TAS 640 Ask Scott #200 – I Need Cashflow FAST – What Should I Do?

When was the last time you took a serious look at the direction of your ecommerce business? Are you hitting all the milestones you’ve been aiming for? If you need a little boost to keep you going, you’ve come to the right place! It is time for another session of Ask Scott here on The Amazing Seller. On this episode, you’ll hear from Scott as he shares his thought of the week, answers a question from a TAS follower like you, and much more. Don’t miss a minute of this engaging episode!

Build for your future right now!

Often those who want substantial financial success are too impatient to make the decisions that are needed to reap that type of benefit. Put it this way, most young people are too impatient to invest their money into a savings account for their future but by the time they are knocking on the door of retirement, they’ve lost their advantage! If you don’t make deliberate decisions now to impact your future, it will be too late. Listen to this episode of The Amazing Seller as Scott shares a helpful example from his family life that illustrates this important lesson, you don’t want to miss it!

Scott’s 6 steps for quick cash flow.

What would you do if you were strapped for cash but wanted to start growing your funds to start an ecommerce business? What would be your first step? Would you work a side hustle like driving for Uber or would you try to pick up a second or third job? On this episode of The Amazing Seller, you’ll hear from Scott as he shares the six-step process to get some quick cash and start an ecommerce business.

  1. Start selling items through retail arbitrage.
  2. Find your market and sub-niche down. Then validate the potential for growth.
  3. Begin your product research process.
  4. Start producing content for your brand with blog posts, videos, or social media.
  5. Build an email list.
  6. Repeat steps four and five consistently.

Would you add anything to Scott’s list? Have you started the road to building your ecommerce business yet? What are you waiting for? Here you have an easy to follow guide created by an expert! To hear Scott expand on each step, make sure to listen to this informative episode!

Do you have your copy of Ecom Business Formula yet?

If you’ve been around the TAS community for very long you know that Scott wants to help as many people as possible as they seek to build their very own ecommerce business. Have you grabbed your copy of Scott’s new ebook yet? In it, Scott has a detailed and easy to follow formula to build an ecommerce business from the ground up. If you think you have all you need for success, why not take a look at Scott’s approach? What do you have to lose? Check out the link the resources section below to get your copy today!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

  • [0:03] Scott’s introduction to this episode of the podcast!
  • [2:45] Make sure to grab your copy of Scott’s Ecom Business Formula book!
  • [4:20] Scott’s thought of the week.
  • [9:20] Question: I need cash flow quick, what should I do?
  • [11:10] Scott’s 6 steps for quick cash flow.
  • [19:15] Scott recaps all 6 steps.
  • [21:00] Closing thoughts from Scott.

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TRANSCRIPT TAS 640

TAS 640: Ask Scott #200 – I Need Cashflow FAST – What Should I Do?

[INTRODUCTION]

[00:00:02] Scott: Well, hey, hey, what’s up, everyone? Welcome back to another episode of The Amazing Seller Podcast. This is Episode #640 and Session #200 of Ask Scott. This is where I…

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…answer your questions here on the podcast and I do every single week. We’re going to do it again here today and, yes, I did say episode or Session 200 which is insane that that means that for 200 weeks and actually it’s been a little bit longer because I skipped a few Ask Scotts to actually talk about a few other topics or whatever, but there have been 200 sessions of me coming on and answering questions from you, the listener, and I want you to keep sending them in. So, if you have not done so when you want to, head over to TheAmazingSeller.com/Ask and you can do it there in a voicemail and a comment. You can also head over to the YouTube channel at TheAmazingSellerTV.com and you can ask a question there.

And actually, today's question does come in from a recent YouTube video that I published and it was actually also a Facebook live that I did. I've been actually recording or actually showing up live on Facebook answering questions and talking about certain questions or topics and then from there, if they're good, if I think that they’re valuable then I will go ahead and repurpose them and I'll put them up on YouTube. So, if you've been not paying attention to my YouTube channel, you might want to head over there because there's a ton of great content over there. You can also ask questions and that's where this one came in today. So, if you do have questions that you want me to answer over there on the old YouTubes, head over to TheAmazingSellerTV.com and you can do it over there and I do read all the comments and I do reply so definitely head over there. And while you're there, do me another quick favor and subscribe to the YouTube channel. That would be awesome and then click that little bell icon so that way there you're notified when I publish new training videos over there. So, again, that's TheAmazingSellerTV.com.

[00:02:03] Scott: All right. Now, before we jump into this question and I'll give you the question right now and I'll give you the brief version and then I'll read it to you but it was, “I need cash flow now, Scott. I need it fast. What should I do?” All right. That's what we’re going to address because there are things that you can do to get cash flow coming in quicker and then we can be doing other things in the background that we’re building towards and working towards and that's what we’ll be talking about. So, I do have some ideas there for you that I know can get some cash flow flowing as you would say. So, before we do, I did want to remind you that if you have not grabbed your copy of ECOMBizBook.com, well, you should because I've gotten a lot of great feedback so far. Depending on when you’re listing to this, it's been out for about two-and-a-half maybe three weeks and then it has been getting some really, really good feedback.

And what it really is if you're just hearing about this for the first time, it's really a way to validate whether it's your current market or maybe you don't know what market you're going to go into, it'll help you get very clear on that. It'll also validate the market, find the submarkets of sub-niches as we call them, and then from there, finding the products, finding the traffic, knowing if you can build this thing out to be a future proof brand and that's really what we go through in this 10 step formula that's inside of ECOMBizBook.com. So, if you haven't grabbed it, go over and grab it and you can find that over at ECOMBizBook.com. Nice little easy link to remember there and, yes, you will buy me a cup of coffee so I’ll just throw that out there. You guys know I love my coffee but it is something that I believe will add a tremendous amount of value to you and even if it just validates your market, gives you the roadmap that you have to go out there, and execute on it will be well worth that cup of coffee.

[00:04:05] Scott: All right. So, go grab your copy. All right. So, before we jump in, I got one more thing, one more quick story I want to share with you. You guys always know I like to share my story on the Friday episodes and this one is pretty cool. This just happened yesterday and it really goes to prove that when you take action, you may not see the rewards right away but you can in the future and there's something that happened recently with my daughter, Kayla, who actually last year around this time but 11 months ago now, we went to a Yankee game. So, you guys know, longtime listeners, that I'm a Yankee fan and I have been for years. My father raised me that way. And now we’ve raised our kids that way. And so, my daughter was a big, big Aaron Judge fan, huge Aaron Judge, probably the biggest, everyone says they’re biggest, the biggest fan out there.

And so, we went to a game last spring, spring training in Tampa and we watched the game and Aaron was playing and he just came off the season with an injured shoulder so they’re rehabbing him but it was in the game and we were right front row right by the dugout. So, every time he came off in right field, we would see him, he’d smile because we had these big obnoxious signs up and he would see us. So, my daughter, Kayla, wanted to get his autograph. Of course, what kid doesn't want to get Aaron Judge’s autograph, right? So, he came over. He fist bumped her which was amazing and he said, “I'll come over later and give you an autograph,” because we had a ball ready with a pen and he was coming off in innings. Well, about the fourth inning, he disappeared. He left the game and he went down in the trainer’s room probably and either got worked on or had some rehab done like whatever, whatever he had to do. Never came back. So, well, Kayla was heartbroken you know. She's like, “Oh my God.”

[00:06:01] Scott: She was crying and she was upset and I get it. She's a 10-year-old kid then. She's 11 now and so we got home and everything and it was still cool. She got a fist bump and he smiled at us. He’s seen us because we were so obnoxious with our signs and so, long story short is my wife found the address to send in letters and actually found even to send one to his parents’ house and so we sent him a couple of little notes. One had a picture of us so he could see the whole family with all of our signs up so he would remember and then basically Kayla wrote him a letter saying like, “It was such an amazing experience to see you and have you fist bump and I really wish I would've gotten your autograph you had said you were going to but you had to leave because you had something with your shoulder and I understand and here's a card. If you could just sign it, that would be amazing.” Well, it's been over 11 months and we got nothing. Well, yesterday we have this envelope in the mail we had we kind of forgot about it, to be honest with you.

And so, we just had this little it was like a little just a little 5×7 envelope and there was no return address to it but it was addressed to Kayla. So, we left it there for when she got home from school and so she comes home from school and they start to open it and then immediately my wife knew that it was the card and it was the note. So, he sent everything back that we had sent and he had autographed the baseball card. So, yes, she was excited, we were excited, everyone’s excited, but my point is this. If she never took action and wrote that letter hoping that he would write back, not knowing, it's a gamble in a sense but because she did, it paid off and that's just like us. You might put out a piece of content today that doesn't get any traffic or any traction and then 11 months later it does or you might launch a product today and it doesn't really take off but you keep working at it, you keep working at it, and eventually, it starts to pick up.

[00:08:05] Scott: We have to understand that the more that we put out there, the chances that we or if we increase the amount of times that we do something or that we actually put something out there, there's a better chance that something can happen and that's really what I want this little Aaron Judge in my daughter’s story to bring back full circle is that you never know unless you do something. Now, she could’ve sat there and said, “I wish I would've written him a letter. I don't know if he would’ve sent back,” but because she did, she was rewarded with that letter being sent back which was pretty amazing and you got a little 11-year-old. We were all happy, it's exciting, and now we’re looking forward to going to spring training again this year which we have a game coming up again. So, yeah, we’re pretty happy. Anyway, always know that taking action is the best thing that you can possibly do in order to get a result. If you don't take the action, can't get a result and the effect here was and I always say to take action effect. The effect here was she got it returned, she got the autograph, happy kid because she went out there and just said, “You know what, I’m going to give it a shot.”

[Q&A]

[00:09:09] Scott: All right. So, let's dive in. Let's go ahead and let’s read this question. Normally, I say let's listen but let's read this question. Now, this came in from I’m going to try to pronounce the name, Salima, I believe and it was from YouTube. The question reads this. Okay. “Love these videos, Scott. Thank you. Would you recommend starting selling a product on Amazon for cash flow if you cannot decide on a brand and have already spent a lot of time on product research or do you recommend building cash flow in a different way and build a brand on Amazon slowly? If you were starting needing to get cash flow, going to that 9-to-5, what would you do if you are in this point in your life?” All right. So, it's a great question. Now, there's a lot of variables there and I got six steps here I’m going to give you, okay, and anyone else listening right now.

Okay. If you're in this situation, this is what I would do. Okay. Now, I have different qualifications now because there are things that I've done and I always kind of try to remind people that as you're working through this, as you're learning the process, you’re learning, you’re building skill sets. So, right now where I am at this part of my life, I could probably go out there do some business consulting, I could probably just go to a brick and mortar and do some business consulting. I could probably go probably even talk Facebook ads and get some local targeted traffic to these local businesses. I could do that. I know I could. I’ve got the skill set now. Okay. I could do that. So, again, look at your own set of skills that you have, what can you do? Even if it's not in the Amazon space, what can you do to bring in cash flow so this way here that can fund your branding and your slow build which I'm a fan of the slow build, to be honest with you. And I say slow build, 12 to 18 months. That’s about the runtime on building this thing out.

[00:11:02] Scott: So, here's what I would do, okay, even if I had no really big skill sets at all that I can lean on which I think we all do but let’s just kind of take it through these steps. Step one, I would go and start flipping products on eBay or Amazon or Etsy. Okay. What I mean by that is I would go buy stuff at a low price and I would then resell it. We also call this retail arbitrage, product flipping, thrifting, whatever you want to call it but basically, we’re finding stuff that we can then resell. I would even put an ad in the classifieds, “Hey, I’ll clean out your garage for free.” You clean out the garage, you find a bunch of stuff, and you sell the stuff on eBay and you make a profit. Like you could totally do that. You’re going to learn the eBay system. You're going to learn the Amazon system that if you have anything you want to sell on Amazon FBA or even if you wanted to do, fulfilled by merchant, Etsy, you could totally do that. Maybe there are things that you can make by hand and then sell them 10 at a time.

You know, I look back at us selling our wooden bridges and you guys probably know that story if you listened for a while. My wife and I found these wooden bridges and we started to flip these little garden bridges for $130 a pop paying $20, $30 for them. So, we did that for a while so always looking for those opportunities. They’re out there guys. My son recently he was out there and he’s still doing some retail arb on the side. He’s going to school full-time.  He’s like, “Dad, what can I do to bring in a little bit of extra cash?” I’m like, “You can go ahead and start flipping some products. Do it on eBay. It's easy. Have this stuff launched in two seconds.” Okay. Amazon’s pretty easy too. So, he went the eBay route right now and I told him, “Here’s what you should do. Go to an estate sale and start looking for those VCRs.” He’s like, “VCRs? Who’s going to buy VCRs?” I go, “There's a lot of people that want those VCRs. I don't know why but they do.” So, he went to a few estate sales and he started looking for those things and he found some and he was shocked because he bought them for like $5 or $10. He was selling for $100. Some of them for $120, blown away.

[00:13:00] Scott: Okay. So, again, it's possible. You just got to go out there and put in a little bit of work. That's a little side hustle. That's going to fund your other business. Now, step two would be find your market. Okay, I've been really driving this point home like we have the ability to go in any market that we want.  As long as you know how to validate the market, as long as you know how to sub-niche down, okay, really find those submarkets. Don't go after the big fitness market. Go after the over 40 male trying to build muscle market like niche yourself down. But again, you have to look at your own skill set or interest or passions, or expertise and find that market. And then from there, you need to validate the potential of the growth and this will be a great time for my little shameless plug because that's exactly what we do in the ECOM Business Formula. That's exactly what we do and it's really outlined super well inside of ECOMBizBook.com.

So, if you go there, you can grab that process and it’s a 10-point checklist in a sense where you walk through each and every one of those. It really allows you to see the market at its full potential and validate the full potential. So, then from there, that would be step two, find your market, find your submarkets, and then validate the potential growth and then if that all checks out, then boom, we go to step three, product research. Product research I'm looking for products that I can sell one product or three to five products to one person, one customer and why is that important? Because it's so much easier to sell, okay, more than one product to that same customer of similar items. How many times have you bought two or three things when you're going in for one thing because it's related? It’s been a ton of times that I have, depending on what you're going in for right or you’re shopping for.

[00:15:00] Scott: So, understand that we want to do that because then our marketing becomes easier. When I try to find five different markets, I get people all the time they’re like, “Well can I do three different markets if I want?” You can. It’s going to be harder. It’s going to be so much easier if you can just focus all of your energy and channel it into a sub-niche with three to five products to start and then I would have more competitive products in different buckets for later. It doesn't mean you won’t ever be able to sell in those or those products or in that market but you’re not going to be able to do it right off the bat, not that we don't want to. So, I would do that product research. Now, you don't even have to source those products yet if you don't want to. If you don’t have the capital to do it yet, don’t worry about it. There are other ways you can still keep building out that business and that brand. So, step four would be producing the content and I don't care if you don't – if you don’t like writing, then record video. If you don’t like recording video, write blog posts. If you don't like recording video and you don't like writing then do a podcast or show up on Instagram or show up on Facebook like do something.

We all are capable of doing something. I have a video that I shot with my wife back when we are in the photography space and I spent about three to four hours trying to get a five-minute video recorded and I ended up giving up on that video because I cannot do it. Now, it's easy because I've done it over and over and over again and I kept coming back and trying and trying and getting better and getting better and then also not thinking everything's got to be perfect. So, it's really important that you pick a channel and, again, that's what we do in the ECOM Business Formula is we find the channels that you can then leverage. I love building out my home base where it's basically your blog or your website where we can produce this content and then that content is assets or there are assets that actually drive business or customers or potential customers’ attention to the market or from the market to your brand and these are like little pieces of real estate that you're dropping out there on the Internet that are going to lead back.

[00:17:02] Scott: That's where the producing of the content comes in and there are ways that you can go on to YouTube and find what people are searching for. Even if you're not going to publish on YouTube, use that channel to know what the market is searching for. And again, that's one of the validation pieces. If your product doesn't lend itself to people that are out there searching for either ways to use it or solutions or how to play a certain scale on a guitar like if that's your market or how to catch more bass in a pond like all of those things. If it doesn't check out, it’s going to be harder to do the external build and to me, that's really where we want to be focusing a lot of our time for the 12 to 18 months because we can then start getting organic traffic coming over to our properties that lead people to our product, but also lead people to our email list, lead people over to our blog where we can monetize that with affiliate offers or through AdSense or AdThrive or Mediavine or any of these other networks but we’ll have the traffic coming in, but it’s a slow build, 12 to 18 months, maybe longer.

And then step five is building that email list and when we build the email list, we’re getting attention of the people in our market and then from there, I get to tell those people about the content that I just produced in step four and I can drive that traffic over there. Even if it's 10 people, I got 10 people now to see that blog post which before I post a blog post and hope that it was found by Google and people started seeing it, I can speed that process up by building that email list and I build the relationship with them at the same time. And then step six, repeat steps four and five consistently, produce content, build an email list, and then just repeat those, and just keep doing that. Do your side hustle, eBay, flipping products, Amazon, flipping products, Etsy, whatever, keep doing that and if you can, maybe start going into the market that you’ve discovered and now you’re just going to say, “You know what, I'm just going to flip products that are in my market.” If you're into the guitar market, you might go to garage sales and look for old used guitar stuff and then you're going to start getting into that market with that. So, there are ways to do that but you have to do it consistently.

[00:19:11] Scott: So, let me recap. Step one, side hustle, cash flow, eBay, flip products, Amazon, flip products, Etsy, flip products. Step two, find your market, start working on your brand. Find that submarket or even the sub, submarket, okay, the sub-niche, validate the potential growth by going through that process of seeing if you can go out there and build external channels and external traffic. Step three, do your product research, three to five products that you know that you could probably launch once you do have the funds. Start with one then go to the second then the third that one customer can buy more than one product and then create buckets for later products, ones that are a little too competitive right now but once you have a following or once you have attention or once you have traffic then you could probably leverage that traffic to launch more competitive products.

And then step four, produce content, pick a channel, whether it’s a blog, whether it's YouTube, whether it's Facebook, Instagram. I like blogging YouTube because it's more evergreen content but start wherever you can start. And then step five, build that email list, share that content you just created. And then step six, repeat steps four and five consistently. All right. So, side hustle for quick cash, flip those products and then start building out your brand. And over time you’re going to be surprised that what you learn from doing all of this, you start learning the market really, really well, then you start to really get a rhythm and a flow and momentum and then everything becomes easier. It’s not ever going to be easy, but it will become easier.

[CLOSING]

[00:20:45] Scott: So, guys, hopefully, this has helped you. And again, if you want help validating that process and the future growth of your business or even taking your current business and growing it and scaling it and seeing the external traffic potential and how to sell more of your products and all that stuff, definitely check out ECOMBizBook.com. Everything is there for you step-by-step, walking you through each part of this validation process and also some different ideas on how you can go ahead and start doing this immediately. All right. So, ECOMBizBook.com. Check it out and I think you’ll get a ton of value from that. All right. And the show notes to this episode can be found at TheAmazingSeller.com/640 and you can grab those over there. If you have a question that you want me to answer on upcoming Ask Scott session, head over to TheAmazingSeller.com/Ask or you can just head over to the YouTube channel at TheAmazingSellerTV.com.

All right, guys. So that’s it. That’s going to wrap it up. As always, remember, I’m here for you, I believe in you, and I am rooting for you, but you have to, 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.

[END]

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