This is part II of Making Junk to Sell. We have a lot to cover.
Plus, Wednesdays are boring at work.
Transcript:
(00:00):
Previously on wealth commander
(00:05):
Wealth commander. I have recently had requests to ask me, can you tell us more about making products in China? How do I know if the quality is good, blah, blah, blah, blah, blah, blah, blah. I know you are going to suck at this. You're constantly fighting fires. There's not a plan you're trying to pull up, put out all the fires you're trying to put out all the fires at once cause it's firefighting. The goal here is to prevent fires from even started, but I don't like losing money. I only have like three figure business four figure business. You know, that's uh, not enough taco dinners to go around.
(00:42):
Welcome to wealth commander.
(00:45):
Yeah,
(00:59):
Wy name is not important. Okay, here we are again. You have come back and I'm proud of you. What great fun we're going to get into today, man. I'm excited. These are the first baby steps to wondering why the hell you did this to yourself. One of the greatest qualities of the human spirit is perseverance. So let's jump in. Okay. Where we left off before. We need to start thinking more about quality control. You just did your first leg of QC by cross comparing your suppliers and quotes. You figured out who you were going to work with and who you're going to continue to work with. Making a specification sheet for your supplier so they can fall to know how to create your junk. So what happens next? Wealth commander, you just confirmed your sample to be correct or what needs to be improved. It is important that we take the same diligence that we just did before into our bulk production of our junk because if we don't, our junk becomes junk that we can't sell.
(02:08):
You should be checking in with your supplier often and confirming important milestones of your production is the bulk material, right? Did you get this part on time so we can meet our final day to ship out? Can I see inline production pictures of the goods so I can scan from mistakes or improvements we need to make along the way? Don't be shy to try to talk to your supplier often and ask questions. If they're not answering you now, well they won't be doing a lot in the future. If this is the case, you will need to find a better partner for the future. Let's go through one more time cause I went pretty fast. Okay. One prospecting. What is your product? What is your timeframe to get this completed or what goals do you have to hit? What type of project is this? Is it a onetime or do you need a longterm relationship with a supplier?
(02:58):
Rank items from one to four. What is most important to you? Quality, quantity, price, or I want to say this alive. You're going to, you're going to hear in a lot to setting up for success, understand the specifications of your product. Make a specification sheet and record those points to share with suppliers and keep a record for yourself. Create a template. Email to make first easy contact and contact a lot of people. Three, understanding manufacturing and getting your product done or understand what it means to make your first sample and how much it costs. Understand how much time you need to complete this vital step. Again, fast is bad. Steady is good. Keeping it fresh in the hood. Remember this rap, it's going to save you infinite amount of time if you can complete this. Now we've talked about this before. Is your supplier communicating with you?
(03:56):
Well, the key to every good relationship is communication. All right? You need to be honest about how it is going so far in to kill a Mockingbird. Judge Taylor says, people generally see what they look for and hear what they listen for. Why you can't be in control of the situation completely. You are in control of the work that you have done. Be honest. Don't send to yourself from the problems you encounter and make a good choice in choosing the right partner. Better communication leads to more meaningful relationships and in turn a better sex life. You'll thank me later. I've received these specific emails before. I think these are going to help clarify as in questions that you may have. Question, question one, I don't have a product and I don't even know how to make something on my own. Well, no one just starts off knowing how to make a product.
(04:56):
Some are lucky enough to have gain, you know, this type of experience through previous work or projects or have skills which I think are overrated. When I first started in my poverty commander days, I had to figure out for myself how to do this. This is where a factor identification, a factory evaluation come in handy. The more you start looking into places, the more you're going to learn about a product and how it's made and what it's made of. You got to start doing the work. The more time you spend here, the better results you're going to get in the future. You want to sit there and pump up those muscles. More questions. The next question here is, I'm not getting a product or a supplier or specific action from a supplier that I really want. I guess we don't need to look back at ourselves.
(05:54):
Are we clearly articulating our goals to the supplier first? Do we have our own clear goals for ourself? We need to be in the right mindset to understand where to go from here. Figure out how much do we want to do quantity, what type of quality are we looking for, what's the price that we're willing to pay, and what is the speed in which we need to get this all done? Now there's some natural conflicts that you might be unaware of in quantity for an order that's 20,000 units, but a factor size that's only a thousand square feet has 15 people. Well, that might be difficult depending on what the product is, but you won't know that unless you start investigating quality. Everyone has different ideas about what quality means and it varies from product to product as well. You need to be specific and what that means to you or your customer or what that product is.
(06:49):
Price. Now it's just not about high and low prices. It's more important to consider the other factors. You require inner product as well. Make sure that your price requirement is in line with quality and quantity that you're asking for. And finally, I keep mentioning speed. Now we're not just talking about how fast something gets made. It is about the complete timeline from beginning to end. Your production time to make goods. Maybe 30 days, but you need to consider the time it takes for other things. So let me make a list for you real quick. Ready? You got pen and paper?
(07:28):
Okay, here we go. I mean I don't have to write these down. You read them down. I already know them. One, two, three, go. Here we go. Get quotes. Make Bulletproof coffee and finding ingredients for the stuff. Where the hell does one buy organic coconut oil anyway, making samples, receive the samples, read four hour work week, make corrections to those samples that you've received. What does the production time of that product? There's going to be possible delays in between. Hit up your favorite CrossFit gym, quality control and inspection of those goods. Reworks of the product. If there's something wrong, then finally the shipping time it takes to get to you. So there's a lot of time in between you just first getting a quote and for getting to your door. Again, review from the beginning, what is the most important thing to you? Quantity, quality, price or speed.
(08:26):
You can have to I don't like about for the next question is how do I find the correct supplier for my product? Well, you can go to places like Alibaba, maiden, China, trade shows. These are are places you can find thousands of suppliers for the products that you're searching for. Finding the right one really, you know it takes work. You really need to take the time and search out the right person here. There's no hoping that we find the right person right away. You got to set your net wide, have clear requirements and get to work about understanding who's the best to work with. Unfortunately, there's no shortcut. We just got to do the work, but later I'll offer some shortcuts to not do the work. This will become then a valuable asset for you that you can draw on
(09:15):
more. Next question is how do I make first contact with suppliers and get a real price? As I said before, you will need to clearly state your requirements is it's got, it's like you guys will listen. You must've been to be keeping notes. I keep saying the same shit over and over again. I'm you to write this, write this stuff down. Okay. Um, keep it short and simple. Uh, this is our first contact. We are looking to get good information so we know who to spend our time on. Who are you, what do you need? Send a general quote and timeline to make it. Those are kind of usual, the usual questions that you're going to be asking them. Collect that information, put it on an Excel sheet so you can compare. And if you're a Mac user, I don't use numbers and I won't ever, now I'm going to ask you again.
(10:05):
Did you take notes? Did you use a notebook or typed it on your Palm pilot? I prefer again, pencil, paper and an assistant named Patricia. But I guess I'm old fashioned now. I'm looking forward to getting you my second meditation episode. Uh, this should be coming up soon. I just don't know when these things take time. Um, but I'm hope you enjoyed the first one. You could use that one over and over again. You don't need a new meditation for you to continue. You know, you just want to be able to concentrate and hone that in. And you can use that previous episode if you need. But I'm going to have a new one coming up here soon. I'm really excited to get that one out. And you know, I've gotten a lot of positive, uh, feedback from that and that it's been helping even just one, thanks so much for listening. Take care from wealth commander
Comments