely a lot of those especially in the beginning and then, yes the thought crept in my mind like, “Okay, does that mean that I should probably just go out and do some side work?” But I never did but it definitely was in my head to do it for sure.
[00:14:59] Matt: Yeah, that’s awesome. I wonder how you… Because you got multiple kids. Right?
[00:15:05] Scott: Yeah, we got three kids. They range right now 9 years old, 19-year-old and a 21-year-old.
[00:15:11] Matt: Okay. Awesome. Now, how I just kind of wondering, because we actually just had our first daughter about eight months ago.
[00:15:17] Scott: Okay, congratulations.
[00:15:19] Matt: I appreciate that. I was thinking as soon as I had her the whole perspective changes as you know. I always kind of wondered and I’d like to hear from people that started their own businesses like what you’re kind of vision for involving your kids in the business, how much do you involve them in the business or let them do their own thing, or do you look to kind of build a business with the end goal in mind being like actually passing that business onto your kids, or is it just kind of how you handle the family interaction with the business?
[00:15:47] Scott: It’s great question. I think that, as your kids are growing up in the household, they're going to hear. They're going to hear what's going on. You're talking with your spouse, you’re talking with a partner, whatever. They're going to hear it they're going to pick up on it. Even though they don't know that they're hearing it it's like we've always said like kids they listen. Even though you might not think they are. And then they're going to see by the actions that you're taking. A perfect example is right now, my daughter who is 21, going to be 22, she got out of high school, didn't want to do the college thing. In my head, I'm thinking I should probably push it to the college thing because everyone does it but I didn't do it but should I? I don't know. And she really wanted to go into hair.
So we signed her up for Paul Mitchell School, she did like 13 months there and then from there she went out started her own business. And she specialized in hair and makeup for wedding parties. So she carved out a little niche for herself and she's done really well. But in the same breath, she's going to be moving here soon. Her husband to be is going to be here, he's in the Navy so they’re going to moving. So she can’t really take her clients with her.
So she's like, “Well in the meantime, I see what you're doing dad is there anything I can do in this business space?” I’m like, “You might not want to do private label right this second because you guys are tight on funds, this, that and the other thing but maybe guys do retail arbitrage. Maybe you guys start there just to get to give you a little update on that, like she started out about three months ago and they've already done over $6,000 in revenue in… So it's a little side gig, it's a little side business but she's got that entrepreneurial blood I guess. Like she's seen it, she has it in her DNA but she also has seen it.
She already knows. I didn't have to tell her about like opt-in pages and landing pages and the email list and like she kind of already knew that stuff. I mean to set it up maybe but my son who is 19 I mean he's doing the same. Now he's seen what she's doing and he's like, “I want to go out there and I want to start doing some of the retail arbitrage stuff.” So now he's doing that stuff and always constantly asking me about business, asking me what I think about this certain thing. So they're always asking so they have a different mindset because of the way that we've done it.
[00:17:53] Scott: It's probably bad but I've never really highlighted just the schooling aspect of things. Because I think so much more happens from the learning and from the watching, than just learning in a class.
I mean you probably can relate to that that's why they do internships a lot. Right? I've always said that, if you want to be a doctor, you better go shadow a doctor for a week or two. Because do you want that to be your lifestyle? I don't know maybe you. Do you want a pager on you at the party and you've got to get up and run? I don't know maybe you do. You know what I mean. But you got to know what the job is like. I know so many people that have done the whole schooling thing and they're out $300,000 and they still don't know if they want to do what they went to school for.
[00:18:32] Matt: Still don’t know what they want to do.
[00:18:33] Scott: Yeah. You know I got someone right now I know that's in our family spent $300,000 to be a physical therapist. And she's like, “I don't know if I really want to do it.” I'm like, “Well, you better do it because you've got $300,000 sunk into that baby.” Anyway, so I've always wanted my kids to be well rounded but I also like to lead by example. My son he sees what I've done and what my wife has done and my daughter and even my youngest, it's funny my youngest who's nine, she picks up something and starts, “Dad, what do you think retail arb on this one?”
Like you're talking nine years old, you know I mean? Like how many kids are talking… And doesn’t even say retailer arb she goes, RA because that's the short term for it. She goes, “Dad what do you think? RA on this?” I'm like, “I don’t know. I hope the BSR is good at that one.” So it's a natural thing, her wanting to wash the golf carts as they go. We live in a community that has a lot of golf carts that run around here. So she's like, “Maybe I’ll put a sign out, I'll watch golf carts for five bucks or something.” I mean it's yes, I do think that them being in the household with myself, my wife and that being our lifestyle, I think it definitely it shapes them to what they're going to want to do moving forward.
At least it gives them the vision of what can be made and what can happen and I'm always stressing lifestyle. To me it's not about just the money it's about the lifestyle. The money is what you need to live the lifestyle but what do you want in life? I always tell my son it's not the Corvette, it's not the big boat, it's not… Like that's not the…
That's cool and all. But that's not what you truly want, you want freedom and you want happiness and it's funny my son's 19, a lot of his buddies are out partying and stuff and he's like, “Dad I want to work towards being able to have a family and do what you did and be able to go to the baseball games and to be able to coach a team, and be able to be at all the basketball games. I want that.” And I'm like, “Well, in order to do that, you have to create your own lifestyle business.” Or you know he's going to be a physical education teacher so he wants to get into physical education and then be a coach. So and he can do a little business on the side if he wants to. So hopefully that answered your question.
[00:20:40] Matt: Yeah for sure. And that’s some really good perspective because I really didn't bring up my background a whole lot something I didn’t talk about. I was actually in the Marine Corps for… I just got out about six months ago, after about eleven and a half years. So I went to school. I grew up in Ohio, went undergrad and Chicago and I got commissioned in the marine corp right away out there I flew helicopters, flew Cobra attack helicopters for the marine for the last 11 years or so. Some multiple deployments and…
[00:21:11] Scott: Thank you for the service too by the way.
[00:21:13] Matt: Thanks. I appreciate that. So that really, really cool awesome job obviously very challenging at times.
[00:21:20] Scott: Of course.
[00:21:21] Matt: And as part of my transition plan decided to do this. So it’s an executive MBA program so basically we would go to school on weekend so we could all still work full time. And it’s a cool opportunity because a lot of the guys in the class they work for big corporations out here in San Diego, Qualcomm and the big biotech firms. And then we got a lot of people like myself coming out of the military and figuring out. They're like, “Okay, I've got you know 10, 12 years of this really cool experience but dreaded move on to the next thing, I don't know what that is or how to do it yet.”
And it’s funny that I hearing you talk about to shadow people in different jobs and stuff like that. I’m 34 now and finishing up this MBA program, even now I’m like I feel like a freshman or sophomore undergrad again. Like, “Okay, what am I going to do next? Am I going to go into this? Am I going to that?” So it’s at this stage you know I don't have the exact path decided but I really like your kind of mentality of just always have multiple things going on, multiple streams of revenue, multiple interests that you can potentially monetize and things like that.
[00:22:25] Scott: Yeah, I mean it's like anything. I mean you've got a ton of experience in a lot of different things that I'm sure you know you might not even be aware that you are as of right now until that comes to where you need it. It opened your eyes up in a certain situation and I kind of always have said that. It's like when you're going through this journey, you're starting to as you learn something new you're also trying something new and then that might open your eyes to something else. Just like the podcast like that happened because I started an Amazon business, and I started to have some results and I wanted to share those results. But I also had a lot of background in building an email list and connecting with an audience with my photography business. That's kind of where I learned that but I adapted that to the podcast.
And again the podcast was actually something that I doubted doing. I thought I didn't think I was going to do it I was like, “Maybe I don't know. Who's going to listen?” And my wife who's always been my biggest supporter said, “Just do it. You have a message out there to help people that are like you, that don't believe in themselves because they don't have this degree or they don't have the skill set that they think.” And so that's what pushed me to do the podcast. And then the podcast led into something completely different and it's something where now I may able to help so many more people and that's a really awesome feeling.
So I agree with you man. You don't have to have it all figured out. You have to be willing to change and pivot. But you have to have a somewhat of a direction. I don't know maybe I'm speaking for you but I'm sure that you would love to have a way to make your own schedule, be able to spend their time with your family, and not have to say, “Hey, can I get time off?” And they say, “No, I’m sorry that's already been blocked out for someone else you can't take that week.” I’ve got a buddy of mine who's a pharmacist, he is you know great job, making good money. But you know we were going to want to trip in Mexico here in about three weeks I invite him and he goes, “I can't get time off.” Danm, that sucks. I just decided. Well, I'll give another example, I just what was it last week? No it was this weekend, this past weekend.
[00:24:27] Scott: My son and I are sitting on a couch at let's see about 11, no 10:30 at night. The Cavs and the Raptors were playing, they just got done, and I said to my son and go, “Oh, man. It’d be awesome to be at that game.” He goes “Well, they do have one more game left you know.” I go, “Ýeah, but that's in Canada.” And he goes, “Yes. So, reach out to your buddy Dom.” My buddy Dom Sugar lives in Canada. And I asked him just kiddingly I go, “Hey, can I get tickets?” And he goes, “I don’t know. I probably could.” He goes, “You got to get here though.” I’m like, “I'm just kidding.” He texts back he goes, “No, no, no come on. If you fly out, I'll get tickets.” So I start looking to flights, long story short, I was in Canada the next day.
[00:24:59] Matt: Nice. That’s awesome.
[00:25:00] Scott: We went to a Cavs game, went to watch Raptors. My son and I great experience and we were back in two days. But you know I'm in South Carolina. So we flew to Buffalo, them from Buffalo, he picked us up we went to Canada to Toronto watched the game went back that night, got in a flight the next morning because I can. You know I mean?
[00:25:19] Matt: Yeah, because you can.
[00:25:19] Scott: But if I had a job you think I could, I'm going to go ahead and tell them I may be gone for three days just out of the blue? Probably not. I would have to lie and say I was sick or something. You know what I mean? So anyway…
[00:25:33] Matt: Where are you guys going to Mexico?
[00:25:34] Scott: We're going to Riviera Maya.
[00:25:37] Matt: Okay. Nice. We're actually going to Mexico in three weeks as well. We’re going to Cabo.
[00:25:41] Scott: Really? Nice.
[00:25:41] Matt: Kind of a post-graduation trip with me and the wife.
[00:25:44] Scott: Nice. That's awesome enjoy yourself. We've been now about three or four times, our honeymoon were at Cancun and that's going back 22 years now. But then we've been back with the kids a few times. We haven't been back on like four or five years. So yeah, we're going to… Actually a bunch of us will go. My father is actually going to be able to which he's I'm so grateful to have him still around. So he's going with us, a couple buddies of mine and their parents and it’s going to be like I think about 15 or 16 of us. So it’s going to be fun men so I'm looking forward to it.
[00:26:16] Matt: Yeah, funny you brought up Dom, because I was thinking I’ve been watching your round table thing that you guys have been doing recently. And I was actually wondering about that. So my Amazon thing… So I got my first product up about three months ago and up to about $9,000 a month in revenue around now. I’m finishing up my second month. And then I actually got two new ones coming out in about a month or so, similar products but they'll have enough variations that I’ll do some new listings and stuff so. But one thing that you guys talk about a lot when you guys do your roundtables, I was kind of wondering about. So it seems like there's a definitely a difference, the business model wise and the idea of going after, I’m going to go after one product niche and really build a strong brand and then kind of use that brand to build externals to Amazon as well.
And then there's the other kind of it sounds like this is a little more what Dom does kind of the open brand concept like anything that fits my model for something that's going to sell well, list it and just build an open kind of like a general store almost online and so kind of want to hear your perspective of the two different ways of doing it, and if there's… If you do both like if you, I don't know if you can even have like separate seller's account, do one sellers account for an open brand and one for individual brands or kind of what your experience is with that model.
[00:27:40] Scott: Well, I'm a fan of both, to be honest with you. There's different places of where you are and where you're starting. If you're just starting out and you don't have a clear, I guess vision of a market that you want to go into and you want to tap into, I think the open brand is the way to go. Because then you don't feel like, “I got to have it all figured out.” You don't have to have it all figured out, you just have got to get a product out there and get it selling. So I say that's what I would do. Now, Dom, we talk a lot about the open brand.
The open brand is something that we've kind of partnered up with so I am actually involved in that brand with him. So it's able for us to kind of go in there in test certain markets or trends. If we see something that's going to be trending we can get on it get it get first to market, we've got an edge we might ride that for six months and then that trend kind of dissolves, and then or maybe get a trickle of sales. We're okay with that but it also allows us to test different markets faster. And then if we want we can then build a brand outside of that.
Now, we don't really talk a lot about which no reason why we don't but because we always talk about the open brand with Dom, but you know he's got three other main brands that are private labeling that are successful like seven-figure successful. So he's got that and he's got a ton going on that guy but he's basically, he started with the brand idea. But the thing that he doesn't do with the brand that we're starting to do is building the actual presence, building the person that's going to be the advocate for the brand and building out a true brand.
What he is doing is he's building a brand on Amazon, for the most part, and then there he's just launching all those products that are related underneath that brand. And to answer your question, you can open up multiple sellers account but you have to have approval by Amazon. So if you and your wife are going to each do your own brand, you'd have to notify them, ask them permission, you don't have to separate checking accounts that's usually just all you need that and maybe even a DBA.
[00:29:37] Scott: They don't even actually request that I don't think but at least a checking account. And then from there they'll usually say yes. And you want to definitely at… You could do it without asking him but then the thing is if you don't and then they come back and say, “You're not supposed to do that, we didn't give you permission.” Then you can get suspended and then you have problems. This way here you're asking for permission and most of the time if you tell them a good reason like, “I'm married, we're both doing our own thing, we have two separate businesses, we live in the same household. So we just want to make sure that we're doing everything on the up and up.” And they'll most of the time say, “Yes, no problem.” So yeah if you wanted to do that.
[00:30:13] Matt: Yeah, because that's one of the things that you know at this stage I've watched so many of your videos and so many Ryan Moran videos ,all those big contents. I feel like I’ve good a pretty good grasp on like all the different aspects and all the different business model types, but now I'm struggling with just like with some of the small mechanics stuff like how do you deal with a separate seller's account, how do you drive traffic to your website and build an email list? It's like I understand I need to do that but the how of doing that it's kind of where I’m at right now I’ve done a research and those kind of things.
[00:30:46] Scott: Yeah. I mean if you're at that stage of want to build a list, I don't know if you've watched that workshop that we recently did, but I would definitely encourage you to watch that one because we actually show exactly how we build a list and we’ve done it multiple times now and actually we've got one that we're doing with our current brand that we just started. And we've already released three products to that brand and it's helped us launch the product. So I would definitely say…
[00:31:14] Matt: Is that one of your podcast episodes or was that one of the round table ones?
[00:31:17] Scott: No. It's actually, it's a workshop it's on a replay right now it's going to be up for a while. I’d just check that out. It’s theamazingseller.com/buildlist. And it basically that'll take you to the replay page and it's just Chris and I kind of going through that the strategy but then also how to do it, how to set things up. So I would definitely recommend doing that. To me, that's the best way to do it right now. We're not just going out there and attracting anyone we're attracting people that are in our market that we can then market to again in the future but also create content for them or find content for them and then from there also let them know that we have something to offer them for a discount or whatever, and that's been working really well.
We did one just about two weeks ago now on the first product that we launched this brand, we sent out an email to only 594 people. The list was about 8,000 or 9,000 but what we did is, we said we're going to send the offer to people that actually click on the link inside the email that say that they already have this style of a product. So out of that list, we had 594 they said, “Yes, I have this.” And then from there, we sent them the offer and by doing that, we sold in the matter of five days, we sold I think over 150 units at 50% off by the way too. So it wasn't like we say, “Well we're going to give away for free,” or anything like that. We made I think was $160 profit just from doing that which most the time you're losing money on the first set of giveaways. So works really well but I would definitely recommend that we're excited about doing that now.
[00:33:01] Matt: Yeah. It's very cool. Now, so it sounds like… Again, kind of been watching you, I've been listening to your podcast for a while now it sounds like there's kind of a shift in like the long strategy from used to be, and I see this even with other sellers, you used to be able to give as much of this away as humanly possible, do that for a while, give away 200/300 units and then hope that can kind of rank. So I don't know whether it was this dumb luck on my first product or just worked out, but I basically sent an email to my classmates to some former Marine buddies, those people on my current job, family stuff like that, I got about 30 or 40 full price sales in the first week, basically 100% from people I know, and then I got to about 10 reviews and then turned on PPC and then started kind of ranking from there.
It took about three weeks to get up to like page four or five and then actually I was listening to one of your podcasts specific to PPC spend. And I think you had mentioned you're like yeah it's not really worth it to spend anything less than about $25 dollars a day and I was only spending with $10 or $12 a day and literally the day I heard that I brought my campaigns up to 25 bucks and in like five or six days I was up on the first page and I've been there ever since. And so that was huge. So I don't know whether I got lucky with that first launch without having to do any giveaways or email blast or anything like that.
[00:34:33] Scott: I think it also comes down to you know like the product that you picked probably and I don't know but it probably wasn't like super, super competitive where you had to had to giveaway like you know a ton of units to rank and to start moving the needle. You know I mean? So that's really what we're… We've shifted recently I'd say in the past like six to eight months, to where we're only looking at products that we feel like we can rank well for without having to dump a ton into like a push to get it going. Like if we can just get 20 sales a day for five days and 50% off sales, then I think we're going to be okay and then turn on some paper click 25 bucks to get started and kind of go through that process and that's been working well for us as well.
So did you get lucky? I don't really think so. I think that you went out you got 40 sales somehow some way who cares. Right? You got those sales and that just got you kind of you know seeded into the rankings but then it took a little while for you to start moving up which that's normal. I always tell people you've got to wait at least five to six weeks before you can determine if you're moving up as long as you're not just sitting back trying to let the phone ring. I guess some people say, “I launched and I'm not getting any sales.” I’m like, “What do you do to launch?” Like, “Nothing. I just listed my product.” “Well, you didn’t launch.” So we got to spike to sale volume a little bit and get things moving. But anyway, I think that's a great way that you did it, and it's working so congratulations on that.
[00:36:14] Matt: Thanks, appreciate it. Now the last big ticket thing I was wondering about is… So you guys talk a lot especially recently I feel like driving external traffic, creating a website that pushes all the content, kind of building that user base and things like that which I think is awesome. I totally agree with your guys kind of theory that you know that that's a long-term success play is to build a successful multichannel brands. I'm trying to kind of dabble and all that stuff at this stage, struggling my way through building a website, been trying to figure out social media pay-per-click on Facebook all I can do stuff kind of stuff but I kind of wonder if it’s especially I know Ryan Moran he kind of does, he is like, “Hey, for year one just get products to Amazon like it's all about Amazon don't worry about the rest of the stuff.”
And then you kind of start to build other channels. So I wanted your perspective on whether you would have started earlier with some stuff you're doing now, if you could have or if you think you know kind of focused the first year just on getting some products on Amazon and then after a year of success maybe you worrying about the other channels. I want to hear your perspective on that strategy from that standpoint.
[00:37:34] Scott: Yeah, I would say that the thing that I would do right now if again if I'm going to be launching a product, number one, I need to make sure on the products selection side of things that I'm picking a product that I don't have to do a crazy, crazy launch thing. So that's the first thing and that means low reviews with still enough sales. And for me, 10 sales a month is enough. A $100 profit per product is what I'm shooting for. Okay? If it does more net, it does more net that's great. But what I would do no matter what the product is, is I would build an email list for that particular product in that market.
Even in the open brand, that we talk about, we're building email lists for those different product types in those brands. Because what we want to do is we want to be able to tap into like five markets let's say. Let's say we have one in home and kitchen, we've got one in toys, we've got one in sports, we've got one… I don't know in camping like whatever. Right? Well, we can then build these little mini lists and to build these lists, we're not talking you have to do like a ton of content either, we're talking like we just want to get people that raise their hand that we know are our ideal customer or potential customer, and the way that we're doing is, we're giving away something to those people in exchange for their email.
So for example, if you're in the fishing market, well you would just give a big package away like maybe two fishing rods and a net and a vest and maybe you just happen to sell tackle box. So then I would take that stuff and I would do that from day one like I would do that from day one, it doesn't matter if it's an open brand, it doesn't matter if it's a main brand, and I would do that and then I would build up that email list. And we've done it multiple times in multiple markets and every time generally we let it run for 30 days we spend probably about a grand, probably about a thousand bucks, and we generally get between, I'd say 4,000 to 8,000 emails from that spend. Yeah and these are people that raise their hand because they're interested in winning this thing. Now some people say, “Well yeah but they want to win something.” But yeah these people are also people that want to win stuff in our market. That's the big thing.
[00:39:34] Scott: You know when we're talking about like belonging to a deal site or a review group, it's always about people that are raising their hand to just get a deal, a discount on anything. We've taken that part out of it now we're saying we're only going to focus on these people. Now the second part of that is like you said like, “Well, then I got to make a website, then I got to do content,” you don't really have to. You can do like something simple. Use click funnels or use Lead Pages or just use a little WordPress template and then just start collecting emails there with a little, thank you page. It doesn’t have to be that complex. The only thing I would say is, I would definitely send those people different things that can help them in that space.
So again maybe I don't have content. Well, I'm going to go out and I'm going to be the reporter and I'm going to find that content and then I'm going to let those people know. Be like, “Hey you know I just found this awesome fishing video of you know this guy and his son and they caught like I don't know a three pound bass or something.” Right? “And it was crazy on what they caught it on you'll never believe it.” And then I would go ahead add a link to that video. That's it. So I'm just giving them some content.
And then maybe in the PS, I might say, “Oh, by the way, we're having 25% off sale on all of our tackle boxes.” That's it.? So again I would do that and send out at least one email a week. And maybe it's like maybe like I said, maybe you're the reporter in the market right now because you don't want to create that content then that's what I would do just so you can engage with those people and let them know that it's yes they signed up for a contest but you're also the one that they're going to want to pay attention to because we're going to deliver you know information in this market.
So you don't have to worry about going out there looking all the social media channels. The other thing with social media is I would say, okay figure out the number one place where your customers are hanging out, that would be the one I’d focus on. I wouldn't do Instagram and Facebook and YouTube. If they're all kind of hanging out in those that's fine but there's always one platform that they seem to be hanging out more. And that would be the one that I would probably focus on the most if you're going to create your own content. But in the beginning, again, you don't have to create your own content, you just have to be the one that's going to deliver the content. So that's what I would do.
[00:41:36] Scott: No matter if I was starting and thinking I want to build a big brand or if I was going to just do an open brand, I'm doing that. I'm going to figure out what I'm going to give these people and then from there, I'm going to attach my product to it and if all the people that didn't win, guess what they're going to get as a, “Hey, sorry you didn't win the email? Sorry, you didn't win but what I want to do for you guys because everyone's a winner is I want to give you guys 25% off of my tackle box.” Something like that.
[00:42:01] Matt: And you’ll still get a sale.
[00:42:03] Scott: Yeah and you'll get a trickle of sales. To me, that's what it's all about. Then the other cool thing is you do with that list, that email list, now we can upload that to that to Facebook and we can start running Facebook ads to these people. We can also do a lookalike audience of these people. So we don't just use these people as they're going to just buy from us they're also going to help us share our content, they're going to also be able to see other products but they're also going to see all of the other things that we post and we publish.
[00:42:33] Matt: So from this list of just kind of generic email addresses, how do you use that to find your Facebook targeting metrics?
[00:42:44] Scott: Yeah, well I mean I think what you're asking is, “How do I find where my market's hanging out?” Would that be?
[00:42:49] Matt: Yeah.
[00:42:50] Scott: Okay. I mean well, I would go to Facebook groups and I'd see where they're hanging out. I mean if you type in you know like bass fishing, you're going to probably find groups or you going to be on Instagram. Maybe yours is on Instagram. So then you say, “Okay, we'll have to go to Instagram.” And we actually did this as a case study we did it at one of our live workshops and we found that our market was hanging out for this case study was on Instagram. So we basically went out to an Instagram page that had a couple hundred thousand subscribers or followers, and we offered to pay them to put a post-up and they said, “Sure.” And they took our money and then we posted it.
And I think we did one for 25 bucks and we did one for 125 bucks. The $125 spend was a million people that were following that page. So yeah again it's just figuring out where they are and I think if you just go into those platforms and you kind of already know. But when you start to run Facebook ads, that's when it really can tell you who your market is because you'll see 35 year old you know men that make between $40,000 and $60,000 a year. You can see the data. Then really start to narrow down your target and then start spending more money on the ones that really matter versus saying, “I'm just going to target everyone from 20 years to 40 years old or 20 years to 60 years old. And then you can start to understand your market that way too.
[00:44:06] Matt: That’s awesome. So with that giveaway, I've already kind of mentioned that before, I think it’s an awesome idea. How do you actually launch that giveaway? Like you do that giveaway on Facebook or do you somehow drive traffic to your own website where the giveaway exists or..?
[00:44:24] Scott: Yeah. Well, the first thing is, like I said, if you don't already currently… if you're starting from scratch you don't already have a Facebook page or a group or anything like that, then you have to start on an advertising platform or you have to reach out to someone that has an established page already or an Instagram account or whatever and then you're just going to drive people back to a landing page on your website or just all that is a landing page it could be just Lead Pages, Click Funnels or just a WordPress blog with just one page on it that's it.
And then from there, they would land on that page the minute they would enter the name and their email address, then they would go to a thank you page. And on that thank you page, it would then encourage them to share the contest with friends and if they do in exchange for everyone they get to sign up, they get three people to sign up, they'll get an extra entry or something like that.
So that's kind of how that would work. But if you already have one, like we already have like in our new brand we already have about 3,000 Facebook people following us but we also have about 700 in a private group.
So now immediately we're going to just the next contest, we're going to send out to those guys so this way here they can start it you know kind of get it moving and then we’ll fire up Facebook ads. But if you're just starting and this is what we've done in the past is, we’ll take Facebook ads we’ll find whoever they follow or what they're into and then we'll target those pages or those different types of people and then we'll just start running an ad to them and we'll see how it performs. And then once it gets rolling you're going to see it's going to start to shared and once it starts getting shared not on Facebook, on your own platform, the contest itself that's where it can start to get some viral reach.
[00:46:03] Matt: Okay. So you can actually post… So let's say you had you know if your fishing example, you find the ‘We love bass fishing Facebook page’ or whatever with 50,000 followers you can specifically run an ad within that group? Is there a way to do that?
[00:46:19] Matt: Yeah. Some you can, some you can’t. It's weird. It's like some pages it will show up and you can target it and some you can't. So an easy way around that is to just once you go into your ad settings you're going to be able to go into targeting and then you can start just putting in like, bass fishing, and then things are going to start to give you suggestions. So it can almost kind of help you through that process if you don't know where to start. Or you might know a well-known fisherman that's on TV you might go to that or maybe it's the fishing channel you know. Or maybe it’s a certain TV show like if I was going after something for like the show Gold Rush I’d put in gold rush on Discovery and I would find that and then people that follow Gold Rush would also be able to see my ad.
[00:47:03] Matt: I see. So you figure out kind of the psyche of the person you're targeting and then you can use those groups and those keywords on Facebook to make sure the ads make it to them?
[00:47:12] Scott: Exactly, exactly.
[00:47:16] Matt: That's awesome man, that's awesome. I know you said you had half hour, sorry I took up some extra time here from you but you had so much good information.
[00:47:27] Scott: Yeah. Is there any other last questions you wanted to ask before we hop off?
[00:47:31] Matt: Yeah. I'm sure I would have talked you for hours if I could, but now I think that's really great perspective. I know we kind of did some stuff up front that I’ll definitely share with the class kind of entrepreneurial kind of stuff. I appreciate you also taking the time to talk through some of the Amazon stuff as well specific to me. Now, I watch all your podcast stuff I swing by your website from time to time. Is there any other stuff of yours that I’d click on? Are any other groups or things like I can follow and support you and just kind of keep getting some of the content as you guys are coming out with it?
[00:48:08] Scott: Yeah. I mean the only thing is really to make sure you subscribe to the iTunes channel you know and sounds like you've already done but just subscribe that way you get updates. And then as far as like you know where we publish I mean everything it's kind of published on the Facebook group for TAS and that's pretty much it, that's how people kind of get into the world of TAS is really they start with the podcast, then they want to either go through those so they will either do it on their iPad or iPod or iPhone or whatever they're consuming it with, and then use it generally go over the to the blog and go through that stuff, and then maybe go to one of our workshops that we've done in the past. So yeah I'm just about creating an experience for people to kind of go through and kind of like the motto of like just-in-time learning so just you know don't consume everything just to consume, but consume what is going to help you like right now.
[00:49:05] Matt: At the time.
[00:49:05] Scott: Yeah. I think that's the best advice anyone can receive from anywhere for that matter. But I mean theamazingseller.com is the main home base and then the podcast is really… I mean we get a lot of listeners. So you know that's kind of where all starts and I love that because then people can decide if they really want to consume more of what I have to offer or my guests by listening and what better way to do it than through a podcast. Because you kind of, like you said, you're only doing that one thing you're not like bouncing around on YouTube.
[00:49:39] Matt: Yeah. That's all. I was tuned from my driver I'm working with. I got about an hour commute each way so this is so I get to listen to a couple of hours a day of good content, so it’s awesome. I always see a lot of these guys kind of monetize their training programs or stuff. Are there any thoughts from a business standpoint for you growing this into a monetized course or like a closed group where people kind of share ideas and things like that? I know it seems to be a lot of sellers take once they kind of get a big online following.
[00:50:11] Scott: Yeah, Well, we've actually already done that. So you know we have a private class called, The Private Label Classroom. It's been out there now for just over I think almost two years now. So yeah it's funny because we don't really publicly put it on the podcast, we don't we don't really put like banner ads out. The way that you usually get introduced to that is by attending one of my workshops. And when you get on a workshop, I teach you for probably about 60 minutes and then we talk a little bit about the class and if anyone's interested they can jump in and if not that's cool too. That was all created because I had people asking me to coach them. Like, “Would you coach me?” Would you do one on one? Would you do group?” And I was always like, “I don't know if I want to get into that.” So I said if I was going to do it what would I want and then people said they wanted accountability.
So we have a Facebook group that's just for the class. We do monthly hangouts where we jump on and we go through any questions and we answer them or anything that's updates or anything like that. And then we update that stuff and actually, we're getting ready right now to do a close on that. We usually keep it open all year but we usually close it down a couple times just to do updates and get things reorganized, we also have some updates inside the members area to make it easier to learn and consume. So we're always doing that stuff. So that's been something that we've been doing for a little while now and yes… I'm always about giving and I love it that you haven't even really heard about that because I don't push it on you.
[00:51:42] Matt: Yeah, I've probably listened to 60 or 70 of your episodes at least, if not more.
[00:51:45] Scott: Yeah. And most people would be like, “Oh, man you should just be mentioning that all the time.” My biggest thing is I want you to really consume the information and when the time comes, you're going to either ask me if I have something or you're going to find it by being on one of the live trainings that we do. Other than that, I don't really mention it because again I don't want to be one of those guys that just pushes it down your throat. It's there if you need it and if you don't just keep consuming the information.
A lot of people want it organized and structured and that's what the class does and it also gives you a more interaction with me and we get out to hang out like I said live every single month, and we record those, and I have special guests on and all that stuff. So I do have something that does that now I do have that brings in revenue for the podcast. So yeah and again it's something that was never planned when we started the podcast it just kind of happened.
[00:52:38] Matt: Yeah. Very cool.
[00:52:39] Scott: So let me ask you this. Generally, these Skype calls come in and they're recorded. Would you care if I shared any of this with my audience?
[00:52:48] Matt: No, not at all.
[00:52:49] Scott: I think this was pretty cool actually.
[00:52:51] Matt: Yeah, I think was awesome and I think the interesting thing coming from… And I've told people since I got started. I have so many people that are literally trying to like give me money so I can invest in this. So that’s kind of interesting to hear about your partnerships and stuff like that because actually, I guess that is kind of one parting question I had was from a partnership standpoint. Because I literally had people, people in my business class kind of hire up exec of big companies and stuff, they're like, “Hey, I got $30,000, $40,000 I'd love to invest it somehow and I'm trying to figure out how because I'm not quite ready to take on investors yet,” but I'm trying to figure out to, do I you know launch a new brand under a different seller's account and go 50/50 with a friend just on our own brand or do I kind of you know “Hey, I’ll give you know if you invest $20,000, $30,000 for my next merchandise purchase and give you a return at X rate or whatever.” So I was kind of wondering how you structure since you're kind of dealing with some partnerships now. How you kind of structure that kind of thing, whether you do it as like a debt thing or like going to shared equity kind of thing?
[00:53:57] Scott: Yeah it's not an easy thing, to be honest with you. When I first started this again one of those things I said to myself I’d probably never partner because I had a bad experience with partners. Actually, my father did in that business in the construction that was a big lesson I learned from that. And I swore I would probably never going to a partnership other than with my wife. Now, with that being said, I also started to see opportunities that I could potentially capitalize on and also help someone else that might not have the strengths of mine and I don't have theirs. So it is a little challenging because you got to figure out how you're going to divvy it up in kind of like who's going to do what.
But it's been pretty easy for me to decide if it's the right time or not because they kind of worked themselves up by just a casual conversation and then from there saying like, “If we were to do this is what it would look like.” And I'll just give you one of the more recent ones. I partnered up with someone and the reason why I did this was because I’d seen the potential in this brand long term and I'd also seen that they were someone that could be really good as the front person. So I’d seen that they could drive the business, they could do Facebook lives, they could get an audience built, people could fall in love with them, okay. And then from there, the product would just be like, “Yeah, sure I'll buy it because it's part of you.” It's kind of like Oprah promoting something just not on that bigger scale.
[00:53:21] Matt: That’s a huge asset to have.
[00:55:22] Scott: Exactly. So when I’d seen that I'm like, “Okay, now this person doesn't really know all that much about the marketing side of things and how to do things externally and even really even to optimize it fully on Amazon.” So that's when we came on and I said, “You know what, we'll do this but if we do, it's going to be 50/50.” So that was the terms. And also the other stipulation was that we're going to reinvest back into the business until, I think we said like six to eight months, but then we want to also take a look at it and see if that's the time that we’ll start pulling or if we just continue to roll it back in until we build it to where…
Now, there is a good friend mine, Mike Jackness, who did the same exact thing that I'm doing right now with a partner and they built… They've got a brand that’s a seven figure brand they did it in less than two years. But they haven't really pulled any money out of it yet. So you know what I mean like and I think this year they have to because you know they have some profit in the business, and their accountant’s saying, “You kind of have to you, gotta start doing payroll,” all that stuff. But the thing is like you've got to have these rules and stuff up front you've got to have a good relationship with that person. I wouldn’t say just do it for hey loan me $30,000 and I'll give you know 10% of the return and that's fine and all but I don't know. I want that person to have as much interest in the business as I do so that way there they’re willing to push it not just…
[00:56:44] Matt: They've got to buy in.
[00:56:45] Scott: Yeah. So that way it's not as you pushing forward. You know I love it…
[00:56:50] Matt: Now, would you structure that under, for example, you just talked about the example with your friend. So they've got this multimillion dollar business now. Now, if they had built that under like one person seller's account, now you get a business that's maybe kind of hard to sell, kind of hard to unwind that from other products so I kind of wonder would you go like a partnership like either an LLC or something like and then a brand new sellers account, and this kind of completely separate everything out before you got started or would you kind of grow that under the account you already have and then try to maybe spin that off later?
[00:57:28] Scott: I would probably try to do it wherever it's going to make the most sense for the both of you. Like you already currently have something, so if you have something but you're going to start into a brand new market and that person isn't already selling, then I would probably start one in their name and start from scratch so that way that you don't have that problem. What we kind of did with this partner is they were fairly new in the Amazon game, really didn't have a lot of movement, a lot of you know a brand established.
So we just kind of went in that brand kind of like rebranded it in a sense. So that way there we were kind of already rolling but at this stage of the game it doesn't really matter because there's not a mixture of products it's not like an open brand. So I think it’s going to depend and I know that's not really an answer 100% of what you have to do it but it is. I mean every situation is going to be different and you got to do it what you're comfortable with.
I come from which I probably shouldn't but I come from you know the old days when you know a handshake was a deal you know what I mean? But you know nowadays, just to be smart you got to get something written up and you know depending on how much risk you want. You know if you're like, “You know what… and I've heard by the ton of stories about people not just in this space but just business general where they had a handshakes and then it just went bad. So I think you just have to go…
What are you going to be willing to be okay with, and sleep at night, and how much trust you have in that other person? But I would say definitely in LLC you definitely should do that and then and you might maybe want to just have something drawn up. You know simply that states a few of the things that are important to both of you and then you go off of that. But I don't know a lot of times I think that that stuff can get in the way of something that could be great. So that's why…
[00:59:23] Matt: Yeah, that could be in the exact same thing because I got some friends close friends former fellow Marine Corp officers trustworthy people that I would certainly have a lot of trust in and one friend of mine. We already looking at some products and we're going to order in some samples and I think about that there's I really want to do this and is going to take off and run with it but I'm also going to focused them on, I go we're going to set up an LLC which is actually kind of time consuming and expensive in California.
We've got to set up a joint checking account, we got to set up by all of this and something like just the mechanics of setting up the partnership is kind of keep detracting from finding a product and getting it to market. I think it's probably important to do a lot of stuff up front but it is a little daunting thinking they like I could probably get something up and selling in six weeks if I didn't have to spend the next month or two worrying about all this like structuring kind of stuff….
[01:00:16] Scott: Yeah I get it.
[01:00:17] Matt: A little patience upfront will pay in the long run but’s it’s kind of hard when you just want to get more product online and get up and running fast.
[01:00:25] Scott: Yeah. I hear you, I hear you. Sometimes it does it does feel like that. I was fortunate like I said because they already had something in place that we were able to just kind of go into but if we had to start from scratch we would have an earlier era right it would have taken probably an extra six weeks. But that doesn't mean we couldn't really like get everything lined up. We could still get our products picked and do our product research and do our sourcing and maybe even put a down payment. In that way it’s getting in production, so that way there were ready to go live when we're ready we don't have to wait until that's done, because there's a lot we can do in the meantime. Anyway, but partnerships, they can be very powerful but they can also be a bad thing if it doesn't work out. But again if you got to be aligned.
One little tip I would say for anyone thinking about partnership is just making sure that there's an equal amount of strengths like you have strengths they have strengths. There's things that this one partner does that I either can't do because I'm busy with other things or that they're just better than me. And there's things that I do that I might be better than them at some things because I'm more experienced. It's funny I talk to my good buddy Dom you know Dom Sugar and he's always like, “I got to learn this funnel thing. I have to have you guys sit down and really show me how to do.” I go, “No you don’t. We got that. You worry about finding the product, the sourcing, you're good at that. I don't want to work on that I want to work on the funnels.
That’s what I want to do. I love that stuff, we want to do that stuff don’t worry about it.” “But I want to know how it works.” I go, “You can know it works but just don't worry about having to implement it. Let us handle that.” But I get it because I'm a lot like that too. I want to know how everything works, how everything operates so that if we have something happened, I can jump in. Again it's that safety net that comes in. If that guy doesn't show up to work, that job doesn't get done, well I got to step in and then get the job done. I totally get it but yet it's funny story with Dom. So is there anything else? I mean I think we've got to wrap this up here pretty soon. But is there anything else said that you had that you wanted to discuss?
[01:02:35] Matt: No. That's awesome. I think I got a whole week's worth of research and to do lists just from this conversation. That was a huge help for the class that we’ll kind of discuss this stuff and for me to grow the Amazon brand and stuff. But I look forward to checking out the… I don't think I've seen any of your workshops yet, so I will definitely check out some of the videos there and get signed up for the next one and keep following your stuff. I hope to keep in touch and pick your brain from time to time and do whatever I can to kind of help you out if there is anything I can do as well.
[01:03:09] Scott: Absolutely, Matt. I definitely I would say, keep in touch, let me know how you're doing. It sounds like you are doing amazing, and if you have any questions or anything you know where to get in touch with me and I think it's awesome that you launched a product as you're going to school and all that stuff you've got a new baby, you’re married, all that stuff. So I just love it because so many people say, “Scott, I don't have time.” I'm like, “Listen.” I was going to say, listen to what you just said you're up to Matt. Like I mean come on like you don't have time, but you made time you figured out a way and you got it done and now you're at about $9,000 a month so that's cool man. So yes, this has been great. So like I said, keep in touch. Let me know how you're making out if you need anything else for the class or whatever like that. If anybody had any questions or anything on your studies let me know and if I can help, I will.
[01:03:59] Matt: Awesome. Thanks so much for everything Scott.
[01:04:01] Scott: All right Matt. Take care bud.
[01:04:03] Matt: All right. You too.
[01:04:03] Scott: All right. Bye. All right. So I hope you enjoyed that. You can see that it was a private call between him and I. You can even hear in that interview where I asked him if it would be okay if it were to air this, and he said, “Absolutely. Definitely share away,” and he was blown away too because he was like and I didn't plan this thing turning into a coaching call it just kind of did and well you guys heard it.
So hopefully you got a ton of value from that and I just want you guys to understand like you could hear everything that I was saying in there before I was even you know knowing that this was going to be aired. Everything I talk about is exactly the way I feel, I build and I want to build a lifestyle business or businesses that support my lifestyle, that's what's important to me. And if you really understand that, you can do the same whether it's this business model or another business model it really doesn't matter you just have to understand why you're doing it that's why I always go back to figuring out your, why.
So if you know why you're doing it, it's going to be a lot easier to push through and when you say you don't have time, go back to this interview or this conversation, this private call that I recorded with Matt, and listen to what everything or everything that he is doing. Going to school full time, still working, having a kid, having a wife and all that stuff. Just go back to listen to that if you ever think of yourself you don't have enough time. So that’s it guys that's going to wrap it up. Remember as always I'm here for you I believe in you and I'm rooting for you but you have you have to… Come on say it with me, say it loud, say it proud, “Take action.” Have an awesome, amazing day and I’ll see you right back here on the next episode.
LINKS MENTIONED IN THIS EPISODE
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