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	<title>Self Made Minds</title>
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	<link>http://selfmademinds.com</link>
	<description>Earning by Learning</description>
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		<title>Other Peoples Business is NONE of your Business</title>
		<link>http://selfmademinds.com/201909/other-peoples-business-is-none-of-your-business/</link>
		<comments>http://selfmademinds.com/201909/other-peoples-business-is-none-of-your-business/#respond</comments>
		<pubDate>Sun, 01 Sep 2019 14:32:25 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Business Management]]></category>
		<category><![CDATA[Miscellaneous]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1889</guid>
		<description><![CDATA[I often see (read, here, whatever) people commenting (typically complaining, moaning) about some other peoples latest business/venture and it drives me crazy. Instead of focusing energy on what other people are doing you&#8217;ll be so much more productive focusing on your own stuff. Everybody is on a different business path and at a different stage [&#8230;]]]></description>
				<content:encoded><![CDATA[<p>I often see (read, here, whatever) people commenting (typically complaining, moaning) about some other peoples latest business/venture and it drives me crazy. Instead of focusing energy on what other people are doing you&#8217;ll be so much more productive focusing on your own stuff.</p>
<p>Everybody is on a different business path and at a different stage (if you&#8217;re on the same path as the masses you probably want to differentiate). Comparing your journey to somebody else is often counter productive. What you do when you&#8217;re at page 316 is very different to what you did when you were at page 1.</p>
<p>I&#8217;m not saying don&#8217;t follow other folk (hey you&#8217;re reading this), but focus on the stuff that benefits you, the stuff you don&#8217;t like or agree with just ignore it, don&#8217;t waste your energy spending time on it. Mind your own business. </p>
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		<item>
		<title>Entrepreneurialism Is It In The Genes?</title>
		<link>http://selfmademinds.com/201903/entrepreneurialism-is-it-in-the-genes/</link>
		<comments>http://selfmademinds.com/201903/entrepreneurialism-is-it-in-the-genes/#respond</comments>
		<pubDate>Tue, 26 Mar 2019 13:04:01 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Miscellaneous]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1884</guid>
		<description><![CDATA[I knew from a very early age that I wanted to be my own boss. At first I wanted to be a dentist as I could see the sideline of extracting teeth and putting them under my pillow for the tooth fairy. When I was 10 (ish) I organised a magic show in my parents [&#8230;]]]></description>
				<content:encoded><![CDATA[<p><img src="http://selfmademinds.com/wp-content/uploads/Are-Your-Genes-Hazardous-to-Your-Health-480x250-300x156.jpg" alt="" width="300" height="156" class="alignnone size-medium wp-image-1885" srcset="http://selfmademinds.com/wp-content/uploads/Are-Your-Genes-Hazardous-to-Your-Health-480x250-300x156.jpg 300w, http://selfmademinds.com/wp-content/uploads/Are-Your-Genes-Hazardous-to-Your-Health-480x250.jpg 480w" sizes="(max-width: 300px) 100vw, 300px" /></p>
<p>I knew from a very early age that I wanted to be my own boss. At first I wanted to be a dentist as I could see the sideline of extracting teeth and putting them under my pillow for the tooth fairy.</p>
<p>When I was 10 (ish) I organised a magic show in my parents garage, got an older friend to be the magician (first bit of out sourcing there), I’d hide behind the table and be a hand puppet spider. I remember it being a hot day and we started selling plastic cups of juice, then I started selling cups of water. My mother went mad, telling me you cannot sell water and I had to give all the money back.</p>
<p>I’m not sure what caused my entrepreneurial bug. My brother has studied our family tree, there’s a few ancestors that sounded like entrepreneurs but not many (my most famous ancestor’s claim to fame (Wikipedia page) was being eaten by cannibals).</p>
<p>I can see children of entrepreneurs being influenced by example (Clarke’s kids are a great example of this) and following that path but what else drives it.</p>
<p>So my questions to you. What’s your earliest entrepreneurial memory and what do you think led you down this path?</p>
<p>Let us know what you think in our <a href="https://www.facebook.com/groups/selfmademinds/permalink/1925080750936061/" target="_blank">Facebook Group</a>.</p>
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		<item>
		<title>Self Made Minds &#8211; The Book, The Group, The Movie</title>
		<link>http://selfmademinds.com/201903/self-made-minds-the-book-the-group-the-movie/</link>
		<comments>http://selfmademinds.com/201903/self-made-minds-the-book-the-group-the-movie/#respond</comments>
		<pubDate>Mon, 25 Mar 2019 19:19:20 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Site News]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1880</guid>
		<description><![CDATA[We started Self Made Minds back in in 2007 (dang that&#8217;s a long time) and stopped doing regular posts back in 2010. It opened so many doors for me and I have made lasting business friendships because of it. I&#8217;ve tried to relaunch it a few times but find it difficult to find the time [&#8230;]]]></description>
				<content:encoded><![CDATA[<p>W<img src="http://selfmademinds.com/wp-content/uploads/smmbrain.png" alt="" width="180" height="153" class="alignright size-full wp-image-1663" />e started Self Made Minds back in in 2007 (dang that&#8217;s a long time) and stopped doing regular posts back in 2010. It opened so many doors for me and I have made lasting business friendships because of it. I&#8217;ve tried to relaunch it a <a href="http://selfmademinds.com/201808/self-made-minds-the-return-take-3/">few</a> <a href="http://selfmademinds.com/201304/the-return-of-self-made-minds/">times</a> but find it difficult to find the time (and motivation) to do long posts which a lot of topics require. So I think a new approach is needed and I hope I have the solution. A Book and a <a href="https://www.facebook.com/groups/selfmademinds/" target="_blank">Facebook Group</a>.</p>
<p>I guesstimate that 75% of my Facebook friend list are people that run their own businesses, some of whom are VERY successful. So I&#8217;m going to write the SMM book and share peoples journeys (this also gives me an excuse to go visit folk and some of them live in nice places <img src="https://s.w.org/images/core/emoji/11/72x72/1f642.png" alt="🙂" class="wp-smiley" style="height: 1em; max-height: 1em;" /> ). As an example of some the things my friends have done/do:</p>
<p>* Multi million pound sellout of his security company, he&#8217;s now started a new security software service<br />
* Brews and sells his own beer from the basement of his pub<br />
* Sold company for high $xxx,xxx,xxx to a top 10 tech firm, that was his fifth sellout, he&#8217;s sold at least 1 more since<br />
* His huge SEO company imploded, he reinvented himself and is happier than ever<br />
* Content sites that were making $xxx,xxx per month from Google<br />
* Some of the biggest eBay affiliates in the world<br />
* One of if not the biggest blog network in India<br />
* Youtuber with 50K subscribers, he&#8217;s not even a teenager yet<br />
* A cafe owner who&#8217;s added a micro bar to it<br />
* Importing products from China and selling on multiple online marketplaces<br />
* An SEO company that sold for £xx,xxx,xxx<br />
* Some dude that lives in a mansion surrounded by reindeer (sorry Scott)<br />
* Sold an affiliate site, started a playlist site, sold that, started a record label<br />
* A digital nomad who travels the world and sells his private label product online to fund his lifestyle<br />
* Imports heavy machinery from South Africa and sells all over the world<br />
* An ex ballet dancer who&#8217;s wife&#8217;s business is one of the biggest wholesalers of greetings cards in the UK<br />
* A pyrotechnician who does huge firework displays<br />
* A gold trader who creates viral adverts to increase his business<br />
* A contestant from Dragons Den who turned down the dragons offer</p>
<p>I could go on and on writing this list but I&#8217;ll stop there</p>
<p>I find a lot of successful people are often happy to help and share their knowledge and experience. Which is what I want the <a href="https://www.facebook.com/groups/selfmademinds/" target="_blank">Facebook group</a> to be all about. I also find networking really important, I&#8217;m not very good at networking in person (I&#8217;m a bit socially awkward like that), but I&#8217;m really good at connecting people online.I often introduce people that I think can help each other.</p>
<p>So there you go, what do you think?</p>
<p>Answer in our <a href="https://www.facebook.com/groups/selfmademinds/" target="_blank">Facebook group</a> <img src="https://s.w.org/images/core/emoji/11/72x72/1f642.png" alt="🙂" class="wp-smiley" style="height: 1em; max-height: 1em;" /></p>
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		<item>
		<title>Appealing an Amazon Suspension</title>
		<link>http://selfmademinds.com/201902/appealing-an-amazon-suspension/</link>
		<comments>http://selfmademinds.com/201902/appealing-an-amazon-suspension/#respond</comments>
		<pubDate>Tue, 19 Feb 2019 23:45:31 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Amazon]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1869</guid>
		<description><![CDATA[One of the problems with generating revenue on another companies platform is you are bound by their rules, regulations and whims. In the past I&#8217;ve written about successfully appealing a Google Adsense suspension now it&#8217;s Amazon&#8217;s turn. I&#8217;ll share the cause, fix and actual appeal email. It started when at the top of Seller Central [&#8230;]]]></description>
				<content:encoded><![CDATA[<p>One of the problems with generating revenue on another companies platform is you are bound by their rules, regulations and whims. In the past I&#8217;ve written about successfully appealing a Google <a href="http://selfmademinds.com/201304/appealing-an-adsense-suspension/">Adsense suspension</a> now it&#8217;s Amazon&#8217;s turn.  I&#8217;ll share the cause, fix and actual appeal email.</p>
<p>It started when at the top of Seller Central I saw (in reality it had started before I just hadn&#8217;t seen it):<br />
<img src="http://selfmademinds.com/wp-content/uploads/suspension.jpg" alt="" width="696" height="118" class="aligncenter size-full wp-image-1870" srcset="http://selfmademinds.com/wp-content/uploads/suspension.jpg 696w, http://selfmademinds.com/wp-content/uploads/suspension-300x51.jpg 300w" sizes="(max-width: 696px) 100vw, 696px" /></p>
<p>After the initial shock, I “Read more”. The removal of selling privileges was caused by not acting upon various “Performance Notifications” regarding restricted products on the DE marketplace and was only applicable to that marketplace. The latest one being due to a nerf gun being a &#8220;firearm which has a kinetic energy output of more than 0.5J”. I never realised (more fool me) that Germany have a much stricter “gun” law than we do. So it pays to read about product restrictions on all marketplaces you sell on, they can be different. If I’d removed the listing (as advised) when the performance notification came in, I probably wouldn’t of been suspended (d’oh read ALL performance notifications on ALL marketplaces).</p>
<p><img src="http://selfmademinds.com/wp-content/uploads/download-1-300x140.jpg" alt="" width="300" height="140" class="alignright size-medium wp-image-1873" />Amazon were exceedingly helpful telling me what I needed to do to appeal. I basically had to go through every listing making sure that the product was not restricted. So I studied the restricted products, went through all my listings and closed the ones I thought would be restricted. Next up was writing an action plan on how I would prevent this from happening in the future, keeping it as professional as possible. Submitted my appeal and 2 hours later, it was DECLINED with a sample product that was in breach (it was).</p>
<blockquote><p>Hello,</p>
<p>Thank you for confirming you have implemented your plan of action. However, a review of your inventory has found restricted product listings that have not been closed or deleted.</p>
<p>Examples of these listings include, but are not limited to:</p>
<p>ASIN: B01M9IKX63</p>
<p>Please write to us once you have closed or deleted all restricted product listings from your inventory. We will consider reinstating your selling privileges at that time.</p></blockquote>
<p>The reason I missed it the first time is because I have 1,000s of products that are inactive, I thought I’d checked them all but obviously not. So even if you have a listing that is inactive because it’s out of stock (or whatever) you need to close it or delete it. So I went through all of my inactive listings and marked them as “closed” (much quicker than checking all individually). I then checked EVERY active listing and closed any that were even close to being a restricted product. I then checked all inactive listings again to ensure all were closed (much quicker by using sorting and filers in Seller Central). I actually checked every active listing 3 times just to be safe.</p>
<p>Sent another polite and professional email to Amazon apologising and explaining what I’d done to rectify the problem, clicked send and crossed my fingers. Within 30 minutes I got the reply &#8220;wir haben Ihr Verkäuferkonto und den von Ihnen gesendeten Maßnahmenplan geprüft und entschieden, Ihnen die Verkaufsberechtigung wieder zu erteilen.” a quick sigh of relieve Google translate later &#8220;We have reviewed your re-seller account and the action plan you send and decided to give you the sales authorization again.”</p>
<p>Lessons learned:<br />
* Read ALL performance notifications on all marketplaces<br />
* Read about restricted products and rules on ALL marketplaces<br />
* An inactive listing is only truly inactive if it’s closed or deleted<br />
* Marketplaces are different<br />
* Politeness works<br />
* Reading and re-reading messages is a good idea, when receiving and before sending<br />
Other than this happening I’m very impressed with how Amazon helped me handle it and I certainly don’t want to experience it again (though I did).
</p></blockquote>
<p>Here&#8217;s my full and successful appeal email, please feel free to pick bits from it if you ever need to (I hope you don&#8217;t):</p>
<blockquote><p>
Hello</p>
<p>Thank you for your assistance and patience in this matter. </p>
<p>We have now closed all of our inactive listings on the amazon.de marketplace. We also manually reviewed all active listings multiple times. We closed many listings, including those we believe to be  restricted products based on the amazon.de restricted products guidelines.</p>
<p>As outlined in my previous message we do now have procedures in place to prevent this from happening in the future:<br />
&#8211; All relevant staff have studied the Product Restrictions in the Seller Central help pages and will no longer list any restricted products<br />
&#8211; Our training program for new staff members now includes a section on restricted products<br />
&#8211; Every month each relevant staff member is required to refresh their knowledge of Product Restrictions from the Seller Central help pages<br />
&#8211; If a staff member is in any doubt about a product being restricted then they will not list it<br />
&#8211; Performance notifications will be checked on a daily basis on all marketplaces<br />
&#8211; All performance notifications will be read by at least 2 members of staff and acted on accordingly </p>
<p>Please do not hesitate to reach out if you have any further questions or comments as we certainly want to comply with all rules and regulations. Thank you again for your time and assistance.
</p></blockquote>
<p>I do have a UK suspension appeal for different violations that I might post at a later date, all fun and games.</p>
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		<item>
		<title>Maximising Amazon Profits in Europe</title>
		<link>http://selfmademinds.com/201809/maximising-amazon-profits-in-europe/</link>
		<comments>http://selfmademinds.com/201809/maximising-amazon-profits-in-europe/#comments</comments>
		<pubDate>Sun, 30 Sep 2018 12:23:14 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Amazon]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1851</guid>
		<description><![CDATA[Intro In this post I&#8217;m going to explain how to sell your Amazon products in Europe using EFN (European Fulfilment Network), how to price and maximise your profits. This is aimed at sellers with a co.uk account (but the majority will be the same for other home marketplaces). One of the great things about selling [&#8230;]]]></description>
				<content:encoded><![CDATA[<h2>Intro</h2>
<p>In this post I&#8217;m going to explain how to sell your Amazon products in Europe using EFN (European Fulfilment Network), how to price and maximise your profits. This is aimed at sellers with a co.uk account (but the majority will be the same for other home marketplaces).</p>
<p>One of the great things about selling on amazon.co.uk is that you can automatically list your items on the other European marketplaces (France, Spain, Italy and Germany) and if you’re doing FBA then Amazon will take care of the deliveries (for an extra charge of course). The image shows my Amazon sales for Q4 2017, the combined sales in the rest of Europe were close to my sales in the UK, profit wise they were actually greater.</p>
<p><a href="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-13.56.21.png"><img src="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-13.56.21.png" alt="" width="635" height="271" class="aligncenter size-full wp-image-1852" srcset="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-13.56.21.png 635w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-13.56.21-300x128.png 300w" sizes="(max-width: 635px) 100vw, 635px" /></a></p>
<h2>Setting Up</h2>
<p><a href="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-14.09.33.png"><img src="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-14.09.33.png" alt="" width="337" height="442" class="alignleft size-full wp-image-1854" srcset="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-14.09.33.png 337w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-14.09.33-229x300.png 229w" sizes="(max-width: 337px) 100vw, 337px" /></a>To enable selling in Europe, in Seller Central go to <strong>&#8220;Inventory -> Sell Globally&#8221;</strong>. (I&#8217;m not going to do screen shots of EVERYTHING as that would take too long and be pretty damn tedious to write).</p>
<p>As I already sell in Europe the next page now shows a pretty little graph of my sales. What you need to do to enable sales (or change your European pricing rules) is click the link in the new top menu <strong>&#8220;Build International Listings&#8221;</strong>, on this page you select which marketplaces to sell in (do them all). You also need to change the &#8220;connections&#8221; pricing, I&#8217;d recommend setting it to £5 more (explained more in the next section). </p>
<p><img src="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-15.36.19.png" alt="" width="1071" height="746" class="aligncenter size-full wp-image-1862" srcset="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-15.36.19.png 1071w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-15.36.19-300x209.png 300w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-15.36.19-768x535.png 768w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-15.36.19-1024x713.png 1024w" sizes="(max-width: 1071px) 100vw, 1071px" /></p>
<p>I only bother creating listing that are FBA as I don&#8217;t want (or need) the hassle of shipping FBM (Fulfilled By Merchant) orders myself to Europe (the Channel Islands are bad enough).</p>
<h2>Pricing</h2>
<p>One thing you need to account for are the increased fees that Amazon charge for shipping to Europe.<br />
<a href="https://sellercentral.amazon.co.uk/gp/help/help.html?itemID=201411300" target="_blank"><img src="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-15.17.55.png" alt="" width="721" height="591" class="aligncenter size-full wp-image-1860" srcset="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-15.17.55.png 721w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-29-at-15.17.55-300x246.png 300w" sizes="(max-width: 721px) 100vw, 721px" /></a><br />
All fees are available <a href="https://sellercentral.amazon.co.uk/gp/help/help.html?itemID=201411300" target="_blank">here</a>. Some people recommend pricing a percentage higher, I wouldn&#8217;t recommend this as it under prices cheap items (so you could make a loss) and it overprices your expensive stuff (so it will never sell). By default I would add on a fixed fee of £5, to cover the extra charges. This makes standard size things more profitable and oversize stuff less so, but it&#8217;s quick and easy.</p>
<p>If you&#8217;ve got the time (and not too many products) you can manually set different prices on different marketplaces. If you use a re-pricer (which you should (different post)) then you can normally setup rules o multiple marketplaces. A cool and pretty cheap tool I use is <a href="https://smm--euessentials.thrivecart.com/euessentials-basic-50-sku/" target="_blank">EUEssentials</a> (aff link), which lets you see and modify prices across all marketplaces very quickly (it also does some auto repricing but I haven&#8217;t experimented with that yet).</p>
<h2>Converting Currency</h2>
<p>Amazon are happy enough to pay your Euro earnings in to your sterling bank account, DON&#8217;T. The exchange rate they use is not the best (you know they have overheads and they&#8217;re not exactly a charity). Get your self a Euro bank account (much easier than you expect). I started off using World First (pretty good), by default they charge 2.5% but you can haggle them down (after using them for a while one email got them to reduce their rate to 2%). The best service I&#8217;ve found to use now is <a href="https://transferwise.evyy.net/c/1296595/26105/985" target="_blank">Transferwise</a>, they only charge 0.3% and you can also get a Euro bankcard so you can pay (and withdraw) in Euros without any conversion fees. It&#8217;s actually worth getting an account simply for holiday money.  </p>
<p>I did an identical transfer on World First and TransferWise at the same time to do a comparison, images below which speak for themselves. If I&#8217;d made the switch sooner I&#8217;d be quite a few grand better off, d&#8217;oh!</p>
<h3>Transferwise</h3>
<p><img src="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-26-at-16.58.13.png" alt="" width="441" height="488" class="aligncenter size-full wp-image-1857" srcset="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-26-at-16.58.13.png 441w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-26-at-16.58.13-271x300.png 271w" sizes="(max-width: 441px) 100vw, 441px" /></p>
<h3>World First</h3>
<p><img src="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-26-at-16.58.04.png" alt="" width="632" height="375" class="aligncenter size-full wp-image-1856" srcset="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-26-at-16.58.04.png 632w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-09-26-at-16.58.04-300x178.png 300w" sizes="(max-width: 632px) 100vw, 632px" /></p>
<p>So here&#8217;s a big affiliate link to <a href="https://transferwise.evyy.net/c/1296595/26105/985" target="_blank"><strong>Transferwise</strong></a>, sign up and save yourself a shed load of fees and I get a tenner for telling you about it :).</p>
<h2>Pitfalls</h2>
<p>With foreign customers come foreign questions, <a href="https://translate.google.com/" rel="noopener" target="_blank" target="_blank">Google Translate</a> is your friend. The other markeplaces also have different rules that you should read (like you read every TOS that you agree to). A few bits I&#8217;ve experienced:<br />
I got suspended on amazon.de for selling a nerf gun:</p>
<blockquote><p>The product is a &#8220;Nerf Rival&#8221; blaster. The sale of firearms which have a kinetic energy output of more than 0.5J is not permitted on Amazon.de. Further information can be found at: https://www.gesetze-im-internet.de/waffg_2002/
</p></blockquote>
<p>I&#8217;ve also had a warning for selling biocidal products (some cleaning thing). </p>
<p>You need to check Performance notifications daily on ALL marketplaces that you sell on, sometimes they only give you 48 hours to correct any lapses in judgement. You also want to check your customer reviews for potential problems. I had a few complaints about a board game being in English whilst the listing showed a different language, so I simply removed the listing from other marketplaces. I say simply but it&#8217;s a bit of a pain as you need to go into your inventory of each offending marketplace, find the listing and delete it. Hmmm that gives me a product idea.</p>
<p>You also need to watch out for VAT, different countries have different thresholds but if you&#8217;re close to hitting one that should mean you&#8217;re doing ok and have looked into it.</p>
<p>BREXIT, ha &#8211; who knows what that&#8217;s going to mean (VAT complications likely) but I&#8217;m guessing it&#8217;s going to make stuff a bit more complicated (and expensive).</p>
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		<title>A Little Webinar about Retail Arbitrage</title>
		<link>http://selfmademinds.com/201809/a-little-webinar-about-retail-arbitrage/</link>
		<comments>http://selfmademinds.com/201809/a-little-webinar-about-retail-arbitrage/#comments</comments>
		<pubDate>Thu, 06 Sep 2018 22:13:46 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Amazon]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1844</guid>
		<description><![CDATA[So I did a webinar with Matt from The Secret Wealth Project, on the topic of Retail Arbitrage (buying stuff from shops and selling on Amazon). I&#8217;m always uncomfortable speaking in front of an audience (in person or virtual) but I quite like Matt and the fact we agree to disagree is cool. Only thing [&#8230;]]]></description>
				<content:encoded><![CDATA[<p>So I did a webinar with Matt from <a href="https://www.secretwealthproject.com/" target="_blank">The Secret Wealth Project</a>, on the topic of Retail Arbitrage (buying stuff from shops and selling on Amazon). I&#8217;m always uncomfortable speaking in front of an audience (in person or virtual) but I quite like Matt and the fact we agree to disagree is cool. Only thing I&#8217;ll add is I should of answered &#8220;There&#8217;s only one King of the North and his name is Snow&#8221;. </p>
<p><iframe width="560" height="315" src="https://www.youtube.com/embed/-JiySlq4YWY" frameborder="0" allow="autoplay; encrypted-media" allowfullscreen></iframe></p>
<p>I don&#8217;t normally waffle, so no idea how this lasted longer than an hour. If you watch all of it you probably need a bit of help and do some more useful shit than watching videos.</p>
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		<title>Different Selling Business Models on Amazon</title>
		<link>http://selfmademinds.com/201808/different-selling-business-models-on-amazon/</link>
		<comments>http://selfmademinds.com/201808/different-selling-business-models-on-amazon/#comments</comments>
		<pubDate>Thu, 23 Aug 2018 09:53:56 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Amazon]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1812</guid>
		<description><![CDATA[So I’ve been selling on Amazon for just over 3 years now. In that time I’ve made a fair few mistakes and successes. I’ll document a load of examples in future posts. For this post I’m going to explain some of the different business models that Amazon sellers are using today (this is more for [&#8230;]]]></description>
				<content:encoded><![CDATA[<p>So I’ve been selling on Amazon for just over 3 years now. In that time I’ve made a fair few mistakes and successes. I’ll document a load of examples in future posts. For this post I’m going to explain some of the different business models that Amazon sellers are using today (this is more for folk that don’t sell on Amazon or are just starting out).</p>
<h2>Secondhand Stuff</h2>
<p><a href="http://selfmademinds.com/wp-content/uploads/firstsales.png" rel="attachment wp-att-1817"><img src="http://selfmademinds.com/wp-content/uploads/firstsales-300x204.png" alt="firstsales" width="300" height="204" class="alignright size-medium wp-image-1817" srcset="http://selfmademinds.com/wp-content/uploads/firstsales-300x204.png 300w, http://selfmademinds.com/wp-content/uploads/firstsales.png 706w" sizes="(max-width: 300px) 100vw, 300px" /></a><br />
Great way of learning the process, sell the crap you’ve got around the house that you don’t use or read anymore. I tested the waters by sending in some books and DVDs (see the screenshot of my FIRST sales). Looking at the prices I’ll have lost money on those (I was testing (or clueless about fees)). I know a few people that purely source stuff from car boots (garage sales to US friends) and do pretty well out of it. The biggest third party seller on Amazon in the UK is <a href="https://www.musicmagpie.co.uk/" target="_blank">Music Magpie</a> and I think they do ok.</p>
<p>Pros:</p>
<ul>
<li>Very cheap to get started</li>
</ul>
<p>Cons:</p>
<ul>
<li>Not so easy to scale </li>
</ul>
<h2>Retail Arbitrage (RA)</h2>
<p>This is were you go out to physical “retail” stores, find stuff that you can buy and sell for a profit. At first it seems odd that you can buy something from a shop and then sell it on Amazon for a profit (even when you take all of the other fees and costs into account), but it’s very possible and lucrative. Major stores often do sales and 3 for 2 deals which means you can often find stuff cheaper than a wholesaler.<br />
<a href="http://selfmademinds.com/wp-content/uploads/IMG_2450.jpg"><img src="http://selfmademinds.com/wp-content/uploads/IMG_2450-150x150.jpg" alt="" width="150" height="150" class="alignright size-thumbnail wp-image-1823" /></a><br />
Pros:</p>
<ul>
<li>Can be very profitable</li>
<li>Pretty easy to do</li>
<li>Cool if you enjoy shopping</li>
</ul>
<p>Cons:</p>
<ul>
<li>VERY time consuming (traveling)</li>
<li>Location dependent</li>
<li>Painful if you hate shopping</li>
<li>Not easily scaleable</li>
</ul>
<p>I don’t enjoy shopping but it’s lucrative so I employ somebody near enough full time to drive around in a white van and shop (she loves it (I think)).</p>
<h2>Online Arbitrage (OA)</h2>
<p>This is the online version of RA, so you do your shopping online. Probably one of the most common business models on Amazon (I don&#8217;t have statistics to back that claim up with, it&#8217;s just from what I have noticed when speaking to other sellers).</p>
<p>Pros:</p>
<ul>
<li>Location independent (can use prep centres)</li>
<li>Scaleable</li>
<li>Easy to find suitable suppliers and products (this is also a con)</li>
<li>Easily out-sourceable with VAs (Virtual Assistants)</li>
</ul>
<p>Cons:</p>
<ul>
<li>As not much skill is needed there’s LOTS of competition</li>
<li>Penny price wars</li>
<li>Not always repeatable (you need to keep finding new deals)</li>
</ul>
<h2>Flipping</h2>
<p>This is just bizarre, Amazon prices fluctuate a lot. When the price is low you buy off Amazon, send the stuff back in to Amazon and sell at a higher price. I used to do this a bit when I first start selling on Amazon. I’ve made a fair few grand profit from it. I will post examples of some of these in a future post. You can also do euro flips, were you buy from co.uk to sell into the European marketplaces and vice versa (I used to buy light sabres from Amazon Germany to sell on amazon.co.uk).</p>
<p>Pros:</p>
<ul>
<li>Pretty easy</li>
<li>Can be highly profitable (I bought things for £5 and sold for £32)</li>
</ul>
<p>Cons:</p>
<ul>
<li>You are restricted to what deals are out there</li>
<li>Cannot buy with a prime account and quantities are often limited (3 or 5)</li>
<li>Not scaleable</li>
<li>Feels like a grey area (to me) that Amazon could slam the door on</li>
</ul>
<p>The <a href="https://keepa.com/" target="_blank">Keepa</a> graph below shows a flip I did, were I bought at ~£7 and sold each unit for ~£20. As an example of some of the random stuff I sell it was a <a href="https://www.amazon.co.uk/dp/B001JGCH64/" target="_blank">soft hammer</a> (with hindsight I wouldn&#8217;t of bought that as they took ages to sell).<br />
<a href="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-08-23-at-10.39.09.png"><img src="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-08-23-at-10.39.09-300x90.png" alt="" width="300" height="90" class="aligncenter size-medium wp-image-1833" srcset="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-08-23-at-10.39.09-300x90.png 300w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2018-08-23-at-10.39.09.png 694w" sizes="(max-width: 300px) 100vw, 300px" /></a></p>
<h2>Wholesale</h2>
<p>This is now getting to the more ‘traditional’ way of selling businesses. You buy the products from a wholesaler and ship them to Amazon to sell. </p>
<p>Pros:</p>
<ul>
<li>Scaleable</li>
<li>
Repeatable</li>
<li>
Proper invoices</li>
<li>
Finding suitable wholesalers is hard (yes that’s a pro)</li>
</ul>
<p>Cons:</p>
<ul>
<li>Often lower profit margins</li>
<li>Not all wholesalers will work with Amazon sellers</li>
<li>Anybody can find easy to find wholesalers (competition)</li>
</ul>
<p><a href="http://selfmademinds.com/wp-content/uploads/IMG_5666-2.jpg"><img src="http://selfmademinds.com/wp-content/uploads/IMG_5666-2-300x169.jpg" alt="" width="300" height="169" class="aligncenter size-medium wp-image-1831" srcset="http://selfmademinds.com/wp-content/uploads/IMG_5666-2-300x169.jpg 300w, http://selfmademinds.com/wp-content/uploads/IMG_5666-2-768x432.jpg 768w, http://selfmademinds.com/wp-content/uploads/IMG_5666-2-1024x576.jpg 1024w" sizes="(max-width: 300px) 100vw, 300px" /></a></p>
<h2>Own Products</h2>
<p>If you already sell your own products then adding them to the Amazon marketplace should be a no brainer. This is not something I do but have advised a few different businesses about it.</p>
<h2>Private Label (PL)</h2>
<p>In simple terms, you buy a generic product from a manufacturer or supplier (often imported from China), put your own brand on it and create a new Amazon listing. Promote the listing and sell for a profit.</p>
<p>Pros:</p>
<ul>
<li>Highly scalable</li>
<li>
You are creating an asset</li>
<li>Can be very profitable</li>
<li>
Own the Amazon listing so should be no competition on it</li>
</ul>
<p>Cons:</p>
<ul>
<li>A relatively high investment</li>
<li>
High risk (if it doesn’t sell you could be left with a lot of stock)</li>
</ul>
<p>I’ve done a bit of PL with other people before and this is an area I am actively growing into at the moment.</p>
<h2>Drop Shipping (DS)</h2>
<p>I’ve got no experience of drop shipping on Amazon (I have on other platforms). This is basically when you do not physically have the product but still sell it. When somebody buys from you, you get your supplier to ship it to the customer. I know a few people that do this (some very successfully)</p>
<p>There are probably other models that I don&#8217;t know about (yet) but if you&#8217;ve ever wondered how third parties sell on Amazon they will typically be using one or more of these methods.</p>
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		<title>Self Made Minds (the return) &#8211; Take 3</title>
		<link>http://selfmademinds.com/201808/self-made-minds-the-return-take-3/</link>
		<comments>http://selfmademinds.com/201808/self-made-minds-the-return-take-3/#comments</comments>
		<pubDate>Sat, 11 Aug 2018 13:09:58 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Site News]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1805</guid>
		<description><![CDATA[Well it&#8217;s been a while since I posted here (2 years, oops). Recently I&#8217;ve found myself posting more and more in forums and various Facebook groups and I quite enjoy it. My wife told me I need a hobby (as did my therapist) so I think the time is right to start posting here again. [&#8230;]]]></description>
				<content:encoded><![CDATA[<p><img src="http://selfmademinds.com/wp-content/uploads/smmbrain.png" alt="smmbrain" width="180" height="153" class="alignright size-full wp-image-1663" /><br />
Well it&#8217;s been a while since I posted here (2 years, oops). Recently I&#8217;ve found myself posting more and more in forums and various Facebook groups and I quite enjoy it. My wife told me I need a hobby (as did my therapist) so I think the time is right to start posting here again. Not going to promise weekly updates but it will be more frequent than before. Any feedback will always be appreciated and will motivate to write more.</p>
<p>As before I&#8217;ll be posting about different business bits (and self made mind stuff)  I&#8217;ve done or am doing, both successes and failures (boo). I will go into the nitty gritty at times.</p>
<p>I&#8217;m currently still selling on Amazon (after a few suspensions), mainly outsourced or automated and I&#8217;m very close to a 7 digit milestone, so there&#8217;s a bunch of stuff I can write about there. Starting a print on demand, new brand case study so that could be a fun one (maybe profitable, maybe not). I&#8217;ve been working on my own SaaS (Software as a Service) product for ages but that is getting really close to release. Still have various sites, and since my last post some have been and gone. I do have my fingers in quite a few different pies at the moment.  I&#8217;m beginning to import from China and if that doesn&#8217;t generate some cool posts I&#8217;ll be amazed. Oh and I&#8217;m moving to the good old USA next year.</p>
<p>I will be doing interviews with various entrepreneurs that I know, so if you fancy a chat feel free to ping me. When we first launched Self Made Minds back in 2007 (ouch), I did a series called the   <a href="http://selfmademinds.com/category/history-of-a-100k-site/">HISTORY OF A $100K SITE</a>. Over the years the site made me a few million but not everything lasts forever so I&#8217;m thinking of doing a followup series, <strong>The decline of a 7 digit site</strong> &#8211; you can learn just as much from mistakes as successes (even better when it&#8217;s somebody else mistake).</p>
<p>Currently sat on a train on my way to London to watch the mighty Iron Maiden on the last gig of the current tour (should be a classic), also meeting a couple of business partners to talk shop and stuff (that&#8217;s the primary purpose of this trip Mr Taxman).</p>
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		<title>The next Uranium bull market</title>
		<link>http://selfmademinds.com/201802/the-next-uranium-bull-market/</link>
		<comments>http://selfmademinds.com/201802/the-next-uranium-bull-market/#respond</comments>
		<pubDate>Sun, 25 Feb 2018 13:18:04 +0000</pubDate>
		<dc:creator><![CDATA[Scott Jones]]></dc:creator>
				<category><![CDATA[Money Making Tips]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1779</guid>
		<description><![CDATA[In my opinion there is an explosive and potential once in a lifetime opportunity coming up, which by my understanding is more a ‘when’ event and not an ‘if’ chance to make serious cash. None of this is investment advice and I do hold stocks and shares in this sector, so do your own research. [&#8230;]]]></description>
				<content:encoded><![CDATA[<p>In my opinion there is an explosive and potential once in a lifetime opportunity coming up, which by my understanding is more a ‘when’ event and not an ‘if’ chance to make serious cash. None of this is investment advice and I do hold stocks and shares in this sector, so do your own research.</p>
<p><strong>Uranium &amp; Uranium miners</strong><br />
Over the last few years I have enjoyed researching and investing in stocks/shares, it’s been great fun going on journeys along with some small caps exploring for oil, platinum, copper, gold etc from my home office, ups and downs. One space however stands out from any other, the more research I do, the more exciting it gets. I believe if you have one to two years, some patience you can multiply your investment by a factor of 10 with little effort.</p>
<p><strong>First the product vs the miners</strong><br />
Whether its gold, silver or uranium you can invest in the actual product and/or the miners. The miners offer the greatest percentage rises though, let me explain. The following are made up figures to illustrate the point.</p>
<p>Gold may be $1000 per ounce.<br />
A miner may mine it and it costs them $700 to get it out of the ground all in costs, therefor they make $300 per ounce.</p>
<p>If there was a bull market and the price of gold doubled to $2000 per ounce, investing in Gold would give you 100% return on your investment in the product, from $1000 to $2000, nice!</p>
<p>The gold miners however have gone from making $300 per ounce to $1300 per ounce giving them over a 400% increase in profitability&#8230; nicer! so they are leveraged to the price of gold and therefore offer larger gains (or losses) on the movement in price of gold (or any commodity). So for that reason investing in the miners in any bull market, be it gold, silver or uranium is one way to really leverage the gains.</p>
<p><strong>Uranium – the case a new bull market</strong><br />
Others have gone over this much better than I could, if you are really interested then this video is a good summary of where we were last June, things have improved since then with more cuts.</p>
<p><iframe src="https://www.youtube.com/embed/gfvAIor53Ig" width="560" height="315" frameborder="0" allowfullscreen="allowfullscreen"></iframe></p>
<p>and also this one https://www.youtube.com/watch?v=jgu2J-VXEv8</p>
<p>Since 2011 we have had a 7 year bear market, massive stockpiles and reduced demand from Japan creating ever reducing price pressure. Utility companies have to come back to market this year and next to agree contracts after having been locked in for the last 10 years, China &amp; India are building reactors, demand is on the increase.  Conversely, miners &amp; producers have cut production as they have been losing money during the recent years, it’s a pressure pot that will lead to prices exploding back to more reasonable levels over the next year or two. Japan are switching back on their rectors, France was going to close some down but back tracked and now hasn’t ruled out adding more. Green energy is a large part of the solution through renewals but base load energy is a must and already exists, signed up to and growing, its carbon free and cleaner for developing countries than the smog of coal. Furthermore the fast pace of moving to electric vehicles in the coming years will only increase demand on more energy creation for charging (and copper for making them).</p>
<p><a href="http://selfmademinds.com/wp-content/uploads/u3.jpg" rel="attachment wp-att-1782"><img class="alignnone size-medium wp-image-1782" src="http://selfmademinds.com/wp-content/uploads/u3-300x227.jpg" alt="u3" width="300" height="227" srcset="http://selfmademinds.com/wp-content/uploads/u3-300x227.jpg 300w, http://selfmademinds.com/wp-content/uploads/u3.jpg 630w" sizes="(max-width: 300px) 100vw, 300px" /></a></p>
<p>Getting exposure to this and miners the easy way would be investing in #GCL in the UK or $URA in the USA, these are ETF’s which hold shares in a broad basket of miners to save you doing individual research and letting you take advantage of the overall market in miners going up. These offer potential 5x to 10x returns in a bull market. Being more nimble, doing more research into miners and explorers could offer much larger gains (&amp; losses) along the way.</p>
<p>The largest increase in new nuclear reactors are in countries with regimes/governments that once committed – they will build them, no public opinion will sway them away. Base load energy from nuclear makes up 20% of USA power generation, yet the USA only produces 5% of that needed uranium fuel, they import 95% and much of that from non USA friendly countries, that’s a potential spark that could ignite the industry, as Trump is currently considering calls to enforce a percentage of fuel that must be USA mined, ie from 5% to 25%. Not that any of that is needed, by itself the numbers stack up.</p>
<p><a href="http://selfmademinds.com/wp-content/uploads/u2.jpg" rel="attachment wp-att-1781"><img class="alignnone size-medium wp-image-1781" src="http://selfmademinds.com/wp-content/uploads/u2-300x227.jpg" alt="u2" width="300" height="227" srcset="http://selfmademinds.com/wp-content/uploads/u2-300x227.jpg 300w, http://selfmademinds.com/wp-content/uploads/u2.jpg 628w" sizes="(max-width: 300px) 100vw, 300px" /></a></p>
<p>Most mines and futures producers need a price of over $50/$60 to make it profitable to explore and open new mines, the lead time for this is vast, getting permits for a new uranium mine is a very slow process, so offers those in the market already permitted huge returns initially, then later in the cycle explorers can offer huge potential. Currently the spot price of Uranium is around $22/lb, it has stabilised over the last 2 years and has been as high in the past as $130. The largest and second largest miners of Uranium have closed mines or made production cuts rather than sell at a loss into the market, why mine it for $40-$50 to have to sell it for $22, the spot price for Uranium has to go up, new reactors, production cuts and the decrease in old stockpiles is creating a pressure cooker soon to come to a head.</p>
<p><a href="http://selfmademinds.com/wp-content/uploads/u1.jpg" rel="attachment wp-att-1780"><img class="alignnone size-medium wp-image-1780" src="http://selfmademinds.com/wp-content/uploads/u1-300x227.jpg" alt="u1" width="300" height="227" srcset="http://selfmademinds.com/wp-content/uploads/u1-300x227.jpg 300w, http://selfmademinds.com/wp-content/uploads/u1.jpg 628w" sizes="(max-width: 300px) 100vw, 300px" /></a></p>
<p>If Uranium goes from $22 back to a more realistic $50-$70 the potential gains are great, the potential for existing leveraged miners are well over 400%, if however it snaps due to a supply shortage, just like the last bull market, it can overshoot the necessary $60/lb and go initially much higher to $100+ before new mines/companies get traction and the price comes down again to a more competitive price point offering the more nimble investors life changing gains over a relatively short period. My expectation is within the next 2 years for an investment in GCL or URA to offer potential returns of 5 x to 10 x for the patient, better to be right and early on this one as the easy money will be made quickly as the rotation of money moves from indices to soft commodities, whether that happens in 2, 6, 8, 12 or 18 months I can’t be sure, but I’ll be ready.</p>
<p>Just for historical purposes, as I&#8217;d like to revisit this post, at the time of writing;<br />
Spot price of Uranium = $22 per lb<br />
URA share price = 13.45<br />
GCL share price = 20.42</p>
<p><a href="http://selfmademinds.com/wp-content/uploads/ura.jpg" rel="attachment wp-att-1783"><img class="alignnone size-medium wp-image-1783" src="http://selfmademinds.com/wp-content/uploads/ura-300x164.jpg" alt="ura" width="300" height="164" /></a></p>
<p>NB: As far as I am aware in the UK if you buy shares of any stock in a &#8216;Stocks and Shares ISA&#8217; or SIPP you can protect all gains from capital gains tax.</p>
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		<title>Selling on Amazon &#8211; Year One</title>
		<link>http://selfmademinds.com/201608/selling-on-amazon-year-one/</link>
		<comments>http://selfmademinds.com/201608/selling-on-amazon-year-one/#respond</comments>
		<pubDate>Tue, 16 Aug 2016 16:35:34 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Online Commerce]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1760</guid>
		<description><![CDATA[It&#8217;s been a bit over a year since I started selling physical products on Amazon (I did mean to do some ongoing posts about it during that time, oops). I&#8217;ve learnt a lot in the year, made some great decisions and some total shite ones. I will share a bit here and document where the [&#8230;]]]></description>
				<content:encoded><![CDATA[<p>It&#8217;s been a bit over a year since I started selling physical products on Amazon (I did mean to do some ongoing posts about it during that time, oops). I&#8217;ve learnt a lot in the year, made some great decisions and some total shite ones. I will share a bit here and document where the business is at now (August 2016).</p>
<h2>Finances</h2>
<p>I&#8217;ll start with the money shot.</p>
<p><a href="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2016-08-19-at-16.44.53-1.png" rel="attachment wp-att-1765"><img src="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2016-08-19-at-16.44.53-1.png" alt="Screen Shot 2016-08-19 at 16.44.53" width="870" height="372" class="aligncenter size-full wp-image-1765" srcset="http://selfmademinds.com/wp-content/uploads/Screen-Shot-2016-08-19-at-16.44.53-1.png 870w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2016-08-19-at-16.44.53-1-300x128.png 300w, http://selfmademinds.com/wp-content/uploads/Screen-Shot-2016-08-19-at-16.44.53-1-768x328.png 768w" sizes="(max-width: 870px) 100vw, 870px" /></a></p>
<p>So I&#8217;ve done a bit over £150k in sales on Amazon.co.uk and about €15K on the other european Amazon marketplaces. Meaning I&#8217;ve hit the threshold to have to register for VAT (boo). This has come off a stock investment of about £30K and all profits being reinvested. Profit margin is about 25% after Amazon fees, VAT etc.</p>
<p>I split the business into the following distinct parts:<br />
Sourcing &#8211; Finding stuff to buy and sell at a profit<br />
Prep and ship &#8211; Preparing the goods and shipping them out<br />
Business Management &#8211; Accounts, VAT, running stuff and other boring crap<br />
Education &#8211; Keeping up to date on trends, tools and changes in this business model landscape<br />
I will do more detailed posts on each of these at some point (but don&#8217;t hold your breath).</p>
<h2>Premises</h2>
<p><a href="http://selfmademinds.com/wp-content/uploads/toys.jpeg" rel="attachment wp-att-1767"><img src="http://selfmademinds.com/wp-content/uploads/toys-300x225.jpeg" alt="toys" width="300" height="225" class="alignright size-medium wp-image-1767" srcset="http://selfmademinds.com/wp-content/uploads/toys-300x225.jpeg 300w, http://selfmademinds.com/wp-content/uploads/toys-768x576.jpeg 768w, http://selfmademinds.com/wp-content/uploads/toys.jpeg 795w" sizes="(max-width: 300px) 100vw, 300px" /></a> In May 2016 I became a grownup and got dedicated business premises. I started off by packing boxes in the kitchen, boxes would come in and go out the same or next day. I out grew that pretty quickly so started storing stuff in half the living room, which soon filled up. Next a very good friend (if you have interest in <a href="http://mbki.com/" target="_blank" target="_blank">aquatic systems check him out</a>) offered me space at his industrial unit. This meant I could start buying in bulk and get deliveries on palettes, and drip feed stock in as required. </p>
<p>In May 2016 I took the plunge and got my own unit. It&#8217;s 1,100 square feet costing £700 per month and is 5 minutes from my house. So my mate has his unit space back and my family have a semi normal house again (thanks for the support and understanding).</p>
<h2>What Next</h2>
<p>When I started writing this I was getting ready for 2016 Q4 (you know that silly shopping season), I&#8217;m now at near the end of Q4 and finishing this post so I can do a fuller post on my Q4 shenanigans (which I think have been pretty epic). So pretend your reading this in August 2016. But Merry Christmas.</p>
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		<title>Changing Times and New Business Models</title>
		<link>http://selfmademinds.com/201601/changing-times-and-new-business-models/</link>
		<comments>http://selfmademinds.com/201601/changing-times-and-new-business-models/#comments</comments>
		<pubDate>Wed, 13 Jan 2016 16:14:25 +0000</pubDate>
		<dc:creator><![CDATA[Al Carlton]]></dc:creator>
				<category><![CDATA[Miscellaneous]]></category>

		<guid isPermaLink="false">http://selfmademinds.com/?p=1743</guid>
		<description><![CDATA[Well it’s been a while and a lot has changed since I made my last post. For those new here please feel free to browse the archives, there’s a fair bit of decent stuff though bear in mind the age of it. But in short form&#8230; Previously I made the majority of my online income [&#8230;]]]></description>
				<content:encoded><![CDATA[<p><a href="http://selfmademinds.com/wp-content/uploads/5161094177_163c841ecf_o.png" rel="attachment wp-att-1745"><img src="http://selfmademinds.com/wp-content/uploads/5161094177_163c841ecf_o-300x168.png" alt="5161094177_163c841ecf_o" width="300" height="168" class="alignright size-medium wp-image-1745" srcset="http://selfmademinds.com/wp-content/uploads/5161094177_163c841ecf_o-300x168.png 300w, http://selfmademinds.com/wp-content/uploads/5161094177_163c841ecf_o.png 520w" sizes="(max-width: 300px) 100vw, 300px" /></a>Well it’s been a while and a lot has changed since I made my last post. For those new here please feel free to browse the archives, there’s a fair bit of decent stuff though bear in mind the age of it. But in short form&#8230;</p>
<p>Previously I made the majority of my online income from owning web sites, paying people to do stuff with them and monetising them via affiliates, advertising and any other means I could come up with. Life was good and the money was pretty easy to come by, making a decent 6 figure income from the foundations that I’d laid. However complacency and boredom set in, so no matter how good the foundations if you don’t build on them you get left behind. I did!</p>
<p>So 2015 became a year of looking for new opportunities and adventures. I had planned for this possible inevitability so did have money in the bank to live off for a few years and invest in other businesses. Dabbed my toes in a few different ideas and at the moment this is where I’m at.</p>
<p><strong>Existing Sites</strong> &#8211; They still bring in an income but no where near as much as they did (on a good day one revenue stream used to bring in £1,500+, now a good day for that revenue stream is ~£100 and they’re few and far between, ouch!).</p>
<p><strong>Property</strong> &#8211; This I saw as an educated gamble, I currently have 3 properties that are rented out (admittedly one of them is a garage for £30 a month which doesn’t really count). The first is a 2 bed maisonette (condo for my American friends) which was bought with a buy to let mortgage, needed no work and found a tenant straight away. The second is actually in the building next to the first, this was a cash purchase as it was un-mortgageable and needed renovating. I’ll go more into my property adventures in future posts.</p>
<p><strong>Healthcare Business</strong> &#8211; I invested in a friends business in 2014. It’s primary focus is sourcing and supplying products to the healthcare industry at a reasonable price (there are some right cowboys and rip off merchants out there). It’s had a pretty slow start but will hopefully reach a tipping point this year.</p>
<p><strong>Selling Physical Products online</strong> &#8211; I started selling on Amazon in the Summer of 2015. I studied a few courses, read a lot and dived in. (Funnily enough my first sale was a second hand business book I sent in). Since then I’ve sold about £75,000 worth of products, mainly toys but all sorts of good shit that I can make a profit on. This is one that I can see me growing to a 7 or 8 figure business in the next couple of years (again I’ll post more about this later). I’m actually writing this on the train to my first Amazon Sellers meetup.</p>
<p><strong>Dating Site and App</strong> &#8211; I’m currently in talks to get involved with a new dating site and service that’s been in development for 2 years (ouch), having third meeting this week so will see how that goes.</p>
<p><strong>Software Development</strong> &#8211; I really want to get back to this and get my hands dirty a bit, I have all sorts of software ideas that could support other businesses or I might just do it for fun and write games but I miss the mental challenges of coding so need to fix that.</p>
<p><strong>Toy Charity</strong> &#8211; I have a lot of inventory that I cannot sell for various reasons (and am in touch with others in a similar situation), so I want to form a charity to distribute those toys to kids who need/deserve them. As noble as the idea sounds I am also doing it for selfish reasons, previously when money was no object, I’d often spend frivolously, fun at the time but gave little satisfaction after the event. One of the things that gave me the most long term satisfaction was donating money for a child to fly to Austria for an operation that he needed. So I want to do more shit like that so I can feel better about myself.</p>
<p>So in brief that’s what I’ve been up to in 2015 and some of what I’m planning for 2016. If you&#8217;re interested in selling on Amazon, investing in property or just curious of what we&#8217;re up to then please <a href="http://selfmademinds.us5.list-manage.com/subscribe?u=2d73147a37c1f75fc6f4f3893&#038;id=9a475a019e" target="_blank">subscribe to the newsletter</a>.</p>
<p>Fancy sharing what you have planned for 2016?</p>
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